QC Family Focus: October 2014
In this issue: A Look at the Very Real Dangers Facing Teens and Tweens Scarecrow Shenanigans Choosing the Perfect Daycare Helping Your Child Prepare for Kindergarten Treats and Snacking can Lead to Tooth Decay Learn more about QC Family Focus Magazine at our website: www.qcfamilyfocus.com Like us on Facebook: www.facebook.com/qcfamilyfocus
In this issue:
A Look at the Very Real Dangers Facing Teens and Tweens
Scarecrow Shenanigans
Choosing the Perfect Daycare
Helping Your Child Prepare for Kindergarten
Treats and Snacking can Lead to Tooth Decay
Learn more about QC Family Focus Magazine at our website: www.qcfamilyfocus.com
Like us on Facebook: www.facebook.com/qcfamilyfocus
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When it comes to estate<br />
planning there are some<br />
common goals found in almost<br />
all plans and then there are very<br />
individual goals that are as unique<br />
as the individual creating the estate<br />
plan. One common goal is to provide<br />
for future generations after death. In<br />
fact, that is the primary goal of most<br />
estate plans. Maximizing the assets<br />
you have requires careful estate<br />
planning to ensure that you leave behind as much of your<br />
estate as possible for your children, grandchildren, and<br />
successive generations. Creating a family wealth trust is<br />
one way to accomplish this goal.<br />
For a variety of reasons, gifting all of your assets using<br />
your Last Will and Testament is often not the best method.<br />
Probate and tax avoidance are two reasons to avoid gifting<br />
in your Will. Protecting assets from both creditors and<br />
from spendthrift beneficiaries is another good reason to<br />
consider gifting in a trust instead of in your Will. A family<br />
wealth trust can address all of these concerns if drafted<br />
properly.<br />
Trusts in general are becoming increasingly popular<br />
additions to an estate plan because of the numerous<br />
benefits a trust offers as well as the flexibility trusts offer. A<br />
REGISTER<br />
NOW!<br />
SEATING<br />
IS LIMITED.<br />
Why Should I Have a <strong>Family</strong> Wealth Trust?<br />
Curtis Ford<br />
Nash Nash Bean & Ford, LLP<br />
44 <strong>October</strong> <strong>2014</strong> - <strong>QC</strong> <strong>Family</strong> <strong>Focus</strong><br />
trust can become effective while you are alive (inter<br />
vivos, or living trust) or when you die (testamentary<br />
trust). Trusts can also be revocable or irrevocable.<br />
To gain the most tax benefits and asset protection<br />
from your trust you will likely create an irrevocable<br />
living trust. The advantage to this type of trust is that<br />
once assets are transferred into the trust they cannot<br />
be touched by creditors, thereby assuring that the<br />
assets will be available for future generations. The<br />
downside, however, is that you cannot modify an<br />
irrevocable trust once it takes effect.<br />
A primary benefit of a family wealth trust is<br />
the ability to control assets long after your death.<br />
Using the trust terms you are able to guide future<br />
generations by deciding what the trust assets can be<br />
used for ahead of time. Another significant benefit<br />
is that the assets held by the trust will, assuming<br />
the trustee manages them well, continue to grow<br />
long after being transferred into the trust. This, in<br />
turn, grows your family wealth and ensures that<br />
successive generations will benefit from your gifts.<br />
If you think a family wealth trust might be right<br />
for your estate plan, consult with your Illinois estate<br />
planning attorney.<br />
FREE Estate Planning Seminar<br />
from the Law Offices of Nash Nash Bean & Ford, LLP<br />
Your <strong>Family</strong>’s Future Depends on the Decisions You Make Today.<br />
Attend one of our important seminars and learn:<br />
◆ The advantages and disadvantages of<br />
trusts and wills.<br />
◆ How to plan your estate to minimize<br />
Illinois estate taxes.<br />
◆ How to protect assets inherited by your heirs<br />
from lawsuits, divorce and other claims.<br />
◆ How to protect your estate and provide<br />
for yourself and your family if you<br />
become incapacitated.<br />
Visit our website to learn more<br />
including the dates and locations of our upcoming seminars.<br />
www.nashbeanford.com<br />
Attend one of these seminars and you’ll receive, a FREE, one-hour, private estate planning consultation<br />
to answer any questions you have about protecting your Estate and IRA.<br />
REGISTER NOW: (309) 944-2188, (309) 762-9368 OR 1-800-644-5345<br />
Register online: www.nashbeanford.com<br />
Nash Nash Bean & Ford, LLP<br />
Attorneys and Counselors at Law<br />
John Deere Rd. at 5030 38th Ave. Ste. 2 • Moline, IL 61265 445 U.S. Hwy 6 East • P. O. Box 63 • Geneseo, IL 61254<br />
The Attorneys at Nash Nash Bean & Ford, LLP speak to area residents about living trusts and estate planning. They have helped hundreds of Illinois families plan their estates.<br />
Attention Illinois Readers!<br />
◆ What a Power of Attorney will<br />
and will not do for you.<br />
◆ How to protect your home and<br />
assets from high nursing home costs.<br />
◆ How to protect children from being<br />
unintentionally disinherited in<br />
second marriage families.<br />
◆ How to plan your estate to make sure<br />
it passes to your family most efficiently.
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