Hudack Law

12/02/2025

In 2026, a significant new law affecting estate plans is the One Big Beautiful Bill Act (OBBBA). This law makes the higher federal estate and gift tax exemption of $15 million per individual permanent and adjusts it for inflation. As a result, the previously expected "sunset" to a lower exemption amount has been avoided. Contact Hudack Law today.

06/10/2025

Power of Attorney vs Trustee
When planning your estate, it’s essential to understand the key differences between a Power of Attorney and vs Trustee. While both can act on your behalf, their responsibilities, authority, and roles in estate planning differ significantly.

Learn the key differences between Power of Attorney vs Trustee, and when to use each in your estate plan. Get trusted legal insights from Hudack Law.

05/30/2025

The Limited Liability Company type, known as a multimember LLC, contains two or more owners or members. A multimember LLC provides limited liability protection, which shields its members' private assets from business debts and obligations, much like a single-member LLC does. Despite the initial higher setup costs compared to more straightforward business arrangements, such as general partnerships, this legal structure is preferred by business owners for its flexibility and, most importantly, the security it provides.

05/28/2025

A common question in estate planning is: What Is A Trustee? A trustee is the person or institution appointed to manage the assets in a trust, according to the instructions laid out by the person who created it (the grantor). Trustees have a fiduciary duty, which means they are legally obligated to act in the best interests of the trust’s beneficiaries.

The trustee’s job begins once the trust is created and typically continues until all the trust’s terms have been fulfilled. It is often a time-intensive and detail-oriented role. From overseeing the trust’s assets to distributing them appropriately, the trustee is responsible for ensuring the grantor’s wishes are honored.

What is a trustee, and what do they do? Learn the duties of trustees and successor trustees, and how to choose the right person for your estate plan.

05/20/2025

Join the incredible team at Safeguard Financial Investment Advisory Group on June 9th for an exciting charity golf tournament dedicated to supporting St. Jude Children's Hospital. Hudack Law is honored to serve as a sponsor for this meaningful event. We warmly invite you to participate, whether as an individual golfer or through a sponsorship opportunity that highlights your commitment to this noble cause. It promises to be a day filled with camaraderie, laughter, and heartfelt support—all while enjoying the beautiful game of golf. Don’t miss the chance to make a difference and have fun! Contact Hudack Law today.

05/09/2025

Managing Trust Assets and Debts
Once real property is addressed, the trustee must identify all other assets held in the trust — such as bank accounts and investments — and transfer their title to the trust using the trust’s federal tax ID number. This ensures all income generated from the trust is reported to the IRS.

The trustee must also settle any debts or obligations left by the settlor. This includes filing income and estate tax returns if necessary. Calculating the total value of the estate will determine whether a federal estate tax return must be filed.

Discover what trust administration involves, a trustee’s duties, and how to manage assets while avoiding legal issues.

05/05/2025

What Is Trust Administration and How Does It Work?
Trust administration is the process of managing and distributing a trust’s assets according to the wishes outlined by the settlor (the person who created the trust). Whether the trust is a living trust or a testamentary trust, trust administration begins after the settlor’s passing and often requires the guidance of an experienced trust administration attorney. If you’ve recently been named a trustee or beneficiary, understanding your responsibilities is crucial to ensuring a smooth and legal administration process.

05/02/2025

While Personal Property Memorandum offers unparalleled flexibility, its utilization also presents potential risks, especially concerning fair market value restrictions outlined in the Probate Code’s Section 6132. Understanding these nuances is crucial for crafting an effective estate plan that safeguards your assets and honors your intentions. Contact Hudack Law today.

04/28/2025

Why Are Family Trust Beneficiaries Important?
Naming family trust beneficiaries ensures your legacy is protected and passed on according to your intentions. For example, if a child is too young to manage finances at the time of your death, a trust can be created with provisions that support them until they reach a certain age.

Trusts can also include specific instructions on how funds should be used—such as for education, health care, or living expenses—giving you greater control and peace of mind.

Learn how family trust beneficiaries are chosen, their rights, and how trusts can protect your loved ones while avoiding probate disputes.

04/23/2025

Planning for Business Succession

You can employ a variety of strategies to protect the interests of your business. The ones you use will vary according to the ownership structure and nature of your business. But it's essential to have things ready before you need them.

You may have specific ideas about who you want to inherit your firm from, for example, if you are the sole proprietor. However, in some jurisdictions, if you die without a will or trust, your business will immediately pass to your spouse and children—a situation you might not have desired.

If you've been divorced, remarried, or had children with more than one person, this could become a challenging issue. Estate planning is, therefore, essential for company owners.

04/14/2025

An A/B trust structure is a valuable estate planning tool that can provide significant tax benefits, asset protection, and assurance that the deceased spouse’s wishes are fulfilled. However, it also comes with complexities and potential costs that must be carefully considered. Consulting with an estate planning attorney can help you determine if an A/B trust structure is the best option for your specific situation.

04/05/2025

Develop Your Business Succession Strategy
As a small business owner, the impact of your loss will be considerable for the company. It is crucial to prepare your business succession plan in advance.

A well-crafted succession plan is essential as it details the pathway for your business to thrive in your absence. After its creation, it is essential to reassess it annually – similar to your estate plan – to ensure it continues to represent the most effective course of action.

Contemplating your succession plan will assist in shaping decisions regarding recruitment, promotions, and training within the organization. It will become clear that not all things endure indefinitely. Therefore, it is advisable to prepare your employees to assume essential positions in the event of unforeseen circumstances. This applies universally to all companies, but it is particularly significant for a small company where every individual has a crucial impact. Contact Hudack Law today.