The best ways to leave your kids an inheritance don’t need to be as complicated as you may think. Leaving an inheritance for your children is a thoughtful and caring way to provide for their financial future. Whether you have accumulated substantial wealth or modest assets, planning how to pass them on efficiently is essential. Here are the best ways to leave your kids an inheritance while maximizing its benefits for them.
The Best Ways to Leave Your Kids
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Lexern Law Group, Ltd. Blogs
Latest from Lexern Law Group, Ltd.
Estate Planning for Non-Married Couples
When we think of estate planning, the image that often comes to mind is of a married couple with children, creating a will and establishing trusts. However, estate planning is not exclusively reserved for married couples. Long-term, unmarried couples can also benefit greatly from proper estate planning, and in some cases it’s even more important for those who aren’t married to have a plan. Here we’ll delve into why estate planning is essential for non-married, long-term couples and explore
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Why Estate Planning is More Than Passing on Your Money
Estate planning is more than just passing on your money. When most people hear the term “estate planning,” their thoughts naturally gravitate towards financial assets, wills, and inheritances. While it’s undeniable that financial planning is a crucial aspect of estate planning, there’s a deeper dimension to consider – one that involves passing on more than just money. This broader perspective, often referred to as “legacy planning,” acknowledges that an estate encompasses not only material wealth, but also values, memories,
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Why You Need a Digital Executor in Your Estate Plan
A Digital Executor is a relatively new concept when it comes to estate planning. So what is it and why do you need one? In today’s increasingly digitized world, our lives are intertwined with the digital realm. From social media accounts and email addresses to online banking and cherished memories stored on the cloud, our digital footprint is extensive. While traditional estate planning covers physical assets, it’s equally crucial to address the management of your digital assets after your
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Separate versus Joint Trusts: What’s Best for Your Family?
Deciding if you need separate versus joint trusts is a conversation that blended families need to have. Blended families, a term used to describe families created when two people with children from previous relationships come together, bring about a host of financial complexities that demand careful consideration. Balancing the financial needs of biological children, stepchildren, and the new family unit, requires a thoughtful and strategic approach. The manner in which assets are managed, protected, and distributed can significantly impact
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The Best Ways to Transfer Property in Your Estate Plan
When it comes to estate planning, transferring property is a crucial aspect that requires careful consideration. For many, properties including your home, vacation homes, and even income properties, are a large part of your wealth. With baby boomers currently passing down over $53 trillion to their heirs in one of the largest generational wealth transfers ever, how those properties are being passed on has become a large conversation. To secure your legacy, it’s important to take a look at
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Protect Your Kids’ Future with Your Estate Plan
Protect your kids’ future by learning what to avoid in your estate planning. While estate planning is mostly about transferring your wealth, your plan should encompass much more than that. Many individuals shy away from exploring family complexities or addressing emotionally charged matters. However, the truth is that failure to plan, confront tough issues, or neglect practical planning logic can sow the seeds of family dysfunction. While there are numerous ways an improperly handled estate plan can harm your
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Community Property vs. Common Law
Divorce is a challenging journey that many of us hope never to face, but life’s twists and turns sometimes lead us down that path. Amid the emotional rollercoaster, it’s essential to understand the legal implications of dividing assets and property. In the United States, property distribution during divorce can be governed by one of two systems: community property or common law property. Let’s explore the key differences between these systems and offer some guidance to those navigating this difficult
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Talking to Your Kids About Their Inheritance
Talking to your kids about their inheritance may seem like an overwhelming conversation. Easier said than done, right? But, sometimes the hard conversations are the most important ones. You’ve worked hard to build a life you’re proud of, and with that comes thinking about what you will be leaving behind for the next generation. However, it’s possible that your children may not be aware of this fact or know your intentions for their inheritance. If you find haven’t talked
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The Illinois Employee Background Fairness Act
Illinois Governor, J.B. Pritzker, recently signed the Employee Background Fairness Act into law, bringing significant changes to the hiring practices of employers in the state under the Illinois Human Rights Act. This law aims to ensure fairness in the employment process by prohibiting employers from disqualifying job applicants based solely on their conviction records, with a few exceptions. As an employer in Illinois, it is essential to familiarize yourself with the key aspects of this law to comply with
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Can You Handwrite a Will?
Can you handwrite a will? Technically, yes. But SHOULD you handwrite a will? No. Creating a will is an essential step in planning for the future, ensuring that your assets and wishes are properly distributed after your passing. Fans of HBO’s popular show Succession, learned this in a shocking episode in season 4. With the unexpected death of one of the main characters, and a Will with many handwritten amendments, the family was left stunned and unsure of how
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Updates to Overtime Pay Employers Should Know
There have been updates to overtime pay that employers should know based on a recent case ruling that has implications for employers and high-earning individuals. On February 22, 2023, the United States Supreme Court made a significant ruling, stating that employees earning over $200,000 annually are entitled to overtime pay under the Fair Labor Standards Act (FLSA). This decision provides clarity on when highly compensated employees must receive overtime pay.
In the recent case of Helix Energy Solutions Group,
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Don’t Leave Your Kids an Inheritance
Don’t leave your kids an inheritance outright. The best ways to leave your kids’ an inheritance may not be the ways you think. As parents, one of our deepest desires is to provide for our children even after we are gone. With careful planning and consideration, you can establish a solid foundation for your children’s future. When it comes to planning for the future, especially when it involves passing on your wealth to the next generation, it’s crucial to
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The Importance of Estate Planning for Single Individuals
Estate planning for single individuals helps to create a plan for the unique situations that one may face. In an ever-evolving society, the concept of family and personal relationships has undergone significant changes. Today, there is a growing number of individuals who are widowed, unmarried, or live alone without immediate family members to rely on for support. These independent individuals can sometimes face unique challenges when it comes to planning for their future. Here we will delve into the
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Tax Bracket Changes for 2023
Tax brackets changes for 2023 have been announced by the IRS in response to rising inflation. Tax brackets play a crucial role in determining how much individuals and businesses owe in taxes. These brackets define the income ranges that correspond to different tax rates, ensuring a progressive tax system where higher earners pay a greater percentage of their income in taxes. In recent years, governments around the world have occasionally made adjustments to tax brackets to align with evolving
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How to Help Your Adult Children Buy a Home
Learn the right ways to help your adult children buy a home so you minimize any implications on your own financial goals and estate planning. As parents, we want the best for our children, and one significant milestone in their lives is purchasing their first home. However, rising property prices and challenging financial circumstances can make it difficult to enter the real estate market. There are various ways parents can support their adult children in purchasing homes, while also
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