As a new Illinois parent, your life likely has become a whirl of all things baby. But in your zeal to love, feed and protect him or her, have you thought about starting an estate plan to provide for him or her now and in the future? If not, you should.
For many families, the summer months offer a break from school, and even work responsibilities. From spending more time with children to planning vacations, there are a number of reasons why the summer can be an excellent time of year. Moreover, summer can be a great time to set up an estate plan, since some people have more free time during this season. Parents may be free from some of the responsibilities that consume their time during the school year, and they may have more time to focus on setting up a will or a trust. However, there are multiple issues to consider with respect to the creation of an estate plan during the summer.
As a resident of Illinois who is trying to decide how to handle matters of your future passing and how it will impact your loved ones, you will surely have a lot to decide. We at Zapolis & Associates, P.C., are here to help you during this decision-making process. Today, we will take a look at some of the things you can do to reduce the estate taxes your loved ones may have to pay.
Illinois families who are trying to settle their assets for after they die may want to learn more about a trust. Investopedia defines a living trust as the same thing as a revocable trust, but an irrevocable trust is also an option. Before you make choices with a lifetime of assets and wealth, it is important that you understand the difference.
If someone in your family has special needs, your entire family may be concerned about their well-being and worried about their future. We understand how worrisome these issues can be, but there are a number of ways that people can help ensure that loved ones with special needs are taken care of in the years ahead. For example, special needs trusts can be very beneficial in this regard, allowing your loved one with special needs to retain eligibility for government assistance while also receiving assets from your trust. However, it may be necessary to go over this option with your family members.
As your loved one's guardian, you're most likely this person's primary caregiver. While this is an essential role to fill, many family caregivers find themselves overburdened with daily responsibilities, from help with grooming to meal preparation and virtually everything in between. This can lead to a condition known as caregiver burnout, which impacts your health and well-being when left unchecked. The Cleveland Clinic explains why burnout happens and what you can do to avoid it.
If you have started a successful business in Illinois, it is no surprise that you would want to keep it in the family. After all, the family business is your legacy. When managed correctly, it can continue to provide a steady source of income for the family, generation after generation.
America is the land of opportunity, where family-run businesses can grow into large, global corporations or stay unique, small mom-and-pop shops serving the local community. Whether your business has been open for years or is just starting up, all your hard work can come crashing down if you do not have a strong succession plan.