If you recently lost someone close to you, the grieving process is likely still a big part of your life. At some point, you will learn the contents of the Last Will and Testament executed by your loved one. What do you do if something about that Will doesn’t sound right? What do you do if you believe the Will doesn’t reflect your loved one’s wishes? More specifically, what if you think someone else influenced your loved one during the execution of that Will? The Lincolnshire estate planning attorneys at Hedeker Law, Ltd. explain what is required to prove undue [Read more…]
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Rumors Spark Renewed Interest in Richard Pryor Estate Battle
When Richard Pryor passed away in 2005, the world lost one of its funniest – and most controversial – comedians. As is often the case when a large estate is involved, Pryor’s death triggered a family feud that was ignited again recently following comments made about Pryor by Quincy Jones. Whether you agree with the outcome of the litigation or not, the facts and circumstances that led to the litigation provide some valuable estate planning lessons for all of us. Quincy’s Comments The latest round of feuding between Richard Pryor’s widow and his daughter followed comments made by Quincy Jones [Read more…]
What Happens When You Die Without a Will in Illinois?
You have undoubtedly been told by well-meaning friends and family member how important it is to execute a Last Will and Testament. Unless you understand why that is so important, however, you may lack sufficient motivation to get started on your Will. Knowing what happens if you die without a Will in the State of Illinois should prompt you to get started on your estate plan today. What Is a Last Will and Testament? A Last Will and Testament is a legal document that allows the Testator (the person creating the Will) to communicate his/her final wishes with regard [Read more…]
Can a Will Be My Entire Estate Plan?
When most people think about the concept of estate planning, they focus first on executing a Last Will and Testament. This isn’t surprising given that a Will is by far the most common and most recognized of all estate planning tools. As such, a Will frequently serves as the foundation of a more comprehensive estate plan; however, can a Will be your entire estate plan? The estate planning attorneys at Hedeker Law, Ltd. explain when a simple Will is enough and when you need more than just a Will. Your Last Will and Testament A Will is a legal document [Read more…]
How to Handle a Beneficiary with a Drug Problem in Your Estate Plan
For most people, inheritance planning focuses on the distribution of estate assets after death. As such, when you create your plan you will need to decide which assets to gift to which beneficiary. What do you do, however, if you have a beneficiary, who has a drug or alcohol addiction? Is gifting them assets from your estate akin to throwing those assets down the proverbial drain? If the beneficiary in question is your child, completely disinheriting your child may not be an option; however, neither is squandering the assets you spent a lifetime working to acquire an option. The Lincolnshire [Read more…]
What Are the Advantages and Disadvantages of a Living Trust?
A living trust is a very popular addition to the average estate plan. In fact, you may be considering the addition of a living trust to your estate plan after listening to friends and/or family tout the benefits of including a trust in your estate plan. A trust certainly can be a beneficial estate planning tool that may help you achieve a wide range of goals. Before deciding if you should incorporate a living trust into your estate plan, however, you should be certain that you understand the advantages and disadvantages of a living trust. What Is a Trust? A [Read more…]
Estate Planning for Parents of Young Children — Why You Need a Trust
Taking the time to create a comprehensive estate plan is important for every adult; however, once you become a parent it takes on a heightened importance. Naturally, as a parent, you want to make sure your child is well cared for in the event that something happens to you. You should consult with an experienced estate planning attorney to decide what specific components you need in your plan now that you are a parent. The Waukegan trust attorneys at Hedeker Law, Ltd, however, explain why a common addition for parents of young children is a trust. Why Your Last Will [Read more…]
Can a Family Limited Partnership Help Protect the Family Business Assets?
For many people, starting a small business is a dream come true. If you are one of those people, and you hope to one day pass down your business to the next generation, planning ahead is the key. Sadly, many family businesses do not successfully make the transition from one generation to the next because the matriarch or patriarch failed to plan for the transfer of ownership. There are a number of strategies you can use to transfer your business down to the next generation, including a Family Limited Partnership. A Family Limited Partnership, or FLP, is a type of [Read more…]
Asset Protection Planning — Protecting against Divorce
No one enters into a marriage planning for the marriage to end. The reality, however, is that about half of all first marriages do end in divorce in the United States. The divorce rate is even higher for second, and subsequent, marriages. If you have significant and/or sentimental assets, and you are planning to marry, you need to take steps to protect those assets against the possibility of divorce. You can do that by including asset protection planning in your comprehensive estate plan. How Does Divorce Threaten Your Assets? When you are deeply in love and seeing life through 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…]
