Poor estate planning is a recipe for disaster. Look no further than Dickens’ Bleak House—or a telenovela—to witness the tragedy and melodrama inadequate estate planning can cause. While having your estate planning documents prepared is the first hurdle to overcoming these types of disasters, there are several threats that lurk around the corner that might derail your wishes. Family Conflict …
3 Tips For Every New Homeowner
Congratulations on the purchase of your new home. Whether this is your first home or an upgrade/downsize, the purchasing of a home is a big event in your life. When these major life changes occur, it is important that you are properly prepared. Below are a few things for you to consider now that you finally have the keys to …
3 Things You Must Do Once Your Divorce Is Final
The divorce process can be long and expensive. However, the work does not end once the divorce decree is signed. In order to ensure that your assets and estate planning wishes are carried out in light of this major life change, there are three things you must do as soon as possible. Change Beneficiary Designation On Life Insurance A life …
Trusts and Estates: Which life events that require an immediate estate plan update?
Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation skipping transfer and probate court costs. However, your plan must also name someone who will …
Do It Now: Name a Guardian for Your Minor Child(ren)
We know it’s hard. Thinking about someone else raising your children stops us all in our tracks. It feels crushing and too horrific to consider. But you must. If you don’t, a stranger will determine who raises your children if something happens to you – your child’s guardian could be a relative you despise or even a stranger you’ve never …
Illinois Agriculture Law: Farm Estate and Succession Planning
This presentation will be given to the Illinois Beef Association this Thursday in Galina, Illinois, at its annual meeting. It discusses the differences between estate planning, succession planning and business planning. Then it delves into the Who, What, When, Where, How and How Much. It too discusses how to have those difficult conversations and using mediation in this process. [slideshare …
Steps For Starting the End-of-Life Conversation
No one wants to discuss death and dying. And yet, it’s a critical time in everyone’s life and one for which we know we need to prepare. While many people have the desire to share their wishes, something is preventing people from openly communicating with their families. As an important part of estate planning, healthcare decisions need to be talked …
Farm Estate and Succession Planning
Farm Estate and Succession Planning from Cari Rincker I am excited to be speaking to the Indiana Master Class tonight on farm estate and succession planning. You cannot really talk about farm estate planning without also discussing business planning. To me, all three concepts are intertwined. Here is my powerpoint presentation. I’m passionate about helping farm families through transitions in …
Tips for Running a Family Biz
I was having my “Miracle Morning” this morning and catching up on the the news. I came this article in USA Today by Rhonda Abrams titled “8 Keys to Running a Family Business.” When I hear “family business,” I cannot help but think about multi-generational food and agriculture businesses. Here are Rhonda’s tips: Decides who does which job. Like a …
Designating an Agent for Funeral Arrangements
During estate planning many documents are prepared in order to designate an agent or agents in the event that you are not of sound mind and body and unable to make decisions on your own, such as a health care proxy, a living will, and a power of attorney. Additionally, New York State Public Health Law § 4201 allows a …