If you have a valid Last Will and Testament in place, the odds are good that your appointed someone very close to you (spouse, adult child, best friend) to be the Executor of your estate. While that choice isn’t always a poor one, it often is. The problem is that most people do not really know what probate entails. As such, they give very little thought to the appointment of their Executor when, in fact, your Executor will directly and usually significantly impact how your estate is handled after you are gone. To ensure that your estate is handled as [Read more…]
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Can an Asset Protection Lawyer Protect My Business?
For many people, owning a small business is part and parcel of the American Dream. If you are one of those people, and you have worked hard to make that dream a reality, it is imperative that you also take steps to protect the business you have created and nurtured. Not only must you protect that business from a wide variety of potential threats during your lifetime, but you must also include your business in your estate plan to ensure that it successfully makes the transition to the next generation or that your loved ones receive the fair market value [Read more…]
Waukegan Estate Planning Attorneys Explain Gift and Estate Taxes
Estate planning, when done correctly, should accomplish more than just deciding how you want your estate assets to be distributed when you are gone. It should also protect and help grow your assets while you are alive and plan for those assets to help provide for loved ones after your death. One important factor in accomplishing those goals is the impact gift and estate taxes will have on your estate. To help you understand that impact, the Waukegan estate planning attorneys at Hedeker Law Ltd. explain gift and estate taxes. What Is the Federal Gift and Estate Tax? The federal [Read more…]
Do I Need a Trust Attorney to Settle a Living Trust?
Probate avoidance is one of the most common estate planning goals. Given the time and expense involved in probating an estate, it is not surprising that many people try to set up their estate plan in a way that avoids probate altogether. A common tool used when trying to avoid probate is a revocable living trust. If you recently lost a loved one who left behind a living trust, you may be wondering if you need a trust attorney to help you settle the trust. In most cases, the answer is “yes.” There are, however, several factors that you should [Read more…]
Lincolnshire Estate Planning Attorneys Remind You to Update Your Plan
Most people understand that having an estate plan in place is important. Despite acknowledging this, less than half of all Americans actually have a plan. If you are among those who have taken the time to create your estate plan, you are a step ahead of many of your friends and neighbors. More importantly, you can rest easy knowing that you, your loved ones, and your assets are all protected. Or can you? If you created your plan several years ago, and you have not updated your plan since it was created, it may not provide you the level of [Read more…]
Estate Planning Lawyers Urge You to Choose Fiduciaries Wisely
Although you may not realize it, one of the most important aspects of creating your estate plan is appointing the right people to fill the fiduciary positions within your plan. In fact, one of the most common reasons for an estate plan to fail to work as expected is choosing the wrong person for an important position within the plan. People frequently appoint a spouse, family member, or close friend to fiduciary positions based solely on the close relationship. The problem often lies in the fact that most people do not really know what these fiduciary roles entail nor the [Read more…]
Lincolnshire Probate Attorneys Explain What Happens When Someone Contests a Will?
The death of a loved one is typically followed by a period of grieving and an outpouring of emotions on the part of the family and close friends. By necessity, it is also followed by the legal process referred to as “probate” during which time the decedent’s estate is administered and estate assets are ultimately transferred to the new owners. Although probate can be full of bumps and minor obstacles along the way, it is normally a relatively uneventful process. Occasionally, however, the probate process can turn into a contentious legal battle as a result of a challenge to the [Read more…]
A Living Trust Attorney Explains How to Modify a Trust
Though once thought of as only benefitting the wealthiest among us, trusts are now commonly used by the average person to accomplish a wide range of estate planning goals. In fact, you may find that you incorporate more than one trust into your comprehensive estate plan as your plan grows over the years. You may also find that you want to make changes, or modify, a trust that you created some time ago. You may be surprised to learn that modifying a trust is often easier than making changes to your Last Will and Testament; however, if the proper steps [Read more…]
Waukegan Trust Administration Attorneys Explain Trust Basics
Most people start off their estate plan with fairly simple goals that can be accomplished using nothing more than a Last Will and Testament. That plan, however, will likely need to be reviewed and expanded upon as the family and the estate grow over the years. If you find yourself in a position where it is time to expand upon your basic estate plan, you may be considering the addition of a trust as part of that expansion. If you will be creating a trust for the first time, it is important for you to learn as much as possible [Read more…]
When Should Inheritance Planning Start?
Inheritance planning, also referred to more broadly as “estate planning,” is something that everyone should engage in at some point. One of the biggest questions – and biggest misconceptions—relates to exactly when inheritance planning should start. In fact, among the most common mistakes people make is putting off the creation of an inheritance plan because they are under the (mistaken) impression that they do not need one yet. To help you avoid making the same mistake with your estate and your future, the estate planning attorneys at Hedeker Law, Ltd., explain when inheritance planning should begin for everyone. What Is [Read more…]
