Irrevocable Life Insurance Trust (ILIT) Protects Assets
An ILIT is Protected from Creditors One of the great benefits of an ILIT is the protection it provides from creditors. When a person dies, commonly there are debts owed ...
What is an Irrevocable Life Insurance Trust (ILIT)?
ILIT’s There basically two types of ILITs. One is a single life insurance trust. This trust is designed to insure the life of one person. The other type is a ...
Don’t Name a Married Couple as Guardians of your Children
A Common Misconception Parents commonly assume naming a married couple to be guardians of their children is a good choice. You may have a sister and brother-in-law who are great ...
When Parents Cannot Agree on a Guardian
Choosing a Guardian is Not an Easy Decision Choosing a guardian for your children in case something happens to you and your spouse is an important decision which should be ...
New York’s 529 College Savings Program
Saving for College as Part of Your Estate Plan Each state offers its own program and most programs are available to residents of any state. So a resident of Illinois ...
Providing for Your Children’s Education in an Estate Plan
Consider All Your Options Many parents and grandparents set up a trust to provide for their children’s or grandchildren’s education. Such trusts typically provide instructions to the trustee to preserve ...
Avoiding Abatement
Don’t Give What You Don’t Have If you leave beneficiaries specific dollar amounts in your will or trust documents, you may be creating a situation where the estate cannot afford ...
What is a Life Estate?
Life Estate Protects Loved One When a person gives a life estate to a beneficiary, the beneficiary is entitled to possess and occupy property (usually real estate) for the length ...
Use Caution in Planning Ahead
Trust Instructions It is tempting when creating an estate plan to try to plan for the future by setting specific instructions for preserving assets. For example a trust may give ...
Irrevocable Trusts and Creating Limits in Estate Planning
Restrictions in Estate Planning It’s a fairly common movie theme: a child is required to get married before he can receive his huge inheritance. The parents write something in their ...