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.
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.
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.
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.
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.
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.
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.
Trust funds are an important estate planning tool. They can protect your assets while you’re alive and help ensure that you leave money to your children or other loved ones after you die.
Executors can use additional information in administering estates, especially if the executor is unrelated to the decedent.
For parents who have a child with special needs, planning for their loved one’s life after they themselves are gone can be overwhelming. Breaking the process down into manageable parts and working with specialized professionals and companies can help.