The website of the Chicago probate lawyers at Peck Ritchey, LLP explains that estate planning assures that loved ones are taken care of after their main provider is deceased. The laws behind estate planning are constantly changing, so pursuing legal help will keep you from producing illegitimate documents. Before beginning estate planning, one must decide whether they want a will or a trust.
A will is a document that explains who one wants their possessions to go to after their death, whereas a trust spells out a predetermined time when the provider’s trustees will receive their funds.
Trusts tend to be harder to dispute than wills, especially because the assets for trusts are not automatically frozen after the date they come into effect. In the case where someone is concerned a beneficiary may not receive what is allocated to them, a trust is generally a better option.
Conversely, if someone cares deeply for their beneficiary but does not completely trust that they will handle what they are given responsibly, a will may be a better option.
In terms of which one is more cost effective, it depends on the person’s situation. A trust usually costs more to implement, but if one has a lot of disposable income the tax breaks received by putting money in a trust will exceed the amount of money used to create the trust.
If one wants to leave money for a specific occasion – say their child’s wedding – a trust would be an better option. This is because the money is given to them no sooner or later than the provider intends for them to have it. Because trusts are based around the idea that the benefactor receives assets in a specific moment, they are more likely to get their funds as soon as possible. This assures that the what is given will be available when the provider intended it to be.Read More
Many people long for a child to call their own, but certain situations do not allow for them to produce one naturally. Because of this, people often turn to adoption in order to fulfill their dream of being a parent. However, the process often requires outside legal help, especially for people that do not fit in to the “traditional” family model.
The bureaucracy that comes along with adoption is daunting for a lot of people. Just processing paperwork can take years, especially when those planning to adopt have other responsibilities they have to tend to.
The process becomes even more complicated in certain situations. Older couples or single individuals tend to get discriminated against when trying to adopt. The reasoning behind this is that adoption agencies want to make sure parents will be healthy enough to take care of someone for the entirety of their childhood.
Additionally, same-sex couples face discrimination as well. The leniency of same-sex adoption depends on the state in which a couple is attempting to adopt. Sixteen states as well as the District of Columbia allow for same-sex couple adoptions. Outside of these states same-sex adoption is determined on a case-by-case situation by a judge. The exception to this is Mississippi, which does not allow for same-sex couple under any circumstance. Fortunately for same-sex couples looking to adopt, the number of children with same-sex parents continues to grow every year as the general population becomes more accepting of the idea.
Even though adoption comes with its complications, this should not stop one from attempting to adopt. According to the website of the BB Law Group PLLC, adoption is a joyous experience for those who want to become a parent. Many times people pursue legal action to help them sort out the intricacies involved with the adoption process. This keeps the stress level of future parents down and allows for them to focus on the positive parts of adoption.Read More