When an Illinois couple divorces, some of the family legal issues that come to the forefront include property division, spousal support (also referred to as alimony), child support and more. There are underlying factors that will also be important as part of the divorce settlement. One is Social Security. The Social Security Administration says that, of all American workers, 96 percent will receive Social Security. When they retire, these benefits can be imperative to making ends meet. In a divorce, this can be critical.
The desire to get an unsavory task over with quickly can sometimes lead people to cut corners. That may not be the most pressing concern when scooping your cat litter, but when it comes to planning your estate or last will in Illinois, shortcuts can be a mistake that haunt your family for years to come.
Although formulating an estate plan is becoming more common for Illinois residents, there is still a perception that only those who are of significant means need to have one. This is a mistake that can be costly in multiple ways. Not only does it hinder attempts to preserve assets, but it can have tax implications, spark family disputes and cause other problems that are avoidable. Having a basic estate plan is critical and there are several reasons for these that people might not have considered.
For Indiana farmers who are negatively impacted by the struggling economy, the term "bankruptcy" might not be viewed as an alternative for them. Most people classify bankruptcy as a step to get out of personal debt through a Chapter 7 liquidation or a Chapter 13 payment plan. Even businesses will use Chapter 11 to reorganize. Farmers are often reluctant to use these chapters. It is important to remember that there is another option for farmers - Chapter 12 - and given the current problems experienced by farmers in the U.S., congress is considering a reform of Chapter 12 to benefit farmers. This can be important to get back on stronger financial ground and save a farm.
End of life planning is not an easy matter for Illinois residents to come to grips with. This is true for people at any age. However, failing to have a comprehensive estate plan can cause problems after death. Family disputes, legal battles and more can come about if there is a hesitation or reluctance in drafting estate planning documents. Often, a main sticking point in drafting these documents is that the person - the testator - does not know what he or she needs. It is important to have legal advice that can tailor the estate plan to every individual's situation.