Many people in Illinois may not realize that after death, their assets may be subject to a federal and/or state estate tax. Outlining the property someone wants to leave to beneficiaries is a good idea, but it is important to take into consideration the tax implications. With irrevocable life insurance trusts, taxes may be eliminated on some or all of the life insurance in the irrevocable trust and the beneficiary may receive the liquid funds needed to make the tax payments on other … [Read more...]
How does a special needs trust work?
A 7-year-old child has never been able to walk or talk. According to The Trentonian, the boy has an undiagnosed disorder that causes him to have seizures and receive feedings through a tube. His parents must give him constant attention, and he requires special transportation if the family wants to leave the house. The boy’s parents have set up a special needs trust in the child’s name and have raised money specifically to go toward that fund in the hopes of purchasing a handicap-accessible … [Read more...]
3 challenges that face older couples going through divorce
Any Illinois couple going through a divorce has to deal with big changes and complicated decisions, but those couples who are older and have been married for many years face challenges different than those faced by younger couples. When it comes to older couples and divorce, child custody, visitation, or child support are no longer an issue, but finances and property division become much more crucial in the divorce process. According to a study by Bowling Green University, the divorce rate … [Read more...]
Protect yourself from zombie foreclosures
In a standard foreclosure situation, the bank takes possession of the home from the current owner and then sells it at auction. However, if the bank chooses to save on costs associated with seizing the home and never officially forecloses on the property, the home will become a zombie foreclosure and the owner’s name will remain on the property title. According to CBS News, these cases occur in over a third of all foreclosures in the country and homeowners often do not discover that they are … [Read more...]
Helping children cope with divorce
One unfortunate side effect of ending a marriage in Illinois is the negative impact that it can have on a couple’s children. Divorce can disrupt a child’s understanding of the world, leaving them feeling lost, confused, and worried. Parents who decide to separate should insure that special care is taken to help their children deal with the life change they will experience. According to a study by the University of Illinois at Urbana-Champaign, children under the age of five whose parents … [Read more...]