Kane County Estate Planning Attorneys
Experienced Estate Planning Lawyers in Aurora, Geneva, Champaign, and Throughout Illinois
In order to arrange your affairs to ensure that your assets are properly held and allocated for the benefit of you and your loved ones in the event of a worst case scenario, it is important to have a comprehensive estate plan. Without a plan in place, decisions involving important issues, such as personal care providers, the ultimate distribution of your assets, and for younger parents, guardianship of your minor children, could be decided by the courts. In addition, your estate or your surviving family members could be left with a large estate tax bill that could be readily avoided by proper planning in advance.
At Kinnally Flaherty Krentz Loran Hodge & Masur P.C., we have decades of experience helping Illinois families with all types of estate planning issues. We understand that each client has specific needs and goals based on their unique family dynamics. We put our experience to work to gain an in-depth understanding of your needs and craft a customized solution that maximizes your estate value, minimizes tax liability and ensures that your final wishes are carried out, typically without any need for court intervention.
Regardless of the size or complexity of your estate, we can develop an effective strategy that accounts for all known eventualities, as well as the flexibility to handle the unknown or sometimes unforeseeable events in life.
Estate Planning Services
We handle all aspects of your estate plan, with an eye toward limiting future estate litigation exposure.
- Wills, Powers of Attorney and Living Wills: We structure wills with your specific needs and goals in mind. If you are unavailable or no longer able to handle your affairs, a power of attorney (for financial or healthcare authority) can ensure that your affairs are managed by a trustworthy family member or close friend. Further, when appropriate, we also craft living wills to provide direct guidance to health care providers on future medical decisions should you become incapacitated. The right combination of estate plan documents will provide you with the peace of mind knowing that your wishes have been succinctly expressed in writing and just as importantly, that your wishes will be followed on important matters at critical times when you are unable to express them yourself.
- Trusts: We create living trusts to pass estate assets on to ultimate beneficiaries smoothly without resorting to probate court and with greatest tax savings possible under the circumstances. We create special needs trusts for families that need to protect a disabled beneficiary.
- Complex Trusts: We have extensive experience setting up sophisticated lifetime trust arrangements designed to accomplish a specific purpose. These include but are not limited to: irrevocable life insurance trusts, credit shelter trusts (so-called QTIP Trusts), trusts for minors, charitable lead trusts, charitable remainder trusts, qualified domestic trusts, and donor advised funds utilizing directed custodial accounts established through various private or public foundations.
- Lifetime Gifting Programs: We have been engaged to provide legal advice and drafting of lifetime gift trusts for high net worth clients or clients with specific legal needs for specialized gift trust planning to achieve the transfer of wealth to beneficiaries in the future, while providing for deferral of distribution and asset protection in the interim.
When we develop your estate plan, we give careful consideration to all important factors that may impact you and your loved ones both now and for generations to come. These include:
- Your marital status and children (including second marriage considerations);
- Guardianship designation for minor children of younger parents;
- The extent and nature of the assets within your estate and how best to protect them;
- The identity and relationship of your beneficiaries;
- Disability planning if you have disabled or special needs beneficiaries;
- Estate administration and distribution (including the timing and asset protection implications of beneficiary withdrawal rights);
- Business ownership and business succession planning;
- Contributions to charities; and
- Estate tax consequences.
Other planning objectives that may be expressed during our consultation with you. Your unique situation deserves the attention that only thorough, experienced legal counsel can provide.
Planning an estate can be complicated and should be done with the assistance of a skilled lawyer that takes the time to address all the important factors. For a consultation with one of our experienced estate planning attorneys in DuPage County, contact Kinnally Flaherty Krentz Loran Hodge & Masur P.C. today at 630-907-0909. From our offices in Aurora, we provide counsel and advice for clients with estate planning needs throughout Northern Illinois.
Estate planning is an essential tool to carry out your wishes and preserve your wealth for the next generation. Whether you have a simple or complex estate, it is important to have a plan in place to ensure your children are well cared for, the right health care decisions are made should you become unable to make them yourself, and your assets end up in the hands of the right beneficiaries when you pass on.Read more
Wills are fundamental estate planning tools used to designate beneficiaries for your assets and ensure that your final wishes are carried out. Without a will, there is no guarantee that your hard-earned assets will go to the correct beneficiaries, or that your minor children will be cared for by the guardian of your choice. If you have financial assets and minor children, it is essential to have a will in place to determine how your final affairs will be handled. You may also want to consider a living will to provide specific instructions on future medical decisions should you become incapacitated.Read more
Trusts are useful estate planning tools that give individuals with substantial assets and more complex estates greater control over the distribution of property while minimizing tax liability. Trusts are also frequently used to ensure privacy and bypass the probate process. Living trusts and special needs trusts are two of the most common documents used in planning more complicated estates. There are also several other types of trusts used to accomplish specific objectives depending on the client’s circumstance. If you are considering setting up a trust, it is important to have skilled legal guidance to ensure that the correct documents are created to accomplish your goals.Read more
A guardianship is a court proceeding giving an individual the legal authority to make medical and/or financial decisions on behalf of someone who is not able to make such decisions on their own. This proceeding is often used as part of a simple or complex estate plan involving families with minor children, disabled children (minor or adult), or aging adults that have become incapacitated and need a trusted person to watch over their affairs. Guardianships are complex legal proceedings, and should only be undertaken with the assistance of a skilled estate planning lawyer.Read more