Estate Planning
What Will Happen to Your Business When You Retire or Pass Away?
Posted on August 24, 2021
As a business owner, it is important to always look ahead to the future. Day-to-day concerns can sometimes get in the way of bigger picture concerns like estate planning and succession planning. However, planning for what happens to your business if you retire or pass away is a crucial responsibility that should not be overlooked. If you procrastinate succession planning and you suffer an unexpected illness or incapacitating injury, what will happen to your business? What if you experience some changes in your family that require you to retire sooner […]
How Can I Leave Assets to Family Member Who May Not Be Ready to Receive Them?
Posted on August 17, 2021
Estate planning allows you to dictate exactly how your assets are distributed to heirs upon your death. If you are like many people, you may have concerns about leaving an inheritance to beneficiaries who are not ready to receive it. Some beneficiaries may be too young to manage the funds or property they receive. Other beneficiaries may have poor money management skills or simply lack the maturity to handle the inheritance appropriately. If you are interested in leaving assets to your loved ones but you have concerns such as these, […]
What MacKenzie Scott and Melinda Gates Can Teach Us About Charitable Giving
Posted on August 10, 2021
Charitable giving allows us to contribute to the causes we believe in and, ultimately, make the world a better place. Philanthropy also gives us an avenue through which we can leave an enduring legacy. If you have the means to donate to charitable causes, you may be interested in including charitable giving in your estate plans. Two women who have recently been making headlines with their philanthropic pursuits are Melinda Gates and MacKenzie Scott. These women married two of the wealthiest men in the world. Now, they are using part […]
Tips for Choosing a Guardian for Minor Children in Your Estate Plans
Posted on August 3, 2021
There is a misconception that estate planning is not a concern for people in their 20s, 30s, and 40s. Many falsely assume that younger people do not need to worry about establishing a will, trust, advanced directive, or other estate planning documents until they reach retirement age. The reality is that it is never too soon to start building your estate plan. This is especially true of parents. If you are a parent with minor children, estate planning allows you to choose a guardian for your children if you die or are […]
When Do You Need to Build or Change an Estate Plan?
Posted on July 27, 2021
Considering your own mortality is not enjoyable. While it may seem grim and burdensome to decide who should receive your belongings after you pass away, estate planning is essential to carrying out your final wishes and protecting your loved ones when you are gone. Estate planning allows you to provide a set of instructions that direct which assets will go to which individuals and when. Estate planning tools such as wills and trusts provide you the power of making the right choices for your situation. Your estate plans can also […]
Why Do Some Estate Plans Need a Professional Executor?
Posted on July 20, 2021
In the realm of estate planning and administration, an executor is responsible for managing the deceased person’s estate, distributing assets to beneficiaries, paying taxes and other financial obligations, and more. Often, the executor of an estate plan is a family member or close friend of the deceased person. However, there is no rule that this must always be the case. In many situations, a professional executor such as an estate planning attorney, trust company, or bank is better suited for the executor role. Some Individuals Choose a Professional Executor for […]
What Does a Comprehensive Estate Plan Protect?
Posted on July 13, 2021
Most people have a vague idea of why it is important to have a last will and testament. However, few recognize just how wide-reaching a comprehensive estate plan can be. A comprehensive estate plan contains much more than a will. By utilizing a combination of different estate planning instruments, you can address not only inheritance concerns but also how medical and financial decisions should be made if you are incapacitated, who should care for minor children if you die, and other critical matters. Most importantly, an estate plan protects your […]
Smart Estate Planning Moves for Complex Estates
Posted on July 6, 2021
A comprehensive estate plan allows you to provide for your family, reduce taxes, avoid family conflicts about inheritance, and leave a lasting legacy. There are nearly countless different legal tools to help you achieve your estate planning goals based on your unique situation. The types of estate planning tools you use will depend mainly on the type of property you own and the complexity of your estate. Individuals with complex estates will need to work with an experienced estate planning lawyer to build a robust estate plan that adequately addresses […]
Top Illinois Estate Planning Questions Answered
Posted on June 22, 2021
Did you know that only 40 percent of Americans have a will? Even fewer have a comprehensive estate plan. A surprisingly large percentage of adults simply avoid estate planning or put it off until it is too late. Estate planning is important for anyone, but it absolutely crucial for those with high-value or complex estates. Read on to learn answers to some of the most common estate planning questions. At What Age Should I Start Building an Estate Plan? Many people wonder, “Am I old enough to write a will, […]
Technology Helps Create Memories That Last Generations
Posted on June 15, 2021
Add Your Life Lessons to Your Estate Plan Estate planning typically focuses on passing down assets through wills, trusts, and other estate planning instruments. However, a person is much more than the assets they have accumulated. Your life has been filled with joy, hardships, successes, laughter, and lessons. Have you considered how you will pass along these stories and lessons to future generations? Estate Planning in the Digital Age The amazing technological advancements society has experienced in the last several decades have dramatically improved our ability to leave a legacy. […]
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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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