Like most people, when you think about the concept of estate planning you probably think about executing a Last Will and Testament that provides for the distribution of your estate assets when you are gone. While creating a Will that distributes your assets is certainly part of the estate planning process, it is not the entire process for most people. Because a comprehensive estate plan is intended to achieve a wide range of interrelated goals and objectives, most people find the need to include additional tools and strategies in their plan. By far, one of the most popular additions to [Read more…] The post Vernon Hills Living Trust Attorneys Trust Basics 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.
Not all that long ago, trusts were used almost exclusively by the wealthy because loopholes in the law allowed a trust to be used to transfer wealth without paying taxes on that transfer. Although those loopholes have long since been closed, trusts are now more popular than ever and are routinely found in the estate plan of the average person. If you were recently notified that you are the Trustee of a trust created by a family member or friend, and you have never acted in the role of Trustee before, you probably do not know what is expected of [Read more…] The post Can Lincolnshire Living Trust Attorneys Help Me Administer a Trust? appeared first on Hedeker Law.
Like most people, your initial estate plan probably consists of nothing more than a Last Will and Testament. Over time, however, that basic estate plan should grow to accommodate the growth of your assets and your family. One of the most common estate planning tools people add when expanding their basic estate plan is a living trust. To find out if a living trust would make a beneficial addition to your specific estate plan you should consult with your Illinois estate planning attorney. It may also help, however, to learn as much as possible about living trusts and how they [Read more…] The post Lincolnshire Living Trust Attorneys Discuss Reasons Why You May Need a Living Trust 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.
When you create your initial estate plan the focus will likely be on the distribution of your estate assets in the event of your unexpected death. As you mature, and your assets grow, you will likely want to add additional components to your estate plan to reflect the changes in your life and priorities. For example, if you now have a moderate to large estate, you need to start thinking about protecting your estate assets from a variety of potential threats. After all, if you fail to protect your estate assets during your lifetime there won’t be any left to [Read more…] The post Using an Irrevocable Living Trust to Protect Assets appeared first on Hedeker Law.
Estate planning, when done right, involves so much more than simply executing a Last Will and Testament that directs the disposition of your estate assets when you are gone. A well thought out estate plan can include a variety of additional components, such as incapacity planning, tax and probate avoidance, and Medicaid planning, just to name a few. One of the most common estate planning tools used to accomplish these additional goals is a trust. If you have never established a trust before, you may not know what all is involved in creating a trust agreement. Of course, it is [Read more…] The post Tips for Setting Up a Trust appeared first on Hedeker Law.