Aurora Wills and Trusts Lawyer

Attorney for Estate Planning and Asset Protection in Aurora, IL

It is important for every family to prepare for the future to ensure that their loved ones, assets, and legacy are protected. For people in Aurora, Illinois who own businesses or other complex assets, who want to preserve family wealth, or who want to make sure they and their families will have the financial resources needed in the future, estate planning involves much more than simply creating a will. It will require a careful consideration of how wealth will be preserved, how loved ones will be cared for, and how to ensure that a person's wishes will be followed in the years to come.

At Gateville Law Firm, our estate planning lawyer works with families to ensure that they can manage these responsibilities. We can assist in structuring an estate in a way that minimizes taxes, avoids unnecessary disputes, and preserves wealth for future generations. We provide the comprehensive legal guidance needed to help our clients achieve lasting peace of mind.

Coordinating Multiple Legal Instruments Within an Estate Plan

A comprehensive estate plan will include several different legal tools that can help a family plan for the future while achieving specific goals. Our attorney can provide guidance on the best ways to use instruments such as:

• Last Will and Testament: A will specifies how a person's assets should be distributed after their death, and it can also name a guardian for any minor children.
• Revocable Living Trust: When assets are held in a trust, they will be managed by a trustee, and specific instructions can be provided for how they should be distributed to beneficiaries. With a revocable trust, a person can maintain control of their assets while making arrangements to pass them on to loved ones either before or after their death.
• Irrevocable Trusts: While these types of trusts may have less flexibility, they can be used to reduce estate tax liability, protect assets, or provide for beneficiaries in a structured way.
• Durable Power of Attorney for Property: A person can name someone who will be able to manage financial matters on their behalf if they become incapacitated.
• Advance Healthcare Directives: Living wills, powers of attorney for healthcare, or other documents can establish a person's medical treatment preferences and make sure their wishes will be followed.

Complex Estate Planning Issues: Taxes and Asset Protection

For families who own complex assets, including businesses or real estate, an estate plan may need to address federal and state tax laws and other issues that could affect the assets and financial resources that may be available to different family members. In Illinois, the state imposes its own estate tax in addition to the federal estate tax, and this can create substantial liabilities if the proper preparations are not made.

Our attorney can assess the value of an estate and recommend strategies to reduce or eliminate estate tax obligations. These strategies may involve the use of credit shelter trusts, lifetime gifting strategies, or the creation of family limited partnerships. We can provide guidance on how to address:

• Federal Estate Tax: The federal government imposes an estate tax on estates exceeding a certain threshold. Reducing the size of the taxable estate through charitable giving, gifting during life, or leveraging the marital deduction can help minimize the federal taxes that may apply.
• Illinois Estate Tax: When assessing estate taxes, Illinois has an exemption amount that is currently lower than the federal exemption. Some estates may owe state estate taxes even if they are exempt from federal taxation. Similar strategies may be used to reduce the size of the taxable estate and minimize estate taxes.
• Gift Taxes: Lifetime gifts beyond a certain value may trigger federal gift tax liabilities. Our lawyer can provide guidance on the best ways to utilize annual exclusions and lifetime exemptions to make tax-efficient gifts to family members.
• Asset Protection: A family may take steps to shield assets from potential creditors, lawsuits, or financial instability. Asset protection trusts, spendthrift provisions, and business entity structuring can help preserve wealth for beneficiaries.

Addressing Business Ownership in an Estate Plan

If you are a business owner, you may face unique considerations when developing your estate plan. You may need to address how ownership and management of the business will be handled in the future and how to avoid estate taxes that could threaten the viability of the business.

Our estate planning lawyer can help determine the ideal strategies that will ensure the long-term success of your business. We can assist with:

• Succession Planning: When determining who will take over the business, you will need to do more than simply name a beneficiary. You will need to identify capable successors, train them in the management of the business, and structure the transition to avoid disruption of operations. Our attorney can help you establish a formal succession plan.
• Minimizing Estate Taxes: People who inherit substantial assets may be exposed to estate tax liability. Through the use of family limited partnerships or trusts, our lawyer can help lower the taxable value of your estate and make sure assets can be transferred with minimal financial losses.
• Transferring Property Efficiently: Transferring ownership of your business through a revocable living trust, limited liability company (LLC), or other structure can help avoid probate, ensure that the business can be managed correctly, and reduce legal and administrative costs.

Contact Our Aurora, Illinois Estate Planning Attorney

Whether you need help drafting a will, creating a succession plan for your business, or minimizing estate taxes, the attorney at Gateville Law Firm can help you create a plan that aligns with your goals. Contact our Aurora estate planning lawyer at 630-780-1034 to schedule a free consultation.