Serving Cook, DuPage, Kane, Lake, Will and McHenry Counties
Why is Estate Planning So Important?
For many families and individuals who want to protect their hard earned money and personal assets to leave to their designated beneficiaries, in the event they become incapacitated or die, it is important to utilize effective estate planning tools with the help of an experienced estate planning attorney, to ensure your wishes are carried out.
There are many different types of estate planning tools which can be discussed with an estate planning attorney, who can advise you on a number of different options and solutions that are right for you. At Newland & Newland, LLP, we understand everyone has a unique situation with regards to planning their estate. Our attorneys are here to answer questions and provide legal guidance to address your estate planning concerns, regarding:
- AB Living Trust
- Healthcare Power of Attorney
- Living Will
- Pour Over Will
- Power of Attorney
- Property Power of Attorney
- Special Needs Trust
- Wills, Trusts & Probate Administration
Contact us regarding any estate planning questions you may have. We can accommodate individuals and families from our 6 different office locations throughout northern Illinois, serving clients in the greater Chicago area including all of Cook County, DuPage County, Kane County, Will County and McHenry County. Call us today for a free initial consultation.
Estate Tax Planning-Illinois Estate Planning Attorneys
Estate tax planning is one of the many tools used in estate planning to minimize taxes and to ensure your beneficiaries receive the assets you have designated for them, rather than the federal government taking the money in the form of estate tax revenue.
Different types of estate tax planning methods exist, and they include the following examples:
- AB Trust: Most often, married couples set up an AB Living Trust, also known as an exemption or by-pass trust, because of the tax benefits and flexibility offered.
- Gifting: Family members can gift their future heirs to reduce any tax burden on their loved ones. Tax free gifts have certain limitations on the amount you can give, so it’s important to discuss this estate tax planning option with an estate planning attorney.
- QTIP Trust: QTIP stands for Qualified Terminable Interest Property Trust and offers flexibility to the executor, while minimizing federal and state tax savings.
Contact Newland & Newland, LLP for Help with Estate Planning
Contact our law firm to learn more about how we can address your legal concerns and help you find useful estate planning strategies. Call us today to schedule a free initial consultation.