Hedeker Law

If you are someone who feels strongly about philanthropy, you probably make charitable gifting part of your everyday life. If so, why not carry on your charitable endeavors after you are gone as well. A Lincolnshire estate planning lawyer at Hedeker Law, Ltd. explains some common methods used to incorporate philanthropy into an existing estate plan. Is Philanthropy Important to You? If philanthropy is important to you now, why not make it part of the legacy you hand down to your loved ones when you are gone? Philanthropy can take many forms and can involve a wide range of beneficiaries. [Read more…]

Having at least a basic estate plan in place is one of the most valuable gifts you can give to your loved ones. Despite knowing this, a significant percentage of Americans do not have a plan. When asked to explain the apparent dichotomy, a common response is that estate planning is intimidating. One way to make estate planning less intimidating is to learn some of the basic terms and concepts. With that in mind, the Lincolnshire estate planning attorneys at Hedeker Law, Ltd. have created a list of estate planning terms you need to know. Administrator —Person named by the [Read more…]

The population of older Americans is the largest it has ever been – and experts tell us the number of seniors will continue to increase over the next couple of decades at least. The primary reason for the surge in the number of older Americans is the fact that members of the Baby Boomer generation are moving into their retirement years. One consequence of the historic size of the Baby Boomer generation is that they also have a historic amount of wealth that could be passed down to millennials – but not all experts think that will happen. As it [Read more…]

While every estate plan is as unique as the individual creating the plan, there are some common estate planning tools. Life insurance is one of those common tools. Young parents routinely purchase life insurance as a way to provide for minor children in the event something happens to them. A small business owner may purchase a policy to fund a buy-sell agreement while funeral planning often makes use of an irrevocable life insurance trust (ILIT). If you are considering the addition of a life insurance policy, the first thing you need to decide is what type of life insurance to [Read more…]

One of the most common explanations people offer for why they do not have an estate plan in place is that they simply do not know where or how to begin. Given the fact that most estate planning terms, concepts, and strategies are completely foreign to anyone outside of the law, this explanation is completely understandable. It is, however, important for every adult to have at least a basic estate plan in place. With that in mind, the Lincolnshire estate planning attorneys at Hedeker Law, Ltd. offer a brief explanation of the most common documents you might include in your [Read more…]

For most adult children, it is not easy to watch their parents age. The physical and/or mental deterioration that often comes with the aging process can cause a parent to become vulnerable in the eyes of an adult child. As a consequence of those changes, a role reversal of sorts often occurs. The adult child becomes the protector to the parent and the parent becomes dependent on the child. For some adult children, a parent may reach the point where those physical and mental changes make it unsafe for the parent to live alone, unsupervised. At that point, long-term care [Read more…]

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…]

Creating a comprehensive estate plan is something that every adult should consider a priority. If you already have your estate plan in place, you are ahead of the majority of Americans. That does not mean, however, that you can rest on your laurels. On the contrary, once you have an estate plan in place you must make sure that plan stays current because an out of date estate plan is almost as dangerous as the absence of a plan. Specifically, a Waukegan estate planning attorney at Hedeker Law, Ltd., urges you to keep your beneficiary designations current. Where Might You [Read more…]

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…]