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Recent Blog Posts
Tips to Help Keep Divorce Expenses Down
The longer it takes to negotiate a divorce settlement, the more expensive legal fees can become. Most attorneys bill by the hour, so the more time put in going back and forth with the other party, the higher the bill becomes. However, there are actions you can take to help alleviate settlement bills and divorce expenses.
Planning and Organization
The first thing you can do involves planning for what is to come in the divorce process and to be ready for it. Organize all your documents so you and your attorney can have easy access to whatever important paperwork may be needed. One suggestion is to get a three-ring binder and tab dividers. Make a section for each of your assets - bank accounts, retirement accounts, stock accounts, real estate, personal property, vehicles, and any other items that are part of the marital estate. Have another section for your questions and concerns. Write them down so you will have them in front of you when you are speaking with your attorney. This will also help keep the legal bill down.
Is a Revocable Living Trust Right for You?
When it comes to estate planning, an increasing number of people are having revocable living trusts prepared by their attorneys.
A revocable living trust goes into effect while the person is still alive, as opposed to a will, which does not go into effect until the person dies. It is referred to as revocable because a person can change or cancel the trust any time they want and for any reason they want, as long as they are mentally competent. The trust only becomes irrevocable when the person dies.
The individuals who are involved in a living trust include the person who created it, the person or people who the creator appointed as trustees, and the beneficiaries of the trust.
Which is for You: Divorce or Separation?
For couples who are having marital difficulties, but are not sure if they want to divorce, the state of Illinois offers the option of legally separating. A legal separation can protect both spouses as they try to decide in which direction their marriage should go.
Just like a divorce, in a legal separation, a judge will decide issues for the couple such as child custody and support, spousal support, and property division. However, unlike a divorce, the couple is still legally married. This means you can be held financially responsible for any debts that your spouse may incur.
Public Policy Changes May Have Negative Impact on Retirement Plans
If you are approaching the age of retirement, or are currently planning your finances for your golden years, you probably have been following a set plan. However, a recent article indicates a few proposed changes in the current public policy that are on the table for the 2015 fiscal year budget. And these changes could have a serious impact on retirement plans.
IRA Distributions
Currently, there are no required minimum distributions rules for ROTH IRAs. The pending change would reverse that by implementing required distributions after the owner is 70 ½ years of age. This can cause people to take out more money than they actually need instead of investing it. This has a trickle-down effect that includes higher taxation as well as a higher amount of Social Security being taxed.
Survey Finds Cost Number One Concern for People Considering Divorce
According to a 2013 survey, the number one concern for most people facing divorce is the cost. There were 890 people who took part in the survey with an additional 447 attorneys who participated as well.
For couples without children, 58 percent cited the cost of divorce as their number one concern. This was followed by property division, at 42 percent, the duration of time for the divorce process at 27 percent and alimony at 22 percent.
The number one concern for couples with children was child custody, with divorce cost coming in second.
Estate Planning: Is it Different for Women?
Estate planning is important for both men and women. However, there may be different issues that women, specifically, need to address. Statistically, women have a longer life expectancy. And according to the U.S. Census Bureau, 36 percent of women 65 and older are widowed, while only 12 percent of men 65 and older have lost their spouse.
Data also shows that women are more often the custodial parent of children and are often the caretaker for elderly parents or relatives, more so than men. Due to these differences, women have a different psychological approach to estate planning. They are so busy taking care of everyone else they "forget" to take care of themselves.
Committing Bigamy in the State of Illinois
The term bigamy is defined as getting married to one person while legally married to another. In Illinois, committing bigamy is a Class 4 felony. If a person is found guilty of this crime, he or she can be sentenced to up to three years in prison. In fact, a person found guilty of Class 4 in Illinois can be sentenced to no one less than one year, but not more than three.
Upon release, a person may be sentenced to extended probation for up to 30 months. The defendant can also be fined up to $25,000, as well as pay restitution.
Does Everyone Need Estate Planning?
Whether or not you choose to believe it, estate planning is not only for the incredibly wealthy in the world. This is a very important aspect of life for people of all income levels. And with that said, you will want to know what will happen to your money and property once you are gone. You will want to make sure that your family is taken care of and that they know exactly what to do with your estate. This is where estate planning comes into play.
Durable Power of Attorney
A durable power of attorney is something every person should have when putting together an estate plan. A durable power of attorney will protect your property and money when you are mentally or physically unable to do so on your own. This permits another person to act on your behalf when it comes to paying bills, filing taxes, and managing property.
Setting Boundaries with Your Former Spouse
Finding the perfect medium following a divorce can be difficult, no matter how long the marriage lasted. Former spouses need to set boundaries when a marriage ends in divorce in order to avoid any unpleasant altercations or other issues.
Cut All Emotional Ties
The first step in setting boundaries following a divorce is to cut the emotional ties between the two spouses. This includes emotional, mental, and physical ties to each other. This can be very difficult when the couple has children who are still minors, which means they might share custody. You still need to make an effort to cut the emotional ties as much as possible to make the divorce work.
It's Never too Early to Start Retirement Planning
Estate planning covers several other aspects besides deciding what will happen to your assets once you are gone. Planning correctly can help to build and maintain those assets for the future, such as retirement. And, it is never too early to start estate planning.
One of the aspects in which many people fail to plan for is exactly how much will they need to have saved in order to enjoy retirement. However, determining the age in which you want to retire is the first step. To begin, make an estimate calculation regarding how much you think you will need to live on and then factor in what your approximate Social Security benefit will be.
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