WAEstate

Although your initial estate plan will likely be fairly simple, at some point in time you will likely update that plan to account for your growing estate and/or family. That will likely mean the addition of estate planning tools and strategies that will help you manage your estate assets and protect both your assets and the people you love. One of the tools you may consider adding to your plan is a living trust. Understanding the relationship between living trusts and probate may help you decide if a living trust is right for your estate plan. Why You Might Need [Read more…]

We have all been taught from a young age that having a Last Will and Testament in place is imperative. We are also all taught that a Will can be used to leave an inheritance behind for our children.  While it remains important to have a Will in place, and it is true that a Will can be used to gift assets to your children, the Lincolnshire estate planning attorneys at Hedeker Law, Ltd. explain why a trust is often the better choice for passing down an inheritance to your children. How Does a Trust Work? All trusts are fundamentally the [Read more…]

Estate planning often requires you to consider a number of inter-related goals at the same time. It also frequently involves the use of numerous tools and strategies to help achieve those goals. For a married couple, one of the most common estate planning concerns is ensuring that ownership of real property transfers seamlessly upon the death of one spouse. Along those lines, a common question married couples ask is “Can a married couple use joint tenancy until one spouse dies and then set up a trust for the survivor?” Understanding Joint Ownership in Illinois Almost any type of asset can [Read more…]

  When the subject of estate planning comes up, creating a trust almost inevitably becomes part of the discussion. The reason for this is simple – trusts are flexible enough that numerous estate planning goals can be furthered using one of the various types of trusts. If you are unfamiliar with trusts, it will help to get a better idea why you might want to create a Waukegan revocable trust. What Is a Revocable Trust? A trust is a fiduciary legal arrangement that allows a third party, referred to as a Trustee, to hold assets on behalf of a beneficiary [Read more…]

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…]

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…]

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…]

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…]

If you are fortunate enough to have amassed a decent sized estate over the course of your lifetime, you may plan to pass some, or all, of that estate down to your children and/or other loved ones. The conventional method used to pass down assets is gifting them through a Last Will and Testament. What happens, however, if you are concerned about handing a beneficiary a sizeable inheritance all at one time? The Lincolnshire trust lawyers at Hedeker Law, Ltd. explain how using a revocable living trust allows you to avoid passing down a lump sum inheritance. Why Would a [Read more…]

One of the most popular estate planning tools is a trust, due in large part to the numerous and varied estate planning goals that can be furthered using a trust.  If you are considering the addition of a trust to your estate plan, you will need to decide what type of trust you need, who to appoint as the Trustee, and ensure that you understand the tax implications of your trust. For example, do you have to pay taxes on money from an irrevocable trust? Trust Basics A trust is a relationship whereby property is held by one party for [Read more…]