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Tag Archives: estate planning

estate planning, family estate planning, drafting a will, DuPage County estate planning attorneys, family willEstate planning is not the most glamorous area of law. Many people do not want to think about passing away; it can be a difficult topic to discuss with one’s family. However, estate planning is extremely important and can save you or your loved ones an insurmountable amount of troubles when tragedy strikes.

Estate planning is often regarded as something the “rich” do but is not necessary for common people. This could not be further from the truth. Estate planning can determine who takes possession of your property after you pass, however much or little property you may have. It can also prevent a familial fight should tragedy strike, and the loss of a loved one happens seemingly out of nowhere.

What Makes Estate Planning So Important?

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divorce finances, gray divorce, divorce after 50, DuPage County divorce lawyer, divorce attorney in IllinoisAny couple that decides to divorce will have financial considerations to take into account, but issues surrounding divorce finances may affect those couples who divorce later in life the most. Ending a marriage after the age of 50 can have its own set of issues to address when it comes to preserving financial security. Often, couples of that age have investments, savings, accumulated assets, and retirement accounts to sort through.

Questions to Ask

Many older couples in this situation may need to take actions that they would not have had to if they remained married, such as going back to work or selling their home. However, there are steps these individuals can take to minimize the the financial effect their divorce will have. According to a financial advice article recently published, there are certain questions divorcees can ask before, during, and after a divorce proceeding to ensure financial security.
  • Where is the money? Those who are getting divorced need to identify and determine what marital property will be eligible for division. This generally includes money earned during the marriage and assets or items purchased with that money. Items that many may not realize are marital property include pension plans, retirement accounts, life insurance policies, and tax returns.
  • What are the tax consequences? Any future tax bills must be factored into all settlement offers. An offer that seems fair on its face may not be so equitable when taxes are considered. Tax consequences must especially be considered when it comes to alimony payments, which are usually considered taxable income to the recipient and a tax deduction for the payor.
  • How can we split our retirement savings? Depending on the type of retirement account, transfers can either be straightforward or complex. IRAs can usually be handled by the divorcing spouses and addressed within the divorce decree, while splitting 401(k)s and pension plans can be more complicated. Early and well-informed action in this area can provide huge financial benefits.
  • Should I keep the house? While many people who divorce later in life feel strongly about keeping their home, it may not be a wise financial move, especially if they forgo other assets in the negotiating process to do so. Sometimes, it is more beneficial and financially wise to sell the home and split the profits.
  • Will I still be insured? In the past, many couples may have actually avoided divorce for fear of being denied individual health coverage. Now, new laws like the Affordable Care Act should help to relieve some of those concerns, as well as marketplace or COBRA coverage under an ex-spouse’s employer health plan.
  • How should my estate plan change? Couples divorcing later in life are advised to change all of their estate planning documents as soon as they make the decision to divorce, in order to best improve their chances of protecting their property and preserving their final wishes.
Divorce Attorney If you are considering divorce, the experienced attorneys at the Davi Law Group, LLC can help you. Please feel free to contact us today for a consultation. Our offices are located in Wheaton, Warrenville, and Chicago.

estate planning, estate plan, lawyer, attorney, family lawyer, family law attorneyWhether you are a parent or an adult child interested in beginning a conversation about getting affairs in order, the prospect of discussing your loved one’s death can be intimidating. However, once the participants get over the initial discomfort, having an open discussion about estate planning matters can prove highly beneficial. Here are some tips to open the lines of communication.

Having a Conversation

It is important to have honest yet sensitive communication among close family regarding estate planning. Doing so will help make sure that expectations and feelings about certain responsibilities or obligations designated by the documents are shared with one another.

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estate planning documents, update your will, divorce, lawyer, attorney, family lifeEnding your marriage also changes many other aspects of life. Not only does one’s social life change, but divorce can cause a number of legal effects on your life as well. After divorce, one key issue to consider is changing your estate planning documents to reflect your new status your new estate planning wishes. Following is a good framework for this estate planning issue, and what can be done to make sure that your wishes are carried out after a divorce.

Automatic Changes

While you will need to make some specific changes to your documents after divorce, some changes are automatic. For example, Illinois law provides that once you are divorced (have a final decree of divorce), any provisions in your will providing for an ex-spouse will be revoked automatically. This addresses one possible outcome, but does not serve to protect the testator from the other implications that can arise if a will is left unchanged after a divorce.

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone630-580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, Suite 102,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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