Bankruptcy is sometimes a tough pill to swallow. You have worked hard to get where you are, and the fact that you had something unexpected happen in your life could ruin it all.
The recent COVID-19 pandemic has caused instability in financial markets and significant disruptions to the lives of those living in Illinois and throughout the country. However, in addition to the challenges that it has caused, the recent outbreak may also create estate planning opportunities. For instance, assets that have depreciated in value may be prime candidates to be gifted to beneficiaries now. This can be done either through a grantor retained annuity trust (GRAT) or by loaning the assets to a beneficiary.
Illinois divorces may be even more complicated than they initially seem. Of course, there are difficult issues such as property division and custody for the two parties to work out in the divorce agreement. Beyond that, there could still be other concerns that the parties may have thought were simple but really are not. One of these areas is life insurance after the divorce is final.
A child whose parents are going through a divorce also has to make a transition. They need to adjust to living in two homes and having to split their time between parents. This can be a rather traumatic experience, and kids can internalize blame for their patents' break-up, but you can help them to meet this emotional time with healthy self-esteem intact.
Illinois residents might want to take a closer look at their estate planning strategies to ensure that they will not struggle with costly tax implications. Those who have significant assets have opportunities available to them as far as protecting their wealth and leaving a legacy for their families is concerned.