Estate Planning
Reduce Tax Burdens With Smart Estate Planning
Posted on October 18, 2022
One of the key aspects of strategic estate planning is reducing the amount of taxes you pay. You worked hard to acquire and keep the assets you accumulated over your lifetime and any money that goes to taxes is money that does not go to your loved ones. If you are like most people creating an estate plan, you want to minimize the amount of taxes your heirs have to pay as much as possible. “Do it yourself” estate planning services often seem appealing to individuals hoping to draft estate […]
Retirement Planning Should Be Part of Your Estate Plan
Posted on October 11, 2022
Retirement planning is critical, and should ideally be started long in advance of your actual retirement date. By incorporating retirement planning into your overall estate plan, you can ensure that all your assets are properly handled and that necessary things like beneficiaries, transfer of ownership, and tax protection are in place for when you retire and also for when you pass away. For business owners, retirement planning is even more important. Retirement accounts and pensions must be addressed properly and thoroughly during retirement planning. There is an art to protecting […]
Steps to Take After a Loved One Dies
Posted on October 4, 2022
After a loved one dies, it can be difficult to know what steps to take. There is so much going on, and most people are not in the right mindset to be handling financial and estate matters after the death of a family member. Many people in this situation get overwhelmed and accidentally miss important steps. If someone close to you has recently passed away, make sure to address the following concerns. Tasks After a Family Member Passes Away If a very close friend, spouse, parent, sibling, or other loved […]
What Happens to Your Property If You Die With A Mortgage?
Posted on September 22, 2022
Whether you are creating your own estate plans or a relative has recently passed away, dealing with estate planning matters can be confusing and overwhelming. If you are like most people, you are probably filled with questions. One of the most pressing questions is what happens to a deceased person’s financial obligations. For example, if someone still has a mortgage when they pass away, what happens to the property? Does the executor sell the property? What if there are other individuals still living in the home? What Happens to Debts […]
How Do You Include Non-Family Members In Your Will?
Posted on September 8, 2022
Many assume that heirs named in a will are always direct blood relatives of the testator. However, for many, the most important individuals in their lives are not relatives. Furthermore, some people no longer have living relatives. If you have people in your life who are deeply important to you but are not family members, you may be wondering how to include them in your will. There are a few different ways to do this, and the best way for you may depend on your specific circumstances. Proper estate planning […]
Being Prepared for Where Life Takes You
Posted on August 26, 2022
We know how fragile life is just by hearing the news of the world each day. We often don’t think how directly that can hit us, though, and the simple steps we can take to prepare for it. Ensuring your family knows where important documents and passwords are, discussing end-of-life wishes with loved ones, and notifying your family of your funeral and burial preferences can greatly decrease the legal, financial, and emotional difficulties associated with your passing. Benefits of Having Difficult Discussions with Your Loved Ones A recent study demonstrated […]
In A Digital World, Do You Have Your Passwords & Security Set-Ups Accessible to Those Who May Need Them?
Posted on August 11, 2022
The internet has revolutionized the world in countless ways. Before the last few decades, most people handled their banking needs at an actual bank. They saved important documents in a drawer or filing cabinet. Family photographs were organized in photo albums. These days, almost everyone uses digital and internet-based programs to manage their lives. If you are like most people, you probably have social media accounts, cloud storage, email, online banking and financial services, tax-filing software like TurboTax, or even cryptocurrency. A crucial aspect of estate planning is ensuring that […]
What Happens to The House When Someone Moves to a Nursing Home?
Posted on August 4, 2022
Millions of adults move into nursing homes as they get older. If you are planning to move into a long-term care facility, assisted living facility, or nursing home or you intend to move an aging relative to a facility, you may have many questions. Most people in your position wonder what will happen to the nursing home resident’s home when he or she moves to a nursing home. Will the home be sold? Will the home pass to the homeowner’s beneficiaries? Can proceeds from the home sale be used to […]
Planning For Illness or Incapacitation Should Be a Priority
Posted on July 26, 2022
Surprisingly, approximately 67 percent of Americans do not have a will or other estate planning documents in place. This means that 67 percent of Americans have no way to ensure that their final wishes are followed. They have given up the chance to direct how their worldly possessions are distributed to loved ones upon their death. Perhaps even more importantly, these individuals have given up the right to have a say in medical and financial decision-making if they become incapacitated. Although it is sad to consider, heart attacks, car accidents, […]
Are Handwritten Changes to Your Will Valid?
Posted on July 19, 2022
Writing a last will and testament is a crucial responsibility that many people neglect. When someone dies without a will, they forgo the chance to decide how their property is distributed to heirs. Wills may be used to determine which assets will be inherited by which heirs, appoint a guardian for minor children, describe funeral wishes, and more. Writing a will also saves surviving family members substantial stress and difficulty upon the testator’s death. Many people have questions about will requirements in Illinois. Do wills have to be typed to […]
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Please note: These blogs have been created over a period of time and laws and information can change. For the most current information on a topic you are interested in please seek proper legal counsel.
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