Wills
A Last Will and Testament is the legal document that enables your final wishes to be followed after your death. We specialize in offering simple solutions to help get your assets to the people that you choose. Our standard Will includes decades of revisions and improvements which will be customized for each individual client. Not all estate plans are simple, however. At our initial consultation we will help you determine what legal document(s) and language are appropriate to ensure that your wishes are carried out, that your loved ones are cared for, and that your estate and beneficiaries are able to avail themselves of protections from costly taxes and other legal pitfalls.
Powers of Attorney
To some extent, a Power of Attorney may be the single most important legal document that is effective during a person's lifetime. A Power of Attorney allows you to appoint someone (and any secondary persons you may wish to list) to make decisions for and with you regarding your personal and business affairs. These documents are particularly important in the event of your temporary or permanent incapacity during your lifetime, but can also be used as a matter of convenience. The language used in the Power of Attorney is critical to determining if, when, and how an agent can begin to make decisions on your behalf.
In Illinois, there are several types of agencies that can be granted by a Power of Attorney. The two most common powers of attorney we recommend implementing during your initial estate plan are the Healthcare and Property Powers of Attorney. A Healthcare Power of Attorney allows the person you name as your Agent to make healthcare decisions with you, or, in the event you are incapacitated, for you. The Property Power of Attorney allows the person you name as your Agent to make decisions with you or for you regarding your bank accounts, investments, real estate, business management, and much more.
You must be legally competent to execute a Power of Attorney. Therefore, we recommend implementing these documents during your initial estate planning, because, by the time you or your loved one needs a Power of Attorney, it may be too late to create one.
Trusts
A trust is defined as a legal right to property held by one person or entity for the benefit of another. There are many different circumstances that may require the unique benefits of a Trust, such as avoiding probate or distributing assets within the current Medicaid framework. As each Trust that we draft is unique to each client, we will discuss estimated fees after the initial consultation.
Asset Protection Planning
In Illinois, an individual's estate is taxed if the value of the gross estate is $4,000,000 or more.
The prospect of paying long-term care costs, including nursing home expenses, can seem frightening.
In both instances above, individuals want to leave a legacy for their loved ones rather than a burden. Whether planning for the estate tax or long-term care costs, we can go over the options available to you and your loved ones, and then design a plan that effectuates your wishes and maximize savings for you and your loved ones.