As you're working through the process of estate planning, you may decide that you want to have a living trust or testamentary trust. The two trusts are slightly different from one another and can help you protect your assets.
As you get older, you will find that you want to take steps to protect your assets. Doing so legally is called estate planning. Estate planning determines how your assets will be preserved, managed and distributed upon your death.
An estate plan is an essential tool that not only protects your assets but also safeguards the people you love. While making a plan is of the utmost importance, updating your plan is equally so. If you fail to review your plan on certain occasions, your final wishes might not be adhered to when it comes to settling your estate. That's why Forbes recommends updating your plan after the following events.
Transferring a business to family members can be both rewarding and stressful for Illinois small business owners. For it to be successful, succession planning is more a process than an event. At Zapolis & Associates, P.C., we often assist business owners in determining who should inherit the business while maintaining family harmony.
There is a myriad of issues that people have to consider when creating an estate plan, and nobody is in the exact same situation. For some people, such as those who struggle with a mental disorder, the estate planning process can be especially complex. Moreover, those who have loved ones who struggle with mental disorders and intend to give them inheritance may have additional considerations to look into while creating their estate plan.
When conflict in a family occurs, it can be very difficult for the entire family. Many disagreements are centered around money, property and important assets, and conflict may also arise due to longstanding resentments, disagreement over the decisions a loved one makes, substance abuse and many other factors. In fact, estate plans are the source of many family conflicts, whether siblings disagree over how property is being split up or they are upset with how authority over the estate has been assigned. In some instances, this conflict can be very serious, and may even prompt someone to remove a family member from their estate plan altogether.
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.
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.