Estate Planning Attorney | Wheaton, IL
Upon your death, what will happen to all of your hard-earned money? Our estate planning law firm can help you determine the best way to transfer your assets before and after death to ensure that the people you want to get your money, receive as much as possible, in the exact manner you desire. We are led by a master estate planning lawyer, Thomas Mirabile.
What is Estate Planning?
Estate planning is the process of anticipating and arranging, while a person is still living, for the distribution of their estate assets in a manor of their choosing. If a person fails to plan for the disposal of their estate, the state will implement their plan and it likely will not be a plan that you like. Proper estate planning can be used to eliminate uncertainties over the administration of a probate and to maximize the value of the estate by reducing taxes and other expenses.
Estate Planning Basics
Every estate plan should include a will. If the value of the estate is small, then a simple will may suffice to transfer your assets. If the value of the estate is larger and real estate is involved, it is probably better to have your assets held in trust and have a pour-over will as a back-up. This can accomplish many different goals, such as avoiding probate, lowering estate taxes, and directing the distribution of your property upon your death. If you die with assets outside of the trust, the pour-over will directs the assets to pour into the trust and be distributed in accordance with the trust’s directions.
Estate Planning in Illinois
In an Illinois estate, if all the personal estate passed by the will has a gross value of less than $100,000, then a small estate affidavit can be used to transfer that property—but not real property—outside of probate. In an Indiana estate, this same procedure can transfer both personal property and real property outside of probate, if the net value of the entire probate estate is less than $50,000.