Articles Tagged with Estate Planning

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If you have invested in cryptocurrency—or if you’re considering it—one of the matters that is worth taking into account is how it could impact your estate plan. Virtual currencies such as Bitcoin, Ethereum, and others can create some unique challenges that must be accounted for.

In this post, we’ll look at four strategies to consider using when planning for cryptocurrency in your estate.

1. Create an Access Guide for Your Keys

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The Social Security Administration (SSA) governs benefits provided to elderly or disabled individuals. The benefits received through Social Security can have an impact on your estate, so it’s important to account for that when creating your estate plan.

What Social Security Can Cover

Exactly what is covered by Social Security depends on the type of benefits you receive. Some of the uses for Social Security include:

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A fiduciary is defined as any person or party who acts on behalf of another party. As such, they have a duty—referred to as a fiduciary duty—to put their client’s interests above their own. Often, this involves the management of other people’s money, such as a shareholder’s investment in a company or the funds placed in a trust.

Role and Duties of a Fiduciary

Put simply, the duty of a fiduciary is to look after the best interests of their clients, even if that means putting the client’s interests above their own. For example, a trustee has a fiduciary responsibility toward the beneficiaries of the trust, and therefore must manage the trust in such a way that it benefits the estate beneficiaries rather than their own selves.

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Crypto investors are taking their operations overseas, and it’s easy to see why—many foreign countries have far more favorable laws when it comes to taxes, reporting, and cryptocurrency in general. These structures should be set up in a way that is consistent with both foreign and domestic laws, and that takes planning.

In this article, we’ll look at some of the advantages and requirements of offshore crypto-asset protection structures along with some general tips for success.

Offshore Entities – Some Basics

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One item that is absolutely vital to an ironclad estate plan is an advance directive. An advance directive spells out your wishes regarding medical treatment in the event that you become incapacitated or incapable of making your own decisions.

Definition of an Advance Directive

Also commonly called a healthcare directive or healthcare power of attorney, an advance directive is simply a document with written legal instructions on medical treatment. It only takes effect if you become incapable of making those decisions on your own, such as if you are put in a coma, become incapacitated, etc. The purpose is to help medical professionals and caregivers make the right choices regarding medical treatment.

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It’s important to know how to safeguard your wealth against creditors. A carefully constructed asset protection plan can help you tremendously in the event that you become subject to a lawsuit, and it’s an essential part of estate planning as well.

That said, there are a number of pitfalls that you should avoid when creating an asset protection plan. We’ll go over a few of the most common here.

1. Assuming You Don’t Need an Asset Protection Plan

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The death of a loved one is always heartbreaking, but it’s especially tragic when it happens as the result of another person’s negligent actions. In these cases, Illinois residents have two forms of legal recourse, both of which can be filed as part of probate proceedings for the deceased person’s estate. These are wrongful death and survival actions.

Wrongful Death Vs. Survival Actions in Illinois

These two forms of legal actions differ in terms of who is compensated for the accident and its resulting expenses. These differences are as follows:

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A major part of estate planning is minimizing the impact that probate has on the distribution of your estate. In some cases, this means using special tactics to handle certain aspects of your estate, but in some cases, an estate may be small enough to be able to avoid probate altogether.

In these cases, a small estate affidavit may be filed by your estate’s administrator after you pass away.

The Small Estate Affidavit in Illinois

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Probate has the potential to be a bit long and drawn out, especially if there’s any dispute over how your estate should be disbursed. When planning how to handle your estate, it helps to know which types of assets go through probate and which ones don’t.

Following is a breakdown of which assets go through probate in the state of Illinois.

Assets that Go Through Probate

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One way to protect real estate is through a trust. Doing so has its advantages, but there are also potential drawbacks to take into account. In this article, we’ll explore the benefits and disadvantages of placing real estate in a trust.

How to Use a Trust to Protect Real Property

A trust is an arrangement in which a trustee holds your property. This can help protect you from certain liabilities, such as legal actions, seizure from creditors, and some taxes. Trusts are a common component of estate planning since they help preserve wealth for your heirs.

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