Few will argue that the most important time to have a will is when you are parents of young children.
Nobody wants to think about how their loved ones will cope when they die. However, it’s important to plan effectively to ensure a smooth transition of your wealth and worldly possessions — even if you’re young or feel like you don’t have much to leave behind.
A frequent concern for those with aging loved ones is the future need for guardianship. Unfortunately, the concept of guardianship can be confusing and overwhelming.
Almost half a million new cases of Alzheimer’s disease will be diagnosed this year in the United States, according to the BrightFocus Foundation. Worldwide, someone develops some form of dementia every three seconds.
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.
What types of decisions have you and your loved ones made, or avoided making, about planning for the years ahead?
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.
Accidents happen. Illnesses can strike anyone unexpectedly. So, take a moment to get a few basic estate planning tasks out of the way. You—and the people you love—will be glad you did.
Even Consumer Reports suggests working with an experienced estate planning attorney to ensure documents are correctly prepared.