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Yorkville Legacy Planning Attorney

Montgomery legacy planning lawyer

Yorkville Legacy Planning Lawyer Serving Kendall County

In many cases, the estate planning process is focused on what will happen after a person dies and specifically on how the assets they own will be distributed to their beneficiaries. However, many people have larger and more important concerns, and rather than worrying about money and property, they may be concerned about the legacy they will leave for their families, their communities, and others who are important to them. These issues may be of primary importance to business owners, people who have been involved in charitable organizations, and those who want to make sure the wealth they have accumulated will be used properly by future generations.

At Gateville Law Firm, we understand the importance of legacy planning, and we can work with you to ensure that you will leave a lasting legacy that will have a positive impact on others. We can help you create a plan that will take into account not only your financial assets, but also your human capital, your relationships, and your values. We will help you identify your goals and develop a strategy for achieving them, ensuring that you will be remembered long after you are gone.

Issues to Address During Legacy Planning

Some of the most crucial components of legacy planning are related to wealth management and wealth protection. After spending a lifetime earning income and building assets, you will want to make sure you and your loved ones will be protected. By understanding the different methods that may be used to shield assets from creditors or family members who only have their own selfish interests in mind, you can make sure the wealth you have accumulated will be used for the proper purposes.

As you make plans to leave a lasting legacy, you may also need to consider:

  • Business succession - If you are a business owner, you have likely put years of work into building a successful company, and you will want to make sure it will be able to continue operating successfully after your retirement or death. By making plans to determine who will assume ownership or control of the business, you can avoid problems related to business management, investments, and financing, and you can ensure that your family members, partners, or other successors will continue to carry on your work.
  • Charitable giving - Supporting causes you believe in is a great way to give back to the community, and you can begin putting plans in place to donate your assets to charity both before and after your death. Charitable trusts can be a beneficial way to use your assets to support organizations, while also meeting your own needs and passing some assets on to your loved ones.
  • Incapacity planning - A serious illness can disrupt your ability to manage your financial affairs, and determining how to handle decisions about your medical care may be difficult for your loved ones. By creating powers of attorney or advance healthcare directives that address these situations, you can help your family minimize complications, ensure that financial issues will be handled correctly, and avoid expenses related to unnecessary or unwanted medical care.
  • Real estate legacy planning - If you own real estate property, including investment properties that generate an income through residential or commercial leases, you will want to make sure ownership of these assets can be transferred to your beneficiaries correctly. We can help you determine the best ways to address these matters and protect these valuable assets.
  • Family trusts - In many cases, different types of trust offer the best way to make sure your assets will be used correctly. Education trusts may be used to ensure that your assets will help pay for children's or grandchildren's college expenses. Special needs trusts can be used to help provide for the needs of loved ones with disabilities while ensuring that they will qualify for public benefits. Other types of trusts may be used to make sure your assets will be distributed to beneficiaries in certain circumstances, such as when they reach the appropriate age.

Contact Our Kendall County Legacy Planning Attorney

By considering the legacy you want to leave behind, you can take steps to make sure your assets will be distributed in accordance with your wishes. At Gateville Law Firm, we understand the challenges involved in legacy planning, and we can assist you in developing a comprehensive plan that meets your needs. To schedule a free consultation to discuss your legacy planning goals, contact our office today at 630-780-1034.

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