As you may already know, the number of older Americans (defined as age 65 and older) has been increasing at a heretofore unseen pace in recent years. In fact, experts tell us that the number of Americans is projected to more than double from 46 million today to over 98 million by 2060, and the 65-and-older age group’s share of the total population will rise to nearly 24 percent from 15 percent. For the first time in recorded history, the older population in the U.S. will outnumber its younger counterpart (those age 21 and younger). The increase in older Americans [Read more…]
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Top Estate Planning Mistakes
Creating a well thought out estate plan is one of the best gifts you can give to yourself and to your loved ones. If you are new to estate planning, however, it is easy to make a mistake. In an effort to prevent you from making one of those mistakes, the Lincolnshire estate planning attorneys at Hedeker Law. Ltd. discuss the top estate planning mistakes. Waiting Too Long to Start Planning One of the biggest misconceptions when it comes to the need for estate planning is the idea that you need to reach a certain point in your life or [Read more…]
How to Use an Irrevocable Living Trust to Protect Assets
For most people, the primary goal of an estate plan is to ensure that their assets are passed down to help provide for loved ones upon their death. For those assets to be available to be passed down, however, they must also be protected over the course of your lifetime from a wide variety of threats. In fact, asset protection tools and strategies should be a routine part of any well thought out estate plan. The asset protection lawyers at Hedeker Law, Ltd. explain how you can use an irrevocable living trust to protect the assets that make up your [Read more…]
How to Use an Irrevocable Living Trust to Protect Assets
When you create your initial estate plan the focus will likely be on the distribution of your estate assets in the event of your unexpected death. As you mature, and your assets grow, you will likely want to add additional components to your estate plan to reflect the changes in your life and priorities. For example, if you now have a moderate to large estate, you need to start thinking about protecting your estate assets from a variety of potential threats. After all, if you fail to protect your estate assets during your lifetime there won’t be any left to [Read more…]
Probate Obstacles to Avoid
When a family member, or close loved one, passes away, the grieving process that follows often overwhelms the survivors. Focusing on even the most mundane of tasks can be difficult in the wake of a loss. If you were appointed as the Executor of the estate by the decedent, however, you must find a way to focus on the duties and responsibilities involved in probating the estate. To help prevent costly mistakes, the Lincolnshire probate attorneys at Hedeker Law Ltd. point out several common probate obstacles to avoid. Understanding the Probate Process Most people leave behind an estate when they [Read more…]
5 Reasons to Hire a Probate Attorney If You Are the Executor
Dealing with the loss of a family member or close loved one is never easy. If you were also notified that the decedent appointed you as the Executor of the estate, you are probably trying to handle both the grief that comes with losing a loved one and the pressure that comes with serving as an Executor. One way to make your life easier, and to ensure that you don’t make a costly mistake, is to hire a probate attorney to help you. Probate attorneys understand the numerous and varied duties and responsibilities of an Executor. Consider the following five [Read more…]
Tips for Gifting to Grandchildren
For many people, becoming a grandparent is one of the single most exciting, and joyful, moments of their life. Becoming a grandparent also yet another opportunity to influence the life of a child with the advantage of having previous experience. If you are a grandparent who dotes on the grandkids, the odds are good that you will also want to include your grandchildren as beneficiaries in your estate plan. When it comes to gifting to your grandchildren, you may wish to consider the following tips from the Waukegan estate planning attorneys at Hedeker Law, Ltd.: • Gift while you are [Read more…]
How Do I Know If I Need More than a Simple Will?
For most people, a Last Will and Testament is the first estate planning document they create. That Will may continue to serve as the foundation of their estate plan in the years to come, or it may be replaced as the foundation document by a trust agreement. For some people, a simple Will by itself is sufficient; however, most people find that they need more than just a simple Will at some point. How do you know when you have reached the point where a simple Will is no longer enough? The Lincolnshire estate planning lawyers at Hedeker Law, Ltd., [Read more…]
Celebrate Older Americans Month 2018 by Updating Your Estate Plan
Older Americans, defined as those age 65 and older, are by far the fastest growing segment of the American population. In fact, experts tell us that by the year 2050, the number of older Americans will exceed the number of younger Americans (age 21 and younger) for the first time in history. Each year, the month of May is designated as “Older Americans Month” in the U.S. and provides an opportunity to celebrate, get to know, and honor our older family members, friends, and neighbors. It also serves as a reminder to review and revise your estate plan if you [Read more…]
5 Ways Estate Planning Lawyers Can Help You
Hopefully, you recognize the need to have a comprehensive estate plan in place as well as the advantages to working with an experienced estate planning attorney during the creation of that plan. What you may not know, however, are the numerous and varied other ways that estate planning lawyers can help you. Learning some of the additional ways in which an estate planning lawyer can help you may be beneficial to you now and/or in the future. Trust Administration A trust is a relationship whereby property is held by one party for the benefit of another. A trust is created [Read more…]
