Many people think estate planning is only for the extraordinarily wealthy, the “rich and famous” people you see on television or read about in the papers. The fact is that almost every family can benefit from having its own estate plan. Without one, the state of Illinois and the Internal Revenue Service will control how your assets are distributed after you pass away. And the government is not concerned about minimizing your taxes, cutting estate settlement costs or making sure your wishes are honored. Quite the opposite, actually.
Having a plan of your own will also allow you to control who can make healthcare and financial decisions for you in the event of incapacity and/or an end-of-life situation. Without a customized plan, someone might petition the court for control of your assets, medical care and other matters. Unfortunately, the courts might choose someone you would not have chosen yourself to make these important decisions for you.
The plan we design for you can accomplish a wide range of goals. Depending on your particular needs, your plan can allow you to:
- Control your property while you’re alive and well
- Take care of you and your family if you become mentally incapacitated
- Give what you want, to whom you want, in the manner you want
- Protect your heirs from losing their inheritance if they become divorced, remarry or fall under the influence of predators
- Save every tax dollar, professional fee, and court cost possible
- Make sure your heirs are mature enough to handle a large inheritance on their own, and if they are not, protect the inheritance until they are ready
- Prevent family conflict after your death
- Ensure your legacy and lasting impact on society
The tools and strategies we can put to use to accomplish these goals include:
- A variety of Trusts, such as Revocable Living Trusts, Irrevocable Trusts and Minors’ Trusts
- Wills
- Health Care Directives
- Financial Powers of Attorney
- HIPAA Authorizations
The earlier you begin the planning process, the more options we will have to address your concerns and achieve your goals. Contact us today for an initial consultation.