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Peoria Estate Planning. Probate And Elder Law Blog

Why people choose to move their parents to nursing homes

Your parents have cared for you all your life. They’ve been there for every up and down in your life and you may feel that it’s your duty to return the favor later when they can’t take care of themselves like they used to. Caring for an aging parent is among the most noble acts a child can perform.

The reality is that caring for an aging parent often extends beyond driving them to the grocery store or the doctor. Worsening health can quickly make it difficult for you to properly care for your parent like you want. This situation can feel overwhelming but the thought of putting your parent in a nursing home may make you feel guilty.

Most Americans find estate planning confusing

Estate planning is a wise financial decision for those of any income level. Estate planning is for all parents, homeowners and business owners who want their children, home and/or business protected.

Unfortunately, this is unknown to 74% of respondents that took part in WealthCounsel’ s report studying how Americans view estate planning, its benefits and limitations. That 74% found estate planning more confusing than anything else, while 49% agreed that they don’t have enough assets to worry about an estate plan. A cited above, those 49% have been misguided.

What should I do if my SSDI claim was denied?

The physical, emotional and financial effects of a disability are widespread. They can prevent you from participating in activities you used to love. And you and your family could face significant medical expenses while you cannot work.

Social Security Disability Benefits offer a valuable source of income for families in this situation. But, what do you do if your claim for benefits was denied?

Why should you avoid a do-it-yourself will?

You may have heard about websites that advertise cheap estate planning tools. This may seem like an easy alternative to making a will with a lawyer. However, there are a number of things to watch out for concerning do-it-yourself (DIY) wills.

DIY wills often don’t account for complicated matters

Which is better: revocable or irrevocable living trusts?

A living trust is a trust you make during your lifetime, instead of one made on your behalf after your death. Because a living trust is made during your lifetime, there can be many benefits to creating one. However, some of the benefits you receive will depend on the type of living trust you create, so if you are considering including a living trust in your estate plan, one of your first decisions may be if you want your trust to be revocable or irrevocable.

The main difference between the two types of trust may seem self-evident based on their names. A revocable living trust is revocable, and an irrevocable living trust is not revocable. However, a deeper look shows that the ability to alter or revoke a trust causes other differences as well. Understanding these differences can help you choose the best trust for your situation.

Should I seek guardianship for my parent?

As your parents age, you may notice some changes. Perhaps, the power was shut off the last time you visited your mother, and you question if her memory is still what it once was. Maybe you find yourself wondering when your father last bathed himself.

It can be difficult to worry about the well-being of your parents, especially if they are trying to downplay their challenges. However, if you think something serious may be occurring, it may be appropriate to step in to protect your parent. One possible way to protect your mom or dad is by seeking guardianship.

Early withdrawal of 401K funds without penalty

When unanticipated circumstances unfold, an account holder can draw money out of a 401(k) without penalty if it’s a qualifying event. A non-qualifying early withdrawal from a 401(k) typically results in a 10% penalty tax and payment of the standard income tax rate. If you meet the requirements for an early hardship distribution, you can tap into these funds in your time of need.

Qualifying standards for early withdrawal

What are the different types of powers of attorney?

Although many estate planning documents address what you would like to happen after you pass away, some documents, like powers of attorney, address what you would like to happen if you are alive but have become incapacitated. There are two types of powers of attorney to consider based on the needs of your situation. These include a power of attorney for healthcare and a power of attorney for property.

Power of attorney for healthcare

What to look for in the right financial advisor

We want to trust the people we give our money to, whether it’s our accountants, stockbrokers or bankers. We do not want people to betray our trust and abuse their power for financial gain.

One of the largest groups of people we trust is our financial advisors. We depend on them to counsel us and determine our financial decisions into retirement. Believing the wrong person may lead to more than economic harm; it may result in financial ruin.

Why might you need to create a trust?

Estate planning can be a complex process with many elements and moving parts to consider, but it is an important component of anyone’s life.

Trusts can be critical parts of estate planning for people with considerable assets who want to protect their legacies and provide for their families. These are complicated fiduciary entities, but they provide many benefits. Why might you need to create a trust as part of your estate plan? What are the advantages?