If you wish to gift assets to someone with special needs, care must be taken when making that gift because you could do more harm than good. To ensure that you do not interfere with the beneficiary’s eligibility for much-needed state and federal assistance programs, you may choose to make your gift using a Special Needs Trust. A Special Needs Trust is a specialized type of trust that is intended to provide financial support to someone who has special needs or who is disabled. The Waukegan special needs planning attorney at Hedeker Law, Ltd. explain the different types of special [Read more…]
Are You Probating an Estate? If So, Don’t Make These Mistakes
When a family member or loved one passes away it can be extremely difficult to concentrate on anything for some time afterward. If, however, you find yourself in charge of the estate of a recently deceased loved one, it is important that you focus on the job you have been entrusted to do. To help you avoid making any costly mistakes, the Lincolnshire probate planning attorneys at Hedeker Law, Ltd. discuss some of the most common probate mistakes. Probate Mistakes to Avoid If the decedent left behind a Last Will and Testament, the individual named as the Executor in that [Read more…]
Which Type of Special Needs Trust Is Right for You?
If you are the parent or grandparent of a child with special needs, you probably already understand the heightened importance of estate planning. Great care must be taken when gifting assets to your child because he/she is likely receiving assistance from state and/or federal programs such as Medicaid or Supplemental Security Insurance (SSI), the solution can often be found in the creation of a special needs trust. To help you deice which type might be right for you and your estate plan, the Lincolnshire special needs planning attorneys at Hedeker Law, Ltd. explain the different types of special needs trusts. [Read more…]
Estate Planning Terms for the Beginner
Having at least a basic estate plan in place is one of the most valuable gifts you can give to your loved ones. Despite knowing this, a significant percentage of Americans do not have a plan. When asked to explain the apparent dichotomy, a common response is that estate planning is intimidating. One way to make estate planning less intimidating is to learn some of the basic terms and concepts. With that in mind, the Lincolnshire estate planning attorneys at Hedeker Law, Ltd. have created a list of estate planning terms you need to know. Administrator —Person named by the [Read more…]
Millennials May Not See the Wealth Expected to Be Passed Down
The population of older Americans is the largest it has ever been – and experts tell us the number of seniors will continue to increase over the next couple of decades at least. The primary reason for the surge in the number of older Americans is the fact that members of the Baby Boomer generation are moving into their retirement years. One consequence of the historic size of the Baby Boomer generation is that they also have a historic amount of wealth that could be passed down to millennials – but not all experts think that will happen. As it [Read more…]
Can Out of State Property Be Transferred into My Trust?
When you create your initial estate plan, it may consist of nothing more than a Last Will and Testament. As the years go by, however, and your estate grows, you will likely expand that initial plan. Consequently, you will probably choose to incorporate more sophisticated estate planning tools and strategies into your plan. One of the most common additions to a comprehensive estate plan is a trust agreement. You can fund that trust using a wide range of assets. You may wonder though about transferring out of state property into your trust. The Lincolnshire estate planning attorneys at Hedeker Law, [Read more…]
Is a Third Party Required to Honor a Power of Attorney?
A Power of Attorney is among the commonly executed estate planning documents. When all goes as planned, a Power of Attorney can be used under a wide range of circumstances and can be used to further numerous estate planning goals. What happens though if a third party refuses to honor a Power of Attorney? The Lincolnshire estate planning attorneys at Hedeker Law, Ltd. discuss a third party’s duty to honor a Power of Attorney. What Is a Power of Attorney? At its most basic, a Power of Attorney is a legal document that allows you (referred to as the “Principal”) [Read more…]
Which Type of Life Insurance Is Right for Your Estate Plan?
While every estate plan is as unique as the individual creating the plan, there are some common estate planning tools. Life insurance is one of those common tools. Young parents routinely purchase life insurance as a way to provide for minor children in the event something happens to them. A small business owner may purchase a policy to fund a buy-sell agreement while funeral planning often makes use of an irrevocable life insurance trust (ILIT). If you are considering the addition of a life insurance policy, the first thing you need to decide is what type of life insurance to [Read more…]
How Much Will I Get in Veterans Aid and Attendance Benefits?
Are you a veteran or the surviving spouse of one? If so, you undoubtedly know you are entitled to a number of important benefits as a result of your service or the service of your spouse. One program you may not be familiar with, however, if the Veterans Aid & Attendance (VA&A) program. If you qualify, the VA&A program may provide you with a significant financial benefit each month. The Lincolnshire veterans benefit planning attorneys at Hedeker Law, Ltd. explain just how much you might be entitled to in Veterans Aid & Attendance benefits. What Is the Veterans Aid and [Read more…]
What Documents Do I Need to Start an Estate Plan?
One of the most common explanations people offer for why they do not have an estate plan in place is that they simply do not know where or how to begin. Given the fact that most estate planning terms, concepts, and strategies are completely foreign to anyone outside of the law, this explanation is completely understandable. It is, however, important for every adult to have at least a basic estate plan in place. With that in mind, the Lincolnshire estate planning attorneys at Hedeker Law, Ltd. offer a brief explanation of the most common documents you might include in your [Read more…]
