Ultimately, the success, or failure, of your estate plan won’t be clear until it comes time to probate your estate. Creating a successful estate plan requires you to consider a wide range of inter-related goals and objectives. One of those is the impact federal (and sometimes state) gift and estate taxes will have on your estate. Failing to factor in estate taxes when creating your estate plan could result in a significant tax obligation that must be paid when your estate goes through the probate process. The Lincolnshire probate attorneys at Hedeker Law, Ltd. help you decide if your estate [Read more…] The post Lincolnshire Probate Attorneys Help You Decide If Your Estate Will Be Taxed appeared first on Hedeker Law.
If you have a Last Will and Testament in place, you undoubtedly executed your Will as a way to ensure that your wishes with regard to the disposition of your estate assets would be honored after you are gone. Unfortunately, even a flawlessly drafted and properly executed Will cannot ensure that loved ones won’t challenge your Will. There are, however, some steps you can take to decrease the likelihood of litigation during the probate of your estate. Including a no contest clause in your Will is a simple, yet often effective, option. The probate attorneys at Hedeker Law, Ltd. explain [Read more…] The post Probate Attorneys Explain a No Contest Clause appeared first on Hedeker Law.
When asked, most people will admit to understanding the importance of having an estate plan in place as well as understanding the purpose of an estate plan. Despite this, over half of all Americans do not have a plan in place. One of the most commonly given reasons for the lack of planning boils down to the simple fact that estate planning is a rather mysterious concept that can be intimidating for the uninitiated. In an effort to encourage more people to get started with their estate plan by taking some of the mystery out of the process, the estate [Read more…] The post What Estate Planning Attorneys Want You to Know appeared first on Hedeker Law.
Although every person who creates an estate plan has a unique set of needs and objectives in mind, a common estate planning goal is probate avoidance. There are several reasons why avoiding probate is so desirable, including the desire to save both time and money as well as a wish to keep the details of your estate plan private. If probate avoidance is one of your estate planning goals, the Lincolnshire probate attorneys at Hedeker Law, Ltd. explain some common strategies to help you better understand how you can reach that goal. What Is Probate and Why Might I Want [Read more…] The post Lincolnshire Probate Attorneys Explain Probate Avoidance Strategies appeared first on Hedeker Law.
The odds are very good that you will be required to oversee the probate of an estate at some point in your life. If that time is now because someone close to you recently passed away, and you have never before served as a Personal Representative, you are likely feeling a little intimidated by the prospect. In addition, if you are still grieving the loss of your loved one it can be difficult to focus on your job as Personal Representative. To help you get started and provide some direction, the probate attorneys at Hedeker Law, Ltd. have put together [Read more…] The post Step by Step Guide by Probate Attorneys appeared first on Hedeker Law.
Because of the numerous and varied estate planning goals a trust can help achieve, it is very common to see at least one trust agreement in the average estate plan. One thing that all trusts have in common is the need for a Trustee to administer the trust. The Trustee is appointed by the Settlor (the creator of the trust) at the time the trust is established. If you have been appointed the Trustee of a trust, and have never before served as a Trustee, you will soon find that a Trustee has a wide range of duties and responsibilities. [Read more…] The post Waukegan Trust Administration Attorneys Warn against Pitfalls appeared first on Hedeker Law.
For many people, one of the primary reasons for creating an estate plan is to ensure that the assets they spend a lifetime accumulating are distributed according to their wishes at the time of death. If that applies to you then there is something else you need to also consider in your estate plan – asset protection. Unless you protect the assets you own, there won’t be anything left to pass down to your intended beneficiaries at the end of your life. A trust can be an excellent asset protection tool if it’s the right type of trust. The asset [Read more…] The post Asset Protection Attorneys Explain Why the Type of Trust You Create Is Important appeared first on Hedeker Law.