Estate planning centers around preparing for the future for yourself and your loved ones, as well as for the causes you care about and your property and business interests. Successful estate planning also involves far more than drafting a will and putting it away for safekeeping—it is an ongoing process that can change as you and your concerns evolve.

An experienced Lombard estate planning lawyer could be an essential ally as you prepare for the future. A well-practiced attorney could help you develop a plan that is appropriate for your personal circumstances and takes into accounts the emotional and personal challenges that estate matters may bring.

Why Estate Planning?

When someone passes on or becomes disabled without a well-considered estate plan, he or she may leave loved ones, business partners, and others unprepared or unprotected. For many, planning while he or she is still healthy allows ample time and opportunity to consider his or her future as he or she makes important decisions with the assistance and input of experienced legal counsel.

Effective estate planning often involves numerous elements, all of which a qualified Lombard attorney could assist with. These could include:

  • Writing or revising a last will and testament
  • Establishing trusts to protect and preserve assets
  • Estate, gift, and income tax planning
  • Life insurance planning
  • Business succession planning
  • Advance medical directives
  • Powers of attorney

Drafting a Last Will and Testament

Personal attention and expertise are crucial to effective estate planning in all but the simplest situations, and the care and skill that a seasoned Lombard estate planning lawyer could provide are indispensible. A comprehensive and enforceable will needs to be consistent with other estate planning documents and consider the specifics of the person’s life circumstances and his or her desires for his or her estate.

As he or she works with an individual, a hard-working attorney could do much more than make sure that person’s will meets minimal legal requirements. Instead, he or she could help make the will part of a comprehensive plan to preserve and protect individual wealth and accomplish financial goals.

Estate Tax Planning

For many, tax planning is the backbone of sound estate planning. An estate planning lawyer in Lombard could help to avoid paying unnecessary taxes at present, in the future, and after death. Depending on the circumstances, as well as the potential burdens of federal, state, and local tax laws, these could include capital gains, income, gift, estate, and other taxes.

Means of avoiding unnecessary taxes for an individual and his or her family could include establishing trusts, planned giving, charitable donations, making full use of available tax exemptions, or other mechanisms. There is no one-size-fits-all approach to estate and tax planning, so a proper plan needs to consider all aspects of the estate’s assets together with the objectives of the individual estate owner and applicable laws.

Call a Lombard Estate Planning Attorney

For a focused attorney, estate planning is a process and not a static document. Once you retain one, you could expect his or her continuing guidance and advice as your circumstances and concerns change.

When you hire a Lombard estate planning lawyer, his or her goal would be to assist you in achieving your personal goals while advising you about tax savings and other benefits that may be available through proper estate planning. For answers to all your questions and concerns, call today.