If you find yourself facing an Alzheimer’s diagnosis it can be very easy to feel as though you have lost control of your future. Sometimes, focusing on the steps that need to be taken in the aftermath of a diagnosis can provide you with a focus and may help you feel like you are doing something to take back that lost control. With that in mind, the Lincolnshire elder law attorneys at Hedeker Law, Ltd. discuss some steps you should take after an Alzheimer’s diagnosis. What Is Alzheimer’s Disease? According to the Alzheimer’s Foundation of America (AFA), Alzheimer’s disease is [Read more…]
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If I Contest a Will, How Do I Prove Lack of Testamentary Capacity?
If you recently lost a family member or loved one and you are concerned about the Last Will and Testament that has been introduced for probate, one option is to initiate a Will contest. In the State of Illinois, you must allege (and eventually prove to be successful) legal grounds on which the Will could be declared invalid. One of the most frequently used grounds is “incapacitation,” more commonly referred to as “lack of testamentary capacity.” How do you prove that the Testator lacked the necessary capacity to execute his/her Will? Litigating a Will contest often involved complex legal arguments [Read more…]
What Is a Spendthrift Trust?
During the creation of your estate plan, you will likely be required to make numerous decisions. Some of those decisions may not be easy to make and some may require you to be brutally honest with yourself. Such is the case when one of your beneficiaries falls into the “spendthrift” category. Once you have admitted that a loved one has a problem handling money, you must then decide how to handle that revelation within your estate plan. A Waukegan living trust attorney at Hedeker Law, Ltd. explains how a spendthrift trust may provide a solution that does not put your [Read more…]
Why Do I Need a Pour-Over Will If I Have a Family Wealth Trust?
While a basic Last Will and Testament can accomplish the distribution of your entire estate after your death, you will likely choose to incorporate more sophisticated estate planning tools into your estate plan as your estate grows over the years. For example, at some point, you may choose to establish a Family Wealth Trust to use as your primary method of distributing your estate. One mistake you do not want to make, however, is eliminating a Will completely from your overall estate plan. Instead, you should continue to include a Pour-Over Will in your comprehensive estate plan even if your [Read more…]
Create a Pet Trust for National Pet Week
The first full week of May is designated as National Pet Week in the United States. There are a number of ways you can help celebrate and bring attention to the needs of pets during the celebratory week. If you have a pet that you consider part of the family, National Pet Week is also a great time to sit down with your estate planning attorney and incorporate your pet into your estate plan if you have yet to do so. Doing so ensures that your pet will not be overlooked if something happens to you in the future. National [Read more…]
Can I Reject an Inheritance?
Although most people won’t openly admit it, when a family member passes away they start contemplating a possible inheritance. That is not to say that they don’t also grieve the loss of their loved one; however, the reality is that the decedent’s estate will go through probate and the assets will be distributed to the named beneficiaries. It is only natural to wonder if you are one of them if you are an immediate family member or close loved one of the decedent. What do you do though, if you don’t want the inheritance? Can you reject an inheritance? The [Read more…]
Inheritance Planning Starts Earlier than You Thought
When you hear people talk about the need for inheritance planning or estate planning you may be under the common misperception that you need to have an actual inheritance built up before the need to create a plan arises. In reality, however, inheritance planning should start much earlier than you likely thought. In fact, it is never to early to get started on your inheritance plan because a well thought out plan will do much more than just govern the distribution of the inheritance you will eventually leave behind. A Waukegan inheritance planning attorney at Hedeker Law, Ltd. explains why [Read more…]
What Is Family and Business Succession Planning?
Family owned and operated businesses dominated the landscape and the economy in the United States at one time. The Industrial Revolution, however, started the family business on the path to obscurity. After decades of decline, family businesses are rebounding once again in the United States. If you own a family business, the Lincolnshire family and business succession planning attorneys at Hedeker Law, Ltd. explain how to protect your financial interest in that business. Owning a Family Business Although a family business operates in essentially the same way as any other business, there are unique challenges a family business tends to [Read more…]
QTIP Trust Requirements
Creating a successful estate plan often requires you to make use of a wide range of inter-related estate planning tools and documents. Important events over the course of your life may also necessitate changes and revisions to your existing estate plan. For example, if you divorce and subsequently remarry, you may find yourself trying to figure out how to achieve two seemingly disparate estate planning goals – providing for your current spouse and protecting assets earmarked for your children from the previous marriage. Fortunately, a specialized type of trust known as a Qualified Terminable Interest Property, or QTIP trust may [Read more…]
Factors to Consider When Choosing a Trustee
Like many people, you may find yourself incorporating a trust into your overall estate plan. If so, you will need to make a number of decisions during the creation of that trust. Among the most important of those decisions will be deciding who to appoint as the Trustee of your trust. The Trustee contributes greatly to the success, or failure, of a trust which is why care should be taken when choosing a Trustee. The Lincolnshire trust administration lawyers at Hedeker Law, Ltd. offer some good factors to consider when choosing your Trustee. What Is a Trust? A trust is [Read more…]
