Estate Planning is a multi-faceted and individualized legal practice where no two plans are the…
The new year brings a renewed focus on opportunities and goals. Changing your real estate, preparing your estate plan, or beginning your dream business may be a few resolutions to add to your list. Our experienced team of professionals can help make your list a reality in 2018.
Downsize. Whether you are finally an empty-nester, or you simply desire a more modest lifestyle, downsizing your home may have crossed your mind. Choosing a more economical property may be your next step forward.
Purchase a bigger house. If you feel like you are living in close quarters and have outgrown your current home, it may be time to trade up. After weighing the financial costs, 2018 may be the year you are ready for the change that a new house brings.
Increase the value of your property. Variations of home improvements, from minor upgrades to major makeovers, impact your home’s value. Make a list of small, but permanent home improvements to do throughout the year, such as replacing faucets, doors or upgrading kitchen appliances. The dual benefit is personal desirability, as well as long-term incentive if the time comes to sell your home in the future.
Plan for your future by creating your estate plan. Protect your assets and loved ones through the creation of estate planning documents. A combination of estate planning documents can outline your intentions for the distribution of assets, appointment of guardians for minor children, appointment of beneficiaries, establishment of health care directives, and appointment of an agent to make financial decisions. Planning now can help to avoid the costly court action, including probate court later.
Update your estate plan. It may be time to give new thought to your previously established directives. Relocation to another state, divorce or marriage, change in guardians, trustees, agents or beneficiaries, increase in the value of your estate or lapse of time since your original estate plan was created are some of the reasons to have your estate plan modified. Oftentimes the original documents will be simply modified with amendments.
Start a business. Have you been aspiring to start a new business? 2018 may be the year to take the plunge and establish your own company as part of your asset portfolio. With LLCs recently benefiting from lower filing fees, it is now more cost effective for Illinois small businesses to operate.