How to Protect Loved Ones from Being Disinherited
If your beneficiary designations are out of date and you die without updating those designations, your assets could go the wrong people–a former spouse, for example–no matter what your will says.
Should Each Child Get Equal Inheritance?
Equally sharing the wealth among the children isn’t always fair, such as when one sibling is the primary caretaker, or another is already wealthy.
What Is a ‘Residuary’ Estate?
In simple terms, a residuary estate is any part of your estate that hasn’t been distributed to your heirs through a last will and testament.
Does Estate Plan Need a Trust?
Trusts are sometimes offered as a ‘cure all’ solution to estate planning problems. It is true that some issues lend themselves to the use of trusts.
Why Is It Important to have an Estate Plan?
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.
Ask Mom if She has a Will
My mother told me many times over the years that she had a will, and I believed her. When she passed away, we discovered that her will was 40 years old—and completely useless.
How Do You Provide Financial Help for a Special Needs Child and Retirement Too?
People with children who cannot support themselves need to think well past their own lifetime and figure out how to provide for children after they are gone.
Is ABLE Account the Same as Special Needs Trust?
Because of astronomical costs of care and support—often more than $100,000 per year—most individuals with disabilities will need government assistance, such as Supplemental Security Income and Medicaid.
What a Family Caregiver Needs to Know
If you’re a caregiver, part of your job may be to keep track of your loved one’s legal affairs. You probably know — or are learning — that it’s a big responsibility.
How Do Special Needs Trusts Work?
Special needs trusts can help fund quality-of-life improvements for the beneficiary, such as a phone, a trip or a private room in a group care facility.
