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How to Handle a Beneficiary with a Drug Problem in Your Estate Plan

For most people, inheritance planning focuses on the distribution of estate assets after death. As such, when you create your plan you will need to decide which assets to gift to which beneficiary. What do you do, however, if you have a beneficiary, who has a drug or alcohol addiction? Is gifting them assets from your estate akin to throwing those assets down the proverbial drain? If the beneficiary in question is your child, completely disinheriting your child may not be an option; however, neither is squandering the assets you spent a lifetime working to acquire an option. The Lincolnshire [Read more…] The post How to Handle a Beneficiary with a Drug Problem in Your Estate Plan appeared first on Hedeker Law.

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…] The post What Are the Advantages and Disadvantages of a Living Trust? appeared first on Hedeker Law.

Estate Planning for Parents of Young Children — Why You Need a Trust

Taking the time to create a comprehensive estate plan is important for every adult; however, once you become a parent it takes on a heightened importance. Naturally, as a parent, you want to make sure your child is well cared for in the event that something happens to you. You should consult with an experienced estate planning attorney to decide what specific components you need in your plan now that you are a parent. The Waukegan trust attorneys at Hedeker Law, Ltd, however, explain why a common addition for parents of young children is a trust. Why Your Last Will [Read more…] The post Estate Planning for Parents of Young Children Why You Need a Trust appeared first on Hedeker Law.

Can a Family Limited Partnership Help Protect the Family Business Assets?

For many people, starting a small business is a dream come true. If you are one of those people, and you hope to one day pass down your business to the next generation, planning ahead is the key. Sadly, many family businesses do not successfully make the transition from one generation to the next because the matriarch or patriarch failed to plan for the transfer of ownership. There are a number of strategies you can use to transfer your business down to the next generation, including a Family Limited Partnership. A Family Limited Partnership, or FLP, is a type of [Read more…] The post Can a Family Limited Partnership Help Protect the Family Business Assets? appeared first on Hedeker Law.

Asset Protection Planning — Protecting against Divorce

No one enters into a marriage planning for the marriage to end. The reality, however, is that about half of all first marriages do end in divorce in the United States. The divorce rate is even higher for second, and subsequent, marriages. If you have significant and/or sentimental assets, and you are planning to marry, you need to take steps to protect those assets against the possibility of divorce. You can do that by including asset protection planning in your comprehensive estate plan. How Does Divorce Threaten Your Assets? When you are deeply in love and seeing life through the [Read more…] The post Asset Protection Planning Protecting against Divorce appeared first on Hedeker Law.

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…] The post Trust Benefits Avoiding a Lump Sum Inheritance appeared first on Hedeker Law.

Survey Gauges American’s Feelings on Robot Caregivers for the Elderly

As you may already know, the number of older Americans (defined as age 65 and older) has been increasing at a heretofore unseen pace in recent years. In fact, experts tell us that the number of Americans is projected to more than double from 46 million today to over 98 million by 2060, and the 65-and-older age group s share of the total population will rise to nearly 24 percent from 15 percent. For the first time in recorded history, the older population in the U.S. will outnumber its younger counterpart (those age 21 and younger). The increase in older Americans [Read more…] The post Survey Gauges American’s Feelings on Robot Caregivers for the Elderly appeared first on Hedeker Law.