Minimizing estate taxes is an important part of estate planning that can significantly affect the financial legacy you leave behind. You can use specific strategies to help reduce the estate taxes your heirs might face. Gift assets during your lifetime One...
Estate Planning
Creating a trust that cannot be claimed in divorce
Using a trust to convey your money and property to your adult child may give you peace of mind. It is true that a trust offers many protections for an inheritance. Still, your trust may become a contested object if your child gets a divorce. It is possible that the...
Reasons why you should update your will
Life is dynamic, marked by various milestones and changes that can impact your estate plan. To safeguard your wishes and provide for your loved ones, it is important to ensure your will is up-to-date. By doing this regularly, you can ensure that your will accurately...
4 things that should not go in a will
A will serves as a blueprint for distributing your estate and providing guidance for your family. However, including certain items can muddy its purpose or even render it ineffective. Understanding what to leave out of your will is just as important as knowing what to...
Common misconceptions about estate planning
Estate planning is an important aspect of financial management that often falls prey to misconceptions. Understanding the truth behind these myths is important for everyone, regardless of your income, to make informed decisions about their financial future. Estate...
3 estate planning tips for younger generations
Navigating estate planning might seem like a distant concern for younger generations. However, taking proactive steps early on can have significant benefits. Estate planning is not just for older adults. Instead, younger generations stand to gain from thoughtful...
Can setting up a life estate benefit your family?
According to FindLaw and other sources, probate can take anywhere from nine to 24 months to complete, so it is no surprise that people try to find faster methods to have their loved ones inherit from them. If you want a relative to take ownership of your home as...
How to reduce estate planning conflicts
Creating an estate plan is the best step for securing assets and ensuring your wishes after you are gone. Considering the sensitivity of these matters, disagreements are likely to arise among family members. When crafting yours, it is helpful to know how to lower the...
How should you discuss estate planning with your parents?
As people navigate the complexities of older adulthood, estate planning is a topic that often lingers in the background. It involves making decisions about the management of affairs after one's passing. Discussing estate planning with your parents is a responsible and...
What Happens If You Die Without A Will In Illinois?
Proactive steps are paramount when it comes to establishing an estate plan. Putting it off is natural. No one wants to think about, let alone plan for a time when they are no longer alive. However, the lack of planning can create chaos should you die without formal...