A comprehensive estate plan will typically include a wide range of estate planning tools and strategies in order to fulfill all of the various estate planning goals. Although a Last Will and Testament often serves as the foundation of an estate plan, another common tool found in the average estate plan is a trust agreement. Unfortunately, there are a number of myths and misconceptions people share about trusts that often cause them to shy away from considering a trust for their estate plan. In an effort to try and dispel some of those myths, the trust lawyers at Hedeker Law, [Read more…] The post Trust Lawyers Share Common Myths about Trusts appeared first on Hedeker Law.
When you contemplate your estate plan, the first thing that comes to mind is probably a Last Will and Testament. Most people associate a Will with estate planning; however, there is another option for the foundation of your estate plan – a trust agreement. In fact, there are a number of benefits to using a trust instead of a Will as your primary estate planning document. To help you make the right decision for your plan, the Lincolnshire living trust lawyers at Hedeker Law, Ltd. explain the benefits of using a trust instead of a Will. Estate Planning Basics Like [Read more…] The post Lincolnshire Living Trust Lawyers Explain the Benefits of Using a Trust Instead of a Will appeared first on Hedeker Law.
At one time, trusts were predominantly used by wealthy families as a vehicle by which the family wealth could be passed down without incurring a tax obligation on the transfer of wealth. The tax laws have since changed to prevent a trust being used in that way; however, trusts are now more popular than ever. In fact, it is becoming increasingly common to find a trust in the estate plan of the average person. Although there are numerous different specialty trusts that help accomplish a wide range of estate planning goals, all trusts have one thing in common – the [Read more…] The post During Trust Administration, Can a Trustee Be Removed or Replaced? appeared first on Hedeker Law.
One of the most common tools used when creating a comprehensive estate plan is a trust agreement. Most people are familiar with the concept of a trust; however, the details can be a bit murky. If you are considering the use of a trust in your estate plan, deciding on which type of trust is best for your needs and goals is the first step toward incorporating a trust into your plan. Although it is always best to consult with your Illinois estate planning attorney before you make a firm decision about the type of trust you need, it may [Read more…] The post Trust Attorneys Types of Trusts Explained appeared first on Hedeker Law.
Although thinking about your own death, and the subsequent funeral and burial, may not be something you enjoy doing, it is wise to do so as part of your comprehensive estate plan. Including a funeral planning component in your estate plan ensures that your wishes are honored when the time comes and protects your loved ones from having to make difficult decisions during a time of heightened emotions and increased stress. One estate planning tool often included in a funeral component is a funeral an Irrevocable Life Insurance Trust (ILIT), often referred to as a funeral or burial trust. The [Read more…] The post Vernon Hills Trust Attorneys Explain Funeral and Burial Trusts appeared first on Hedeker Law.
A comprehensive estate plan will typically include a wide variety of estate planning tools and strategies that help achieve the various inter-related estate planning goals and objectives within the plan. One of those tools is a trust. Although once used almost exclusively by wealthy families as a way to pass down the family wealth without paying taxes on the transfer of wealth, trusts are now found in even the most simple of estate plans. If you plan to include a trust in your estate plan, you will need to appoint a Trustee to administer the trust. A common mistake people [Read more…] The post Trust Administration Questions to Ask Yourself When Appointing a Trustee appeared first on Hedeker Law.
A well designed and thorough estate plan can accomplish a wide range of inter-related estate planning goals and objectives. Of course, to accomplish all of those goals a plan typically must incorporate a number of different estate planning strategies and tools. One of the most common of those tools is a trust. Although trusts have evolved to the point where there is a specialized trust for almost any estate planning objective, all trusts share a few basic elements, including a Trustee. If you recently learned that you were appointed to be the Trustee of a trust, and you have never [Read more…] The post Steps Involved in Vernon Hills Trust Administration appeared first on Hedeker Law.