At some point in your life, you will likely be directly involved in the probate of an estate. That may be because you were named as the Executor of the estate of a family member or loved one who recently passed away, or you might be the beneficiary of an estate. Even if you manage to avoid being involved in the probate process as an Executor or beneficiary, you still need at least a basic understanding of the probate process so that you can properly plan your own estate. Toward that end, the Waukegan probate attorneys at Hedeker Law Ltd. [Read more…] The post Waukegan Probate Attorneys Explain the Probate Process appeared first on Hedeker Law.
If you have a valid Last Will and Testament in place, the odds are good that your appointed someone very close to you (spouse, adult child, best friend) to be the Executor of your estate. While that choice isn’t always a poor one, it often is. The problem is that most people do not really know what probate entails. As such, they give very little thought to the appointment of their Executor when, in fact, your Executor will directly and usually significantly impact how your estate is handled after you are gone. To ensure that your estate is handled as [Read more…] The post Lincolnshire Estate Planning Lawyers Explain the Role of Executor appeared first on Hedeker Law.
For many people, owning a small business is part and parcel of the American Dream. If you are one of those people, and you have worked hard to make that dream a reality, it is imperative that you also take steps to protect the business you have created and nurtured. Not only must you protect that business from a wide variety of potential threats during your lifetime, but you must also include your business in your estate plan to ensure that it successfully makes the transition to the next generation or that your loved ones receive the fair market value [Read more…] The post Can an Asset Protection Lawyer Protect My Business? appeared first on Hedeker Law.
Estate planning, when done correctly, should accomplish more than just deciding how you want your estate assets to be distributed when you are gone. It should also protect and help grow your assets while you are alive and plan for those assets to help provide for loved ones after your death. One important factor in accomplishing those goals is the impact gift and estate taxes will have on your estate. To help you understand that impact, the Waukegan estate planning attorneys at Hedeker Law Ltd. explain gift and estate taxes. What Is the Federal Gift and Estate Tax? The federal [Read more…] The post Waukegan Estate Planning Attorneys Explain Gift and Estate Taxes appeared first on Hedeker Law.
Probate avoidance is one of the most common estate planning goals. Given the time and expense involved in probating an estate, it is not surprising that many people try to set up their estate plan in a way that avoids probate altogether. A common tool used when trying to avoid probate is a revocable living trust. If you recently lost a loved one who left behind a living trust, you may be wondering if you need a trust attorney to help you settle the trust. In most cases, the answer is “yes.” There are, however, several factors that you should [Read more…] The post Do I Need a Trust Attorney to Settle a Living Trust? appeared first on Hedeker Law.
Most people understand that having an estate plan in place is important. Despite acknowledging this, less than half of all Americans actually have a plan. If you are among those who have taken the time to create your estate plan, you are a step ahead of many of your friends and neighbors. More importantly, you can rest easy knowing that you, your loved ones, and your assets are all protected. Or can you? If you created your plan several years ago, and you have not updated your plan since it was created, it may not provide you the level of [Read more…] The post Lincolnshire Estate Planning Attorneys Remind You to Update Your Plan appeared first on Hedeker Law.
Although you may not realize it, one of the most important aspects of creating your estate plan is appointing the right people to fill the fiduciary positions within your plan. In fact, one of the most common reasons for an estate plan to fail to work as expected is choosing the wrong person for an important position within the plan. People frequently appoint a spouse, family member, or close friend to fiduciary positions based solely on the close relationship. The problem often lies in the fact that most people do not really know what these fiduciary roles entail nor the [Read more…] The post Estate Planning Lawyers Urge You to Choose Fiduciaries Wisely appeared first on Hedeker Law.