Estate Planning Attorney Wheaton Illinois DuPage County Lawyer

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We so often hear that hard work is the path to achieving the American dream. But retaining as much of our earnings and assets as legally allowable shortens that path. An experienced estate planning attorney can work with you to assure that your hard work results in the accumulation of assets that are protected from potential liabilities. In addition, asset protection planning can insure that tax liabilities are minimized for you and for your family after you have gone. Contact an estate planning attorney today to get started.

Like it or not-each day of our life we get older. What will happen if you need extended nursing home care? Will the assets you have spent a lifetime accumulating and that you hoped to leave to your children or grandchildren suddenly disappear? Will you lose your home so that medical bills get paid? Will the court appoint a stranger to act as your conservator or guardian? These are issues that you have control over, and you only lose that control if you do nothing. Consulting with an estate planning attorney allows you control your own destiny as you get older.

Many people die without having made estate plans such as preparing a will or setting up a trust. When this occurs, the government dictates how your property is distributed and a court may pick the guardian of your children. Perhaps, worst of all, dying without making estate plans through a will or trust increases the likelihood of disputes leading to anger, resentment and bitterness among your family members. Too many people put off addressing these important issues-but meeting with a qualified estate planning attorney will provide you with lasting peace of mind.

What if you were suddenly incapacitated and unable to make decisions for yourself? In many such cases, courts appoint an outsider to make decisions about financial and health matters. The only sure way to arrange for a person of your choosing to act on your behalf is to designate somebody through a power of attorney. Working with an experienced estate planning attorney, you will gain peace of mind in knowing that, should you become incapacitated, your interests will be protected in the manner that you choose.

Frequently Asked Questions about Estate Planning

Q: What is a will?

A: A will is a written legal document with instructions for distributing an individual's assets after his or her death. A will must be formally executed as required by state law to be legally valid and enforceable.

Q: How can a person change his or her will?

A: A will is typically valid and effective until it is revoked, destroyed, or invalidated by writing a new will. Alterations to an existing will, such as crossing out language or adding a new provision, do not usually meet the legal requirements for executing a valid will and do not affect the terms of an existing will; however, changes or additions to an existing will can be made by codicil. A codicil is a document executed in compliance with applicable state law that modifies an existing will or codicil.

Proper estate planning can provide immeasurable reassurance in the present, and a smooth transition in the future. At Stock, Carlson, Flynn & McGrath, LLC, our attorneys are equipped to offer the best in estate planning advice. Our attorneys remain abreast of current changes in tax and probate law, and, in turn, are better able to set up your estate to maximize the preservation of your assets for your heirs or other loved ones. Listed below is some general information regarding estate planning; please review it at your leisure. For a detailed evaluation of your estate planning needs, do not hesitate to call our office immediately.

Contact an Estate Planning Lawyer
For questions and advice in drafting a solid estate plan, contact us online or at (630) 665-2500.

Estate Planning - An Overview

Estate planning allows an individual to plan for his or her lifetime objectives and to provide direction about the disposition of his or her assets after death. Estate planning can include wills and trusts as well as powers of attorney and healthcare directives. Estate planning is impacted by state and federal law, and any individual may find that more elaborate or creative legal means are necessary for his or her situation. Some of these more complex techniques include trusts, family limited partnerships (FLPs), and limited liability companies (LLCs). An estate planning lawyer can be an essential ally in assuring that your estate planning goals are understood and carried out. If you have estate planning-related legal questions, call our firm today to schedule a consultation with an estate planning lawyer.

Estate Planning Basic Documents

Because estate planning allows an individual to ensure that his or her property will go to the people he or she wants, in the way he or she wants, and when he or she wants, it is important for everyone, even if an estate is likely to be small, to have an estate plan. An estate plan can help to reduce tax liabilities, court costs, and attorneys' fees, and it can also make it easier for families to cope with the administrative and financial issues that arise after the loss of family members.

Estate plans should typically include at least two important estate planning instruments: a durable power of attorney and a will. A durable power of attorney is a document that authorizes a person to make decisions for a person who has become incapacitated, including decisions about the incapacitated person's property. A will is a document that sets out the plan to distribute a person’s property after her or his death.

Documents relating to medical care can also be part of an estate plan. Documents to consider include a medical directive (also called an advance directive, a physician's directive, a written directive, or a durable power of attorney for healthcare) to designate a person to make healthcare decisions for a person who has become incapacitated, a healthcare proxy (also called a proxy directive) to designate a person to make healthcare decisions regardless of a person's incapacity, and a living will to express a person's desire regarding the use of extraordinary measures to extend her or his life when there is no reasonable expectation of recovery.

Estate Planning and Financial Goals

Estate planning can help to identify and plan for financial needs during life and after death. Financial needs to consider include retirement income, college funding, replacement income following an unforeseen illness or disability, and the needs of surviving family members. To meet these financial goals and to ensure appropriate utilization of assets during life and orderly and efficient distribution of assets after death, an estate plan may include making gifts to individuals and charities during life, purchasing life insurance, using revocable and irrevocable trusts, purchasing annuities, and rearranging personal and business interests. In addition to federal gift and estate taxes, state inheritance taxes, which vary from state to state, must also be considered to meet financial objectives.

Conclusion

Asset protection strategies, healthcare directives, powers of attorney, and other estate planning devices are an integral part of the services that an estate planning attorney can provide. If you have questions about estate planning, contact our firm to schedule a consultation with an estate planning attorney.

DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.

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Wheaton, IL 60187
Phone: 630-665-2500
Fax: 630-665-9427
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