Myth: When my employer hands me a beneficiary designation form for my employer-provided life insurance policy or gives me the link to complete the form online, it is optional and not a priority. This is false. When you are asked to complete a beneficiary designation form, you need to fill it out as soon as possible. If you were to …
In sports, success frequently brings significant monetary compensation. While this is a dream come true for most individuals, it is important to take the right steps to safeguard this hard-earned money. Most people assume that the biggest challenge is spending beyond one’s means. While this can cause many problems, it is not the only issue that athletes need to be …
Getting a job begins a major chapter in your life. As you navigate this new territory, we are here to help ensure a prosperous transition. To protect the future you are creating, you need proper financial and estate planning. As you move through this new phase of your life, there are several things you ought to get or review to …
Starting a new job is an exciting new chapter in your life. Depending on your company’s onboarding process, there can be a lot of moving parts. You may feel overwhelmed by the introduction and review of the many different types of employee benefits. Not only are there forms to be filled out, they need to be filled out properly to …
The process of protecting your family and setting up your estate in the event of your death can be a daunting and expensive process. It can involve some very deep thinking about painful issues. Nonetheless, it is an important process – one that every family should engage in. First, it is important to understand why estate planning is so important. …
It is natural to want to protect our loved ones no matter what. However, you may be finding it difficult to provide a prosperous future for your loved one if that person will be, is, or has been incarcerated. Unfortunately, this event will forever change your loved one’s life, but with the right planning, you may still be able to …
Most people understand that having some sort of an estate plan is a good thing. However, many of us do not take the first steps to get that estate plan in place because we do not understand the nuances between a will and trust – and dying without either. Here is what will generally happen if you die, intestate (without …
If you live in or near Champaign, Illinois, and are looking to plan an estate and ensure the financial future of your family, you’re in luck. Estate planning isn’t tremendously difficult, but it does require some time to gather the appropriate materials and make plans with your family. At the end of the day, you’ll want to call an experienced …
Although leaving your hard-earned assets outright to your children, grandchildren, or other beneficiaries after you die may seem like the easiest and most desired form of distribution, this scheme will make their inheritance easy prey for creditors, predators, and divorcing spouses. Instead, consider using discretionary trusts for the benefit of each of your beneficiaries. What is a Discretionary Trust? A …
Yes, You Do, and Here’s Why Please allow us to be frank. It’s unrealistic to think that a piece of paper you draft, reflecting your life at a certain time, will work when your life has completely changed some years later. We’ll use the Kendrick family as an example. Meet the Kendricks Meet Bill and Karen Kendrick. They got their …
A comprehensive estate plan consists of several documents that accomplish three important things. First, they lay out your wishes for the handling of your money and property during life and at death. Second, they explain your medical wishes if you are no longer able to make them yourself or communicate them to others. Third, they list the trusted individuals you …
While it’s an awful thing to contemplate, it’s wise to consider what kind of medical treatment you would like to receive if you are ever unable to communicate it yourself. Getting a health power of attorney in Illinois is a good precautionary measure to consider. Most people think of a health power of attorney in connection with elderly relatives. Still, …