If you are one of the millions of Americans who have yet to get started with inheritance planning, there is no time like the present to get started. Like many of your fellow procrastinators, you probably have not started on your plan yet because you don’t know how to get started. It sounds easy enough in the abstract; however, when you actually sit down and try to put together an inheritance plan, it becomes much more complex and confusing. This is one of the many reasons why you should work closely with an experienced inheritance planning attorney when you do [Read more…]
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Why Should I Try to Avoid Probate?
When it comes to estate planning, it often seems as though everyone you know has a well-meaning piece of advice. One of the most common suggestions you will likely hear is the importance of including probate avoidance as a primary goal within your estate plan. Before you can decide whether to heed that advice, however, you need to understand exactly why avoiding probate is so desirable. To help you better evaluate the need to include probate avoidance in your estate plan, an Illinois estate planning attorney at Hedeker Law, Ltd. explains the probate process and how your loved ones benefit [Read more…]
Benefits of Revocable Living Trusts
A comprehensive estate plan should help you accomplish a wide range of inter-related goals. Accomplishing those goals typically requires the use of a variety of estate planning tools and strategies. Among the most common of those is a revocable living trust. Understanding the benefits of revocable living trusts will help you decide if your estate plan could benefit from the addition of one. Trust Fundamentals A trust is a relationship whereby property is held by one party for the benefit of another. A Settlor (also referred to as a “Grantor” or “Trustor”) transfers assets into the trust that is then [Read more…]
Famous Estate Planning Mistakes and the Lessons We Can Learn from Them
When the rich and famous die – often under tragic circumstances – truly epic battles over the estates they leave behind frequently follow. Sadly, some of the best estate planning lessons can be learned from celebrity cautionary tales. Consider the following well-known estate planning mistakes and the lessons we should all take away from the battles that followed as a result of those mistakes. Prince Rogers Nelson: The Importance of Having an Estate Plan The famous singer known simply as “Prince” died at the relatively young age of 57 back in April of 2016. Along with being shocked at the [Read more…]
Trust Benefits — Avoiding a Lump Sum Inheritance
If you are fortunate enough to have amassed a decent sized estate over the course of your lifetime, you may plan to pass some, or all, of that estate down to your children and/or other loved ones. The conventional method used to pass down assets is gifting them through a Last Will and Testament. What happens, however, if you are concerned about handing a beneficiary a sizeable inheritance all at one time? The Lincolnshire trust lawyers at Hedeker Law, Ltd. explain how using a revocable living trust allows you to avoid passing down a lump sum inheritance. Why Would a [Read more…]
Can a Beneficiary Remove a Trustee?
Finding out that you are the beneficiary of a trust is typically welcome news. After all, that often means you will receive a steady income stream from the trust for some time to come. That is, of course, as long as the Trustee administers the trust and manages the trust assets successfully. What can you do is that is not the case? If you believe the Trustee is not doing a good job fulfilling his/her duties as Trustee – or worse, you believe the Trustee is engaged in some type of nefarious conduct – is there anything you can do? [Read more…]
Asset Protection Planning for Seniors
If you are entering your “Golden Years” you have probably spent several daces of your life working hard, saving, and investing wisely in order to accumulate sufficient assets to live comfortably during your retirement years. If all goes well, you may even have assets left over to pass down to future generations. While you may finally be able to kick back and stop worrying about making money, do not make the mistake of thinking you no longer have to worry about protecting the money you already made. Asset protection planning should always be a component of a comprehensive estate plan, [Read more…]
Inheritance Planning for the Beginner
Whether you have already amassed a fortune, or you are just getting started, you undoubtedly want to be the one to decide who gets your assets if something happens to you. Despite knowing that you need to get started with your inheritance plan, you have not yet done so. If you are like many people, your reason for procrastinating is that you are not sure how to get started. A Waukegan inheritance planning attorney from Hedeker Law, Ltd. offers some tips to help motivate you with your inheritance plan. Do not go the DIY route. In the 21 century, it [Read more…]
What Is the Most Important Estate Planning Document?
Despite acknowledging the need to have an estate plan in place, more than half of all Americans have yet to start on their estate plan. One common explanation for this apparent disparity is that the average person finds the idea of creating an estate plan intimidating. While an estate plan can become extremely complex as both your family and your estate grow, a basic estate plan is not usually as complex and difficult to understand as people frequently envision it will be. Just as you would approach any project, taking the creation of an estate plan one step at a [Read more…]
Does a Trustee Get Paid?
Trusts have become almost commonplace in a well thought out estate plan due in large part to the flexibility they offer in reaching estate planning goals. If you are considering the inclusion of a trust in your estate plan, you will need to make a number of decisions during the creation of the trust, including who to appoint as the Trustee of your trust. If you have never before created a trust, you will also likely have a number of questions, such as whether a Trustee gets paid. The Lincolnshire trust administration attorneys at Hedeker Law Ltd. explain the role [Read more…]
