After a Last Will and Testament, a trust is one of the most common additions to a well-rounded estate plan. If you decide to add a trust to your estate plan, you will need to decide which type of trust to create. To decide which type of trust you should create you need to have a better understanding of how different types of trusts can help you. For example, the Illinois trust attorneys at Hedeker Law, Ltd. explain why you might need an irrevocable living trust. Testamentary vs. Living Trusts All trusts are broadly divided into two categories – testamentary [Read more…]
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Asset Protection Strategies for Small Business Owners
When the owner of a small business fails to plan ahead, it dramatically increases the likelihood that the business will fail to successfully transition to the next generation. One common cause of that failure is federal gift and estate taxes. When the business owner dies, all of the business assets are subject to taxation because they remain part of his/her estate. All too often, assets necessary to the survival of the business must be liquidated just to cover the tax bill. Failing to plan ahead remains problematic even if the owner does not plan to pass the business down because [Read more…]
Avoiding Probate in Illinois
When you create your estate plan, you will likely have several inter-related estate planning goals in mind. By far, one of the most common of those goals is avoiding probate. Fortunately, careful estate planning on your part can result in your estate avoiding probate when the time comes to administer your estate. Why Is Avoiding Probate Desirable? The assets you won at the time of your death make up your estate. Unless you make plans to avoid it, your estate will be required to go through the legal process known as “probate” following your death. Although the probate process is [Read more…]
What Can I Do If the Trustee is Unresponsive?
One of the most common additions to a comprehensive estate plan is a trust. In fact, people frequently choose to use a trust instead of a Last Will and Testament to distribute the majority of their estate assets after they are gone. If you are a named beneficiary in a trust it means that you are entitled to benefit from the assets held in the trust. The Trustee of the trust is responsible for distributing those assets according to the terms of the trust as created by the Settlor (the person who established the trust). What can you do, however, [Read more…]
What Is Administration of the Trust?
One of the most popular additions to a comprehensive estate plan is a trust. A trust is an extremely flexible estate planning tool that can help accomplish a wide range of objectives, from protecting the inheritance of a minor child to paying for your funeral and burial after you are gone. Every trust must have a Trustee whose overall job is to administer the trust. Whether you are considering incorporating a trust into your estate plan or you find yourself named as the trustee of a trust, knowing what is involved in the administration of the trust is crucial. Administering [Read more…]
Choose Your Fiduciaries Carefully
Estate planning is a very complex undertaking and one that never really reaches a conclusion. You will likely continue to make changes to your estate plan right up to the end of your life. One of the most important aspects of estate planning is choosing people for the fiduciary roles within your plan. This is also an area where people frequently make mistakes. A Waukegan trust administration attorney from Hedeker Law, Ltd. explains the importance of choosing your fiduciaries carefully when creating, or updating, your estate plan. What Is a Fiduciary? The law defines a fiduciary as “a person who [Read more…]
Make Updating Your Estate Plan Your New Year Resolution
Creating a well thought out and comprehensive estate plan is one of the most valuable gifts you can give to your loved ones, and to yourself for that matter! A successful estate plan can do so much more than just dictate how your assets will be distributed when you are gone. It can also do things such as plan for the possibility of incapacity, protect your assets, and provide for minor children if something happens to you. For your estate plan to work as you want it to, it needs to be updated from time to time to ensure that [Read more…]
What Is an Incentive Trust?
To create a successful estate plan that will truly accomplish everything you want it to, you will likely need to incorporate a wide range of interconnected estate planning tools and strategies into your plan. One of the most common additions to a comprehensive estate plan is a trust. There are several different categories of trusts and numerous specialized trusts within each category. The Lincolnshire living trust attorneys at Hedeker Law, Ltd. explain the basics of an incentive trust and discuss why you might include one in your estate plan. Trust Fundamentals A trust is a relationship whereby property is held [Read more…]
When Should I Start Receiving Social Security Retirement Benefits?
If you are getting close to retirement age, you have a number of important decisions you will need to make in the near future if you have not yet made them. Will you relocate to a new state or even country when you retire or remain where you are? Should you downsize or buy your dream house for your “Golden Years?” Is now the time to cash in on long-term investments or should you hold onto them for a while longer? One of the most important of these decisions, however, is whether you should delay your Social security retirement benefits. [Read more…]
Estate Planning for the Blended Family
In the United States, the divorce rate has hovered around 50 percent for some time now. Consequently, blended families that result from second (or subsequent) marriages have all but become the norm in the U.S. While estate planning is important for anyone with a family, it takes on a heightened importance if you are part of a blended family. The Waukegan estate planning attorneys at Hedeker Law, Ltd. offers some tips to help you with your estate plan if you are part of a blended family. Estate Planning Concerns for the Blended Family Before divorce became commonplace, traditional estate planning [Read more…]
