Why would anyone want to refuse an inheritance? Although it is surprising to many, there are several circumstances when declining an inheritance can be beneficial.
You may have heard of a revocable living trust (RLT), which is a commonly used estate planning solution. But what exactly are they, who is affected by them, how can they be changed, and what do they accomplish?
Although leaving your hard-earned assets outright to your children, grandchildren, or other beneficiaries after you die may seem like the easiest and most desired form of distribution, this scheme will make their inheritance easy prey for creditors, predators, and divorcing spouses. Instead, consider using discretionary trusts for the benefit of each of your beneficiaries.
Many people select a single fiduciary to manage their affairs. However, the amount of time associated with the role can be overwhelming for some people. When deciding who to appoint as fiduciary, be mindful of the degree of effort associated with maintaining and managing your affairs.
The SECURE Act, Setting Every Community Up for Retirement Enhancement seeks to make Individual Retirement Accounts (IRAs) more appealing for Americans of all backgrounds.
Now that you are an adult, it is time to start thinking like one. The first step is meeting with an experienced estate planning attorney to ensure that you are properly protected now that you have the responsibility to plan for these issues..
Estate planning for married couples can be tricky when one spouse is significantly wealthier than the other, and each spouse wants different beneficiaries to ultimately inherit their estate. One solution to this problem is the Lifetime QTIP Trust.
While it’s certainly possible to begin the estate planning process without your spouse, there are some things to consider.
For most people, the phrase “power of attorney” means very little. Even for those educated on the subject, it is easy to forget exactly who serves what role and why. Whether you are unfamiliar with the concept or simply need of a refresher, keep reading to learn what it means to be an agent under a financial Power of Attorney, called a Power of Attorney for Property in Illinois.
The wealth, property, and investments we accrue over a lifetime are often significant. While you have carefully managed your finances through the years, there may eventually come a time when you cannot handle such decisions. To plan for the likelihood that you are unable to manage your financial affairs, it’s important to have everything in order while you’re still of sound mind.