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 …
If you are a business owner, you probably worry about your bottom line, employee retention, and health insurance premiums, but have you also considered what will happen to your business if you are in an accident? What if your business partner gets divorced and your partner’s ex-spouse is awarded part ownership of the business and wants to make decisions affecting …
Rincker Law, PLLC has been using Cosmolex for the last year. Cosmolex offers an opportunity for us to have a Client Cosmolex Portal. Client invoices, court pleadings, and correspondence is saved into your Cosmolex portal. You are also able to upload documents into the portal to send them to us. This can work great for confidential documents such as tax …
Not long ago, it was necessary for people to appear in person when signing a will. However, like many things, COVID-19 has changed the way that things are done. This is certainly true in the case of witnessing and notarizing documents related to estate planning. Today, you are far more likely to attend a virtual will signing than you are …
How can the property and finances be split if a succession plan is Not in place? If you don’t have a plan in writing with a Last Will and Testament, Trust and/or business formation documents (e.g., Operating Agreement or Bylaws) then the law will decide for you. Everybody has an estate plan- it’s what the “default rules” are in your …
I am working on a video series on farm estate, business and succession planning. I would like to get a better feel for what is actually happening in this arena in agriculture. I have a quick 26 question survey on the topic and it would mean a lot to me if you would take a few minutes to answer these …
Going into business for yourself is a risky endeavor. From investing in goods and services and hiring employees to simply carrying out the daily tasks related to your business, each step is fraught with risks. This is especially true given the litigious nature of our society. As a result, many entrepreneurs employ asset protection strategies. Asset protection is a form …