At one time, trusts were predominantly used by wealthy families as a vehicle by which the family wealth could be passed down without incurring a tax obligation on the transfer of wealth. The tax laws have since changed to prevent a trust being used in that way; however, trusts are now more popular than ever. In fact, it is becoming increasingly common to find a trust in the estate plan of the average person. Although there are numerous different specialty trusts that help accomplish a wide range of estate planning goals, all trusts have one thing in common – the [Read more…] The post During Trust Administration, Can a Trustee Be Removed or Replaced? appeared first on Hedeker Law.
When you think about estate planning, you likely think about devising a plan for the distribution of your estate assets after your death. Traditional estate planning does just that; however, you may want to pass down more than just your material wealth. What about intangible concepts such as your values, beliefs, ideals, and your faith that may have helped guide you over the course of your lifetime? Don’t you want to pass those down to future generations as well? With that in mind, a Vernon Hills legacy planning attorney asks you: “What legacy do you want to leave behind?” Traditional [Read more…] The post Vernon Hills Legacy Planning Attorney Asks You : What Legacy Do You Want to Leave Behind? appeared first on Hedeker Law.
One of the most common tools used when creating a comprehensive estate plan is a trust agreement. Most people are familiar with the concept of a trust; however, the details can be a bit murky. If you are considering the use of a trust in your estate plan, deciding on which type of trust is best for your needs and goals is the first step toward incorporating a trust into your plan. Although it is always best to consult with your Illinois estate planning attorney before you make a firm decision about the type of trust you need, it may [Read more…] The post Trust Attorneys Types of Trusts Explained appeared first on Hedeker Law.
You have probably listened to well-meaning friends and family members tell you how important it is for you to have at least a basic estate plan in place. If you are like over half of all Americans, you have yet to create a plan despite listening to their well-intentioned advice. Sometimes, the best way to impress upon someone the importance of doing something is to explain what will happen if they don’t do it. With that in mind, the Lincolnshire probate attorneys at Hedeker Law, Ltd. explains what happens to an estate if there is no Last Will and Testament. [Read more…] The post Lincolnshire Probate Attorneys Explain What Happens to an Estate If There Is No Will appeared first on Hedeker Law.
Inheritance planning is something that every adult should think about and discuss with an experienced estate planning attorney. For the parents of minor children, however, inheritance planning takes on a heightened importance for several reasons. Although no parent wants to dwell on the possibility that something could take them away from their children, the reality is that death or incapacity could do just that at any time and without warning. If you have minor children, and you have yet to focus on inheritance planning, now is the time to gets started. What Is Inheritance Planning? The term “inheritance planning” is [Read more…] The post Inheritance Planning for Parents with Minor Children appeared first on Hedeker Law.
Although thinking about your own death, and the subsequent funeral and burial, may not be something you enjoy doing, it is wise to do so as part of your comprehensive estate plan. Including a funeral planning component in your estate plan ensures that your wishes are honored when the time comes and protects your loved ones from having to make difficult decisions during a time of heightened emotions and increased stress. One estate planning tool often included in a funeral component is a funeral an Irrevocable Life Insurance Trust (ILIT), often referred to as a funeral or burial trust. The [Read more…] The post Vernon Hills Trust Attorneys Explain Funeral and Burial Trusts appeared first on Hedeker Law.
Estate planning, when done properly, involves a number of inter-related goals and objectives that all come together in one cohesive plan. Although the primary reason for your estate plan might be to ensure that your estate assets are distributed according to your wishes after you are gone, that is likely not your only goal. In addition, there are a number of other considerations that can have a direct impact on that goal. For example, have you considered the impact your estate’s liquidity will have on your overall estate plan? To ensure that you do, the estate planning lawyers at Hedeker [Read more…] The post Estate Planning Lawyers Explain Why Estate Liquidity Is So Important appeared first on Hedeker Law.