A good Chicago Estate Planning Attorney can help you ensure your family’s legacy is secure and that your wishes for your property are carried out upon your death. It can also reduce the tax burden on your estate and avoid a messy probate process. For business owners and entrepreneurs, effective estate planning is especially important. This process can include mechanisms for succession planning, valuation, and transfer of ownership.
In the absence of a will, state law determines how your assets are distributed, who cares for your children, and who manages your estate during the probate process. These decisions may not reflect your intentions and can result in expensive legal disputes. Additionally, if you have minor children, the courts will decide guardianship for them, potentially awarding guardianship to relatives that you do not approve of. A well-drafted Illinois estate plan allows you to designate guardians and avoid these expensive and contentious family disputes.
How to Find a Good Estate Planning Attorney
To locate an estate planning lawyer that best suits your needs, you can seek recommendations from trusted professionals. These individuals might include your financial planner, accountant, or other attorney. Alternatively, you can search the legal advertisements that appear in print and on television. However, be wary of claims made in these ads as they may not accurately represent the experience and abilities of a specific estate planning lawyer.
You should also consider the personality of a prospective attorney when making your selection. Ideally, your estate planning attorney should be down-to-earth and easy to connect with on a personal level. This is a person with whom you will be working closely on issues that are extremely important to your life and your loved ones. The last thing you want is an attorney who surrounds themselves with ivory tower legalese and does not speak your language.
An experienced Estate Planning Lawyer can help you create a comprehensive plan that includes the use of trusts, beneficiary designations, and other legal strategies designed to distribute assets outside of probate. In addition, a Chicago estate planning lawyer can advise you about how to minimize estate taxes, which are levied on the value of a deceased person’s estate and can significantly reduce the inheritance your family receives.
The Chicago estate planning lawyers of Davis & Associates Attorneys at Law are here to assist you with all your estate planning needs. We will review your unique circumstances, discuss your goals, and help you develop a plan that ensures the proper management of your assets and provides security for your loved ones. Contact us today to set up a no-obligation consultation. We serve clients throughout Cook County and the surrounding areas of Illinois. To get started, fill out our online form. We look forward to hearing from you!
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