Estate planning is preparing for the future for yourself and your loved ones, for the causes you care about and your property and business interests. The planning includes creating legal documents to make sure that your healthcare wishes are followed if you become ill or incapacitated, and that your assets go to your heirs in the way you want them to. A good estate plan identifies who will be responsible for seeing that your wishes are followed, and also takes steps to minimize your estate taxes, and protect your loved ones from additional stress and expenses when you die.
An estate planning attorney is a lawyer with special training and experience who understands the state and federal laws that apply for probate, estate taxes and inheritance laws. An experienced estate and probate lawyer can give you peace of mind and guidance today, and assist you to prepare for the future and protection of your family and loved ones. In this video, Lombard estate and probate attorney Mario Godoy will explain what makes a great estate plan.
In this video we are going to discuss, What is in a good estate plan?
Everyone thinks that an estate plan is applicable at death. However, a great estate plan should include components that contemplate both lifetime and at-death planning.
During your life, your plan should account for the possibility of disability or incapacity. According to the US Census Bureau, approximately 1 out of 5 people in the US live with a disability. People over the age of 80 have a 71% chance of becoming disabled.
Aside from planning for incapacity your plan should help coordinate with a tax strategy, minimize family conflict, help you avoid having a court assign a guardian, and provide a smooth succession to someone you want to vest as a key decision-maker.
At death, your plan should help transfer your belongings and property to family members, preserve your family harmony, and help protect your loved ones for as long as possible. This type of plan considers maximizing tax planning options and should ideally help avoid the need for probate court.
If you are ready to start or review an estate plan we are here to help. Please call us for a consultation.
Are you ready to prepare for the future? An experienced estate planning lawyer can advise you on how to protect your loved ones after you are gone, or if you become incapacitated. To talk to an estate and probate attorney in Chicago or Lombard about how to make and store your will, contact the Estate & Probate Legal Group at 630-864-5835.
AREAS WE SERVE: Cook, Dupage, Kane, Lake, and Will counties