'Don't Second Guess Entitlement'


Get Your House in Order

Don't Second Guess Entitlement

It has been said that we should never assume, because it will make an *** of u & me.  Even knowing that, nearly 70% of the people that we know have failed to plan for the one certainty of life – death.  This means that at death the certainty of what will happen to your assets (bank accounts, investment accounts, real estate, motor vehicles, and personal belongings) without a plan, is very uncertain.

If you are married and believe that you are entitled to inherit 100% of the assets and benefits of your deceased spouse, you may be in for a surprise.  If your spouse had recognized children outside of your marriage or was previously married, these relationships outside of your marriage may affect the monthly benefits that you and/or your children may be entitled to receive, especially government benefits.

The earlier relationships that either you or your spouse have had can also change the percentage of your entitlement to the property that you occupy and/or currently own jointly.  These are the areas of discussion that spouses or common law partners should address now with their legal counsel.  As we have often heard, an ounce of prevention is worth a ton of cure. I urge you to get professional advice today to get your “HOUSE” in order, tomorrow may be too late.

QUIZ

-In Cook County, what is the easiest way for you to transfer the ownership of your real estate when you die?

Answers to last week’s quiz:  No, No, No, Protection of assets and to lower estate taxes, Now

To get more detailed answers to last week’s QUIZ questions or for general questions that you may have, please call me: 773-819-1700.

 Disclaimer: The illustrations presented in this column are not, nor are they intended to be, legal, financial, or any other licensed professional advice, you should contact the licensed professional of your choice for advice on your individual situation.

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