There are three significant tax issues that could affect an individual's estate plan. For Illinois residents thinking about estate planning, those issues include tax faux pas that could be financially costly in the long run. Not taking advantage of Family Limited Partnerships (FLPs) and Limited Liability Companies (LLCs), may thwart a person's ability to have control over investments and distributions of wealth.
People may spend time thinking about their loved ones being all right and taken care of after they have died. Illinois women, especially, may worry about their children, and who will look after matters when they are no longer around to do so. A leading health care organization in Illinois recently told a number of women who attended a talk that estate planning is conducive to positive mental and physical health.
Change occurs on a regular basis. The makeup of the Illinois family can change as the result of birth, death, marriage or divorce. Additionally, the financial situation that each family finds themselves in can change due to changes in income, investments, tax laws and a number of other factors. With this in mind, it is imperative that each individual also recognize the need to review his or her estate planning portfolio in order to analyze how these types of changes will impact the family and ultimate desires of the individual.