Writing a will is not the only step in the estate planning process. A thorough plan can assist you in safeguarding the financial well-being of your family, ensuring that your loved ones receive the care and attention you require, and preventing needless taxes and fees. Even though nobody like thinking about their own mortality, knowing that you and your family will be taken care of when you pass away is a comfort that comes with having an estate plan that is well-thought out.
You can design an estate plan that is specific to your situation with the assistance of a lawyer. They can provide you guidance on the best ways to transfer your assets to reduce your tax liability as well as the various options open to you. In order to make it easier for your family to handle your assets after your death, they can also help you choose guardians for your children, name beneficiaries for life insurance and retirement accounts, and set up trusts to retain your real estate.
An experienced attorney can assist you in avoiding the many traps that might arise during the drawn-out and costly estate settlement procedure. Selecting a skilled lawyer who is knowledgeable about local customs and state legislation can facilitate the procedure and increase its effectiveness. Ask prospective lawyers how they would handle your case and about their experience with cases comparable to yours during your discussions. Next, decide with whomever you are most comfortable to collaborate to draft a customized estate plan that suits your requirements.
Since 2010, Correa Law has assisted Chicagoans in defending their families and themselves. Their group specializes on life planning, which includes probate and trust administration. They can assist you in setting up special needs trusts for family members who need extra care, assigning guardianship for your young children, and creating an asset transfer plan. By utilizing beneficiary designations and trusts, making contributions throughout your lifetime, and utilizing any applicable exemptions, they can also assist you reduce estate taxes.
Chicago attorney Attorney Brendan Davis assists families in avoiding probate court, safeguarding their legacy and maintaining family wealth. His passion is teaching people about estate planning, and he has drafted thousands of deeds, power of attorney agreements, and living trusts. Additionally, he provides weekly guidance on WVON’s “The Legal Line.”
In Chicago, Illinois, a respectable legal practice is seeking an experienced Associate in Taxation and Trusts/Estate Planning to join their team. The main responsibility of this position will be to provide complicated estate planning and trust concerns advice to C-suite executives, family offices, and high-net-worth individuals. The chosen applicant will possess a strong work ethic, over ten years of expertise in tax and estate planning, and the assurance to manage a heavy caseload quickly.
