If you are new to estate planning, you probably have a number of questions about what should be included in your estate plan and how the process of creating an estate plan is typically handled. Estate planning is a highly individualized process because of the personal, even sensitive, nature of the issues involved in creating an estate plan. When done properly, an estate plan should reflect your unique estate planning goals and objective as well as address any personal concerns or worries you have. There are, however, some goals and objectives that are frequently found in the average estate plan. [Read more…] The post Estate Planning Attorneys Explain the 5 Most Important Estate Planning Components appeared first on Hedeker Law.
You have undoubtedly been urged by well-meaning family and friends to take the time to get started on your estate plan. The first step in estate planning, for most people, is to execute a Last Will and Testament, which you have yet to do. Part of the reason you don’t have a Will is because you don’t really see the need for one. Like many people, you are under the impression that in the absence of a large and/or valuable estate, there is no real need for a Will. This is a common misconception in estate planning. The truth, however, [Read more…] The post Vernon Hills Probate Attorneys Explain Intestate Succession 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.
At some point during your retirement years there is a very good chance that you, or a spouse, will need long-term care (LTC). Although you may prefer not to dwell on the possibility that you will end up in a nursing home, failing to plan for it could result in unwanted financial ramifications. Specifically, you could be forced to “spend-down” your estate assets in an effort to qualify for Medicaid benefits. To help you understand the importance of including Medicaid planning in your estate plan, Lincolnshire Medicaid attorneys explain the Medicaid spend-down rules. Will You Need LTC? No matter how [Read more…] The post Lincolnshire Medicaid Attorneys Explain the Spend-Down Rules appeared first on Hedeker Law.
If you are currently enjoying your retirement years, or are nearing retirement age, one issue you need to give serious thought to is the likelihood that you (or a spouse) will need long-term care (LTC) at some point in the future. Although none of us like to dwell on the possibility that we might end up in a nursing home, or other LTC facility, statistics tell us it could happen. If you fail to plan for the financial impact LTC will have on you and your family, you could pay an even high price than the already high cost of [Read more…] The post Lincolnshire Elder Law Attorneys Explain the Medicaid Look-Back Rule appeared first on Hedeker Law.