Today, I was speaking with a fellow attorney from downtown Chicago. This attorney msde a comment that he would not attempt to counsel or draft a trust or a will. Why is this? Estate planning and wills often times involve real estate and tax issues and unfortunately, most attorneys are ill equipped to understand when your matter may be simple or more complex.
For example, I recently had a client that was married but her husband was disabled and unable to make decisions for himself. This simple situation is more complex because the estate planning attorney must understand medicaid eligibility and elder law. Thus, it is important to hire an attorney that has the proper qualifications because a simple mistake may costs you thousands of dollars.
In my conversation with this attorney, we discussed that the economy is getting better. I have personally witnessed estate planning increasing because the economy is getting better. For many individuals and families, estate planning is a serious but often neglected conversation. Estate planning is crucial because if you die with a will or without a will there are serious negative consequences.
If you die without a will, the State of Illinois will determine who should inherit your property. Furthermore, doing nothing will costs your family more money in the long-run. Often times, an accident can occur and you and your family are ill-prepared for an incapacity or family death. Combining the family death with the legal proceedings creates a difficult time period for your family members. This is further worsened because an ill-prepared estate plan causes severe family fights. These fights commonly occur with blended families such as step parents and children. There are natural conflicts which exist and inheritance and money matters threaten family harmony. These conflicts result in hurt feelings and thousands of dollars in legal fees and court proceedings that last years and longer.
Sean Robertson is an estate planning attorney that concentrates in estates and trusts, advanced estate planning, and asset protection. Sean can counsel you and your family on how to properly set up a realistic but effective estate plan. Sean Robertson can be reached at 312-498-6080.
Robertson Law Group, LLc
(312) 498-6080 or (630) 364-2318
Email: RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
Showing posts with label estates and trusts lawyer. Show all posts
Showing posts with label estates and trusts lawyer. Show all posts
Thursday, June 3, 2010
Thursday, April 8, 2010
What is Estate Planning-Naperville and downtown Chicago
What is Estate Planning?
Estate planning is simply a legal concentration that plans for incapacity and death. Typically, this planning involves wills, pour over wills, living trusts, and powers of attorney for healthcare and property.
A will is simply a written document that disposes of one's property upon your death. A will is a on-death document meaning that it does not have any affect during your life. A pour over will is a type of will that combines with a living trust to make probate a simple process. A pour over will becomes a catchall strategy to assist an estate avoid the complexities of probate. For example, Sue deceased and had a beneficiary that deceased on her bank account and did not designate a successor beneficiary. Thus, a pour over will instructs an asset without a proper beneficiary designation to be transferred into your living trust.
A living trusts is a written instrument that plans for your incapacity and death. A living trust is "living" because it works during your lifetime and upon death. A living trust is designed to avoid guardianship court and probate court. Guardianship court is a court that hears claims of disabled persons. These claims are relevant when a disabled adult loses their capacity to make decisions. Powers of attorney for healthcare and property are important, but to avoid guardianship court, your assets must be titled in your revocable living trust's name.
Essentially, estate planning is the process of working with an individual or family and assisting them with a smooth transfer upon death, avoidance of usual family conflicts, and the planning of incapacity and death. Estate planning also is giving advice on how to properly structure your assets to apply for medicaid or assist you and your family in helping your grandchildren or children remain eligible for medicaid (state public assistance). Many special needs children need the financial assistance of the state of Illinois because the expense of taking care of a special needs child.
In conclusion, estate planning is important because incapacity and death issues destroy many families. In my experience, there is a price that people will or will not pay for their families. If your children or loved ones will get destroyed by your lack of planning, estate planning is a family value.
Sean Robertson, Esq.
Robertson Law Group, LLC
312-498-6080 (all offices) or 630-364-2318 (Naperville)
Locations in Naperville, Chicago Ridge, and downtown Chicago
RobertsonLawGroup@gmail.com
Key word: Living will, pour over will, estate planning, wills, trusts, living trusts, revocable living trusts, power of attorney for healthcare and property
Estate planning is simply a legal concentration that plans for incapacity and death. Typically, this planning involves wills, pour over wills, living trusts, and powers of attorney for healthcare and property.
A will is simply a written document that disposes of one's property upon your death. A will is a on-death document meaning that it does not have any affect during your life. A pour over will is a type of will that combines with a living trust to make probate a simple process. A pour over will becomes a catchall strategy to assist an estate avoid the complexities of probate. For example, Sue deceased and had a beneficiary that deceased on her bank account and did not designate a successor beneficiary. Thus, a pour over will instructs an asset without a proper beneficiary designation to be transferred into your living trust.
A living trusts is a written instrument that plans for your incapacity and death. A living trust is "living" because it works during your lifetime and upon death. A living trust is designed to avoid guardianship court and probate court. Guardianship court is a court that hears claims of disabled persons. These claims are relevant when a disabled adult loses their capacity to make decisions. Powers of attorney for healthcare and property are important, but to avoid guardianship court, your assets must be titled in your revocable living trust's name.
Essentially, estate planning is the process of working with an individual or family and assisting them with a smooth transfer upon death, avoidance of usual family conflicts, and the planning of incapacity and death. Estate planning also is giving advice on how to properly structure your assets to apply for medicaid or assist you and your family in helping your grandchildren or children remain eligible for medicaid (state public assistance). Many special needs children need the financial assistance of the state of Illinois because the expense of taking care of a special needs child.
In conclusion, estate planning is important because incapacity and death issues destroy many families. In my experience, there is a price that people will or will not pay for their families. If your children or loved ones will get destroyed by your lack of planning, estate planning is a family value.
Sean Robertson, Esq.
Robertson Law Group, LLC
312-498-6080 (all offices) or 630-364-2318 (Naperville)
Locations in Naperville, Chicago Ridge, and downtown Chicago
RobertsonLawGroup@gmail.com
Key word: Living will, pour over will, estate planning, wills, trusts, living trusts, revocable living trusts, power of attorney for healthcare and property
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