A well rounded and comprehensive estate plan is likely to have at least one trust in the plan. One reason trusts are so commonly found within estate plans is the numerous and varied goals a trust can help achieve. You may, for example, have created a trust to help you with your overall goal of asset protection. Now, several years later, you want to change the Trustee of that trust. As a Lincolnshire asset protection trusts attorney at Hedeker Law, Ltd. explains, you cannot change the Trustee of your asset protection trust which is why appointing the right Trustee when [Read more…]
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Reports Confirm that Health Workers Fail to Report Suspected Elder Abuse
Elder abuse is a growing problem in the United States – and one that potentially impacts all of us. One of the biggest obstacles to prosecuting perpetrators of elder abuse is the simple fact that the majority of victims do not report the abuse. Efforts have been made to encourage health care workers to be on the lookout for signs of elder abuse and report their suspicions to the appropriate authorities, similar to the reporting requirements for suspected child abuse cases. Unfortunately, however, recently published reports confirm that health workers are failing to report suspected elder abuse. The research, conducted [Read more…]
Who Can Make the Decision Whether Someone Is Incapacitated in Illinois?
Like most people, you probably focus on the disposition of your estate assets following your death when you contemplate your estate plan. Planning for after you are gone is certainly one important aspect of estate planning; however, it is not the only reason to have an estate plan in place. In fact, planning for the possibility that you will become incapacitated is equally as important. To help you plan for the possibility of your own incapacity, the Waukegan incapacity planning attorneys at Hedeker Law, Ltd. explain how incapacity is defined and who can make the decision whether you are incapacitated [Read more…]
Can I Change the Beneficiary of an Irrevocable Trust?
Given how popular trusts are, there is a very good chance that you will create a trust at some point in your lifetime. If the trust is an irrevocable living trust you may wonder if it is ever possible to make changes to the trust. Specifically, you may decide down the road that you wish to change the beneficiary of your irrevocable trust. Can you do that? The Waukegan irrevocable trust attorneys at Hedeker Law, Ltd. discuss when and how you can make changes to an irrevocable trust. Understanding Trust Basics A trust is a relationship whereby property is held [Read more…]
Trust Administration Checklist
One of the most important decisions made during the creation of any trust is deciding who to appoint as the Trustee of the trust. While many factors will contribute to the success, or failure, of a trust, the choice of Trustee will be among the most significant of those factors. If you were recently notified that someone appointed you to be the Trustee of a trust, and you have never before acted as a Trustee, you are probably feeling overwhelmed and unsure where to start. To help you get started in your job of Trustee, the Waukegan trust administration attorneys [Read more…]
Top 5 Retirement Destinations for Ex-Pats
Thinking of retiring outside the United States? If so, you are certainly not alone. The ex-pat communities throughout the world are numerous, and growing larger every year. Living abroad during your “Golden Years” can certainly be enjoyable; however, to make sure it is safe and economical you need to do your homework well ahead of time. To help you, the retirement planning attorneys at Hedeker Law, Ltd. discuss the top five retirement destinations for ex-pats, according to International Living magazine. The Global Retirement Index While there is certainly no shortage of opinions when it comes to the best countries in [Read more…]
Who Should Be Designated as the Successor Trustee for My Revocable Living Trust
A revocable living trust is one of the most common additions to a comprehensive estate plan. If you decide to incorporate a revocable living trust (RLT) into your estate plan you will need to appoint a Trustee. Often Settlor (creator) of an RLT is also the Trustee. If you decide to appoint yourself as the Trustee, you will still need to appoint a successor Trustee. Deciding who to appoint as the successor Trustee of your revocable living trust is often a much more important decision that you may realize. What Is a Revocable Living Trust? Trusts can be broadly divided [Read more…]
Questions to Ask Yourself When Creating a Living Trust
One of the most popular additions to the average estate plan is a living trust. One reason that living trusts are so commonly found in an estate plan is that they are extremely flexible, meaning they can help achieve a wide range of estate planning goals. If you are considering the addition of a living trust to your estate plan, the Waukegan living trust attorneys at Hedeker Law Ltd. suggest you ask yourself the following questions when creating your trust. What is your trust purpose? A living trust can be used to achieve numerous estate planning goals. Before you sit [Read more…]
How Do I Talk to My Parents about Some of the Issues of Aging?
For most adult children, it is not easy to watch their parents age. The physical and/or mental deterioration that often comes with the aging process can cause a parent to become vulnerable in the eyes of an adult child. As a consequence of those changes, a role reversal of sorts often occurs. The adult child becomes the protector to the parent and the parent becomes dependent on the child. For some adult children, a parent may reach the point where those physical and mental changes make it unsafe for the parent to live alone, unsupervised. At that point, long-term care [Read more…]
Do I Need to Be Wealthy to Benefit from a Family Wealth Trust?
When you initially sit down to create an estate plan, a Last Will and Testament may be all you need to ensure that you don’t leave behind an intestate estate in the event of your death. A Will can distribute your entire estate; however, as your estate and your family both expand, you may find that a Will is no longer sufficient to meet all your estate planning needs. At that point, you may decide to incorporate a Family Wealth Trust into your estate plan. Despite the name, a Family Wealth Trust is not only for the wealthy, as explained [Read more…]
