September, 2019 Archives

Archives for 2019

Why Your College-Bound Child Should Have a Power of Attorney

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...]

What Happens If An Heir Doesn’t Want The Inheritance?

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...]

3 Alternatives to a Reverse Mortgage

Reverse mortgages are not the only option for retirees looking to enhance their cash flow. Alternatives, like refinancing the existing mortgage, taking out a home-equity loan, or selling the property might help some people reach their goals. Evaluating financial circumstances and retirement objectives can help homeowners determine which route is the best fit. Refinancing For homeowners that are struggling with their monthly payments, refinancing is a potential option. Refinancing may allow … [Read more...]

What Happens to Your Investment Assets When You Die?

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...]

5 Ways to Get Out of a Reverse Mortgage

There are various options available to homeowners who decide to get out of their reverse mortgages. Aside from dying or selling the home, borrowers can exercise their right of recission, repay the loan balance, refinance with a conventional mortgage, tap into their savings, or choose another reverse mortgage. When deciding which option to choose, the length of time since the money was borrowed and the consumer's overall financial situation play an important role. Indicators that a Reverse … [Read more...]

How Are Probate Claims Paid in Illinois?

Ordinarily, when someone dies in Illinois, creditors are given the opportunity to file claims against that person's estate, valid claims are paid, and remaining assets are distributed in accordance with the will or state law. To receive payment, creditors must file claims within a specified period and follow the correct procedures for filing. Creditors have two years from the date of the decedent’s death to file a claim against an estate. The requirements for filing claims is relatively lax … [Read more...]

Entering Into a Contractual Business Relationship: Covering Your Bases

When entering into a contractual business relationship, careful consideration, clear communication, and planning ahead can prevent legal disputes down the road. Successful contracts avoid complicated legalese, provide specific terms, and describe the method and manner of payment expected. The circumstances under which the contract can be terminated should also be addressed. Elements of a Legally-Binding Contract Contracts can be verbal or written. It is advisable for business contracts to be … [Read more...]

Understanding the Difference Between a Durable and a Springing Power of Attorney

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...]

Turning Your Side Hustle Into a Real Business Is Easier Than You Think

It is feasible to turn a side hustle into a viable business with the right combination of planning, execution, scaling, and timing. The side hustle is a catch-all term for gigs done on the side to generate extra income in addition to regular employment or work. According to the Academy of Management, small businesses which grow from side hustles that are launched while the founder is still working a “day job” are one-third less likely to fail than their counterparts who devote 100 percent of … [Read more...]

Planning Your Estate: How to Make Sure Your Kids Can Keep the House

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...]

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