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Recent Blog Posts
Tips for Planning a Well-Deserved Retirement
Data derived from the U.S. Census Bureau and recently reported by the Population Reference Bureau, as of mid-2014, shows that the baby boomer generation stands at 76.4 million strong.
For those born between 1946 through 1961, many are now reaching traditional retirement age and although hesitant to fully retire are still expected to have a significant effect on Social Security, Medicare and Medicaid as retirement is being redefined.
The American Association of Retired People (AARP) estimates that 79 percent of all baby boomers plan on incorporating some form of employment into their retirement plans. At the golden age of 65, many boomers are simply deciding to continue working full-time while others are opting to work part-time or change career objectives. For those choosing traditional retirement, opportunities for volunteering or participating in community service are popular.
Debt Allocation during a Divorce
Debt can be a hard subject to discuss during marriage, and even harder to discuss during divorce proceedings. One party may feel debt should be split equally, while the other does not feel they should have to pay any of the debt, especially if it is not in their name. Divorce can already be a stressful time and dividing debt can make it worse. Debt allocation lawyers can help you understand what debt is considered marital debt.
Dividing Debt
Illinois is an "equitable-distribution" state, meaning that property and debt will be divided into how the judge believes is the most fair and just. This does not mean it will be divided equally. Different factors will be considered, such as:
Health Care Wishes: The Importance of Putting it in Writing
As much as we may not like to think about it, each birthday means we are getting older, and one day we will no longer be with our loved ones. But before that day comes, illness or injury may prevent us from expressing our health care wishes to our families, specifically in regards to what we want or do not want when it comes to medical treatment. Hence, it is important to take care of these issues before the need actually arises.
The following are suggested steps to take when it comes to planning for your future. A qualified estate planning attorney can help guide you through each step.
- Should you become incapacitated, make sure you have advance directives in place so your family and medical providers know what your wishes are for medical treatment. A living will outlines exactly what medical care you wish to be taken and which care you would refuse. Medical treatments that you may want to address in your living will include antibiotics and other antiviral medications; comfort care; dialysis; mechanical ventilation; resuscitation; and tube feeding.
Do-it-Yourself Estate Planning Can be an Expensive Mistake
Illinois residents work hard so they can enjoy the fruits of their labor once they retire and so they are able to provide for their families after they have passed. They want to ensure that even when they are no longer here, their loved ones have the financial assets to improve their quality of life. However, several costly estate planning mistakes can be made, and they can seriously impact an estate plan.
One of the most common estate planning errors is the belief that it can be done without the assistance of a qualified estate planning attorney. There are a multitude of online companies that offer estate planning forms for people to download and prepare themselves. However, the problem with these "do-it-yourself" documents is that there are specific laws, in each state, that govern estate planning. Therefore, if a person is not cognizant of the details of these laws, the simple "do-it-yourself" will or trust can end up being very costly—more costly than what an attorney would have charged to do it correctly to begin with. This is especially true when drawing up trusts, which many people utilize in order to help alleviate the tax implications that can sometimes come along with inheriting money.
Is a Prenuptial Agreement Right for You?
Whether it is your first, second, or third marriage, you want to consider a prenuptial agreement. A recent analysis shows the average age of adults waiting to get married is increasing. This means couples are bringing more assets into the marriage. If you have already established yourself with a home, retirement plan, savings, and more, the thought of having to part with it in the event of a divorce can be distressing. Speaking with a prenuptial agreement lawyer can help you and your fiancé understand the benefits of having a prenuptial before you get married.
Prenuptial Agreements
Mapping Out Your Financial Future
Estate planning and retirement planning tend to go hand in hand. Having a solid financial plan in place for your retirement also enables you to form certain elements of your estate plan, such as special needs trusts and living wills.
Financial advisors note key milestones that every person should be aware of when it comes to retirement planning. At each milestone, it is suggested that you take stock in what you have in place regarding your retirement funds and analyze any steps you need to take to remain on target.
Estate Planning Milestones
50 years old: When you reach this milestone, you are allowed to make what is referred to as "catch-up contributions" to both your individual retirement account as well as to your 401(k) account. Last year, the catch-up contribution for retirement accounts was $1,000, and for 401(k)s it was $5,500.
Divorce Process: Things to Consider While Going through a Divorce
If you or your spouse has or is considering filing for divorce, it does not have to be contentious. Sometimes couples grow apart and want different things during their marriage and decide to get a divorce. It does not mean that you want to fight about everything. Speaking with an experienced divorce lawyer or mediation lawyer can help you decide what is the best route for you and your spouse. Some things to think about throughout the divorce process are:
1. Do not believe everything you are told.
Every divorce is different. What one couple experienced during their divorce is not exactly what you will experience during your divorce. You may experience one or two things, such as property division or spouse maintenance, that one couple experienced, but your experience with child custody or visitation rights may be the exact opposite of that same couple.
The Revocable Trust: A Popular Alternative to the Traditional Will
The American Association of Retired People, or AARP, has been instrumental in serving as an informative advocate for those near retirement age since 1958. The brainchild of retired high school principal, Dr. Ethel Percy Andrus, AARP was organized to promote a productive aging philosophy by keeping those broaching retirement abreast of emerging trends and practices. In fact, an AARP bulletin recently discussed the growing trend of choosing a revocable trust over a will.
To determine whether a trust or a will is in one's best interest, the first step is to speak with both an experienced estate planning attorney and trusted financial advisor. However, before consulting with either professional, AARP offers the following information as to why establishing a revocable trust may work for you.
Your Estate Planning: Where There is a "Will," There is a Way
One of the most important legal issues that people need to take care of is not one that the majority of us like to even think about—making a will. However, it is also the one legal issue that is always inevitable—no matter who you are.
Having a key plan in place can help to guarantee that your final wishes are carried out. It can also help prevent the infighting that often occurs in families when a loved one dies without a will in place. Even relatives with the most altruistic motives can find themselves locking horns over what Mom or Dad's wishes would have been. Moreover, a will prevents a third entity—namely the state of Illinois—from making the determination of where your assets will go.
As difficult as it may be to sit down and begin making those decisions, there are ways to help make the process go smoother. Several key tips that legal advisors offer include the following:
Changing Your Beneficiaries after Divorce
Are you contemplating or going through a divorce and wondering who will be named your beneficiary after your divorce? Many divorcees neglect to update important documents before or after their divorce and leave their soon-to-be or ex-spouse on as the beneficiary. If something happens to you, your spouse could still be the one making decisions for you if you are incapacitated.
What Documents Should You Update?
Thinking about if something were to happen to you is never a comforting thought, but planning for it before or after a divorce is something every divorcee should think about when it comes to changing the beneficiaries on important legal documentation. Some documents you should consider updating before or after a divorce is final are:
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