SW_ActiveAging_ZB_101719

More documents

Recommendations

Info

10 | October 17, 2019 | 22nd century media active aging 22ndCenturyMedia.com Sterk Family Law Group Empower ourselfWith Options 5 Reasons to Prepare an Estate Plan To protect yourself and your loved one. Having aplan in place ensures you are in control and all of your concerns are addressed. To save yourself and your loved ones time and money. Thecosts of Estate Planning pale in comparison to thepotential attorneys’ fees and costs associated with probate. To makeyour wishes known and leave guidance on your affairs. Designate aguardian for your children and spell out exactly what you want. To plan for theunexpected. Estate Planning is not just about dying; having aplan in place in case is necessaryifyou are temporarily or permanently incapacitated &can’t takecare of yourself. To give yourself piece of mind. Knowing that your Estate Plan is complete is ahuge weightoff your shoulders. Youcan rest assured your loved ones will be best cared for based on your wishes. 11508 W183rd Place, NW Orland Park, IL 60467 sterkfamilylaw.com 815-600-8950 Advertising Material The importance of estate planning People work hard their whole life to provide for themself and loved ones. While many of us spend a great deal of time planning and preparing for the future, one of the most commonly overlooked plans is called an estate plan. While estate planning may cause a person to feel like he or she is facing their morbidity, the reality is that these are important plans to ensure that loved ones and their estate are cared for upon their death. Estate planning is the legal process to formally determine and document how a person’s estate will be distributed through wills, trusts, or a power of attorney. A person’s estate may include bank accounts, investments and bonds, property, automobile, life insurance, and even pets. A will is a document to declare a person’s wishes regarding the distribution of their property, the care of any minor children as well as methods of payment of debts and taxes one may owe when they die. Wills may also contain instructions for managing property including putting it into a trust or excluding certain people from receiving any of a person’s estate. Trusts allow people to legally set aside specific property for someone to be held until a later date. People can leave money to someone in your will; but a trust is its own legal entity that will help avoid probate and allows you to name specific distributions with more specific stipulations. This could mean money is banked until a child turns 18 or an investment that gets distributed to a friend on a specified date. Trusts can be set up in a few ways: • A revocable trust: A flexible arrangement which allows a person to change the terms of the eventual financial distribution while they are still alive • A special needs trust: A distinct type of arrangement which allows a person to set aside assets for another person to be used after death, while still legally allowing them to collect needs-based government benefits. This is important for minor children and children or adults with disabilities whose wellness could be put in peril without this special protection. • A pet trust: This allows someone to set aside funds that will be used for a pet’s care and maintenance. A guardianship names a person or people who may become the legal guardian of minor children or a disabled adult. Naming a guardian might be one of the most important estate planning decisions to make because in the case of the death of both parents, a guardianship order names a person or people who now become the legal guardians. Some estate planning doesn’t have to do with death, but addresses what will happen if someone becomes incapacitated. Powers of attorney specify who should care for people’s Please see sterk, 12
22ndCenturyMedia.com active aging 22nd century media | October 17, 2019 | 11 EXPLORE MEDICARE ADVANTAGE BENEFITS Medicare Advantage (MA) plans may offer seniors options that improve quality of care and reduce overall costs. While covering all Medicare services, most MA plans include prescription drug coverage. Many also offer coordinated benefits such as vision, dental and even gym memberships. Learn more at DuPageMedicalGroup.com/MA
Page 1 and 2: ACTIVE AGING Fall 2019 The Orland P
Page 3 and 4: 22ndCenturyMedia.com active aging 2
Page 9: 22ndCenturyMedia.com active aging 2

SW_ActiveAging_ZB_101719

Create successful ePaper yourself

Delete template?

Save as template?