You may have heard about the SECURE Act that brings changes to retirement and estate planning. If you haven’t spoken with your estate planner yet, it may be time to schedule that appointment. The formal name is the Setting Every Community Up for Retirement Enhancement Act of 2019 and became … [Read more...] about The SECURE Act Can Affect Your Estate Planning
What Is A Codicil To A Will And When Is It Used In Chicago, IL?
A will is one part of an overall estate plan, designed to make sure your wishes are respected and your family is protected. But creating a will isn’t the end of it—estate planning is a regularly updated process where you and your attorney work to include everything. Scenario 1: you’ve written … [Read more...] about What Is A Codicil To A Will And When Is It Used In Chicago, IL?
Charitable Trust Distribution Requirements in Illinois?
Do you want to make sure that your favorite charity or charities are provided for after you’re gone as well as reduce the tax burden on your estate? Would you like the opportunity to earn revenue from an asset without selling it? There is an answer. The Charitable Trust These are also … [Read more...] about Charitable Trust Distribution Requirements in Illinois?
Important Details To Consider In Funding Your Living Trust
Establishing a living trust is a suitable instrument to protect yourself in case of illness, mental incapacity, and avoiding the probate process at death. You’ll transfer property into the trust and name yourself as trustee, in order keep control of it. Once your living trust has been … [Read more...] about Important Details To Consider In Funding Your Living Trust
Say Goodbye to the Stretch IRA
What was a stretch IRA? Prior to January 1, 2020 rules allowed an IRA account holder to name a spouse as primary beneficiary and children as the contingent beneficiary. After the account owner’s death, the spouse and then the children could take distributions over their respective life … [Read more...] about Say Goodbye to the Stretch IRA