Estate Planning for Peak Earning Years in Orland Park, Illinois
Serving Families and Individuals throughout Orland Park, Illinois and the Surrounding Areas
Are you between age 40 and 55? Research has shown that you are in your peak earning years. And that is a very good thing. Estate planning during your peak earning years is so important.
Chances are good that you have some expensive life events going on right now, unlike when you were among the married couples without children. Do you have children who are college-bound or already there? Do you have a wedding scheduled, or one or more down the road? Perhaps you have a grandchild on the way, or you are beginning to help aging parents with personal, long-term care and financial responsibilities.
I know you may be busy and are likely tired, very tired. Nevertheless, this would be a good time to create (or revisit) your estate plan, make sure your adult children and parents have their legal ducks-in-a-row, too.
Unless you legally appoint the decision-maker of your own selection in advance through proper estate planning, then a probate judge will select one for you. While the judge will likely appoint your spouse, the probate court process to accomplish this is expensive (it employs at least three attorneys), discloses your private personal and financial information to the public record and is a real hassle for your spouse.
Did you know that in the absence of proper estate planning, your assets may be distributed after death based on “one-size-fits-all” state laws written for people who do not have their own estate plan? Of course, this impersonal estate plan written by state lawmakers may not reflect your own unique circumstances and objectives for your spouse and assets.
When it comes to your children, great care should be given to protect any inheritance both for them and from them. For starters, wealth representing a lifetime of your hard work and thrift can be squandered in very short order. Dollars earned just spend differently than dollars inherited. In addition to good, old-fashioned squandering, an inheritance can quickly vanish through divorces, lawsuits and bankruptcies.
Fortunately, with proper, careful estate planning during your peak earning years, you can provide an inheritance that is protected for and even from your own children.
Your peak earning years are the perfect time to lock-in a long-term care insurance policy while you are still able to qualify physically and mentally. Some versions of coverage only pay if you need long-term care assistance, but others can now do double-duty and turn into life insurance if you do not need such assistance. That is a popular alternative to traditional long-term care insurance. When you are ready for help with your long-term care planning through appropriate insurance, then we can help you find that, as well.
Fortunately, we can help you avoid probate and replace that impersonal, state-written, one-size-fits-all estate plan with one we design together for your unique circumstances and objectives. Seize your peak earning years. The Law Office of Michael T. Huguelet, P.C. can help you coordinate the beneficiary designations on your life insurance and retirement plans with your estate plan to avoid unpleasant, unintended consequences.
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