 |
 |
 |
|
 |
|
|
        |
 |
Estate Planning - An OverviewProtecting Your Wealth through Illinois Estate PlanningIllinois and federal estate taxes can take a significant portion of your wealth. But they do not have to. With thorough estate planning now, you can minimize the tax consequences and protect your assets for the people you want to receive them. At my Illinois office, I — Barry Hines, Attorney at Law — have helped clients draft complete estate plans for more than 35 years. As your lawyer, I will work to understand your priorities and draft documents that accomplish your goals. Call 217-953-4051 or contact me online to schedule an appointment at my Springfield office. Thank you for contacting Barry Hines, Attorney at Law. Your message has been sent. Call us now or use the form below. Call 217-953-4051 or contact me online to schedule an appointment with me — Barry Hines, Attorney at Law. I will listen to your estate planning concerns and draft documents that protect your wealth from Illinois and federal estate taxes. Estate planning is the only way to protect your wishes and your wealth for the future. Do not let Illinois and federal estate taxes prevent your loved ones from receiving the maximum benefit of your assets. Estate Planning - An OverviewEstate Planning - An OverviewEstate planning allows an individual to plan for his or her lifetime objectives and to provide direction about the disposition of his or her assets after death. Estate planning can include wills and trusts as well as powers of attorney and healthcare directives. Estate planning is impacted by state and federal law, and any individual may find that more elaborate or creative legal means are necessary for his or her situation. Some of these more complex techniques include trusts, family limited partnerships (FLPs) and limited liability companies (LLCs). An estate planning lawyer from Barry Hines in Springfield, Illinois, can be an essential ally in assuring that your estate planning goals are understood and carried out. If you have estate planning-related legal questions, call Barry Hines today to schedule a consultation. Estate Planning Basic DocumentsBecause estate planning allows an individual to ensure that his or her property will go to the people he or she wants, in the way he or she wants and when he or she wants, it is important for everyone, even if an estate is likely to be small, to have an estate plan. An estate plan can help to reduce tax liabilities, court costs and attorneys fees, and it can also make it easier for families to cope with the administrative and financial issues that arise after the loss of family members. Estate plans should typically include at least two important estate planning instruments: a durable power of attorney and a will. A durable power of attorney is a document that authorizes a person to make decisions for a person who has become incapacitated, including decisions about the incapacitated person's property. A will is a document that sets out the plan to distribute a person’s property after her or his death. Documents relating to medical care can also be part of an estate plan. Documents to consider include a medical directive (also called an advance directive, a physician's directive, a written directive or a durable power of attorney for healthcare) to designate a person to make healthcare decisions for a person who has become incapacitated, a healthcare proxy (also called a proxy directive) to designate a person to make healthcare decisions regardless of a person's incapacity, and a living will to express a person's desire regarding the use of extraordinary measures to extend her or his life when there is no reasonable expectation of recovery. Estate Planning and Financial GoalsEstate planning can help to identify and plan for financial needs during life and after death. Financial needs to consider include retirement income, college funding, replacement income following an unforeseen illness or disability and the needs of surviving family members. To meet these financial goals and to ensure appropriate utilization of assets during life and orderly and efficient distribution of assets after death, an estate plan may include making gifts to individuals and charities during life, purchasing life insurance, using revocable and irrevocable trusts, purchasing annuities as well as rearranging personal and business interests. In addition to federal gift and estate taxes, state inheritance taxes, which vary from state to state, must also be considered to meet financial objectives. ConclusionAsset protection strategies, healthcare directives, powers of attorney and other estate planning devices are an integral part of the services that an estate planning attorney can provide. If you have questions about estate planning, contact an estate planning attorney at Barry Hines in Springfield, Illinois, to schedule a consultation. Copyright ©2010 FindLaw, a Thomson Business DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.
Barry Hines, Attorney at Law
|
|
|
Copyright © 2010 by Barry Hines, Attorney at Law. All rights reserved. Disclaimer | Site Map |
|