Illinois residents who do not have any children and who may be nearing retirement should still strongly consider preparing an estate plan. There are various legal documents single people should have to ensure that their wishes are honored in the event that they become unable to make decisions for themselves or after they die.
Single people and estate planning
Claiming children as dependents on taxes
Every year, a number of couples file for divorce in Illinois. Couples with minor children often both want to claim the children as dependents due to the fact that claiming dependents will allow the taxpayer to claim the head of household deduction and tax credits such as the Child Tax Credit, the Child Dependent Care Credit and the Earned Income Tax Credit. The Tax Cuts and Job Act eliminated the personal exemption after 2018 but compensated for that by doubling the Child Tax Credit from $1,000 to $2,000.
Making careless divorce mistakes can jeopardize your future
If you are about to go through a divorce, you undoubtedly want the process to be over as quickly as possible. However, there are many factors to consider and some you would be wise not to rush. A whole new chapter is about to open in your life, and you do not want careless mistakes to jeopardize your future financial security.
How social media and texting can help divorced parents
Social media has gotten a bad reputation over the years, especially when it comes to the younger generation. This should come as no surprise to Illinois residents who see social media as a fertile ground for cyberbullying and encouraging social isolation. Nevertheless, social media has made it easier for people to connect and stay in touch.
