Tag: estate planning
Why it Is Important to Update Your Estate Plan Regularly
Posted on March 26, 2024
Whether you own complex assets or simply need to make sure your affairs are in order, an estate plan is crucial for your peace of mind. It is important to take steps to ensure that your assets will be distributed according to your wishes, and your estate plan can also make sure your property and finances will be managed correctly. However, creating an estate plan is not a one-time task—it requires regular updates to remain effective, especially for those with a high net worth. An experienced attorney can provide invaluable […]
Top Asset Protection Strategies to Use in a High Net Worth Estate Plan
Posted on March 20, 2024
When it comes to estate planning for high net worth individuals and families, asset protection is a critical component. Protecting your assets ensures that your wealth will be preserved for future generations, safeguarded from potential creditors, and structured in a way that aligns with your long-term goals. With the guidance of a knowledgeable attorney, you can implement strategies that effectively shield your assets while maintaining compliance with legal standards. Establishing Trusts Trusts are a vital component of many estate plans, and they ensure that assets will be managed correctly, preserved, […]
How to Address Complex Investments in Your Estate Plan
Posted on March 14, 2024
When you have worked to build up assets and increase your net worth throughout your lifetime, you will want to make sure you and your family will be protected in the future. Estate planning is a crucial process that ensures that your assets will be distributed according to your wishes after you pass away. You can also make decisions about how your assets should be used during your lifetime through legacy planning and charitable giving. However, when you own complex investments, creating a comprehensive estate plan can be particularly challenging. […]
What Are the Benefits of Establishing a Private Foundation?
Posted on March 8, 2024
Charitable giving is a goal of many people and families, especially those who have a high net worth. While there are many options available, establishing a private foundation can offer a unique opportunity for a person or family to create a lasting philanthropic legacy while enjoying significant financial, tax, and legal benefits. When integrated into an estate plan, a private foundation can also serve as a strategic tool for managing wealth and promoting important causes. An attorney with experience in complex estate planning matters can provide guidance on the best […]
What Non-Traditional Families Need to Know About Estate Planning in Illinois
Posted on February 27, 2024
Estate planning is crucial for anyone who is looking to secure their family’s financial future and ensure that their plans and desires will be honored. For non-traditional families, including LGBTQ+ couples and blended families, estate planning can present unique challenges and considerations. Understanding these nuances and taking proactive steps to address potential legal and financial concerns can help safeguard a family’s future. An experienced attorney can provide invaluable guidance in these matters to ensure that all of a family’s concerns will be addressed correctly. Estate Planning Essentials for Non-Traditional Families […]
Do I Need to Address Cryptocurrency in My Estate Plan?
Posted on February 20, 2024
In recent years, cryptocurrency has become increasingly popular. Virtual currencies such as Bitcoin or Ethereum may be bought, sold, transferred, exchanged, or received as income. They can be used to conduct secure, private transactions, and many people have been able to realize large profits through trading, mining, and other activities. However, many people may be unsure about how to handle cryptocurrency and other digital assets in their estate plans. If you own cryptocurrency, an experienced attorney can help you include provisions in your estate plan to ensure that your loved […]
What Are the Benefits of a Special Needs Trust?
Posted on February 5, 2024
There are multiple types of trusts and other estate planning tools that can be used to provide for the needs of family members or ensure that a person and their family will have sufficient financial resources at all times. Special needs trusts are one type of important legal tool that can provide financial support and security for family members or other loved ones with disabilities. These trusts are designed to protect a person’s eligibility for government benefits while also providing supplemental funds for their care and well-being. If you have […]
How a Power of Attorney Can Protect Your Financial Privacy
Posted on January 29, 2024
Financial privacy is something that many people and families value. Everyone wants to protect their personal information, especially when it comes to their finances, but this can be especially important for people with a high net worth, including business owners, entrepreneurs, wealthy families, and people who are involved in legal disputes. One legal tool that can help safeguard your financial privacy is a power of attorney. A power of attorney will give another person the authority to handle certain issues and make certain decisions on your behalf. A power of […]
How Do Non-Probate Assets Affect Estate Administration?
Posted on January 22, 2024
When someone passes away, their assets are typically distributed through a legal process known as probate. During this process, the representative of the estate will identify and determine the value of the deceased person’s assets, pay taxes, address any outstanding debts, and distribute the person’s assets to their heirs or beneficiaries. However, not all assets go through the traditional probate process. Some assets are considered non-probate assets because they have designated beneficiaries or joint owners who automatically receive ownership rights upon the owner’s death. These non-probate assets can significantly impact […]
Legacy Planning for High-Net-Worth People
Posted on January 4, 2024
Legacy planning is critical to estate planning, especially for those with significant wealth. For those with estates worth over $5 million, there are specific considerations and strategies to maximize the preservation and distribution of assets. If you are a high-net-worth person interested in legacy planning, a dedicated lawyer can provide the guidance necessary to ensure you can achieve your estate planning goals. Estate Tax Planning High-net-worth individuals with estates worth over $5 million should be aware of the potential impact of estate laws in Illinois. Proper tax planning can help […]
Practice Areas
Blog Sign Up
Like what you see?
Follow us to stay current!
630-756-1160
CONTACT US
Providing You With
Peace of Mind
1776 Legacy Circle, Suite 104, Naperville, IL 60563 |
630-756-1160
