Providing Peace Of Mind
Estate planning helps to better ensure your wishes are carried out when you cannot handle your affairs. Those who are putting together an estate plan are wise to consider the various legal tools that can help achieve these goals. For those with more complex estates,...
This question can be answered differently, depending on what we mean by “estate”. Your “probate estate” includes all assets that are titled in your own individual name, with no joint owner and no named death beneficiary. In Illinois, if the total value of your probate estate exceeds $100,000, or you own any real estate in your name alone, then opening…
Planning for the end of your life can feel stressful and overwhelming. But planning is key to retaining control, alleviating administrative headaches, and getting more of your assets to your family by way of avoiding unnecessary taxes, fees & expenses. The Disability and Death Expense Funnel illustrates potential outflows of wealth from your estate if it must endure undue taxation,…
BIAT provisions can be added to almost all new and existing revocable living trusts, retirement benefit trusts and irrevocable trusts such as spousal lifetime access trusts (SLATs), irrevocable life insurance trusts (ILITs) and the like. We strongly recommend that you review your plan periodically and make updates as necessary. Failing to do so could result in unintended consequences that may…
A Will provides the disposition of assets titled in your name to your chosen beneficiaries, who may or may not be your natural heirs. If nobody knows that you executed a Will, or if your Will cannot be found, or is hidden or destroyed, after your death, your Will does nothing. Take Prince, for example… Did he leave a Will…
When your family suffers the loss of a loved one, emotions run high and it seems that everyone, or no one, knows what needs to be done with that person’s assets. Did they have a Will? Did they have a Revocable Living Trust? Was their home or their checking account titled jointly with someone? Did they have life insurance or…
The Death and Disability Expense Funnel illustrates potential outflows and erosion of wealth due to taxes, fees and court costs. Your assets, which include the residence, commercial real estate, bank accounts, life insurance, investment accounts, business interests, retirement plans (i.e., IRAs, Roth IRAs, 401(k)s, Roth 401k(s), 403(b), etc.), and personal property, etc. – may be unnecessarily and negatively affected by…
Older Americans are one of the fastest-growing demographics in the country. Our senior population represents more than 1 in every 8 Americans, and a person turning 65 has a 70% chance of needing some type of long-term care (“LTC”) services in their remaining years, according to the Administration for Community Living. Because people are living longer, proactive longevity planning is…
Although many advisors expected considerable and unfavorable revisions to estate and tax laws in 2021, last year’s legislative proposals resulted in little change. In fact, the 2022 federal gift and estate tax exclusion amount is now at an all-time high of $12.06 million. As this amount is scheduled to be reduced to $5 million (adjusted for inflation) as of January…
When setting up an estate plan, one of the most important decisions that you need to make is who will manage your affairs following your death. This will be your Executor (named in your Will to handle your probate estate, as well as some other matters, such as tax filings) and your Successor Trustee (named in your Revocable Living Trust,…
