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Recent Blog Posts
Why Family Dynamics Are Important in Estate Planning
When creating an estate plan, there are many factors and issues to consider. Unfortunately, family dynamics do not always get quite enough attention. As such, many families are still left with a lot of conflict upon the passing of a loved one. Learn how to avoid this common issue by taking the time to consider the impact that family dynamics may have on your estate plan.
How Will Your Decisions Affect Your Family?
During the estate planning process, most people sit down and plan in one of two ways. The first group has a strategic plan - the eldest child might receive important family heirlooms, a wedding ring may be passed onto a daughter instead of a son, or allotments might be provided based upon what the guarantor sees as "fair." The second group typically considers their own sentiment. They might remember a granddaughter lovingly adoring a jewelry box, or special moments with a father and his son while working on dad's classic car, which may lead them to leave these items based upon their sentimental connection. Yet these are not always the most effective ways to estate plan.
Getting Remarried Should Trigger an Update to Your Estate Plan
Love might have failed you before, but the fact that you are planning on getting remarried proves you have not abandoned all hope. Just do not let that cloud your judgement when it comes to updating your estate plan. Do not have one yet? You are certainly not alone, but this can be problematic for more reasons than one. The following explains further, and provides some guidance on estate planning matters you may want to consider before or immediately after you walk down the aisle.
No Will? You Might Have a Problem
Some blended families just do not blend. Others manage to get along fairly well, but tensions may mount if you pass away without a will. You see, without a will, your estate will be divided up according to Illinois state law. This essentially means that your spouse would receive half of your estate, and that your children would have to split the remaining half. Even more troubling is that this law does not address issues involving family heirlooms or other items you may not want sold. Instead, your family will be left to battle it out, which could take several months, possibly even years. Thankfully, a will can and often does eliminate a great deal of the potential discourse.
Understanding the Basics of Land Use and Zoning in Illinois
If you are planning to build - be it a custom home, subdivision, or mini mall - there are some rules and regulations that you will have to follow. Known as land use and zoning ordinances, these laws restrict what can be built where. Highly complex and esoteric, these laws can make or break your land development or building project. The following information can help you understand the basics.
Why So Many Rules?
Zoning laws and land use regulations were first adopted in New York City in 1916. Since that time, they have been adopted by almost every state, city, and county. Their purpose is multifaceted, covering a wide range of social, environmental, and even appearance issues, including:
- The preservation of historical sites and natural resources,
When Celebrities Die Without a Will, Americans Get Serious About Estate Planning
Estimates indicate that just 64 percent of all Americans have a will. That number drops significantly, falling to 22 percent, in the 55 and younger population. Yet, when the fortunes of big celebrities are thrown into limbo because they failed to make an estate plan, Americans start to get serious about their own fortunes. Of course, not everyone has an actual fortune, but that does not mean you do not need an estate plan. The following covers some important lessons learned from celebrities who died without a will, and will hopefully help you understand the importance of having one in place for your estate.
Probate Costs and Taxes Can Significantly Reduce the Value of Your Estate
Whether you are a multibillionaire, a pop music idol, or just your average American, your estate may be subject to probate if you pass away without a will in place. This can get expensive, and fast. As an example, Prince's estate, which is currently valued at about $300 million has already racked up more than two million in attorney's fees. On top of that, there will be state and federal taxes to pay, which are often higher when you fail to create an estate plan. If you have even a meager estate, reduce the risk of its depletion in probate with an estate plan.
Tips for Protecting Your Children with a Carefully Crafted Will
No parent wants to think about dying before their children reach adulthood. Sadly, it does happen, and often before the parents have had the chance to create a will. This can leave children in limbo, create problems for their financial future, and ultimately impact their quality of life. Know how to protect your child with a carefully crafted will.
