We’re all looking to save taxes, court costs, legal fees and ‘make it simple’ for our heirs. A last will and testament is the cornerstone of all estate planning, maybe with a trust.
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.
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.
Does a person need a Power of Attorney document if that person already has a Last Will and Testament (‘Will’)? It is a good question.
The oldest son of Anne Heche has filed a petition to assume control of the late actress’s estate.
The thought of preparing your own will might feel a little daunting, bringing an onslaught of emotions like fear or sadness.
Do you know what will happen to your property, belongings, and debt when you die? What about your children? If you haven’t created an estate plan, now’s the time to start. Here’s how.
Planning for the future provides protection and peace of mind, making it increasingly important to seniors as they approach their twilight years.
What do these appointments mean to the person(s) named to act? What happens if they fail or decline to act? Can the planning appoint alternative representatives?
Establishing an estate plan is extremely important. As life changes, it is necessary to update your plan to fit new circumstances.