Estate Planning

According to the research group Purple Insight, older Americans strongly believe that doctors should strictly follow health care directives that a patient has put in place. The firm surveyed more than 1,000 adults who are 50 years or older, and roughly 25 percent of the participants stated that either they or a loved one has had a negative experience in which a physician administered either unwanted or unnecessary treatment. This survey clearly illustrates the importance of having a power … [Read more...]

A father named his son the beneficiary on his IRA, which was worth roughly $100,000. According to the Huffington Post, the son, who was 53 at the time of his father’s death, chose to receive the minimum distributions out of the Roth every year instead of taking the lump sum. As a result, the policy continued to grow over the years. As an added bonus, the distributions were not subject to taxes because the account was a Roth IRA. The people who set up the IRA may not be able to control how … [Read more...]

More than 40 years ago, a woman purchased a policy from a funeral home that intended to cover the expenses of her burial. According to the American Association of Retired Persons, the woman died in 2008. Unaware of the prepaid policy, her children paid the same funeral home more than $8,000 for the costs associated with the service. Upon finding the policy later, the children asked the funeral director to refund the costs, which he initially denied. While the woman’s children initially … [Read more...]

When their parents died, four children inherited the couple’s home. However, More magazine reports that outside of the property itself, there were few details given about how the siblings would divide the remaining assets and items. As a result, the children, all grown adults, wound up arguing about everything from wedding china to how, or whether or not, to sell the house. One of the children, a 42-year-old woman, said they were forced to make very tense decisions that pitted them against … [Read more...]

Many people want to ensure that after their death, children or survivors will not suffer financially. However, according to a LexisNexis report, more than half of American adults do not have a will in place, which can lead to a lengthy and complicated probate process. There are a number of ways to set up financial plans to prevent family members from a messy court battle. When doing their estate planning, people in Illinois should consider a testamentary trust as a reliable option. … [Read more...]

In 1998, a Philadelphia couple took a trip to Long Island and decided to buy a winery. According to The Wall Street Journal, they dove head-first into wine-making and were largely successful. Their children were not involved in the business, which did not pose a problem until the end of June, when both parents died within a week of each other. The couple had not put together a plan of succession for the family-run business, and the children say they have not decided whether or not to sell the … [Read more...]

When a woman passed away early this year, she left behind an iPad, among other things. The woman’s sons, who were named the executors of her will, were unable to unlock the device as they did not know their mother’s Apple ID and password. According to The Guardian, the men sought help from Apple but were met with an onslaught of demands. The company cited privacy laws and said that in order to grant them access, the men would need to provide a copy of the woman’s will, the death certificate … [Read more...]

Many people in Chicago, Illinois, make a priority of setting their affairs in order by drafting a will. However, many people overlook the importance of creating a living will as well. A living will allows an individual to make his or her preferences regarding life-prolonging medical treatments known. If the individual ever becomes capacitated, his or her wishes as established in the will can be honored. Requirements and provisions  The terms of a living will can only be carried out if … [Read more...]