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June 2018 Archives

Different ways divorce could impact your trust

If you have determined that bringing your marriage to an end is necessary, you might have a number of concerns and you could wonder how this decision will affect your future. For example, you might be concerned about the outcome of a custody dispute or property division. With that said, there are other financial concerns that you may need to take into consideration. If you have a trust, you may need to take a second look at your estate plan and make necessary changes. Each case is unique, however, so it is crucial to make sure you figure out which steps you need to take.

Should you appoint a child as power of attorney?

Choosing someone to be your power of attorney (POA) is a vital piece of estate planning since your POA will be empowered to make decisions on your behalf when you are unable to do so. Some Illinois residents feel their adult child is the best person qualified to become their POA. However, while there are good reasons for a child to be a POA, appointing an offspring can also cause substantial problems.

How to choose the best guardian for your child

While it may be unpleasant to think about, there could come a day when you and your spouse are no longer available to care for your minor children. In this case the Illinois courts would step in to make the decision, which could have potentially heart-breaking results. Fortunately, you can use estate planning tools to select a guardian for your minor children and Forbes offers the following tips to help you make the best choice.

What can you accomplish with an irrevocable living trust?

If you, like many people across Illinois, are working to get your ducks in a row with regard to estate planning, you may be trying to figure out the best way to preserve your wealth and assets for future generations. While there is a wide variety of steps you can take to accomplish your various needs, one solid estate planning strategy you may want to consider is to establish what is known as an irrevocable living trust.

Can a trustee delegate investment authority?

The main purpose that many in Mokena have for setting up trusts is to help generate income for beneficiaries. That income typically comes through investments made using trust property and/or assets. The requirements placed on trustees by the Prudent Investor Rule have been detailed on this blog in the past. Yet what of the trustee managing the trust that you are a party to does have expertise in investing. Do you want him or her making decision that could potentially impact what could be your income? 

What happens to my business when I die?

Although thinking about your own mortality can be a difficult and stressful topic, if you are a business owner, it is a smart business decision. If you die without having considered what will become of your business upon your death, then all your hard work building your business could be lost and squandered without your control.

Making smart financial decisions during your divorce

Once you and your partner have made the decision to pursue a divorce in Illinois, you face an entirely new set of challenges as you work toward living life as an independent person again. One of the trickiest parts will be separating the finances between you and your ex. This usually includes retirement accounts, investments and assets that have accumulated throughout the marriage. Fortunately, there are things you can do to adequately prepare yourself to be independent, as well as put yourself on the right track to have financial security. 

What if the person named in my trust enters the military?

Once you have put your assets into trust and assigned a trustee among your children, the expectation is that your trustee will be able to successfully handle succession of business affairs. Yet if your trustee is called away to active military service or chooses to enlist in the military, what happens to the trust you set up if you are not alive to administer changes to the trust and appointment of a new trustee?

The benefits of a living trust

When it comes to advance planning for your later years as well as planning for your loved ones after your death, it is important to have an effective and strategic estate plan in place. Unfortunately, many people do not think about comprehensive estate planning far enough in advance. 

What Are Some Different Types of Trusts?

If you're currently involved in the estate planning process in Illinois, you've most likely considered establishing a trust. While this estate planning tool can be highly useful, it helps to understand the different types of trusts to ensure you make the right decision. CNN.com offers the following guidance on the difference types of trusts available and why they might be right for you. 

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Mokena, IL 60448

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