Chicago Living Trusts, Life Insurance Trusts, Powers of Attorney and Living Wills
There is a common misconception that only the wealthy need estate planning. A properly drafted estate plan can protect families of all income levels. Getting your affairs in order is one of the most important things you can for your family.
I am Jay A. Slutzky, attorney at law. From my office in Niles, Illinois, I help families throughout Chicago and the north and northwest Chicago suburbs draft the following types of estate-planning documents:
- A last will and testament will to efficiently transfer your property on your death to those whom you choose. Your will can determine both when and how you want beneficiaries to receive assets. You can also name a guardian for minor children.
- Durable powers of attorney to designate a trusted person who can make decisions about your heath and personal care and finances if you are incapacitated and unable to communicate for yourself. A properly executed power of attorney can protect your family members from the delay and expense of a guardianship proceeding.
- A living will (also known as an advance medical care directive) to tell family members and medical providers whether you want artificial life support such as feeding tubes if your death is imminent.
- Living revocable and irrevocable trusts to meet specific objectives such as asset protection, minimization of estate taxes, provisions for minor children, avoidance of probate and charitable gifts
Proper estate planning is about more than helping you draft a will. As an experienced estate planning lawyer, I will help you make sense of how Illinois and federal probate, inheritance and estate tax laws will affect your spouse and children upon your death or incapacity. You want the assets you have built over a lifetime to go to the people you want to have them.
Do I Need a Trust?
Whether you need a trust depends on your assets and goals. If you have minor children, a trust is an efficient way administer and hold a child's inheritance until the age you specify. Trusts can also help you accomplish specific objectives such as wealth preservation or minimization of estate taxes. Here are some examples of the many different types of trusts I can draft for you:
- Living trusts to manage your assets and avoid probate
- Irrevocable life insurance trusts to minimize estate taxes
- Charitable trusts to provide assets to a charity after you die
- Generation-skipping trusts to provide assets to grandchildren and minimize taxes your children would have to pay
- Special-needs trusts to provide money to a person receiving government benefits and assistance
- Qualified personal residence trusts to minimize estate taxes and transfer property to beneficiaries after your death
For More Information About Wills and Trusts
I invite you to call 847-929-4498 or complete the contact form on this website to schedule a consultation with me, Niles wills and trusts lawyer Jay A. Slutzky, about your estate planning needs. I look forward to the opportunity to work on your behalf.