A living trust is not far behind a Last Will and Testament in terms of popularity as an estate planning tool. If you are contemplating the inclusion of a living trust into your estate plan, or you find yourself to be the beneficiary of a living trust, you may have a number of questions about how the trust works. For example, you may want to know how the trust terminates. The Lincolnshire living trust attorneys at Hedeker Law, Ltd. explain when and how a living trust terminates. What Is a Living Trust? The person who creates a trust is referred [Read more…]
Is an AB Trust Right for My Estate Plan?
The federal gift and estate tax is effectively a tax on the transfer of wealth that is collected from your estate after you die. Every estate is potentially subject to federal gift and estate taxes. In addition, a handful of states, including Illinois, also impose a state-level estate tax. Collectively, gift and estate taxes can significantly diminish the value of the estate you pass down to loved ones which is why many people choose to incorporate tax avoidance tools and strategies into their overall estate plan. A Waukegan estate planning attorney at Hedeker Law, Ltd. explains how an AB trust [Read more…]
Don’t Forget to Name a Successor Trustee
Trusts have become an extremely popular estate planning tool over the years. Today, even a relatively simple plan will likely include a basic trust agreement. If your estate includes a trust, you will need to appoint someone to be the Trustee of that trust. What you may not have thought about doing yet, however, is to also appoint a successor Trustee. A Waukegan trust attorney at Hedeker Law, Ltd. explains why appointing a successor Trustee is so important if you have included a trust in your estate plan. What Is a Trust? First, it is important to have a firm [Read more…]
Can Out of State Property Be Transferred into My Trust?
When you create your initial estate plan, it may consist of nothing more than a Last Will and Testament. As the years go by, however, and your estate grows, you will likely expand that initial plan. Consequently, you will probably choose to incorporate more sophisticated estate planning tools and strategies into your plan. One of the most common additions to a comprehensive estate plan is a trust agreement. You can fund that trust using a wide range of assets. You may wonder though about transferring out of state property into your trust. The Lincolnshire estate planning attorneys at Hedeker Law, [Read more…]
Can I Change the Beneficiary of an Irrevocable Trust?
Given how popular trusts are, there is a very good chance that you will create a trust at some point in your lifetime. If the trust is an irrevocable living trust you may wonder if it is ever possible to make changes to the trust. Specifically, you may decide down the road that you wish to change the beneficiary of your irrevocable trust. Can you do that? The Waukegan irrevocable trust attorneys at Hedeker Law, Ltd. discuss when and how you can make changes to an irrevocable trust. Understanding Trust Basics A trust is a relationship whereby property is held [Read more…]
Trust Administration Checklist
One of the most important decisions made during the creation of any trust is deciding who to appoint as the Trustee of the trust. While many factors will contribute to the success, or failure, of a trust, the choice of Trustee will be among the most significant of those factors. If you were recently notified that someone appointed you to be the Trustee of a trust, and you have never before acted as a Trustee, you are probably feeling overwhelmed and unsure where to start. To help you get started in your job of Trustee, the Waukegan trust administration attorneys [Read more…]
Questions to Ask Yourself When Creating a Living Trust
One of the most popular additions to the average estate plan is a living trust. One reason that living trusts are so commonly found in an estate plan is that they are extremely flexible, meaning they can help achieve a wide range of estate planning goals. If you are considering the addition of a living trust to your estate plan, the Waukegan living trust attorneys at Hedeker Law Ltd. suggest you ask yourself the following questions when creating your trust. What is your trust purpose? A living trust can be used to achieve numerous estate planning goals. Before you sit [Read more…]
QTIP Trust Requirements
Creating a successful estate plan often requires you to make use of a wide range of inter-related estate planning tools and documents. Important events over the course of your life may also necessitate changes and revisions to your existing estate plan. For example, if you divorce and subsequently remarry, you may find yourself trying to figure out how to achieve two seemingly disparate estate planning goals – providing for your current spouse and protecting assets earmarked for your children from the previous marriage. Fortunately, a specialized type of trust known as a Qualified Terminable Interest Property, or QTIP trust may [Read more…]
How Can I Use a Trust for Charitable Gifts?
If philanthropy is important to you in your everyday life, you will likely want to include charitable gifts in your estate plan as well. While you can make charitable gifts in your Will, there are a number of reasons why making gifts in your Will is not the best option. Instead, many people choose to use a trust for their charitable gifting. The Lincolnshire trust lawyers at Hedeker Law Ltd. explain how a trust can be used for charitable gifts. What Is a Trust? A trust is a legal relationship that entails property being held by one party for the [Read more…]
Living Trusts and Probate
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…]