The novel coronavirus, COVID-19, is spreading in the United States and across the globe. Social distancing and self-quarantine can help slow the spread. The virus is a particular threat to residents of nursing homes. Read on to learn more about the threat and how you can keep your loved ones safe. Read on to learn more … [Read more...] about Coronavirus and Nursing Homes
As people age they start to consider transferring wealth to the next generation. There are both sentimental and practical reasons for making transfers prior to death. If your parents have started to discuss asset transfers with you it is likely that you both have questions and concerns about the best way to accomplish the transfer of wealth and assets. Specifically, you may be asking “ should my parents give me their home? ” There is no easy answer to that question; however, there are some … [Read more...] about Should My Parents Give Me Their Home?
Parents with Minor Children Estate Planning from Robert Nash If you have minor children, or children of any age with special needs, estate planning takes on a heightened importance. If you die intestate, or without an estate plan in place, your children inherit from your estate. Minor children cannot inherit directly. Without an estate plan you have no control over who will control your child’s inheritance. Learn more about estate planning for parents with minor children in this … [Read more...] about Parents with Minor Children Estate Planning
You may have heard the term “legacy planning” and wondered how it differs from traditional estate planning. Though there is no universal definition of the term “legacy planning”, it can be explained in a way that may convince you that you need to create your own legacy plan instead of a traditional estate plan. During the course of your lifetime you have likely worked hard, invested prudently, and saved wisely. The assets you have accumulated as a result will hopefully support you during your … [Read more...] about Traditional Estate Planning vs. Legacy Planning
Many families have to face the unpleasant realization that a family member is not able to take care of him- or herself. While many times the issues leading to that realization are obvious, other times they are not. It is not uncommon for adult children to wonder if a parent has become unable to function well enough to handle day-to-day decisions. An adult child who wonders if his or her mother needs a guardianship must consult with an elder-care attorney before doing anything else. Officially … [Read more...] about Guardianship in the Quad Cities: How Do I Know If My Mother Needs It?
You are undoubtedly familiar with the concept of estate planning; however, you may not be familiar with the concept of “legacy wealth planning.” The terms are related and often go hand-in-hand with one another. In essence, legacy wealth planning is an extension of your estate plan. A legacy wealth plan incorporates investment strategies for today, retirement planning for tomorrow, and estate planning for after you are gone into one large plan. For those who are fortunate enough to have a … [Read more...] about What Is Legacy Wealth Planning in the Quad Cities?
Despite knowing how important it is to create a comprehensive estate plan, over half of all Americans do not have one. There are an endless number of reasons why people procrastinate when it comes to creating an estate plan. Some people don’t want to think about their own mortality. Others figure there is time to get to it later. Still other people are under the impression that they don’t own enough things or have enough money saved up to warrant creating an estate plan. The reality is that … [Read more...] about How Is Property Distributed Without a Will in Illinois?
From a legal perspective a family farm or ranch is a business; however, anyone who owns and operates a family farm or ranch knows that it is much more than just a business. A family farm or ranch is a way of life, an emotional investment, and a legacy that you undoubtedly want to pass down intact to future generations. Accomplishing this goal though requires planning and preparation because of the unique financial, legal, and even emotional issues that are part of passing down a family farm or … [Read more...] about Saving the Family Farm or Ranch for Future Generations
Creating a comprehensive estate plan requires you to contemplate numerous issues and consider multiple goals and objectives. For most people, the primary concern of their estate plan is how best to provide for loved ones in the event of their death or incapacity. Clearly, the more assets you leave behind the better your loved ones will be provided for in your estate plan; however, if your estate plan lacks liquidity your loved ones may be in trouble regardless of the value of your estate. To … [Read more...] about Quad Cities Estate Planning: Does Your Estate Have Enough Liquidity?
If you have yet to create an estate plan in Illinois, you have probably been told by more than one person that you need to do so. If you don’t have one already though, you may not know exactly what a comprehensive estate plan includes. A better understanding of what typically goes into an estate plan will help you realize why creating one is so important. An estate plan is as unique as the person creating the plan. There are, however, some common components that most people include in their … [Read more...] about What Does an Estate Plan in Illinois Include?