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Running a business isn't just about immediate success. It's also about ensuring its long-term sustainability and growth. Unfortunately, business owners can get so caught up in the day-to-day running of their company that they may not have enough time to consider the future of their business.

According to a recent survey by the National Association for Estate Planners & Councils, a significant portion of Americans has yet to take the critical steps of estate planning, including the creation of trusts.

Life insurance plays a pivotal role in estate planning. It offers financial security and peace of mind for individuals and their loved ones. Acting as a significant tool, life insurance ensures that your beneficiaries are well taken care of and can handle various expenses that may arise after your death.

Planning for the future goes beyond choosing the right investments and saving for retirement. It also involves deciding what happens to those funds once you're no longer around. When you pass away, your retirement account doesn't just disappear.

Losing a loved one is one of the most heart-wrenching and burdensome experiences you can go through in life. Unfortunately, it is something that all of us have to face at some point in our lives. When this happens in your family, you and the rest of the family may feel overwhelmed and confused when trying to figure out what to do next.

Most of us have probably encountered ads on TV or online promising a quick and easy path to creating a last will and testament. This DIY (do-it-yourself) approach is available on many different sites, and the advertised prices look promising to the unaware buyer. The question is: Can the will that’s produced stand up in probate court? When a will is administered through probate, there can be challenges on many fronts to its validity and to its fairness.

In Illinois and across the United States, individuals with limited resources and income can take advantage of Medicaid health insurance programs. There are various factors considered to be eligible for Medicaid long-term care benefits, such as the person's income, age, residency status, and asset value.

If you have a loved one with special needs who requires the services of Medicaid or Supplemental Security Income (SSI), there are asset and income thresholds that have to be observed to qualify. Generally speaking, an individual cannot have more than $2,000 in non-exempt assets, a couple $3,000. Exempt assets are fairly generous, however, and they include a primary home, a vehicle, life insurance, and burial/funeral benefits. Income is also capped at $2,742 a month in 2023.

There are many documents that can be executed as part of a comprehensive estate plan. However, wills and trusts are integral to planning efforts, but each has a distinct purpose. Whether you need a will, a trust, or both depends on your specific situation.