People often overlook critical steps when they are doing their estate planning.
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.
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.
Most people think of wills as written instructions for use after death. In contrast, living wills provide your instructions for continuing or halting life-sustaining healthcare while you’re alive.
We all want to protect vulnerable people from harm. However, taking away all their rights usually isn’t the place to start. Instead, several less severe options could be the right way to go.
Preparing an estate plan for managing and distributing your assets in the case of death is one of the most important steps you could take to protect and provide for loved ones.
A common dilemma that families face upon the incapacity or death of a loved one is locating estate planning documents. While preparing the documents is the most crucial step, that is irrelevant if the documents are lost when they most need to be used.
Ben Franklin once said, ‘… nothing can be said to be certain, except death and taxes.’ For all certainties in life, the best thing you can do is plan for their eventual occurrence.
When considering whether to contest a decedent’s Last Will and Testament, an individual should consider whether red flags might be present which may point to a successful basis to challenge a disputed Will.