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 trust works. For example, you may want to know how the trust terminates. The Lincolnshire living trust attorneys at Hedeker Law, Ltd. explain when and how a living trust terminates. What Is a Living Trust? The person who creates a trust is referred [Read more…]
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. Collectively, gift and estate taxes can significantly diminish the value of the estate you pass down to loved ones which is why many people choose to incorporate tax avoidance tools and strategies into their overall estate plan. A Waukegan estate planning attorney at Hedeker Law, Ltd. explains how an AB trust [Read more…]
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 incorporate philanthropy into an existing estate plan. Is Philanthropy Important to You? If philanthropy is important to you now, why not make it part of the legacy you hand down to your loved ones when you are gone? Philanthropy can take many forms and can involve a wide range of beneficiaries. [Read more…]
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.
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 avoid probate, a good starting point is to learn which assets actually have to go through probate. With that in mind, a Waukegan probate attorney at Hedeker Law, Ltd. explains which assets are subject to probate and which assets bypass the probate process. What Is Probate and What Function Does It [Read more…]
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 planning tool, it can also cause more problems than it resolves. A Lincolnshire estate planning attorney at Hedeker Law, Ltd. explains the biggest problem with a Power of Attorney What Is a Power of Attorney? A power of attorney, or POA, is a legal document [Read more…]
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 use a life insurance policy in ways you are not aware of yet. A Waukegan estate planning attorney at Hedeker Law, Ltd. explains how your life insurance can be an untapped asset. What Is a Senior Life Settlement? If you own a life insurance [Read more…]
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 all your decisions, including those you make within your estate plan. A Waukegan estate planning attorney at Hedeker Law, Ltd. explains how estate planning changes hen you are the parent of young children. Is a Last Will and Testament Enough? Your Last Will and Testament probably serves as the [Read more…]
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 yet, however, is to also appoint a successor Trustee. A Waukegan trust attorney at Hedeker Law, Ltd. explains why appointing a successor Trustee is so important if you have included a trust in your estate plan. What Is a Trust? First, it is important to have a firm [Read more…]
Do Veterans Benefits Transfer to a Surviving Spouse?
If you are the surviving spouse of a veteran, the United States owes you a debt that can never truly be repaid. Though there is no way to repay you for the sacrifice you made as the spouse of a serviceman or servicewoman, the U.S. does offer a number of benefits to veterans as well as to surviving spouses. If your spouse is no longer here to help support you financially, he/she would undoubtedly want you to receive all the veterans benefits to which you are entitled as a surviving spouse. To help you get the most of the benefits [Read more…]