Who would you want to have raise your children in the event you couldn’t? Illinois estate planning attorney Robert J. Ross explains what a guardian is and some of the ideas to consider when making this important life decision.
When creating a Trust as part of your Estate Plan, choosing your Trustee can present difficulty. Ross Law Firm Ltd. Attorney Robert J Ross discusses the roles a trustee will play and present some tools that may help guide you in that decision.
When you write a will and living trust, you have control over how your assets will be distributed after your death. However, if someone in your family disputes plan, a probate court judge could end up with the final say over who gets your property. Emotions run high when someone dies. If family members aren’t … Read more
Generally speaking, estate planning laws were designed for the traditional nuclear family, a married couple with kids. But according to the 2010 U.S. Census, such families are less than 50 percent of the total. Non-traditional families, including single parents, blended families and unwed partners, need to pay particular attention to their estate plans to avoid … Read more
The story of a divorcing couple in Arizona demonstrates why you need to update your estate plan at divorce. The couple, who were in their early 40s and had been married for several years, had created a multimillion-dollar business together. When they filed for divorce, the process became bitter and full of disagreements about small … Read more
When you’re reviewing your estate plan, it’s important to think about how to divide your estate among your children. While you don’t need to leave children equal shares, be aware that inheriting unequal amounts can cause arguments among children after you pass. To avoid disagreements from the get-go, you may want to leave your children … Read more
Consider year-end gifting and tax planning options with your advisors. One option is to make charitable gifts of appreciated assets (which have been held for more than 1 year) to charities or to a Donor Advised Fund. If you are over 70½, one generous move is to make gifts directly from your traditional IRA to … Read more
Choosing Wisely It is important to name reliable individuals as (1) guardian for minor children or an incapacitated family member in your will, (2) executor of your will, (3) successor trustee of your living trust (in the event of your disability or death), (4) agent under your power of attorney for property, and (5) agent … Read more
Raising a child with special needs can be a rich experience. It’s also a costly one that comes with unique challenges for your financial future and estate plans.
If you’re single with no kids, or married without kids, you have some unique estate planning needs. You’ll require special strategies for health care, emergencies and division of your estate.