Estate planning is a wise investment – for singles, for couples, for families – whether starting out, mid-career, approaching retirement, or beyond.
Much more than a disposition of assets, it can be a means to grow and protect them for multiple generations – all while it also protects you, your spouse, your children, and more.
Comprehensive estate planning can address many things: family needs, care for children, guardianship, known or potential disabilities, finances and investments, businesses, real estate, intellectual property and royalties, charitable interests and community endeavors, pets, unique assets, and beyond.
And it can reflect and preserve your values, goals, family history, experiences, and personal journey.
Estate planning is scaled to meet your needs and fit your dreams and ambitions. The process starts with a conversation, for us to get to know each other, and identify general factors, concerns, and objectives that may shape the plan.
FREQUENT ESTATE PLANNING GOALS
Each individual and family is unique, but some of the underlying motivations and objectives for estate planning come up frequently, including:
– Avoid the time and cost of a probate proceeding
– Maintain and administer assets privately
– Retain control over assets and health decisions
– Provide support for my spouse and/or children
– Provide support for a family member with a disability or special needs
– Keep certain property in the family
– Keep assets away from certain people
– Make gifts to children or grandchildren
– Make donations to selected charities
– Preserve flexibility or access to capital
– Manage tax impacts
FROM OUR ESTATE PLANNING BLOG
- How do you divide inherited real estate?How do you divide up inherited real estate? There are several strategies to deal with this kind of scenario, whether in estate planning or after the death of the owner.
- Are trusts only for the rich?There are a lot of benefits to including a revocable living trust in your estate planning, potentially including security, continuity, and avoiding the cost and delay of a probate case.
- How Can Estate Planning Mitigate The Impact of A Sudden Disability?If you work for a living and rely upon an income stream, a disability can hamper your ability to earn income and maintain your standard of living. So if you can’t work – or do as much work as you used to – you need a plan to make up some of the income.
- The Unintended Consequences of Holding Real Estate in Joint TenancyMarsha knew she wanted to leave her house to her only son. She didn’t want anything too complicated. Then she had what seemed like a good idea: If she put READ MORE
- Cornerstones of Estate PlanningAlthough the goals and design of estate plans vary from person to person, there are a few cornerstones to estate planning. Here is some of what you can expect once you begin.
- Are Trusts Recorded?Are the contents of a trust agreement public?
Need help with your Estate Planning?
Speak with a Chicago estate planning attorney!