Lombard, IL Estate Planning Attorneys

Experienced Lawyers Helping You Protect Your Legacy Through Estate Planning in Lombard, Illinois

Nobody wants to think about dying, but it happens eventually to everyone. Estate planning is a way to plan for your assets to be distributed after your death, but it can also benefit you now. Most people are familiar with wills. While those documents are an important tool, they are only a part of a comprehensive estate planning strategy.

Your estate plan can address a wide variety of issues to enhance your life, help your beneficiaries avoid probate, and ensure that your final wishes are honored. However, you need an experienced and knowledgeable attorney to assist with the estate planning process so your rights and interests will be protected and your various legal documents are in proper order.

The Law Offices of Robert F. Kramer, Ltd. knows and understands all of the intricacies of estate planning in Illinois, and we can help you make sure that your interests are diligently protected at all times. We have helped Illinois families with a broad range of legal needs since 1997. Many of our past clients come back when they are in need of additional legal services, and they often refer their family and friends to our firm. That resounding endorsement shows that we excel at what we do. We offer complimentary consultations, so set up your appointment today.

Illinois Estate Planning Requires Customized Strategies

It is never too early to begin estate planning. However, younger people often do not have as many assets as more mature adults, and their goals may be different. Discussing the objectives you hope to accomplish through your estate plan is one of the first steps we will make together, because only then can we make recommendations based on your situation.

Your personalized estate planning strategy could include:

• Business continuation: If you own a business, you probably hope it will continue to operate after your death or retirement. We can assist with succession plans to streamline the transition and reduce tax obligations for your beneficiaries.
• Estate tax plans: Your beneficiaries could face substantial state and federal estate taxes on their inheritances, especially if you possess significant assets. We can strategize the best methods to reduce estate tax obligations.
• Guardianship plans: If both parents of a minor child become incapacitated or die, the child will need a guardian. You can choose a guardian you trust to care for your children if the worst happens.
• Living will: Whether due to a catastrophic injury, a terminal illness, or another cause, you could become incapacitated and no longer able to make your healthcare-related wishes known. A living will (advanced healthcare directive) can include your preferences for life support and other medical decisions related to end-of-life care.
• Naming beneficiaries: If you have retirement accounts or life insurance policies, you need to choose who will receive the proceeds after you die. Naming beneficiaries will ensure that these assets can be passed to them without the need to go through the probate process.
• Powers of attorney: At some point, you may become incapable of managing your medical and/or financial affairs. A power of attorney gives someone else the authority to make decisions about these issues on your behalf.
• Transfer on death: If you own real estate, this legal instrument will pass ownership of your property to your chosen beneficiary when you die, allowing them to avoid probate. You will be able to retain full control and ownership of the property while you are alive.
• Trusts: There are many kinds of trusts that can accomplish different things. Some of the key benefits of trusts include reducing estate taxes for your beneficiaries, helping them avoid probate, protecting your assets while you are still alive, and asset management.
• Wills: A will documents your wishes that you expect to be carried out after your death. It can specify who gets specific belongings, nominate a guardian for your children, and name a person who will administer your estate.

Although establishing your estate plan is a significant first step, it is not the final one. You should revisit your plans periodically, especially after life events like having a child, getting married or divorced, and buying a home.

Contact Our Lombard Estate Planning Lawyers

Estate planning is complex, and the lawyer you choose to assist you needs to understand how to help you protect your interests by executing precise legal documents. Contact The Law Offices of Robert F. Kramer, Ltd. today online or by calling 630-785-2400 to arrange your free evaluation. We serve the Chicago area from our offices in Lombard and Plainfield.