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.
For the average person, becoming a parent is a life-changing event. Everything is viewed in a different light once you are a parent. Your estate planning goals and objectives are no exception to that general rule. In fact, estate planning takes on a heightened importance when you are the parent of a minor child. Although the urgency that you feel regarding the need to have an estate plan in place may give way to a less urgent desire to keep your estate planning current once your children reach the age of majority, the common thread for all parents is the [Read more…] The post Asset Protection Attorneys Explain How to Protect Your Children s Inheritance appeared first on Hedeker Law.
The process of estate planning frequently requires you to focus on, and contemplate, some scenarios, possibilities, and eventualities that are less than pleasant to consider. Your own immortality, after all, is at the heart of your estate plan. If you are married, you may also have discussed the likelihood that one of you will outlive the other. The thought of your spouse remarrying after your death may be an emotional subject matter; however, it can also have a very significant financial impact as well that you need to be aware of, and plan for, in your estate plan. Asset protection [Read more…] The post Asset Protection Trusts Can They Protect My Assets If My Spouse Remarries after I Die? appeared first on Hedeker Law.
The average person spends a lifetime working hard to amass enough assets to live comfortably during retirement and have something left to pass down to children and other loved ones at the end of their life. If this describes you, it is important that you understand the need to protect the assets you have already acquired and will acquire in the future. Although you may be aware of some common threats to your assets, there are likely other threats of which you are unaware. One way you may be able to protect your hard-earned assets is by incorporating Lincolnville asset [Read more…] The post Lincolnville Asset Protection Trusts Are Your Assets Safe? appeared first on Hedeker Law.
Have you worked hard over the course of your lifetime to acquire the assets you now own? Do you save prudently and invest wisely to ensure that those assets are available for your retirement years and to pass down to loved ones when you are gone? If so, you also need make sure you are aware of the numerous ways in which those assets might be at risk. Moreover, you need to incorporate asset protection strategies into your estate plan to ensure that your assets are safe. To get you started, the Vernon Hills asset protection attorneys at Hedeker Law, [Read more…] The post Vernon Hills Asset Protection Attorneys Discuss How Your Assets May Be at Risk appeared first on Hedeker Law.
If you are married, you undoubtedly wish to protect, and provide for, your spouse in your estate plan. To do that, you also need to ensure that your estate assets are protected within your estate plan first. Specifically, you need to be aware of the impact federal gift and estate taxes could have on your estate if you fail to include tax avoidance strategies and tools in your comprehensive estate plan. Protecting and providing for your spouse within your estate plan becomes a bit more complicated when your spouse is a non-citizen. One tool people often use in this situation [Read more…] The post Lincolnshire Asset Protection Attorneys Explain How a QDOT Trust Works appeared first on Hedeker Law.
As both your assets and your family grow, your estate plan should grow with them. You will soon find that a simple Last Will and Testament is not sufficient to meet all of your estate planning needs and goals. One of the most common additions to an estate plan is a trust agreement. The type of trust you establish will depend on your goals and objectives. If you are married to a foreign national, or non-citizen, your estate planning attorney may suggest that you include a Qualified Domestic Trust, or QDOT. Only your Illinois estate planning attorney can help you decide [Read more…] The post Lincolnshire Asset Protection Attorneys Explain How a QDOT Trust Works appeared first on Hedeker Law.