A quality Chicago Wills & Trusts Attorney will help clients develop an estate plan that ensures their assets are transferred in accordance with their wishes. They can also assist with trust administration and litigation.
The goal of estate planning is to transfer an individual’s wealth to his or her family and other beneficiaries without incurring significant tax burdens. A good Illinois estate planning lawyer will have the experience and knowledge to guide clients through complex legal issues, including federal estate, gift, generation skipping, and income taxes. They may also be able to help reduce administrative and management costs by establishing trusts for minor or disabled beneficiaries, residential trusts, marital trusts, and other special purpose trusts.
One of the most important services a Trusts & Estates Attorney can provide is to help an individual prepare for incapacitation by preparing a living will or power of attorney. They can also help an individual with a Medicaid planning strategy. This involves the preparation of an irrevocable trust in order to retain assets for a beneficiary while still qualifying for Medicaid. This type of planning is essential for individuals who want to protect their assets and avoid the cost and delay of probate.
Another important service a Trusts & Estates Attorney provides is to review and update an existing estate plan. They can do this on an annual basis or as needed to make sure the client’s current wishes are reflected. This is especially important as the client’s circumstances change over time.
Even with the best of intentions and skilled estate planning, disputes can arise during the estate administration process. A knowledgeable estate litigation attorney can be invaluable in defending the rights of a beneficiary or heir against a fiduciary breach of duty or a claim that the decedent was not mentally competent when he or she created the estate plan.
A quality Wills & Trusts Attorney will have a solid track record of success in the courtroom. They will work diligently to get the best possible result for their clients. In addition, they will be sensitive to the needs and concerns of their clients. They are committed to providing the highest standard of legal representation, with honesty and integrity. Contact an experienced Chicago Wills & Trusts Attorney to schedule a consultation today. They will be happy to answer any questions you might have and set up a consultation that is convenient for you.
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