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…]
Can a Married Couple Use Joint Tenancy until One Spouse Dies and then Set Up a Trust for the Survivor?
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…]
Why Might I Want to Create a Revocable Trust?
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…]
Why Do You Need an Irrevocable Living Trust?
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…]
What Is Administration of the Trust?
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…]
What Is an Incentive Trust?
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…]
Tips for Creating a Trust
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…]
Trust Benefits — Avoiding a Lump Sum Inheritance
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…]
Do I Have to Pay Taxes on Money from an Irrevocable Trust?
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…]
What Are the Advantages and Disadvantages of a Living Trust?
A living trust is a very popular addition to the average estate plan. In fact, you may be considering the addition of a living trust to your estate plan after listening to friends and/or family tout the benefits of including a trust in your estate plan. A trust certainly can be a beneficial estate planning tool that may help you achieve a wide range of goals. Before deciding if you should incorporate a living trust into your estate plan, however, you should be certain that you understand the advantages and disadvantages of a living trust. What Is a Trust? A [Read more…]