Estate Planning 101 from a Naperville Estate Planning Lawyer

Every Naperville estate planning lawyer knows that the term “”estate planning”” turns a lot of people because of its association with the very wealthy and the generational giving of large amounts of land or money. Yet having a Naperville estate planning attorney is just as important for families without large financial reserves. According to CNN Money, “such a plan ensures that your family and financial goals are met after you die”—, and that’s something every family can get behind.

Estate-Planning-101-IMAGECNN Money cites that an estate plan is made up of three major elements: a will, the choosing of a power of attorney, and a living will (sometimes called a medical power of attorney). Every person’s estate plan will be different, depending on individual needs, and this is why it’s important to work with a qualified Naperville estate planning attorney to find out what’’s best for you and your family. Sometimes a trust (a “legal mechanism that lets you put conditions on how and when your assets will be distributed upon your death)” is an important addition to estate planning because it allows the reduction of your estate and gift taxes, meaning inheritors don’t get taxed on their inheritance.

The idea of being taxed on inheritance is one that many are concerned about, and consequently why some decide to leave money to his or her spouse, which can be inherited tax-free. Though this is good for your spouse, it can have a negative impact on your children once your spouse dies, because they will “likely pay more in estate taxes if your spouse leaves them the money when he or she dies.” Personal gifts of up to $13,000 per person per year ($26,000 if from both parents) can be given to children in the immediate years preceding death to help avoid inheritance taxes at all.

Contact an Experienced Naperville Estate Planning Attorney

These basic issues are just the beginning. Working with a qualified attorney will make estate planning a breeze, for you and your loved ones. Contact a dedicated Naperville estate-planning attorney today. You can find more helpful information about estate planning if you visit our Estate Planning Center. We also have several free legal guides that you may find useful.

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