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February 06, 2012

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Estate Planning News

IRS Plans To Reduce Estate Tax Lawyers

Washington, D.C. - The Internal Revenue Service (IRS) plans to reduce by nearly half the number of tax attorneys assigned to audit estate tax returns. By the end of September 2006, under the Bush Administration’s plan, the IRS will terminate 157 estate tax lawyers and 17 support staff.

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Did You Know?

The costs and expenses of a conservatorship are paid by your estate
A CONSERVATORSHIP is if you suffer from an incurable disease or are involved in a debilitating accident and are unable to manage your own affairs, state law might require someone to go to court to have a conservator appointed by the court. The conservator is given the authority to make financial decisions and handle your financial affairs, under court supervision, when you lack the capacity to manage them on your own.

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	Latest news about Financial & Estate Planning in Chicago and nationwide: Estate Planning – Considering a Second Marriage Late in Life “As the life expectancy of people in the United States increases, the reality of second and third marriages becomes more likely even for those who ... Read more > $9.4 Million for Senior Medicare Patrol Projects Assistant Secretary for Aging Josefina G. Carbonell today awarded $9.4 million to fund fifty-seven Senior Medicare Patrol (SMP) projects. The... Read more > Living-Wills Legislation Gains Broad Support WASHINGTON - There's growing support among Democrats and Republicans in Congress, and key advocacy groups, including the AMA, to pass legislation t... Read more > More Estate Planning News >

Estate Planning Terms

Today's Terms

Tenancy-in-Common

Definition:
A form of ownership of property in which two or more persons share ownership (may be equal or unequal shares). At the death of a tenant-in-common, his/her share in the property transfers to his/her heirs, rather than to the other surviving owner(s). Compare with Joint Tenancy.

Informed Consent

Definition:
An authorization to proceed by a person who has been given and understands all of the relevant facts.

Living Trust

Definition:
Sometimes called an Inter-Vivos Trust--A written legal document established during a person's lifetime into which he/she places property.

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Estate Planning Resources

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Estate Planning Hot Topics

Topics Related to Estate Planning:

Trusts
Wills
Uniform Probate Code
Gift Tax

Chicago Estate-Planning Attorney

If you live in the following cities and need an Estate-Planning attorney you should contact our Estate-Planning Attorney as soon as possible:

Arlington Heights
Aurora
Bartlett
Berwyn
Bolingbrook
Buffalo Grove
Carol Stream
Chicago
Chicago Heights
Cicero
Des Plaines
Elgin
Glenview
Granite City

Harvey
Joliet
Lockport
Lombard
Mchenry
Moline
Mount Prospect
Normal
Oak Lawn
Palatine
Plainfield
Tinley Park
Waukegan
Wheaton

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