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Niles Wills and Trusts Attorney

Chicago Living Trusts, Life Insurance Trusts, Powers of Attorney and Living Wills

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 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 health and personal care and finances if you are incapacitated and unable to communicate handle things for yourself. A properly executed power of attorney can protect you and 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, planning for incapacity, provisions for minor or  disabled children, children from a previous marriage, 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, and estate tax laws may 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, not to whom the state says will get them.

Do I Need a Trust?

Whether you need a trust depends on your assets, goals and family situation. If you have minor children, a trust is an efficient way to 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 prepare for my clients:

Living trusts to manage your assets, avoid probate and guardianship proceedings
Irrevocable life insurance trusts to minimize estate taxes
Special needs trusts to provide money to a disabled child or individual to avoid disqualifying them from receiving federal or state aid.
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
Qualified personal residence trusts to minimize estate taxes and transfer property to beneficiaries after your death