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Resources for Every Need
Discover valuable insights and practical tips to help you navigate your financial journey.
Protective Benefits Leaving Assets Trust Fund
When preparing your estate plan, one of the major decisions you will need to make is not only WHO your beneficiaries will be, but also HOW you will your assets to them. Most people assume because they do not have millions of dollars and all their beneficiaries are adults, a trust fund is not the right choice for them. They instead opt to leave the inheritance to their beneficiaries all in one lump sum (what is called an “outright” bequest). If this is you, please take a moment and read this brief article, and see if I can convince you to reconsider your plan in light of all the benefits a trust fund could afford to your beneficiaries.
Inheritance Questions and Considerations
Inheritance is a process that involves passing on material property from one generation to another, usually within the family and traditionally from older parents to their children. As trust officers and wealth advisors, we are often asked, “When is the best time to make a transfer to another generation?”
What to Review and Revise Amidst Divorce
Have you heard the old joke, “What is the number one cause of divorce? Marriage!” Bad humor aside, divorce rates are increasing around the world. The pandemic has presented couples an unprecedented challenge. It may be appropriate to review what actions should be taken by either party if there is a divorce.
Age Electronic Will
Over the past two years, conducting business that requires document signings has been a challenge. If witnesses are required, it’s been even more problematic. No business has been more affected by the effects of social distancing than the estate planning world. However, some states, including Illinois, have taken steps to alleviate these issues when it comes to signing a will. The age of the electronic will has now arrived.
Pet Trusts
Although surveys differ, up to 68% of households in the United States are thought to contain one or more animals considered to be a pet. 1 And an astute observer might notice that many pet owners consider their pets to be more than animals. They are beloved members of the family. And like other loved ones, many Americans want to ensure that their furry, feathery, or scaly friends are cared for should they die while their pet is still living.
Estate Planning Digital Assets
How would you feel about losing over $220,000,000? Stefan Thomas said, “time heals all wounds,” and he is at peace with losing over 220 million dollars’ worth of Bitcoin. Mr. Thomas’s potential loss is the result of forgetting his password to the USB hard drive containing the digital wallet holding 7,002 Bitcoins! He has already failed 11 attempts to access the account and if he reaches 13 failed attempts, the Bitcoins are lost forever.
Facing the Possibility of Incapacity
Even with modern medicine and interventions, it is a real possibility that you or your spouse could become incapable of handling your own medical or financial affairs. A serious illness or sudden accident can happen at any age. Advancing age can bring senility, Alzheimer's disease or other ailments that affect your capacity to make sound decisions about your health. These can also impact the way you manage your finances, including your ability to pay bills, write checks, make deposits or sell assets.