Studies estimate that 70 percent of family wealth is lost by the end of the second generation and 90 percent by the end of the third generation.[1] To help your loved ones avoid becoming part of this statistic, you need to educate and update your extended family about your wealth transfer goals and the plan you have put in place …
Getting married is a major life decision that no couple enters into lightly. Demonstrating this is the fact that more couples are choosing to enter a prenuptial agreement before saying, “I do.” If you’re considering marriage, schedule a meeting with a Champaign prenup attorney to learn how this document can protect both of you and any children you may have …
Trusts are usually associated with estate planning, but trusts can also apply to business operations. As a small business owner, you can hold the business in a trust instead of using a business entity such as a limited liability company (LLC) or corporation. Business trusts offer several potential benefits—and drawbacks—compared to a traditional business structure. Understanding their pros and cons, …
You spend a significant part of your life building your business, and it becomes a major part of your legacy. But when you die, everything you have built could fall apart if you have not taken the time to create a business succession plan. Without a plan in place, your business’s fate may be decided by a court instead of …
Although spouses receive special treatment when inheriting a retirement account such as an IRA (the ability to roll over the account into a personal retirement account and to stretch the distributions over their lifetime), the retirement account you leave for your spouse can still be seized in a divorce, a lawsuit, or a bankruptcy proceeding. Three Options Available to Surviving …
Estate planning is essential for everyone, but it is especially important if you and your partner are in a long-term committed relationship and are not married. Unless you plan properly, your partner will not receive any of your money or property when you pass away and will be unable to care for you when you most need it. Instead of …
Do not let constant political and financial speculation prevent you from making tax-free annual exclusion, medical-payment, and educational gifts to or for the benefit of your loved ones. Make Annual Exclusion Gifts Annual exclusion gifts are transfers of money or property in an amount or value that does not exceed the annual gift tax exclusion. In 2021, the annual gift …
Confused about the differences between a will and a trust? If so, you are not alone. While it is always wise to contact experts like us, it is also important to understand the basics. Here is a quick and simple reference guide: What a Revocable Living Trust Can Do – That a Will Cannot Avoid conservatorship and guardianship. A revocable …
Divorce is a stressful situation for everyone involved. Emotions run high, and many times the main emotion being experienced is anger. This can lead to divorce negotiations becoming extensive and expensive. When the disagreements become so intense that the divorce cannot move forward, both sides of the party lose. Therefore, anyone going through a divorce may want to seek the …
Do you have an individual retirement account or other type of retirement account that you plan to leave to your loved ones? If so, proceed with caution. Inherited retirement accounts do not have asset protection when they pass to your loved ones, meaning creditors can seize the money in the accounts to satisfy any claims against your beneficiaries. How Can …
When a couple decides to separate, it brings up painful, and often conflicting, emotions. This isn’t shocking because divorce tends to be an acrimonious process. Unfortunately, going to court to settle the divorce frequently makes the situation worse. With court hearings, an in-depth discovery process, and perhaps even an expensive and risky trial, letting a judge preside over your divorce …
I loved this conversation with Beth Rumley on this episode of Ag Law Today speaking about all things slaughter and processing laws. The National Agriculture Law Center is such a wealth of information. Beth is a brilliant writer and speaker. The agriculture community is lucky to have her. Share this Article