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Recent Blog Posts
The Importance of Having a Well-Formulated Estate Plan
A well-formulated estate plan gives estate owners peace of mind knowing their assets and funds are going to the right place. One reason why it is important to develop an estate plan is to potentially reduce or eliminate federal estate taxes, also known as the "death tax." Calculated at 40 percent, these taxes not only diminish funds from loved ones but they can also severely impact a private company.
According to an article in Forbes, an estate is only subject to federal estate tax if it is valued at more than $5.34 million. Moreover, there is a marital exemption. If you are married, you and your partner will not have to pay federal estate taxes unless your combined estate is valued at more than $10.6 million. Although these limits mean most Americans will not need to pay estate tax, those who do could see a substantial loss in wealth. If a business is owned, there are a number of other criteria, including death or retirement of the key asset holder, that can affect a business's equity before estate tax comes into effect. Understanding these factors can put a person in a position to keep these taxes low.
Study Finds Having Several Siblings Lowers Divorce Risk
A study, conducted at Ohio State University, concluded that people who have siblings are more likely to stay married than those who do not. In addition, each sibling a person does have appears to reduce the chances of divorce by 2 percent per sibling.
Researchers used data collected from the General Social Survey. There were 57,000 people interviewed during the years 1972-2012. Each person was interviewed 28 different times, during different periods of his or her life.
The differences appear to have occurred in families with several siblings. The researchers originally believed that having at least one sibling would make a difference in the divorce rate; however, they were surprised to discover this was not the case. In families with only one or two children, there was not a significant difference in the divorce rate when compared to those who were only children in their families.
At What Age Should You Start Planning for Retirement?
Although people understand that retirement is something they should have long-range plans for, many do not start thinking about it until they hit middle-age—and oftentimes even later. However, many financial advisors agree that it is never too early to begin retirement and estate planning needs. In fact, they suggest that setting things in motion when a person is in their twenties is not too early.
To begin, a person first needs to understand the different retirement account options there are, as well as other investment options. Look for accounts that offer compound interest. Compound interest is interest earned not only on the principal amount of fund you deposit in your account, but also on the interest that the account is earning. Earning interest on principal and interest is compound interest.
Statistics Show More Women Saying No to Marriage
A study conducted by Bowling Green State University's National Center for Marriage and Family Research (NCFMR) revealed that the marriage rate is at the lowest it has ever been in this country. The study also revealed that not only are women waiting longer before they get married, but the number of women who are single, separated, or divorced is also on the increase.
Data that had been collected from the National Vital Statistics 100 Years of Marriage and Divorce Statistics United States 1867-1967 was used for the study. Researchers also used data collected by the Centers for Disease Control and Prevention/National Center for Health Statistics, and the U.S. Census Bureau.
The First Digital Asset Law Goes into Effect
Years ago, when a person passed away, personal property and documentation were tangible items. Items such as book and record collections, photographs, and important paperwork were all items that could be physically touched and handed to the person who was inheriting them.
In today's electronic world, however, many people own a multitude of digital assets and records. The question thus becomes, who is the owner of these this digital property when the owner of record dies? What happens to online musical libraries, kindle collections, social media accounts, and cloud storage files?
Child Representation in Custody Cases
A divorce situation can be very stressful and couples often struggle with the various aspects of divorce, especially when they have children. Even the most well-intentioned parents may have serious, and sometimes contentious, disagreements on what is best for their children. In these instances, attorney representation for each spouse may not be sufficient. Fortunately, Illinois law permits the court to appoint a third party attorney to assist through any process related to the welfare of a child, including custody, visitation, support and education.
On its own or as a result of a request by any party involved, the court may assign the attorney to serve in one of three roles on behalf of the child. Each role carries specific expectations and obligations, and the decision to appoint one over the others is based on the unique requirements of each case.
The Importance of Family Discussions in Estate Planning
Although people do not like to think about their own mortality, the realities of life is that it will end one day. And that is why making plans to ensure that our wishes are met and our families are taken care of is so important.
A study that was conducted by Fidelity Investments revealed that many adult children and their parents avoid having family discussions about estate planning. Topics such as retirement finances, elderly care and will and inheritance issues are issues that should be discussed, but quite often, are not. In fact, according to the study, four out of 10 families have not had those conversations at all.
Divorce and Companion Animals: What Happens to Pets?
Animal owners may refer to themselves as "pet parents." They may refer to their dogs or cats as their "children." In fact, many Internet users have at least one friend on Facebook or Instagram whose sepia-toned pet photos are shared with the same adoring love as anyone else's baby pictures. Unfortunately, however, matters become complicated when the owners of these beloved animals find themselves dealing with divorce and property division.
Leading animal advocacy groups estimate that Americans currently own between 140 and 175 million companion animals. At least one dog or cat can be found in one of every three U.S. households, and in some areas, the numbers are even higher. It comes as no surprise that a majority of pet owners consider their pets more than just animals; they are a part of the family.
Having the Prenuptial Agreement Discussion with Your Fiancée
As unromantic as it may sound, one of the many to-do's on an engaged couple's wedding planning list is drawing up a prenuptial agreement. There are several misconceptions about prenups. In fact, the thought of one leaves many thinking that a lack of trust or commitment exists between the couple. However, a prenuptial agreement can actually have the opposite effect as it encourages open and honest communication between the couple in regards to their hopes and expectations for the future. If an issue needs to be addressed, a prenup allows the couple to work together to solve it long before the issue becomes prevalent several years into the marriage.
Begin Illinois Retirement and Estate Planning Now for the Future
Statistics show we are living longer than previous generations. The average life expectancy for an American is 78.7 years, and that number increases each year. One major reason for this increase is the vast improvement in diagnosis and treatment of cardiovascular disease.
A longer life allows for the opportunity to enjoy retirement after working for 40 to 50 years. Therefore, if sound financial retirement planning decisions are made, the saved funds will allow for an enjoyable retirement as well as sufficient care should one become medically incapacitated due to illness or injury.
Financial advisors note several common mistakes that many people make, but are easily avoidable, when investing for their retirement. One of the most common mistakes is not paying attention to unadvertised fees. For example, if a person pays a 1 percent fee over the 40 years he or she is working and saving, this percentage can add up to tens of thousands of dollars that will not be in his or her Illinois retirement fund.
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