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Recent Blog Posts
Keeping Living Wills Current
A living will is a document decided before death that prescribes the medical attention you choose in the event that you are unable to do so yourself. According to the Illinois General Assembly, the Living Will Act was passed to ensure that every state resident had the fundamental right to control the decisions related to his or her own medical care. This means that these decisions are not left to chance or to family in the event that sickness or other incapacitating factor makes the person unable to decide for himself.
Proponents of living wills say that these are matters of patient rights—physicians are not able to withhold or withdraw death-delaying procedures if a patient has signed a living will. For a living will to be valid, it needs to be signed by the patient (before he or she experienced the debilitating conditions) in the presence of a witness. The death-delaying procedures can include, but are not limited to:
Tips for Planning a Well-Deserved Retirement
Data derived from the U.S. Census Bureau and recently reported by the Population Reference Bureau, as of mid-2014, shows that the baby boomer generation stands at 76.4 million strong.
For those born between 1946 through 1961, many are now reaching traditional retirement age and although hesitant to fully retire are still expected to have a significant effect on Social Security, Medicare and Medicaid as retirement is being redefined.
The American Association of Retired People (AARP) estimates that 79 percent of all baby boomers plan on incorporating some form of employment into their retirement plans. At the golden age of 65, many boomers are simply deciding to continue working full-time while others are opting to work part-time or change career objectives. For those choosing traditional retirement, opportunities for volunteering or participating in community service are popular.
Health Care Wishes: The Importance of Putting it in Writing
As much as we may not like to think about it, each birthday means we are getting older, and one day we will no longer be with our loved ones. But before that day comes, illness or injury may prevent us from expressing our health care wishes to our families, specifically in regards to what we want or do not want when it comes to medical treatment. Hence, it is important to take care of these issues before the need actually arises.
The following are suggested steps to take when it comes to planning for your future. A qualified estate planning attorney can help guide you through each step.
- Should you become incapacitated, make sure you have advance directives in place so your family and medical providers know what your wishes are for medical treatment. A living will outlines exactly what medical care you wish to be taken and which care you would refuse. Medical treatments that you may want to address in your living will include antibiotics and other antiviral medications; comfort care; dialysis; mechanical ventilation; resuscitation; and tube feeding.
Do-it-Yourself Estate Planning Can be an Expensive Mistake
Illinois residents work hard so they can enjoy the fruits of their labor once they retire and so they are able to provide for their families after they have passed. They want to ensure that even when they are no longer here, their loved ones have the financial assets to improve their quality of life. However, several costly estate planning mistakes can be made, and they can seriously impact an estate plan.
One of the most common estate planning errors is the belief that it can be done without the assistance of a qualified estate planning attorney. There are a multitude of online companies that offer estate planning forms for people to download and prepare themselves. However, the problem with these "do-it-yourself" documents is that there are specific laws, in each state, that govern estate planning. Therefore, if a person is not cognizant of the details of these laws, the simple "do-it-yourself" will or trust can end up being very costly—more costly than what an attorney would have charged to do it correctly to begin with. This is especially true when drawing up trusts, which many people utilize in order to help alleviate the tax implications that can sometimes come along with inheriting money.
Mapping Out Your Financial Future
Estate planning and retirement planning tend to go hand in hand. Having a solid financial plan in place for your retirement also enables you to form certain elements of your estate plan, such as special needs trusts and living wills.
Financial advisors note key milestones that every person should be aware of when it comes to retirement planning. At each milestone, it is suggested that you take stock in what you have in place regarding your retirement funds and analyze any steps you need to take to remain on target.
Estate Planning Milestones
50 years old: When you reach this milestone, you are allowed to make what is referred to as "catch-up contributions" to both your individual retirement account as well as to your 401(k) account. Last year, the catch-up contribution for retirement accounts was $1,000, and for 401(k)s it was $5,500.
The Revocable Trust: A Popular Alternative to the Traditional Will
The American Association of Retired People, or AARP, has been instrumental in serving as an informative advocate for those near retirement age since 1958. The brainchild of retired high school principal, Dr. Ethel Percy Andrus, AARP was organized to promote a productive aging philosophy by keeping those broaching retirement abreast of emerging trends and practices. In fact, an AARP bulletin recently discussed the growing trend of choosing a revocable trust over a will.
To determine whether a trust or a will is in one's best interest, the first step is to speak with both an experienced estate planning attorney and trusted financial advisor. However, before consulting with either professional, AARP offers the following information as to why establishing a revocable trust may work for you.
Your Estate Planning: Where There is a "Will," There is a Way
One of the most important legal issues that people need to take care of is not one that the majority of us like to even think about—making a will. However, it is also the one legal issue that is always inevitable—no matter who you are.
Having a key plan in place can help to guarantee that your final wishes are carried out. It can also help prevent the infighting that often occurs in families when a loved one dies without a will in place. Even relatives with the most altruistic motives can find themselves locking horns over what Mom or Dad's wishes would have been. Moreover, a will prevents a third entity—namely the state of Illinois—from making the determination of where your assets will go.
As difficult as it may be to sit down and begin making those decisions, there are ways to help make the process go smoother. Several key tips that legal advisors offer include the following:
Aging Gracefully: Consulting an Estate Plan or Probate Attorney
Entering the golden years gracefully takes planning. In fact, data derived from the Associated Press-NORC Center for Public Affairs Research at the University of Chicago, an independent global research organization, indicates that the Baby Boomer generation is in denial when it comes to addressing estate planning issues.
Per NORC survey results, NBC News reported that boomers, age 40 and over, admit to doing very little to prepare for late-life events. Two-thirds of the study participants revealed they have not scheduled a consultation with an experienced estate plan attorney. Even more alarmingly, one-quarter have opted out of considering a consult all together.
Moreover, many baby boomers are coming to age as active members of the sandwich generation, where little thought has been given to their own estate planning needs because more pressing needs of dealing with daily responsibilities are often compounded by their role of primary caregiver to an elderly parent or extended family member.
Special Needs Trusts: Securing the Future of a Special Needs Child
According to the 2010 U.S. Census Bureau, Americans with Disabilities Report, nearly one in five families are caring for a family member with a disability. Equating to about 56.7 million people, or 19 percent of the total population, the U.S. has witnessed an increase in those with qualifying disabilities by 2.2 million citizens. Not only has the number of those with disabilities risen, but the number and percentage of those requiring assistance has also increased.
The report also relates that four in 10 individuals with a disability, ages 21 to 64, often find themselves unemployed and facing persistent poverty levels as the ability to obtain viable employment opportunities may be out of reach.
As reported, one in every 26 American families are facing the challenges of raising a child with special needs, and 69 percent of those caring for a child report that they are concerned about providing lifetime care for their dependents with special needs.
How Will You Pay for Retirement?
Americans make arrangements for their retirement and other estate planning needs in several different ways. A Gallop poll of over 2,000 adults showed that most Americans are planning to rely on Social Security or retirement accounts for their future. However, the poll also revealed other sources of income that people were planning on utilizing for their golden years.
According to the poll, more than half of those surveyed said they plan on Social Security benefits as being their major source of retirement income. One third said those monthly benefits would actually be their primary source, while 51 percent said it would be a contributing source of their total retirement income.
Retirement accounts were noted as another source of income, yet only 48 percent cited these accounts as a primary source of retirement income. Even less—38 percent—cited 401(k) or IRA accounts as a major source of income. The low number of people counting on retirement accounts, financial analysts say, is due in large part to the recession several years ago. Many people in their fifties do not have nearly enough funds in their accounts to fund their retirement.
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