Although a Last Will and Testament remains the most common estate planning document, trust agreements have increased in popularity over the last several decades to the point where even a fairly simple estate plan may now include a trust. If you are contemplating the addition of a trust to your estate plan, the most important step you can take to ensure the success of your trust is to work closely with an experienced trust attorney during the creation of your trust. In the meantime, however, you may find the following tips for creating a trust beneficial as you contemplate your [Read more…]
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Lincolnshire Probate Court Basics
Although you may wish it were otherwise, there is a very good chance that you will be directly involved with the probate court at some point during your life. Even if you manage to avoid any direct involvement with probate court while you are alive, you should still have a basic understanding of the court because it will help you when you are creating your own estate plan. If you are a resident of Lincolnshire, Illinois, you will likely find the following Lincolnshire probate court basics to be a valuable resource. What Type of Matter Does the Lincolnshire Probate Court [Read more…]
Do All Estates Need to Be Probated in Illinois?
The average person knows very little about the probate process and has likely never even needed to go to court for any type of legal matter. When a family member or close loved one passed away then, the prospect of probating the estate can sound overwhelming. Moreover, what most people have heard about probate is likely not flattering given what a cumbersome and time-consuming process probate can be. If you find yourself facing the potential need to probate an estate, you may wonder if all estates need to be probated in Illinois. What Is Probate and Why Would You Want [Read more…]
10 Most Common Probate Mistakes
When a loved one passes away, most people experience a period of deep emotions during which they do not want to be bothered with the practical legal ramifications of their loved one’s death. If you were named as the Executor of the estate of a recently departed loved one, however, you must deal with those practical and legal issues as part of your job as the Executor. Keep in mind that the decedent had a considerable amount of faith in your ability to keep a level head and do a good job administering his/her estate. To help you, the Waukegan [Read more…]
What You Need to Know about Gift and Estate Taxes
Working hard, saving regularly, and investing wisely will certainly ensure that you amass a moderate to large estate; however, if you fail to protect the assets that make up your estate your beneficiaries will ultimately lose out in the end. One of the most potentially devastating threats to your estate assets is the federal gift and estate tax. The Lincolnshire asset protection planning attorneys at Hedeker Law, Ltd. explain what you need to know about gift and estate taxes in order to protect your hard-earned assets. Federal Gift and Estate Tax Basics The federal gift and estate tax is effectively [Read more…]
Can a Beneficiary Be a Trustee of an Irrevocable Life Insurance Trust?
Trusts have become an extremely popular addition to the average estate plan in recent decades. In fact, trusts have evolved to the point where there is a specialized trust to fit almost any estate planning goal. One such trust is an irrevocable life insurance trust, or ILIT. If you are considering the inclusion of an ILIT in your estate plan, you may be wondering if a beneficiary can also be the Trustee of an Irrevocable Life Insurance Trust. What You Need to Know about Trusts A trust is a relationship whereby property is held by one party for the benefit [Read more…]
Celebrity Estate Planning Lessons – Aretha Franklin
No matter how reluctant we all are to admit it, most of us are fascinated with celebrities – especially when that celebrity is of the caliber of Aretha Franklin. The Queen of Soul offers us all yet another lesson in the importance of estate planning by passing away without even a Last Will and Testament in place. Her estate highlights many of the reasons why dying intestate should be avoided. The Queen of Soul Is Gone Aretha Franklin died on August 16, 2018 after years of battling pancreatic cancer. The Queen of Soul was surrounded by family and friends at [Read more…]
Inheritance Planning Goals
If you are one of the millions of Americans who have yet to create an estate plan, there is no time like the present to get started. Like many of your fellow procrastinators, you probably have not started on your plan yet because you don’t know how to get started. Inheritance planning sounds easy enough when you are contemplating your plan; however, it becomes much more complex and confusing when you actually sit down to try and get started. This is one of the many reasons why you should work closely with an experienced inheritance planning attorney when you do [Read more…]
What Is the Difference between a Will and a Living Will?
Like most people, you probably have a fairly good idea of what a Last Will and Testament is and the purpose it serves within an estate plan. You may also have heard of a “Living Will,” but you may not be certain what a Living Will does nor whether you should have one. Knowing the difference between a Will and a Living Will is crucial to deciding if you need either, or both, in your Illinois estate plan. Do I Need a Will, a Living Will, or Both? Although the terms are frequently used interchangeably, they do not refer to [Read more…]
What Is Legacy Wealth Planning?
When most people think about estate planning, they focus on creating a plan that will ensure their assets are passed down according to their wishes at the end of their life. Take a moment though to think about the things you really want to pass down to future generations. Is it really just tangible assets you want to pass on to your children and grandchildren? What about the intangible ideals, philosophies, and beliefs that make you who you are? Aren’t those equally important – if not more important – to pass down? Legacy wealth planning is designed to help ensure [Read more…]
