To many people estate planning is merely preparing a will to tell your executor what to do with what you own when you die. But, estate planning is more than just drafting a will. It includes tax efficiencies, wealth preservation, asset protection, efficient asset ownership, retirement planning and business succession planning.
Estate planning can include:
- Will. Appoints and directs your executor what to do with your property after your death.
- Trust. Allows you and your successor trustee to handle your assets in private.
- Special Needs Trusts. Provides for a disabled person without loss of government aid.
- Healthcare Power of Attorney. Empowers your agent to make decisions when you cannot.
- Power of Attorney for Property. Empowers agent to help with or make financial decisions.
- Insurance. Values and protects assets, provides liquidity and provides for dependents.
- Living Will. Directs your caregiver on life prolonging care.
- Non-Probate Transfers/Beneficiary Designations. Enables transfers without probate.
- Property Ownership. Evaluates the most effective methods to hold title to assets.
- Asset Protection. Protects your assets from creditor claims during life and after.
- Tax Counseling. Delays, defers, reduces or avoids taxes for you and your heirs.
- Business Succession. Plans for the sale, transfer or termination of your business.
- Charitable Giving and Trusts. Structures gifting in life and on death.
- Family Partnerships. Consolidates assets to provide for future generations.
- Spendthrift Provisions. Protects gifts to financially irresponsible heirs.
- Long Term Care. Analyzes options, costs and insurance.
- Divorce Planning. Analyzes the effect of divorce and addresses child/spouse support.
- Minor Child Protection. Addresses financial and personal guardian issues.
- Related Consultants. Introduces other professionals for consultation and advice.
The attorneys at Brooks, Tarulis & Tibble have experience in all aspects of estate planning. Should you have any questions or if we can assist in this regard, please contact us.
Douglas C. Tibble
This Brief is designed to provide our friends and clients with information regarding the various subject matters covered. It is not designed to take place of legal, accounting or other professional advice. If expert assistance is required, the services of a competent professional should be sought. This memorandum may constitute advertising under the rules regulating Illinois attorneys.
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