Practice Areas
Estate Planning
When people hear the words “estate planning” many immediately assume that is it only for elderly individuals to pass on assets at death. In reality, however, estate plans serve a wide range of purposes to protect families, save on taxes, secure proper health care, and more.
This planning is not just for seniors. Regardless of your age or life circumstances, virtually everyone can benefit from a carefully crafted, tailored estate plan.
Estate planning is essential for anyone with children, who own a home, own a business, may need long-term care, and in many other situations. We can listen to your thoughts, learn about your specific circumstances and explain what steps can be taken to address relevant issues and plan for the future.
Some of the areas we can address include:
- Wills, Trusts, & Powers of Attorney
- Gift & Estate Tax Planning
- Business Succession
- Charitable Giving
- Guardianships
- Special Needs Planning
It is critical not to go it alone, because it is easy to make mistakes when working through these legal details. For help with any of these and similar issues, please contact us.
Estate Administration
Estate administration is essentially the way that a deceased individual’s assets are collected and managed. Many people make the mistake of failing to plan these details, and their property ends up in the possession of unintended parties. The failure to plan may have more than financial consequences. Failing to prepare can take an emotional toll on your loved ones and burden them after your passing. Without proper estate administration, your assets may become subject to intestacy laws, whereby the state will make legal decisions regarding how your property is divided.
Your executor is usually the overseer of the probate and estate administration process. Typically, the executor is named in the will, but if there is no will or it fails to name an executor, a probate court will name an administrator. The executor doesn’t need to be a sole individual, either. In some cases, it could be a trust company, or even a bank. Essentially, it is their job to do the following:
- Care for all of the property of the deceased
- Receive incomes and other payments that are due
- Receive any outstanding debts, notes, and claims
- Aggregate the names, ages, and current place of residence of the heirs and beneficiaries
- Make determinations regarding claims on the property
- Prepare and file any outstanding federal and state taxes
To schedule a free initial consultation for a probate or estate administration case in Lake or Cook County, please call 847-807-8448 or feel free to fill out the contact form on my website. We serve clients throughout the Greater Chicago area, call us today to seek protection for the futures of your loved ones.