Most people start off their estate plan with fairly simple goals that can be accomplished using nothing more than a Last Will and Testament. That plan, however, will likely need to be reviewed and expanded upon as the family and the estate grow over the years. If you find yourself in a position where it is time to expand upon your basic estate plan, you may be considering the addition of a trust as part of that expansion. If you will be creating a trust for the first time, it is important for you to learn as much as possible [Read more…] The post Waukegan Trust Administration Attorneys Explain Trust Basics appeared first on Hedeker Law.
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.
A comprehensive estate plan will typically include a wide variety of estate planning tools and strategies that help achieve the various inter-related estate planning goals and objectives within the plan. One of those tools is a trust. Although once used almost exclusively by wealthy families as a way to pass down the family wealth without paying taxes on the transfer of wealth, trusts are now found in even the most simple of estate plans. If you plan to include a trust in your estate plan, you will need to appoint a Trustee to administer the trust. A common mistake people [Read more…] The post Trust Administration Questions to Ask Yourself When Appointing a Trustee appeared first on Hedeker Law.
Creating a comprehensive estate plan may involve the use of a wide variety of estate planning tools and strategies. One of the most popular of those tools is a trust. Creating a trust can help achieve numerous goals, including incapacity planning, asset protection, and protecting a minor’s inheritance. Although trusts can differ in many ways, one common denominator is the need to appoint a Trustee to oversee the administration of the trust. If you were recently informed that you are the Trustee of a trust, you may be feeling a bit intimidated by your new position if you are a [Read more…] The post Can a Trust Attorney Help Me with Trust Administration? appeared first on Hedeker Law.
Your Last Will and Testament will likely serve as the cornerstone of your estate plan; however, if you create a more comprehensive plan, you will undoubtedly include additional estate planning tools and strategies. One of the most common of those estate planning tools is a trust agreement. Trusts have become increasingly popular in recent years due, in large part, to the flexible nature of the trust and the numerous estate planning goals that can be achieved using a trust. If you are contemplating the addition of a trust to your estate plan, be sure to avoid making a common mistake [Read more…] The post Lincolnshire Trust Administration Lawyers Offer Tips for Choosing a Trustee appeared first on Hedeker Law.