Owning a small business has long been part of the American dream. If you have realized that part of your American dream, it undoubtedly took a great deal of hard work and sacrifice to get your business off the ground. Now you need to make sure your investment is protected. One way to do that is to include business succession planning in your comprehensive estate plan. If you are not familiar with the concept of business succession planning, there is no time like the present to learn. Toward that end, the Vernon Hills estate planning attorneys at Hedeker Law Ltd. [Read more…] The post Vernon Hills Estate Planning Attorneys Explain the Need for Business Succession Planning appeared first on Hedeker Law.
In the United States, over half of all adults do not have an estate plan in place, despite understanding the importance of having a plan. When asked about why they have yet to create their estate plan, one of the most commonly given responses is that the entire concept is intimidating. This is understandable given the fact that most estate planning concepts and terms are not used outside of estate planning. In an effort to introduce you to some of those concepts and terms, the Lincolnshire estate planning lawyers at Hedeker Law, Ltd. put together the following five frequently asked [Read more…] The post Lincolnshire Estate Planning Lawyers Answer 5 Common Questions appeared first on Hedeker Law.
The idea of sitting down and creating an estate plan can be rather intimidating if you know next to nothing about estate planning. It should come as no real surprise then that over half of all Americans have yet to create an estate plan despite recognizing the importance of having one in place. In an effort to remove some of the mystery out of the estate planning process, the Lincolnshire estate planning lawyers at Hedeker Law Ltd. have provided answers to five of the most commonly asked estate planning questions. If you have specific questions or concerns about your own [Read more…] The post Lincolnshire Estate Planning Lawyers Answer 5 Common Questions appeared first on Hedeker Law.
Your estate plan will likely be among the most important set of legal documents you create and execute over the course of your lifetime. When properly drafted, an estate plan can not only create the framework for the distribution of your estate assets when you are gone, but protect and grow those assets during your lifetime as well as ensure that loved ones are provided for in the event that something happens to you. To help ensure that your estate plan is a success, the Lincolnshire estate planning attorneys at Hedeker Law, Ltd. have created the following list of common [Read more…] The post Lincolnshire Estate Planning Attorneys Discuss Common Mistakes to Avoid appeared first on Hedeker Law.
Are you one of the millions of Americans who has yet to create an estate plan? If so, you are not alone. Surveys tell us that although most people understand the need to have an estate plan in place, over half of all Americans do not have one. People offer a number of explanations for their lack of an estate plan, most of which boil down to not knowing how or where to start with their estate plan. The Lincolnshire estate planning lawyers at Hedeker Law, Ltd. have seen first-hand the confusion that follows when someone becomes incapacitated or dies [Read more…] The post Lincolnshire Estate Planning Lawyers Offer Tips for Getting Started on Your Estate Plan appeared first on Hedeker Law.
Comprehensive estate planning requires you to think about much more than simply who you want to receive your estate assets when you are gone. You also need to incorporate strategies that protect those assets and help them grow while you are here as well as tax avoidance strategies that limit the impact gift and estate taxes will have on your estate. One tax avoidance strategy you do not want to rely on is using the marital deduction without any additional tax avoidance tools. If you fail to plan ahead, however, the unlimited marital deduction may be the only way for [Read more…] The post What You Need to Know about the Marital Deduction appeared first on Hedeker Law.
Estate planning can be extremely simple or extraordinarily complex. For the average person, their initial estate plan includes nothing more than a Last Will and Testament; however, as their estate grows and their family expands, additional strategies and tools are added to the plan as needed to accomplish increasingly complex estate planning needs and goals. One of the most common additions to an estate plan is a trust. A trust can help accomplish a wide range of estate planning goals and can be tailored to the Settlor’s needs. If you have never created a trust, served as a Trustee, or [Read more…] The post What You Need to Know about Illinois Trust Law appeared first on Hedeker Law.