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Recent Blog Posts
Think You Are Too Young for Estate Planning? Think Again!
Millennials are some of the most driven, open-minded, and goal-oriented individuals alive today. Yet, when planning their future, few consider estate planning. Most think they are simply too young, but nothing could be further from the truth. Learn more about why even millennials should have an estate plan, and how you can start yours.
Why Start Estate Planning Now?
If you are like most people in their 20s and 30s, you likely have a long list of endeavors you would like to pursue. From art projects to technology developments, these potential money-making ideas are worth something, long before they come to fruition. An estate plan can help protect these concepts and ideas, ensuring they are passed on to someone that can utilize them, should anything happen to you along the way.
Experts Release Predictions for Chicago's Housing Market in 2017
Buyers, sellers, and investors alike have been watching the Chicago housing market with bated breath. An area that has stalled in comparison to other major cities throughout the country, it has been a market where many homeowners are underwater, investors fear serious loss, and buyers wonder if buying in a stagnant market is truly the smart choice. Certainly, the market has belonged to buyers for some time, but many recognize that life changes and, should they want to sell later on down the road, they may be out of luck. Thankfully, it looks like at least some areas may be looking at an appreciation, and that could be a positive thing for anyone looking to buy, purchase, or invest in real estate in the area.
Most Homes Continue to Fall Behind Their 2006 Value
Estate Planning for Children with Disabilities
According to data from the Centers for Disease Control and Prevention (CDC), one in seven American children have some form of disability. Some suffer from behavioral and mental health issues. Others have developmental disabilities or congenital defects that severely impact their ability to care for themselves. Many of them could be at risk for issues in the future, once their parents are no longer around to care for them. Thankfully, estate planning offers parents a way to mitigate some of those risks. The following explains.
Choosing a Guardian for Your Child
If you know that your child will need lifelong care, it is critical that you create a will or estate plan and name at least two potential guardians to care for your child. The first can be the primary. The second can be someone who would assume care, should the first person pass away or be unable/unwilling to care for your child. You might also wish to set up an emergency care person - someone who would assume temporary care for your child, should you pass away suddenly. This can ensure they stay out of the state's care and in the care of someone you know and trust.
Can You Bulk Up Your Portfolio by Investing in Low Income Neighborhoods?
While most investors focus on up-and-coming neighborhoods, others choose to provide housing and opportunities to tenants in low-income areas. Can you really turn a profit in these areas, though, and is the risk really worth the payoff? The short answer is yes - but there are a few caveats. The following information explains how you can mitigate against the risks of investing in low-income neighborhoods. It also provides some details on how to effectively protect your investments and your financial future.
Understanding the Neighborhood is Critical
Low-income neighborhoods come in many different ranges, going from completely blighted to upper low-income. All offer investment opportunities, but the challenges you are likely to face can be greatly impacted by the income level of the community. As an example, upper low-income areas typically offer relatively safe living environments for your tenants. Blighted areas may have serious issues. Some may even have environmental issues that could impact the health and/or safety of your tenants. Knowing how to handle this will be critical to your long-term success.
Life-Changing Events That Should Prompt an Update to Your Estate Plan
If there is one thing you can count on in life, it is that things will change. Some changes are more internal, such as a new passion or career goal. Others are external. The former, though often positive, are likely to have little impact on the future of your estate. In contrast, the latter may require a significant change to your estate plan. Learn more about these changes in the following sections, and how an attorney can help ensure they are effectively addressed.
Re-Marriage and Divorce
Changing your marital status - whether from single to married or married to divorce - will, in most cases, warrant an update to your estate plan. This is especially true in the case of divorce and second, third, or other subsequent marriages. You should not tackle the changes alone, however, since blended families and ex family members can further complicate an already complex process. Instead, ask an attorney for assistance.
Estate Planning for Blended Families
If you have children from a previous marriage or relationship (or your spouse does), then careful estate planning is absolutely critical to the financial future of your loved ones. What does that really mean, though? How do you move forward and ensure that everyone receives their fair share upon your death, and that any minor children are cared for in your absence? The following explains, and provides some key information on where to find assistance with your blended family estate plan.
