Many people dread the idea of estate planning because it involves, in large part, thinking about a future where you won’t be around. However, it’s not unusual once you begin the process to appreciate the opportunity you have to make sure your wishes are known and...
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to Each Client.
Month: May 2022
Revocable vs. Irrevocable trust: which one is right for you?
Including a trust in your estate plan comes with multiple benefits. It saves time, reduces estate taxes and ensures that your assets are distributed according to your wishes. Most importantly, a trust gives you control over your assets even after your passing. If you...
What are the benefits of an irrevocable trust over a will?
A will is the most common estate planning tool people use to bequeath their estate. However, there is more to estate planning than putting your last wishes on paper when passing over the estate to your loved ones. First, a will comes with some uncertainties. What if...
How to prevent challenges to your will?
There are various important aspects of estate planning, with drafting a will being at the top of the list. A will provides instructions about how your assets should be divided if you become incapacitated. It can also designate legal guardians to look after your...
Unequal bequests are becoming more common
When someone leaves unequal bequests in their estate plan, it simply means that they are leaving different amounts to different children. For example, someone may have three children and $1 million to split up. Rather than dividing the sum in thirds, they give half of...
When should you update your estate plan?
Estate planning is one of the most important tasks you can ever undertake. A solid estate plan protects your future, assets and loved ones. Without one in place, it would be up to the state of Illinois to decide how your assets will be distributed when you pass on....
When might a will be contested?
A will can ensure that your assets are distributed in a manner of your choosing. After you pass, this can help your family to remain financially secure. Additionally, if you have been generous to charity in the past, this legacy can continue through your will long...
Are you too young to think about estate planning?
There are numerous aspects to estate planning, but a large part of the process centers around providing for your family. This is extremely important. However, some reports suggest that over half of the population has yet to draft a will. There are many reasons behind...
Avoid probate by establishing trusts for your heirs
Do you want to ensure your loved ones are cared for after you die? If so, you should consider setting up trusts. Trusts can help you avoid probate and provide financial security for your loved ones. What are the benefits of trusts, and how do you set them up? What...
Can your beneficiary’s creditors seek compensation from your trust?
When you started planning for the future, one of the first things you did was set up a trust for your child. You wanted to make sure that they’d have money to support themselves and invest in the future, so you set aside some each month for several years. Then, you...
