It’s not always a good idea to leave someone a lump sum of money in your will. The temptation to spend it all at once or fritter it away on luxury items can be too great for some beneficiaries. Others may be prone to losing it to other parties, such as to their spouse...
When planning your estate, you need to understand the tools available to ensure your assets are distributed according to your wishes. Two of the most common options are a will and a trust. Both serve similar purposes, but several key differences will help you decide...
Creating a charitable trust offers a meaningful way to support causes you care about while managing your assets effectively. Two popular types are charitable remainder trusts (CRTs) and charitable lead trusts (CLTs), each with distinct benefits and mechanisms. What is...
Anything you do to reduce conflict in important family decisions represents a step in the right direction. A steady approach to estate planning has the potential to eliminate worries and uncertainty. A few smart steps allow you to enjoy the advantages of making a plan...
Estate planning should provide a comprehensive strategy for your family to follow after death. With so many tools available to utilize, you may want to diversify your estate to consider various elements. In exploring options, you may want to explore a trust. A trust...
Having an executor can bring you peace of mind knowing that someone understands your desires for the distribution of your estate. Relying on someone you trust to oversee the closure of your estate may also reduce confusion and disagreements between your surviving...
A health care directive allows you to make decisions about what medical treatment you would or would not like to receive in the future and communicate your wishes to your doctor and loved ones. Your health care directives take effect in the event that a medical...
With the increased lifespan of many Americans, people also choose to divorce later in life and continue on to remarry well into the golden years. Because of these later-year remarriages, it is important to factor some unique things into your new relationship, such as...
When creating your estate plan in Illinois, you have a right to create a trust to protect your assets. The legal formation of a trust gives you a way to shelter your assets, keeping them from taxes, creditors and even fraud. Though every trust has a trustee to manage...
Living trusts are important to estate planning. They're used to protect assets and to avoid probate. Trusts offer many tax benefits, establishing your loved ones' financial security in Illinois. But to fully understand the potential of a trust you need to have an...
