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…]
Asset Protection Planning for Seniors
When you think about the priorities in your estate plan, you likely think about the need to ensure that your loved ones are provided for in your absence. That causes you to focus on creating a plan to distribute your estate assets according to your wishes. While it is always important to focus on how your estate assets will be passed down to loved ones, it is equally important to incorporate tools and strategies in your estate plan that help to protect those assets while you are alive. Many of the basic asset protection concepts apply to anyone who wishes [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 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…]
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. 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…]
Asset Protection Planning for Seniors
If you are entering your “Golden Years” you have probably spent several daces of your life working hard, saving, and investing wisely in order to accumulate sufficient assets to live comfortably during your retirement years. If all goes well, you may even have assets left over to pass down to future generations. While you may finally be able to kick back and stop worrying about making money, do not make the mistake of thinking you no longer have to worry about protecting the money you already made. Asset protection planning should always be a component of a comprehensive estate plan, [Read more…]
How Does Long-Term Care Threaten My Assets?
Estate planning, when done well, combines a variety of inter-related goals and objectives into one cohesive plan. Ensuring that your estate assets are distributed according to your wishes at the end of your life is likely a primary goal. Protecting those assets over the course of your lifetime, however, should also be one of your estate planning goals if you want to be certain there will be assets left to distribute after you are gone. One of the threats to your assets that you may not have considered is the very real possibility that you (or a spouse) will need [Read more…]
Planning for the Impact of Estate Taxes
A successful estate plan will focus on more than just the distribution of your estate assets when you are gone. It will also help protect and grow those assets while you are alive and ensure that you and your loved ones are secure throughout the course of your lifetime and beyond. One specific thing you need your estate plan to do is to protect your estate from git and estate taxes that could be levied on your estate after your death. The Lincolnshire asset protection lawyers at Hedeker Law, Ltd. explain how to plan for the impact of estate taxes. [Read more…]
What Type of Trust Protects Assets?
You may already recognize the need to have a comprehensive estate plan in place. That plan, however, should accomplish more than just directing the distribution of your estate assets after you are gone. In order for you to have any assets left to distribute, for example, you must protect the assets you acquire over the course of your lifetime. You may have heard that trusts are frequently used to protect assets. What type of trust protects assets though? Why Is Protecting Your Assets Necessary? If you take a minute to stop and consider the issue, you will quickly realize that [Read more…]