Estate Planning Basics. In Illinois, assets titled in an individual’s name must go through probate unless there is no real property in the individual’s estate and the assets total less than $100,000. Probate is the court process that allows assets to be transferred upon one’s death. When probate is necessary, additional fees to the estate … Continued
Here are some hard facts: 1. Approximately 63% of people aged 65 and older will need long term care. 2. The average annual cost of assisted living and long term care ranges from $48,000-$83,500. 3. The average life expectancy of Americans is now 77.6 years. 4. Total cost of care can exceed $900,000! Possible Medicaid … Continued
There are many conversations in life that are uncomfortable to have with yourself and with others. Unfortunately, these discussions are often the most vital. If you are 55 or older it is not too early to start thinking about planning for the possibility of illness, injury or mental deficiencies and how they may impact your … Continued
How often should I review my estate plan? Heather Kroencke: You should always review an estate plan if you already have one in place. My rule of thumb is any big major event you should take a look at it to make sure it’s still applicable. So if there is a birth, a death, a … Continued
What is probate? What is Probate? Heather Kroencke: There is a lot of misinformation surrounding probate. Essentially what it is the process where a deceased person’s estate has to go to court before it can be distributed. In Illinois, it can be costly and very time-consuming to go to probate which is why most individuals … Continued
