If you recently lost a family member or loved one, you are undoubtedly going through a tremendously emotional time period. If you are also in charge of administering the decedent’s estate, either because you were appointed in a Will or because you volunteered, you also have an important job ahead of you. One of your first responsibilities as part of that job is to determine if probate is necessary or not. What Is Probate and Why Is It Required? Over the course of a lifetime, almost everyone acquires assets that comprise their estate at the time of their death. Some [Read more…]
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Who Should Be My Trustee?
Although a Last Will and Testament remains the most common estate planning tool, trusts have steadily increased in popularity over the last several decades to the point where it is now very common to find one in the average estate plan. There are numerous different types of trusts that help achieve a wide variety of estate planning goals. One thing that all trusts have in common, however, is the need to appoint a Trustee to administer the trust. To help ensure that you appoint the right person as your Trustee, a Waukegan revocable living trusts attorney at Hedeker Law Ltd. [Read more…]
Top 5 Celebrity Estate Planning Disasters
One of the most common reasons given for not having an estate plan in place is the (mistaken) belief that one is only needed if you have considerable assets. Following that logic, you might assume that anyone who does have substantial assets would have a well thought out plan in place. In reality, however, that is not always the case. In fact, some very well known and well off celebrities have died and left behind estate planning disasters. The rest of us can learn some important lessons from the heartache, conflict, and struggles their loved ones were faced with as [Read more…]
What Happens to Your Retirement Account When You Die?
There was a time in the United States, not all that long ago, when a worker could count on an employer-sponsored pension coupled with Social Security retirement benefits to fund a comfortable retirement. Those days, however, are gone. Social security retirement benefits have failed to keep pace with inflation and lifetime employment is now a rarity, forcing most workers to fund their own retirement. Consequently, many people have at least one retirement account. If you have one, you may be wondering exactly what happens to your retirement account when you die. Retirement Account Basics Faced with the need to plan [Read more…]
How Does Long-Term Care Threaten My Assets?
Estate planning, when done well, combines a variety of inter-related goals and objectives into one cohesive plan. Ensuring that your estate assets are distributed according to your wishes at the end of your life is likely a primary goal. Protecting those assets over the course of your lifetime, however, should also be one of your estate planning goals if you want to be certain there will be assets left to distribute after you are gone. One of the threats to your assets that you may not have considered is the very real possibility that you (or a spouse) will need [Read more…]
Do I Have to Pay Taxes on Money from an Irrevocable Trust?
One of the most popular estate planning tools is a trust, due in large part to the numerous and varied estate planning goals that can be furthered using a trust. If you are considering the addition of a trust to your estate plan, you will need to decide what type of trust you need, who to appoint as the Trustee, and ensure that you understand the tax implications of your trust. For example, do you have to pay taxes on money from an irrevocable trust? Trust Basics A trust is a relationship whereby property is held by one party for [Read more…]
Planning for the Impact of Estate Taxes
A successful estate plan will focus on more than just the distribution of your estate assets when you are gone. It will also help protect and grow those assets while you are alive and ensure that you and your loved ones are secure throughout the course of your lifetime and beyond. One specific thing you need your estate plan to do is to protect your estate from git and estate taxes that could be levied on your estate after your death. The Lincolnshire asset protection lawyers at Hedeker Law, Ltd. explain how to plan for the impact of estate taxes. [Read more…]
What Type of Trust Protects Assets?
You may already recognize the need to have a comprehensive estate plan in place. That plan, however, should accomplish more than just directing the distribution of your estate assets after you are gone. In order for you to have any assets left to distribute, for example, you must protect the assets you acquire over the course of your lifetime. You may have heard that trusts are frequently used to protect assets. What type of trust protects assets though? Why Is Protecting Your Assets Necessary? If you take a minute to stop and consider the issue, you will quickly realize that [Read more…]
When Is a Revocable Trust the Best Choice?
Your initial estate plan probably consisted of little more than a Last Will and Testament. Over the years, you have hopefully recognized the need for a more extensive and comprehensive plan to protect your growing family and estate. Among the most common additions to a growing estate plan is a trust. Deciding which type of trust you need, however, can be a complicated undertaking. The estate planning attorneys at Hedeker Law, Ltd. offer some guidelines that may help you understand how Waukegan revocable trusts fit into your overall estate plan. Understanding Trusts Originally, trusts were used almost exclusively by wealthy [Read more…]
Moonwalker Sues Children for Misuse of Finances
Even if you are not old enough to actually remember the first moon landing, you have undoubtedly heard about it, which means you know the name Buzz Aldrin. Aldrin was a member of the Apollo 11 crew that landed the first two humans on the moon, joining Neil Armstrong on the lunar surface in July 1969. Now, at the age of 88, he has filed a lawsuit against his own children claiming, among other things, that they are misusing his finances. Celebrity stories such as Aldrin’s lawsuit serve as a wake-up call for anyone who has yet to include incapacity [Read more…]