Why is Estate Planning is So Critical?
Estate planning is a difficult process - not just because it is a complex matter, but also because it requires you to think about your death: what might happen, what you want to happen, and how you want your assets to be distributed. Yet it truly is necessary, especially when you have children or a blended family. Children need a guardian named if they are minors. If they are adults, those who are not blood related could potentially lose out on an inheritance. Or it could cause arguments in your family after you are gone. Estate planning gives you the chance to make your wishes known, ensures that the right assets go to the right individuals, and protects minor children by ensuring they have a guardian that you and your spouse trust.
Should You Partner with Your Children to Invest in Real Estate?
Family businesses can be a way for parents and children to bond, while also offering children a chance at a future they might not have otherwise had. Real estate investment is a different breed of family business, though. There are pitfalls that can leave you holding the debt and all that comes with it. This risk increases even further if you happen to have an adult child who is not quite ready to take on the responsibility. Does this mean you should not invest with your children? Not necessarily. The following can help you determine which decision may be best for your situation.
Taking an Honest Look at Your Child's Maturity Level
During the recession, a lot of real estate investors went under. Others flourished. What made the difference? It was often the ability to make sound, strong, and wise investment decisions. So, when wondering if you should partner with your children to invest in real estate, the first question you should ask is whether it is a sound and smart decision. You know your children best, so only you can truly answer this, but some things to look out for might include:
Estate Planning for Same-Sex Couples Has Changed - Have You Updated Your Plan Yet?
Although same-sex marriage is now legal on a national level, few couples have thought to come forward and update their estate plan. Unfortunately, this can be problematic. It can also lead to a significant loss of funds upon a party's death. Learn more about how an updated estate plan can benefit you and your partner, and why it is so important.
How Estate Planning Has Changed or Same-Sex Couples
Prior to 2015, same-sex couples who were not in a state that legally recognized their marriage had to find inventive ways to ensure their partner received benefits upon their death. Many had to take out insurance policies that were much higher than heterosexual couples because there needed to be enough to pay for estate taxes. This has now changed.
Why Family Dynamics Are Important in Estate Planning
When creating an estate plan, there are many factors and issues to consider. Unfortunately, family dynamics do not always get quite enough attention. As such, many families are still left with a lot of conflict upon the passing of a loved one. Learn how to avoid this common issue by taking the time to consider the impact that family dynamics may have on your estate plan.
How Will Your Decisions Affect Your Family?
During the estate planning process, most people sit down and plan in one of two ways. The first group has a strategic plan - the eldest child might receive important family heirlooms, a wedding ring may be passed onto a daughter instead of a son, or allotments might be provided based upon what the guarantor sees as "fair." The second group typically considers their own sentiment. They might remember a granddaughter lovingly adoring a jewelry box, or special moments with a father and his son while working on dad's classic car, which may lead them to leave these items based upon their sentimental connection. Yet these are not always the most effective ways to estate plan.
Getting Remarried Should Trigger an Update to Your Estate Plan
Love might have failed you before, but the fact that you are planning on getting remarried proves you have not abandoned all hope. Just do not let that cloud your judgement when it comes to updating your estate plan. Do not have one yet? You are certainly not alone, but this can be problematic for more reasons than one. The following explains further, and provides some guidance on estate planning matters you may want to consider before or immediately after you walk down the aisle.
No Will? You Might Have a Problem
Some blended families just do not blend. Others manage to get along fairly well, but tensions may mount if you pass away without a will. You see, without a will, your estate will be divided up according to Illinois state law. This essentially means that your spouse would receive half of your estate, and that your children would have to split the remaining half. Even more troubling is that this law does not address issues involving family heirlooms or other items you may not want sold. Instead, your family will be left to battle it out, which could take several months, possibly even years. Thankfully, a will can and often does eliminate a great deal of the potential discourse.
