Many adults focus on the distribution of their assets when they’re creating their estate plans. There’s something else you need to consider when you’re crafting your plan: What might happen if you’re incapacitated. You can’t make decisions for yourself if you’re...
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Estate Planning
Will your Illinois estate need to pay estate taxes?
The decisions you make during the estate planning process will have a direct impact on your financial stability later in life and on the inheritance that your loved ones may receive from you. You have to consider many factors including the complicated relationships...
3 groups a trust can protect you from
An irrevocable trust could prove an essential estate planning tool if you fear someone else will take your assets. It can help you to preserve them for the beneficiaries you choose. Here are some people that an irrevocable trust could keep your money safe from: 1....
2 estate planning tips for new parents
Not many life events are as momentous as learning that you are going to be a parent in a couple of months’ time. There is no doubt that your life is bound to change in major ways, and one of the things you need to take care of is your child’s well-being. This is where...
Guess what? Your kids likely don’t want your household stuff
When you start to get your estate plan in order, dividing up things like your bank, retirement and investment accounts is easy. It’s harder, though, to decide how you want to divide a houseful of mementos and personal items. You may, however, be stressing out over...
How can you bring up estate planning?
You may be nervous to bring up estate planning with your parents. Maybe they don’t like to talk about such personal issues and you feel like the conversation will be awkward. Perhaps you think that they will feel insulted because it just sounds like you’re asking when...
Why include a letter of intent in your special needs planning?
By setting up a special needs trust for your disabled child, you help ensure that they’ll be eligible to access government benefits for which they qualify while still being able to enjoy the extras you can provide -- while you’re around and after you’re gone. Choosing...
Do you need to distribute life insurance in your will?
Your will is designed to instruct your heirs on how to distribute your assets. You will pick an estate administrator, and it’s their job to take inventory of all the assets listed in the will and then pass them out. This works well for things like family heirlooms or...
Do you need a professional special needs trustee?
Part of parenting is wanting the best for your children. As hard as it is to think about what will happen to your kids after you’re gone, estate planning provides the tools necessary to provide for them in your absence. This is especially important if you have a child...
Estate planning considerations if you have no heirs or family
Those without a family or heirs often think they don’t need an estate plan. They may believe estate planning is unnecessary since they have no one to inherit the wealth and property they leave behind. If you are not concerned about what will happen to your assets...