To put it bluntly, what if you were in a serious accident or were suddenly rushed to the hospital with COVID-19 symptoms or another life-threatening illness, and you were unable to make health care decisions for yourself?
External events that cause reflection are good reminders to update estate planning documents.
A trust can be used to manage estate taxes, shelter assets from creditors and pass on wealth to future generations. A family trust is a specific type of trust that families can use to create a financial legacy for years to come. There are several benefits to creating one, although not every family necessarily needs one. If you’re curious about where this type of trust might fit into your family’s estate plan, here’s what you need to know.
The recent coronavirus global pandemic has disrupted daily life at levels unprecedented in our lifetime. Yet life disruption is something family caregivers understand all too well. According to a study by AARP and the National Alliance for Caregiving (NAC), more than 34 million Americans are caring for someone over age 50: a spouse or partner, an older parent or in-law, a sibling, a beloved older family member or even a friend.
When parents start the planning process for a child with special needs, they usually work under the perception that if they create a special needs trust (SNT), the child will be taken care of and the needs will be met.
Charitable giving comes in many forms. Some people donate annually to their favorite charities, while others may volunteer their time or professional services.
Utilization of a testamentary trust for the surviving spouse is an excellent idea, whether the survivor is the husband or wife.
Estate planning design and implementation is not only complex but can be highly emotional. Therefore, it’s important to have a basic understanding of the estate planning process, before approaching a professional.
Planning for the end of your life can be intimidating. When you are a farmer, your business is not only your livelihood and your passion, but, often, it is also intermingled with your family life. For that reason, estate planning — arranging for the management of your assets once you die — is especially important for aging farmers.
Under Illinois law, an individual holding a power of attorney is a fiduciary as a matter of law. The person designated as a power of attorney agent owes a fiduciary duty to the principal—the person making the designation.
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