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Estate Planning

Financial Priorities Young Families Should Address

Financial Priorities Young Families Should Address

Wise money moves for parents under 40.

 

Provided by Exemplar Financial Network

 

bigstock-Happy-family-in-the-pool-small.jpgAs you start a family, you start to think about certain financial matters. Before you became a mom or dad, you may not have thought about them much, but so much changes when you have kids.

 

Parenting presents you with definite, sudden, financial needs to address. By focusing on those needs today, you may give yourself a head start on meeting some crucial family financial objectives tomorrow. The to-do list should include:

Key Estate Planning Mistakes to Avoid

 

Key Estate Planning Mistakes to Avoid

Too many people make these common errors.

 

Provided by Exemplar Financial Network

 

bigstock-Estate-planning-worksheet-small.jpgMany affluent professionals and business owners put estate planning on hold. Only the courts and lawyers stand to benefit from their procrastination. While inaction is the biggest estate planning error, several other major mistakes can occur. The following blunders can lead to major problems.

When Someone Dies Without a Will

 

When Someone Dies Without a Will

Where do things proceed from that point?

 

Provided by Exemplar Financial Network

 

bigstock-Last-Will-And-Testament-small.jpgEvery day, people die intestate. In legalese, that means without a will. This opens the door for the courts to decide what happens with their estates.

 

When no valid will exists, state intestacy laws dictate how assets are distributed. These laws divide an estate evenly (or equitably) among heirs. Any assets held in joint tenancy go to the joint owner. Assets held in a trust transfer to the trust beneficiaries (with spouses getting a share of those assets in some states). Community property goes to a spouse or partner in community property states.1

Updating Your Estate Plan

 

Updating Your Estate Plan

 

When should you review it? What should you review?

 

Provided by Exemplar Financial Network

 

bigstock-Estate-planning-worksheet-15145028 (1).jpgAn estate plan has three objectives. The first goal is to preserve your accumulated wealth. The second goal is to express who will receive your assets after your death. The third goal is to state who will make medical and financial decisions on your behalf if you cannot.

Why Life Insurance Matters

 

Why Life Insurance Matters

Besides the death benefit, it may also help you financially during your life.

 

Provided by Exemplar Financial Network

 

bigstock-Happy-Child-Happy-Life-5600427.jpgAs Bankrate.com noted, 43% of Americans have no life insurance. Some view it as optional; some have simply procrastinated when it comes to buying a policy. Others believe that they can’t afford it.1

Why Life Insurance Matters

 

Why Life Insurance Matters

Besides the death benefit, it may also help you financially during your life.

 

Provided by Exemplar Financial Network

 

bigstock-Happy-Child-Happy-Life-5600427.jpgAs Bankrate.com noted, 43% of Americans have no life insurance. Some view it as optional; some have simply procrastinated when it comes to buying a policy. Others believe that they can’t afford it.1

Estate Planning After a Second Marriage

 

Estate Planning After a Second Marriage

Special considerations for a complex situation.

 

Provided by Exemplar Financial Network

 

bigstock-Golden-Engagement-Ring-small.jpgMarrying again makes estate planning more involved. How do you provide for everyone you love? Should you provide for everyone you love? How do you arrange to transfer wealth in a way that won’t hurt the feelings of certain heirs?

 

Teaching Your Heirs to Value Your Wealth

 

Teaching Your Heirs to Value Your Wealth

Values can help determine goals & a clear purpose.

 

Provided by Exemplar Financial Network

 

bigstock-Portrait-Of-Three-Generation-small.jpgSome millionaires are reluctant to talk to their kids about family wealth. Perhaps they are afraid what their heirs may do with it.

 

In a 2015 CNBC Millionaire Survey, 44% of families having at least $1 million in investable assets said that they had not yet told their children about their future inheritance. Another 27% said they had refrained from mentioning it until their children were 30 or older.1

Estate Planning for Your Digital Assets

Estate Planning for Your Digital Assets

Have you addressed this issue?

 

Provided by Exemplar Financial Network

 

woman at computer small.jpgSocial media and email accounts. Creative works, photos and keepsakes kept on home computers, the cloud or external storage drives. E-commerce accounts. Domain names. Bitcoin. These are all examples of digital assets. You will manage them closely as long as you live – but what will happen to them once you die?

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