Kane County Estate Planning Lawyers

Attorneys for Wills, Trusts, Probate, Guardianships, and Asset Protection in South Elgin, IL

The legal team at Ariano Hardy Ritt Richmond Lytle & Goettel P.C. has been creating comprehensive estate plans for clients for over three decades. Our lawyers can help you plan and document the allocation of your assets based on your wishes when you pass away. It is important to formulate written plans that clearly indicate your intentions, which may consist of wills, trusts, designation of life insurance beneficiaries, powers of attorney, and more. This will ensure that your intentions will be realized while limiting potential disputes among heirs, preserving assets, and preventing unnecessary taxation. We can assist you with any number of estate planning documents, helping you protect your loved ones and prepare for the future.

Wills and Trusts

A will is a document defining how a person's assets will be allocated after death, and it is governed by Illinois law. A person must be 18 years old and mentally competent to create a will, which must be completed in writing and signed in the presence of two witnesses. A will designates the beneficiaries of assets and names an executor to manage the process of identifying heirs and legatees, paying legitimate debts, and distributing assets to beneficiaries. After death, a will is brought to the court during probate to confirm its validity prior to carrying out the provisions listed.

A trust is an agreement that designates an individual to act as a trustee. The trustee will manage your property and assets on behalf of the beneficiaries named in the trust, and assets will be distributed to beneficiaries according to specific instructions. Trusts made while alive are "living trusts," and those contained within a will are "testamentary trusts." The use of a trust can allow assets to be passed to beneficiaries outside of probate.

Trust Administration

Creating and administering trusts may involve some of the following duties:

• Working with beneficiaries to explain the trust settlement process
• Asset inventory and appraisal
• Collecting and paying debts
• Preparing and filing all needed tax returns, including income tax and estate tax returns
• Sales of property
• Collection and distribution of life insurance benefits
• Preparing an annual accounting for all trust financial transactions to circulate to beneficiaries as required by Illinois law
• Handling any possible IRS audit
• Preparing a plan of division for assets held in trust
• Interpreting the provisions of the trust
• Distributing all assets as directed by the declaration of trust

Special Needs Trusts

Trusts benefiting disabled loved ones are known as special needs trusts. Rather than giving assets directly to a beneficiary, a trustee will manage the assets in the trust and make sure they are used for approved purposes. This can help ensure that a disabled person will qualify for benefits such as SSI and Medicaid. These benefit programs are designed for people with minimal financial resources. An inheritance or gift given directly to a person could jeopardize their eligibility for benefits and disrupt the services they receive. A special needs trust can avoid this while helping a disabled person meet their needs.

Probate

Generally, when someone dies, their assets and property will proceed through probate. This is the process of transferring a person's property to their heirs, and it will be overseen by the court. People who die with a last will and testament are said to have died "testate," while dying without a last will and testament is referred to as dying "intestate." A personal representative is responsible for managing the probate process. If a will exists, this person is known as the executor. If no named executor exists, the court will appoint an administrator.

Our attorneys can provide representation for personal representatives during the probate process. We can help ensure that all legal requirements are met, that financial issues will be handled correctly, and that assets will be distributed to beneficiaries. If necessary, we can provide representation during probate litigation.

Guardianships

If a minor's parents or guardians abruptly die or become unable to care for them, courts may execute the guardianship process. Guardianship may also be needed if an adult becomes disabled or incapacitated. The court-appointed guardian will act on behalf of the minor or disabled adult (the "ward"). They will be required to follow court directives and act with the ward's best interests in mind. Our lawyers can assist with the process of establishing guardianship while addressing any related legal concerns.

Asset Protection

Federal and state governments have laws pertaining to estate and gift taxes. Estates that exceed certain thresholds may be subject to federal or state estate taxes, or both. Gift taxes may apply when a person gives someone a gift that exceeds a certain amount, which is referred to as the "annual gift tax exclusion amount." By taking the proper legal steps, a person or family may be able to avoid the loss of assets to taxes.

However, asset protection is not limited to only protection from estate taxes and gift taxes. Our attorneys can help families determine the best steps to take to protect their assets when establishing or managing estate plans. We work with clients to make sure inheritances can be passed to loved wones hile being protected from creditors or other potential losses.

Contact Our South Elgin, Illinois Estate Planning Lawyers

The attorneys at Ariano Hardy Ritt Richmond Lytle & Goettel P.C. have been advising clients on estate planning, asset protection, wealth preservation, and related matters for over 35 years. We help our clients understand the legal strategies they can use to protect and preserve their assets while addressing other concerns that may affect them and their families. For a free consultation, contact our Kan County estate planning attorneys at 847-695-2400.