When Is the Right Time to Hire a Probate Attorney?
The practice of trusts and estates focuses on the preparation of documents to carry out client’s wishes regarding the transfer of assets, including real property, to spouses, younger generation family members, other persons they wish to benefit, or to charities. This can include the drafting of trust agreements, wills, power of attorney, medical directives, and closely held business structures such as partnerships, limited liability companies, and corporations. The attorneys in this group also regularly handle federal estate, gift, and generation skipping taxes associated with these transfers.
We work with you to understand your personal goals and assist you in preparing estate planning documents which will enable you to achieve those goals. These may include reducing transfer taxes, preserving family property, protecting beneficiaries who are minors or spendthrifts, providing for a management of family assets during incapacity, or establishing specialized trusts such as a special needs trust, third party special needs trust, or supplemental care trust. We can also help you address the unique issues involved in transferring ownership of your family business to future generations.
When a person passes away, the assets they leave behind must be distributed according to a will or trust. Our clients often choose to set up a trust to avoid expensive probate proceedings and the delay they can cause in the distribution of their assets. Trusts are especially useful in situations where a complex or valuable asset, such as a residential real estate, is left to heirs and beneficiaries.
A will typically distributes all assets equally to your heirs, but a trust can be set up to distribute your property in a more flexible manner. It can even be used to prevent your heirs from having to pay taxes on certain types of property, such as family home and vacation homes.
Our firm can also help you prepare other important estate planning documents such as a durable power of attorney for health care, which names someone to make medical decisions on your behalf should you become incapacitated, and a durable power of attorney for finances, which assigns someone to manage your money matters. Check out https://www.chicagoprobateattorneys.net/wills-and-trusts/ for more information about our firm.
Our team of experienced attorneys has a long track record of excellence and a reputation for results-driven advocacy. We are ranked among the top Chicago Wills & Trusts Lawyers on several respected online rating services and have earned the highest client ratings possible. Our attorneys have deep experience in elder law and trust and estate litigation, including disputes over inheritance rights, undue influence, fraud, and mismanagement of the estate of a deceased person. We offer a free consultation, and we will review your situation and explain your options in no time at all. Contact us today to schedule your appointment. Our offices are located in the heart of downtown Chicago. We serve clients throughout Illinois.