A living trust is not far behind a Last Will and Testament in terms of popularity as an estate planning tool. If you are contemplating the inclusion of a living trust into your estate plan, or you find yourself to be the beneficiary of a living trust, you may have a number of questions about how the
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Is an AB Trust Right for My Estate Plan?
The federal gift and estate tax is effectively a tax on the transfer of wealth that is collected from your estate after you die. Every estate is potentially subject to federal gift and estate taxes. In addition, a handful of states, including Illinois, also impose a state-level estate tax.
How Can I Include Philanthropy in My Estate Plan?
If you are someone who feels strongly about philanthropy, you probably make charitable gifting part of your everyday life. If so, why not carry on your charitable endeavors after you are gone as well. A Lincolnshire estate planning lawyer at Hedeker Law, Ltd. explains some common methods used to
Planning for the Unexpected
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about the prevalence of unexpected deaths and an example of what can happen without planning. Planning for the Unexpected
Are All Assets Subject to Probate?
Typically, estate planning involves a variety of inter-related goals that go beyond just planning for the disposition of estate assets after your death. One of the most popular of those goals is probate avoidance. While there are numerous tools and strategies that can be used to help your estate
The Biggest Problem with a Power of Attorney
A Power of Attorney is one of the most commonly used estate planning tools. Over the course of your lifetime you will likely execute at least one Power of Attorney (POA) and you will probably be named as an Agent in someone else’s POA. While a POA can be an extremely useful and flexible estate
Is Your Life Insurance an Untapped Asset?
A well thought out estate plan will typically be comprised of a variety of different estate planning tools in order to achieve a variety of goals. Life insurance is among the most common of those tools given how many different ways it can be used within an estate plan. In fact, you may be able to
Estate Planning Concerns for Parents with Young Children
If you are the parent of young children, you already know that your role as a parent is both the most rewarding, and most terrifying, role you will likely ever undertake. The moment you became a parent your priorities undoubtedly changed. The desire to protect and provide for your children guides
Don’t Forget to Name a Successor Trustee
Trusts have become an extremely popular estate planning tool over the years. Today, even a relatively simple plan will likely include a basic trust agreement. If your estate includes a trust, you will need to appoint someone to be the Trustee of that trust. What you may not have thought about doing
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