An estate plan is crucial to protect both your assets and your family after you're gone. While it's crucial that people in Illinois have a solid estate plan in place, it's also important that you know what to look for when it comes to common scams. Forbes offers the following information, which will help you remain vigilant.
It's sad to say, but many elderly people are subject to financial scams. In this case, it's crucial for you to protect your loved ones against potential frauds, which can deprive them of money and even impact their estate planning process. AARP offers the following tips, so you can rest assured your family members are safeguarded from the nefarious actions of others.
A reliable estate plan is a must to ensure your assets and your family remain protected after you're gone. However, many people wonder when exactly to start estate planning, especially as they grow older and don't have wills and trusts in place. In this case, U.S. News & World Report offers the following advice.
A health care proxy is a person you appoint to make important medical decisions when you're no longer able, usually due to incapacity brought on by injury or illness. Even if you have documents in place stating your wishes, these may be disputed by your family. Because decisions related to your medical care are so crucial, Forbes offers the following guidance.
Succession planning is the process of turning your business over to the next generation of leaders. Many business owners dread this transition, as it signals the end of their involvement in an enterprise they worked so hard to build. However, succession planning doesn't have to be a stressful or negative experience, especially with the following tips from American Express.
Most parents in Illinois know how vital it is to appoint guardians for their children should they die. It is something you do early in parenthood, almost as a matter of course. But do not stop there, parents. Planning your estate is also important, and for the same reasons. It takes care of your children--and your property--after you are gone. Even if you do not have a big house, huge savings account or hefty investments, an estate plan is a valuable legacy in and of itself.
If you're creating an estate plan in Illinois, being taken advantage of is probably the last thing on your mind. Unfortunately, it does happen and if you aren't aware of common tricks and scams you could fall victim (and lose quite a bit of money in the process). Forbes offers the following information on a few of the more recent scams and how you can steer clear of them.
When you set up your estate plan in Illinois, you may not consider what your adult children will do after your death. While you may hope that your kids will settle the estate peacefully, it is a good idea to prepare in advance for conflict.
While it may seem impossible, it's quite easy to lose track of a retirement account. Maybe you changed jobs years ago and forgot to tie up any loose ends before you left. In this case you could have retirement money you lack access to, money that could make all the difference once you stop working for good. Forbes offers the following advice to help you track down a long-forgotten retirement plan in order to prepare for a bright financial future.
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.