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.
Is it time you made a decision on the future of the wonderful getaway that everybody loves but only you maintain?
Has it been awhile since you reviewed your estate planning strategy? If so, it may require some updating, based on recent changes to laws impacting your tax and retirement planning.
You’ve considered how you want your estate to be distributed after you die. Hopefully, you’ve even written a will to make sure your wishes will be followed. So, your estate is planned…right?
Survivorship periods don’t usually surpass 60 days. If this period surpasses 120 days, it could put the tax-free estate transfer of assets to a surviving spouse at risk.
Coronavirus stimulus checks are currently being distributed, and millions of Americans are eagerly awaiting their payment. Depending on your income, you could receive up to $1,200 (or $2,400 for married couples filing jointly), plus an additional $500 for each dependent under the age of 17.
If you have children or are expecting one, you may also want to take the three big estate planning steps that we did.
Has a loved one named you their financial power of attorney? Are you ready to take on all the responsibilities that entails? Hopefully, you won’t be called into action anytime soon, but with the coronavirus pandemic continuing, it’s something to think about.
A will and a living trust are both part of a comprehensive estate plan, that sometimes are inconsistent with one another. When there are conflicts, the trust takes precedence.
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