What are the Main Benefits of Estate Planning?
Estate Planning is important if you want your assets to be distributed according to your wishes after you pass away. It will ensure that the interests of your loved ones are protected when you die. Here are five basic benefits of hiring an experienced attorney in Illinois for estate planning. Here are the main benefits of a properly drafted estate plan:
Maximum Benefits for the Beneficiaries
Effective estate planning can ensure that the beneficiaries get the maximum possible amount from your estate. With an estate plan and particularly a living trust, your assets won’t go through the expensive probate process.
If you don’t have an estate plan, the court will handle everything through a probate process, including the dissolution of the business, distribution of the assets, and the guardianship of the children. The probate fees can exceed $15,000 — a hefty amount that could have been used by your spouse and kids for living expenses. To avoid all this, you should contact an experienced attorney in Illinois for estate planning.
Estate planning also helps in reducing the taxes on assets that are distributed to the heirs. An experienced attorney in Illinois will help you ensure that the taxes are reduced by using estate planning strategies. This includes giving certain assets such as highly appreciated stocks or interests in business entities as a gift to trust or charities. Giving these assets as gifts can help minimize the taxes on estate paid to the IRS.
Protection of Assets
The third important benefit of estate planning is that it ensures protection of the assets. Some domestic estate trusts such as spousal lifetime access trusts not only help in reducing the estate taxes but also protect against divorce decrees and lawsuits. Another advanced estate planning strategy includes adding an extra layer of asset protection by gifting the assets through a limited liability company.
Not many people are aware that estate planning can also provide benefits while they are alive. It can help in reducing the health care costs after retirement. It will also ensure that you leave maximum money for your loved ones after passing away.
Estate planning can also help in creating a legacy for your future generations. Several states allow the trusts to continue for centuries. Some even allow creating a perpetuity by establishing a dynasty trust. You can create a legacy not only for your family members but also for the community. The charitable trusts will provide endowments to the destitute population in the community for years to come.
Hiring an Estate Planning Lawyer
You should hire an experienced attorney for estate planning. For professional estate planning in Illinois, you can contact Chicago Estate Lawyer. You don’t have to spend hours researching the best attorney in your area. We can help you quickly connect with an estate planning attorney having decades of professional experience.