After years of preparation and planning, your child is set to go off to college – perhaps nearby; perhaps several states away. Part of the preparation was helping your child make decisions about important issues.  Part of the learning process at college will be how to refine the decision-making process. Upon reaching age 18, your college student is considered an adult and will be required to make decisions on his or her own. What if Your Child Is Unable to Make Decisions Due to an Injury … [Read more...]

A farmer who lay on his deathbed asked his son to make sure that the land would always stay in the family. Upon his death, the farmer’s will leave 320 acres for his wife and 160 acres for each of his four children. While some family members were overjoyed with their inheritance, others did not expect the million-dollar mortgages that came with the land. According to Iowa Farmer Today, several of the farmer’s children were not equipped to handle inheriting that level of debt. In Illinois … [Read more...]

The fate of retirement funds after death depends on the type of accounts held, whether designated beneficiaries exist, and the way accounts are set up. By making sure the right types of accounts are correctly set up and proper beneficiary designations are in place, people can ensure that their retirement money is available for surviving family members when they die. Annuities Annuities are retirement benefits in which individuals pay a set amount over time (monthly, annually quarterly, etc.) … [Read more...]

A significant division exists between springing and durable power of attorney and it is important to understand how these differences may impact a person's financial and medical decisions in the future. A durable power of attorney takes effect the moment that it is signed. This is useful in ensuring that authority is clearly vested. Conversely, a springing power of attorney takes effect when the grantor is incapacitated. Springing powers of attorney reserve more authority for the grantor but at … [Read more...]

Parents who wish to leave their house to their kids can employ a variety of tactics to ensure their wishes are honored. Working with an estate planning attorney to create a will and a living trust, and making sure all the right wording is included in the deed is often necessary to ensure all bases are covered. Wills A will is a legal document that is set-up and signed by the testator to transfer property and money upon death. A will can be used to transfer anything the testator owns to anyone … [Read more...]