my spouse and I have no will, what would happen to our assets at
In the State of Illinois, when you die without a will it is called
dying intestate. If there is a surviving spouse but no other descendants
(children or grandchildren of the deceased), the entire estate will
pass to the spouse. If there is a surviving spouse and a descendant:
_ of the entire estate goes to the surviving spouse and _ to the
decedent’s descendants per stirpes. (i.e. If the decedent’s
child is deceased but there are living grandchildren it will pass
to them) This can pose a serious problem in a second marriage when
both spouses have children from prior marriages.
I own a small company with only 3 employees,
what retirement plan options do I have?
You may want to consider a Simplified Employee Plan (SEP) or a Simple
IRA. Both these plans have low administration costs. Each plan has
different contribution limits, which need to be considered. View
How much life insurance do I need?
The amount of insurance you need is dependent upon what your family
would need to continue their current lifestyle. A rule of thumb
is to replace 10 to 12 times your annual salary. If you work with
an insurance advisor you can do a more exact analysis that includes
current debt and monthly expenses and future expenditures for college,
wedding etc. You want to have enough assets to meet these needs
so you do not have to use your retirement savings before the age
of 59 1/2, which will cause 10% penalty.
How can I know if I am saving enough for my retirement?
A financial advisor can help you project what your expenses will
be at retirement and compare those to your projected income from
retirement plans, social security and current assets. When making
the projections it is important to take into consideration inflation
and it’s impact on the dollar. If a shortfall is projected
you will need to adjust your savings plan.
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