Thinking about what happens to your family when you pass away may be upsetting. However, it can be a good way to reduce the stress your loved ones will deal with during the grieving process.
It goes without saying that everyone should have an estate plan.
Few will argue that the most important time to have a will is when you are parents of young children.
Estate planning helps you avoid many unfortunate situations. While it can take some time and money upfront, you can avoid many worse problems later on.
There’s almost always a reckoning when the government proffers a tax break. So it is with individual retirement accounts (IRA)s, 401(k)s, and similar accounts that investors fund with pre-tax earnings.
One of the biggest challenges that clients encounter during the process is deciding who to appoint as their trustees, powers of attorney, health care surrogates and executors.
Life insurance is often a cornerstone of a comprehensive estate plan, mainly when an estate consists of largely illiquid assets.
According to experts, despite increased phishing emails and robocalls, it is far more common for financial exploitation to be committed by people who know the victim, such as relatives, caregivers, neighbors, or ‘friends.’
The new Federal Estate tax limit (above which Federal estate taxes will be payable) is $11,200,000.00 per person. Yes, most of us will not hit that limit, but 19 of the 50 states, Illinois included, impose an estate tax of their own ranging from .25% to almost 20% of your estate.
Whether you are trying to protect your assets from possible creditors, prevent young heirs from spending their inheritance or minimize estate taxes, there is likely a trust for you.