Posted on September 03,2015 in Estate Planning

One of the primary sources of assets utilized in estate plans comes from 401(k) plans that people set up through their employers. The funds that accumulate in these accounts are often the ones used to fund living trusts and other estate planning options later in life.

Many employers offer 401(k) plans as a way for employees to plan for retirement. Typically, an employee decides what percentage of his or her pay he or she wants to put towards an account. An employer automatically deducts that amount from each paycheck and deposits it in the employee's 401(k).

An account is managed by a plan administrator—usually a brokerage firm or mutual fund company. However, an employee decides where he or she wants his or her funds invested. Often, an employer will offer a matching contribution. The more an employee can fund his or her 401(k), the more financially secure he or she will be for retirement.

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 Posted on August 28,2015 in Divorce Finances

Everybody would like a little financial boost as they approach retirement. Did you know that if you are planning on retiring and are divorced, it is possible that you can receive additional Social Security benefits based on your ex-spouse. This can be a nice increase in income, especially if your spouse was paid well throughout his or her career, or if your social security benefits are lower because you did not work as much, or did not work at all. Below are the steps you can take to get these additional benefits.

Who Is Qualified?

Before trying to access these additional benefits, first determine that you are, in fact, eligible to receive them. You must be at least 62 years old, which is the age a person is eligible for Social Security, and your marriage must have been intact for at least 10 years.

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 Posted on August 27,2015 in Estate Planning

What happens to your assets and property if you die without a will? Every state's laws have a different answer to that question. In Illinois, the law that covers "intestate succession" is the Probate Act of 1975.

If you die without a will in Illinois, then the law covers any assets that you own which do not come under one of the following:

• Life insurance policy proceeds;
• Retirement accounts;
• Payable-on-Death (POD) bank accounts;
• Securities or stocks which are in a transfer-on-death (TOD) account;
• Property held on a TOD deed;
• Property owned with another individual(s) in a tenancy by the entirety or a joint tenancy; and

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 Posted on August 21,2015 in Child Custody

Many people move and relocate throughout their lives. Be it from one town to another, state to state, or even country to country, most people find moving exciting, promising, and often times stressful. Packing, buying or selling a home, and finding movers are all common sources of stress for families when dealing with relocating. For post divorced parents, however, relocating has another level of stress. Due to child custody laws in Illinois, a post divorce parent wishing to relocate must follow the required procedure for relocation.

If you are divorced and are planning on moving with your child, the first step is to review your custody plan, which is typically given out during your divorce. You should know which parent is the custodial parent, or parent that is physically taking care of the child, and which parent is the noncustodial parent, meaning they have visitation rights to the child. Reviewing your child custody plan will also ensure that you have no pre-set restrictions against relocation.

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 Posted on August 20,2015 in Estate Planning

"Who Wants to Be a Millionaire?" is a popular television game show where people attempt to answer a series of questions correctly, working their way up the ladder to reach a million dollars.

However, in than 15 years that the program has been on, less than 20 people have actually reached the million dollar prize level. It appears that if you want to be a millionaire, you have a better shot at reaching your goal with hard work and smart investing instead of trying to win your way there. Still, how does one go about getting there?

People who have reached the million dollar level of income have often developed similar strategies to help achieve a high level of income. These strategies include the following:

• Do not expend time and energy on things you wish you had done in the past; instead focus on the now. For example, do not spend time lamenting over your failure to invest in Microsoft two decades ago and how much you could have earned. Experienced financial advisors recommend investing in a diversified portfolio of stocks, allowing it to grow slowly, but steadily.

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 Posted on August 14,2015 in Divorce

Deciding to get a divorce is no easy decision. While staying in an unhappy marriage certainly is not ideal, most people face difficulty when determining if a divorce is the next best step, and fear future unknown outcomes. While there is no right or wrong answer to guide your decision, and no best or worst time to get a divorce, examining your personal relationship with your spouse and thinking introspectively about your life can help point you in the right direction. Below are a few key signs that indicate that getting a divorce may be the necessary next step.

First, consider the reasons you have for staying in your marriage. Do you truly believe your marriage can be saved and that you could be happy in your relationship? Are you staying based on fear of the unknown future you face after separation? If you have children, are you staying in your marriage simply so your kids grow up with two parents? Are you worried about the backlash you could face from friends and family after revealing your divorce?

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 Posted on August 13,2015 in Estate Planning

Estate and retirement planning may involve consulting with a financial advisor. A financial advisor is someone who sits with clients, determines what the client's financial goals are—i.e. retirement—and then directs the client to the appropriate investments which will help the client meet those goals.

Just like when hiring any professional, there are certain criteria you should look for when deciding on an advisor for your financial future. Moreover, key questions should be asked to a potential advisor which will assist you in deciding if this is the person for you.

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 Posted on August 07,2015 in Divorce

When you are going through a divorce, it can seem like the world is falling down around you and you cannot get your bearings to begin a new life. You will likely reach out to your friends and closest family for support during the transition, and rely on age-old wisdom about separation and marital dissolution. Sometimes, however, the most common advice isn't always the best to follow — sometimes doing what seems counterintuitive may actually be best for your sanity, and the future relationship with your ex.

The first thing to avoid when going through a divorce that may seem counterintuitive is to refrain from asking everyone you know for their advice or tips. When a person is going through a major life transition, she often wants and needs to share this transition with as many people as possible in an attempt to lessen the burden. This does not work. Dredging up the details of your failed or failing relationship will only bring them to the forefront in your mind, and the advice that you get from the people around you will only add to the chatter and confusion spinning in your head. Trust your instincts. Only you will know when it is best to move out, and only you can determine the next best steps to take when it comes to the separation of property or drafting a child custody arrangement, for example. Even though it may seem more painful to go it almost alone, it is likely better for your psyche than to share you pain with everyone you see.

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 Posted on August 06,2015 in Estate Planning

Most of us work for the majority of our adult lives with the end goal of being able to enjoy a comfortable retirement. It seems that every so many years, the age most people retire at increases. It used to be the age of 65...then 68...then 70 years of age was the target. These days, the age of 72 is one that is brought up in many discussions about finally being able to retire. But no matter how much planning, saving, and investing you do, how do you really know when you are ready to finally stop working?

Financial planners say there are several factors that you should consider when making that determination. First, you should determine how much you will receive in Social Security benefits. The federal agency will provide you a report that shows how much income you have earned and how much your benefit will be at various ages. If you are married, then you will also want to determine what the maximum benefits for you and your spouse will be.

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 Posted on July 31,2015 in Divorce

In what is by far the largest victory for gay marriage advocates in history, the United States Supreme Court ruled in favor of nationwide gay marriage on Friday, June 26th. For the first time in the U.S., same sex couples can legally marry in every state and are guaranteed the same social and legal rights as a married heterosexual couple. The controversial ruling means no state can deny any couple's right to marriage, and also means that all states must now allow same-sex divorces as well.

Last year, the state of Illinois legalized same sex marriage and divorce, and was one of 36 states, plus the District of Columbia, who had already lifted the ban on gay marriage prior to the Supreme Court's recent ruling. While the decision's impact will not change much for Illinois couples looking to get married or divorced within the state, it does clear up the tangled mess of certain states recognizing same-sex marriages while others did not.

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