Like most people, you likely have a vague notion of what the probate process entails and why it is required, but you probably don’t know much more than that. Why would you, after all, if you have never had reason to be directly involved in the probate of an estate? There is a very good chance, however, that you will be involved in the probate of an estate at some point in your life, making at least a basic understanding of probate essential. Moreover, you should learn as much as possible about probate so that you can incorporate that knowledge [Read more…]
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Probate Attorneys Explain Why Probate Avoidance Is a Common Estate Planning Goal
Although your initial estate plan may be fairly simplistic, it will likely grow as both your estate and your family grow. As such, you will need to decide what additional estate planning goals and objectives you wish to add to your plan. A common estate planning goal you may wish to consider is probate avoidance. To help you decide if probate avoidance should be part of your estate plan, the probate attorneys at Hedeker Law, Ltd. explain why probate avoidance is a common estate planning goal. What Is Probate? Most people leave behind an estate when they die. That estate [Read more…]
Waukegan Trust Administration Attorneys Answer Top 5 Questions
Because a comprehensive estate plan should accomplish a wide range of estate planning goals and objectives, the average estate plan will include a variety of estate planning tools and strategies aimed at achieving those goals and objectives. One of the most common estate planning tools is a trust. Though once used almost exclusively by wealthy families to keep the family wealth in the family, trusts are now commonly found in the estate plan of the average person. Given how common it is to find a trust in an estate plan, it should come as no surprise that it is also [Read more…]
Trust Administration Mistakes to Avoid
One of the most common additions to a comprehensive estate plan is a trust agreement. Once used almost exclusively by the wealthy as a mechanism by which they could pass down the family fortune to succeeding generations, trusts are now frequently found in the average person’s estate plan and are used to accomplish a multitude of estate planning goals. Although every trust agreement is unique, one thing all trusts have in common is a Trustee who is charged with administering the trust agreement. Appointed by the Settlor (creator of the trust), a Trustee has a wide range of duties and [Read more…]
Lincolnshire Asset Protection Lawyers Explain the Difference between a Revocable and an Irrevocable Trust
When you contemplate your estate plan, your focus is likely on creating a plan that ensures your loved ones will be cared for after you are gone. Executing a Last Will and Testament is one way to pass down assets that will provide for your loved ones in your absence; however, there must be assets left to pass down for that to work. The estate you work so hard to build up while you are alive can only help those you leave behind if your estate assets survive long enough to do so. It is for this reason that many [Read more…]
Asset Protection Attorneys Explain the Need for Incapacity Planning
Estate planning, when done properly, should accomplish a wide range of inter-related goals. While the distribution of your estate assets at the end of your life will remain part of your estate plan, additional goals should be included as well to create a comprehensive estate plan. Protecting the assets that you acquire over the course of your lifetime, for example, should be a primary goal so that you have something left to pass down to your loved ones after you are gone. The asset protection attorneys at Hedeker Law, Ltd., explain why incapacity planning can help you protect your assets. [Read more…]
Illinois Nurse Awarded $5 Million for Being Fired after Reporting Abuse at Nursing Home
Anyone who has a parent, or other elderly loved one, in a nursing home is aware that nursing home abuse and neglect is a serious concern in the United States. As the population of older Americans continues to swell, the spotlight on nursing home abuse grows as well. One of the biggest problems with identifying nursing home abuse is that the administration often fears the sanctions and reprisals that follow the admission of a violation, frequently causing them to close ranks and operate under a veil of silence. Consequently, workers are often scared to speak out when they observe abuse [Read more…]
Asset Protection Attorneys Explain How to Protect Your Children’s Inheritance
For many people, the primary purpose of creating an estate plan is to ensure that the assets they spent a lifetime acquiring are passed down to their children when they are gone. If this applies to you, it is imperative that you recognize the need to protect those assets throughout the course of your lifetime so they remain a part of your estate at the time of your death. To help you, the asset protection attorneys at Hedeker Law Ltd. explain how to protect your children’s inheritance now so it can be passed down later. Estate Planning Goals Although every [Read more…]
Do I Need a Living Trust Lawyer to Create a Simple Trust?
When it comes to the subject of estate planning, most people acknowledge the need to have an estate plan in place; yet, over half of all Americans do not have one. Of the many reasons people offer for why they have yet to create an estate plan, a lack of both time and money top the list. Without a doubt, the average American lives a busy life and finding the time to consult with an attorney may be difficult. It is also true that going the “Do-It-Yourself (DIY)” route saves money that would otherwise be spent on an attorney. You [Read more…]
Waukegan Probate Attorneys Explain the Probate Process
At some point in your life, you will likely be directly involved in the probate of an estate. That may be because you were named as the Executor of the estate of a family member or loved one who recently passed away, or you might be the beneficiary of an estate. Even if you manage to avoid being involved in the probate process as an Executor or beneficiary, you still need at least a basic understanding of the probate process so that you can properly plan your own estate. Toward that end, the Waukegan probate attorneys at Hedeker Law Ltd. [Read more…]