Designate First Responders
While most parents know who they would want to serve as a long-term guardian for their children, and may have even already discussed the idea with the selected person, many fail to consider what will happen in the minutes, hours, and days immediately after their death. For example, consider the following scenario: You are on your way to pick up your children from school but are killed in an accident. What happens next? Who will pick up your children and ensure they are cared for?
What the Estate of Prince Can Teach Everyone About the Importance of Wills
Prince Rogers Nelson, one of the most beloved pop icons in history, spent his life fighting to maintain creative and legal control over his career. Yet, in the months that followed his death, it became evident that he had not been quite as vigilant when it came to legally documenting what would happen to those assets after he died. In other words, Prince died without a will. As a result, his substantial estate - his alleged vault of unreleased music, his roughly $300 million in various assets - have become a cautionary tale that everyone can learn from.
What Happens in the Absence of a Will?
Prince's estate is being handled by the state. This means that the state appoints an administrator (who may not be a person you would approve of), and your assets will be distributed to the next of kin. This can be problematic for a number of reasons. First, the state must establish who your true heirs are. Second, the distribution to those heirs may not resemble your wishes.
Finding Ways to Save for Retirement
According to the several financial studies, between 40 to 60 percent of Americans live paycheck to paycheck, meaning that they earn just enough to get by. For many, the thought of an early retirement—or any retirement—is not a current achievable goal because there are no funds left over each week to put into retirement savings.
Financial advisors have discovered ways that can free debt committed paycheck funds and can therefore be redirected into a retirement savings nest egg. For example, only one in three households in this country prepare and follow a monthly budget as a way to track their spending. This can lead to a lot of wasteful spending. By following the trail of where those paycheck funds go, you may be surprised at how much is actually coming in and going out.
Due Diligence when Purchasing Commercial Real Estate
One of the most exciting steps a small business owner can take is purchasing a piece of commercial property in order to expand his or her business. Whether the purchase is because the business is expanding and needs a bigger facility or the business is generating more than enough income to go from renting commercial space to owning it, the excitement can be akin to a person purchasing their first home. However, it is critical for any business owner to do due diligence on any commercial property they are considering buying.
The first step a potential buyer should take is to hire a title company to ensure the property has a clean title. A title company search can reveal actual owners, any liens, any covenants, any easements, or other restrictions which could hinder plans for the property.
Choosing a Legal Guardian: One of the Most Important Decisions a Parent Makes
Making legal plans to ensure that your family is taken care of in the event of your death is not an easy subject to consider. It can be even more difficult for those who are parents of young children.
Although none of us want to think that we will not live long enough to see our children grow up into adulthood and have children of their own, the sad fact is that many parents pass away when their children are still minors. Therefore, it is important to have these plans in place, including who would be the legal guardian to your child in the event both of his or her parents die. If you do not make the decision while you are still alive, the state will make that decision when you are gone.
Often, when parents are having the discussion over who should be the legal guardian of their child, they disagree. The father may want a relative from his side of the family, while the mother may think one of her relatives would be the best choice. However, there are certain questions that parents can ask themselves as they make their list of the pluses and minuses for each of their choices.
Tips for Purchasing Your First Home
One of the most exciting experiences for a person or for a couple is the purchase of a first home. After years of working hard and saving towards that down payment, it can feel very rewarding to actually sign on the dotted line and become a homeowner. However, the process is not without the occasional hiccup—and headaches. Therefore, following a few tips can help the purchase go smoother.
What is Your Credit Score?
One of the first steps a potential home buyer should take is to check his or her credit. Financial institutions put a heavy weight on a person's credit score when it comes to deciding how much—or if—they will approve a mortgage.
To begin, request a copy of your credit report from the three major credit reporting agencies and look over these reports carefully. Examine your credit reports for any errors. Look for any unpaid accounts or accounts sent to collections. It is not uncommon for a person to apply for a mortgage and then discover that they have an unpaid credit card or utility bill from years ago. You may have forgotten the debt, but the mortgage company will look at those types of entries unfavorably.
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