You have worked hard over the course of your lifetime to build up your assets. You have also invested those assets wisely and prudently in an effort to grow your fortune. Now you need to make sure the assets you have accumulated are not at risk. The Waukegan asset protection planning lawyers at Hedeker Law, Ltd. explain how your assets might be at risk and how to protect them from those risks. Risks to Your Assets Unfortunately, the average person is unaware of the numerous and varied ways in which his/her assets might be at risk. While some risks are [Read more…]
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How Can I Use a Trust for Charitable Gifts?
If philanthropy is important to you in your everyday life, you will likely want to include charitable gifts in your estate plan as well. While you can make charitable gifts in your Will, there are a number of reasons why making gifts in your Will is not the best option. Instead, many people choose to use a trust for their charitable gifting. The Lincolnshire trust lawyers at Hedeker Law Ltd. explain how a trust can be used for charitable gifts. What Is a Trust? A trust is a legal relationship that entails property being held by one party for the [Read more…]
Seniors Beware of Scams Following Floods
In light of the recent devastating floods throughout the Midwest, government agencies and other senior advocates are warning the elderly to be on the lookout for scam artists and others who profit off of the misery of others. When the floodwaters recede, authorities expect the predators to come out in droves. If you are a senior, or you have a senior loved one, you must be vigilant about checking identities and references of anyone claiming to offer assistance or offering to do repairs to your home or property. Sadly, after a natural disaster such as the recent floods, home-repair swindlers [Read more…]
Learn More about Medicaid Planning during Older Americans Month
Over the last several decades, the population of older Americans has increased at a historic rate. One significant factor in the unprecedented growth is the aging of the Baby Boomer generation, the oldest members of which began entering their retirement years in 2011. By 2030, experts tell us that one in five Americans will be retirement age. The U.S. Census Bureau expects the population aged 65 and older to nearly double from 43.1 million in 2012 to 83.7 million in 2050. For the first time in history, the number of older adults (age 65 and older) is expected to outnumber [Read more…]
What Does It Mean to Be a Guardian for an Adult?
At some point in your life, you may be faced with the deteriorating mental capacity of a parent or other loved one. This frequently happens during what is best described as a role reversal between an aging parent and adult child. The parent who has been your caregiver, your rock, for as far back as you can remember begins to appear weak and vulnerable – and in need of a caregiver. Because you may find yourself facing the decisions to petition for guardianship over a parent, the Waukegan estate planning attorneys at Hedeker Law, Ltd. explain what it means to [Read more…]
Are There Alternatives for Managing Property When a Person Becomes Incapacitated?
Your estate plan can – and should – do more than simply devise a plan for distributing your assets after you are gone. One of the most important secondary goals of any comprehensive estate plan is planning for the possibility of incapacity. As part of your incapacity plan, you will undoubtedly want to decide how your property and other assets will be managed if you suffer a period of incapacity. Incapacity Can Happen to You You may equate the possibility of becoming incapacitated with old age. While it is true that the risk of becoming incapacitated increases noticeably as you [Read more…]
Is An Inherited IRA Taxable to the Beneficiary?
As employer-sponsored pensions started to go by the wayside in the latter half of the 20th century, workers started to craft their own retirement plans. Often, those plans included an Individual Retirement Account (IRA). If the owner of an IRA dies, the person(s) designated as the beneficiary inherits the funds held in the account. If you are that beneficiary, you undoubtedly want to know if an inherited IRA is taxable to the beneficiary. What Happens to an IRA When the Account Owner Dies? When a participant in a retirement plan dies, benefits the participant would have been entitled to are [Read more…]
Using a Living Trust to Help Pay College Expenses for Your Grandchildren
One of the many benefits to being a grandparent is that you get to pick and choose which expenses you wish to help with and how much you wish to contribute – if at all – to the care and maintenance of your grandchildren. Most of the time, grandparents are who you turn to for the “extras,” which allows grandparents to spoil the grandkids. One common expense that many grandparents choose to help with is the high cost of a college education. If you are planning to contribute to your grandchildren’s college expenses, the Waukegan living trust attorneys explain why [Read more…]
What Is the Difference between Estate Planning and Legacy Planning?
You are probably already familiar with the concept of estate planning. In fact, you (hopefully) already have an estate plan in place. What you may not be as familiar with though is the concept of legacy planning. Legacy planning is an opportunity to take your existing estate plan to the next level and leave behind more of yourself than just the assets you accumulated over the course of your lifetime. Traditional Estate Planning vs. Legacy Planning If you already have an estate plan in place, the good news is that you can incorporate legacy planning into that existing plan without [Read more…]
Estate Planning Checklist
Most people understand how important it is to have an estate plan in place; however, many of those same people don’t have one. This perplexing disparity can often be explained by focusing on the simple fact that estate planning is confusing to the beginner. if you have never before created an estate plan you undoubtedly don’t know where to begin. To help get you started, the Lincolnshire estate planning attorneys at Hedeker Law, Ltd. have put together a basic estate planning checklist to help you get started with your estate plan. Checklist for the Estate Planning Beginner Creating a successful [Read more…]
