If your mother recently passed away, you are likely feeling overwhelmed with the emotional and practical aftermath of her passing. If you were named as the Executor of her Last Will and Testament, or you are the most likely person to handle the administration of her estate in the absence of a Will, you will undoubtedly want to avoid formal probate if possible. The only way to know with certainty that your mother’s estate can avoid formal probate is to consult with an experienced probate attorney. In the meantime, however, you may wish to learn more about ways in which [Read more…]
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Who Should Administer Your Child’s Inheritance Trust?
When you become a parent for the first time, estate planning takes on a heightened importance. Not only is their an increased need to leave assets behind to provide for your child if something were to happen to you, but care must also be taken in the manner in which those assets are left for your child. Even if you wanted to leave assets to your child directly, as a minor your child cannot legally inherit directly from your estate. For many parents, the answer is to leave a child’s inheritance in a trust. The Lincolnshire trust administration attorneys at [Read more…]
Honor Animal Safety Month with Pet Planning in Your Estate Plan
One way, among many, that Americans stand out is in our relationship with animals. In the United States, we consider our domestic animals to be part of the family. Consequently, we own more dogs and cats than any other country. We also spend a small fortune each year on taking care of, and often spoiling, our non-human family members. If you have a pet in your family, Animal Safety and Prevention Month, held each October, is a great time to incorporate pet planning into your estate plan to ensure your pet is taken care of should anything happen to you. [Read more…]
What Does an Asset Protection Lawyer Do?
If you hope to be able to pass down assets to loved ones after you are gone, you must first ensure that the assets you accumulate over the course of your lifetime are protected. Â To do this, you may benefit from the assistance of an asset protection lawyer. An asset protection lawyer will help you recognize any potential threats to your assets and assist you in devising strategies to address those threats. While some of those threats are well-known, you will likely find that there are also unknown threats to your assets that you must include in your asset protection [Read more…]
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…]
What Are Living Trusts Used For?
When the topic of estate planning comes up, there are some terms that you are likely to hear discussed. The purpose of a Last Will and Testament, for example, is sure to come up at some point. Another common estate planning tool is a living trust. What are living trusts used for though? Before you can decide if a living trust should be added to your estate plan, you need to know the answer to that question. Understanding Trusts A trust is a separate legal entity that owns and holds property for the benefit of one or more beneficiaries. All [Read more…]
What Are Living Trusts Used For?
When the topic of estate planning comes up, there are some terms that you are likely to hear discussed. The purpose of a Last Will and Testament, for example, is sure to come up at some point. Another common estate planning tool is a living trust. What are living trusts used for though? Before you can decide if a living trust should be added to your estate plan, you need to know the answer to that question. Understanding Trusts A trust is a separate legal entity that owns and holds property for the benefit of one or more beneficiaries. All [Read more…]
Who Can Contest a Will in Illinois?
Handling the emotional aftermath that follows the death of a loved one is not an easy task. As a survivor, you may go through all the stages of grief, including anger and denial before reaching acceptance. It can be even harder to accept the death of a loved one when you have questions and concerns about their last days, weeks, or months. What can you do if those concerns cause you to question the Last Will and Testament left behind by your loved one? The Lincolnshire estate planning lawyers at Hedeker Law, Ltd. explain who can contest a Will in [Read more…]
When Is Probate Not Necessary in Illinois?
If you recently lost a family member, you are undoubtedly going through a period of grief as a result of your loss. Along with the emotional impact your loved one’s death will have on you, you may also be faced with handling the legal ramifications of the decedent’s death. If you were appointed by the decedent to be the Executor of his/her Last Will and Testament, or the family is looking to you to take charge in the absence of a Will, it will be up to you to handle the legalities involved in distributing the decedent’s estate. Typically, that [Read more…]
Who Should I Appoint as the Trustee of My Living Trust?
Like many people, you may have decided to incorporate a living trust into your comprehensive estate plan. If so, you will need to make some important decisions during the creation of your trust that will directly impact the success, or failure, of your trust. Among the most important of those decisions is your choice of a Trustee. To help you choose the best Trustee for your trust, the Waukegan living trusts attorney at Hedeker Law, Ltd. discuss some of the factors that should be considered when selecting a Trustee. Trust Fundamentals A trust is a separate legal entity that owns [Read more…]
