Minimizing Tax Consequences Of Illinois Estate Plans
Without proper estate planning, estate taxes can take hundreds of thousands of dollars away from your beneficiaries. You have worked hard to build your wealth, and your estate plan should protect your assets.
I ― Barry Hines ― have more than 40 years of estate planning experience. I have a deep understanding of state and federal estate taxes, and I will help you craft a plan that allows you to pass on as much of your wealth as possible. I have been rated AV* by Martindale-Hubbell and in 2019 listed by Leading Lawyers Magazine as No. 5 in their Top Ten of Downstate Trust, Will & Estate Planning Lawyers based on their survey. Please contact me to schedule an appointment to discuss your particular situation.
Protecting Your Wishes For Your Wealth
Clients come to me with many estate planning concerns. Estate tax laws can be complicated, and it is important to make sure that your estate plan works within those laws to protect your assets.
When you come to me for guidance, I will explain how the estate planning legal and tax system works and give you an honest evaluation of your situation. The right estate plan can accomplish many goals:
- Minimize estate tax consequences
- Pass your wealth along to beneficiaries of your choosing
- Protect all of your assets, including real estate
- Avoid the guardianship process to allow a loved one to make decisions on your behalf
- Create trusts to hold assets for minor children until predetermined ages
- Create medical directives
- Name custodians for minors
- Establish a gifting program
- Establish charitable trusts or endowments
- Irrevocable life insurance trusts
- Generation-skipping trusts
- Credit shelter trusts
- Grantor retained annuity trusts, qualified personal residence trusts
- 2503(c) minor’s trusts and Crummey trusts
During our first meeting, we will discuss the estate planning documents you may need such as a last will and testament, trusts, and powers of attorney for health care and property. Each of these documents serves a unique purpose, and I will explain how the right combination can protect your wealth and your wishes for the future.
After years of hard work, you should not be worried about whether there will be an estate left for your beneficiaries. As your lawyer, I will help you create documents that meet all of the Illinois estate planning requirements as well as accomplish the goals most important to you. Just as important as your will are durable powers of attorney to avoid court-supervised guardianships during your lifetime.
*AV®, AV Preeminent®, Martindale-Hubbell Distinguished and Martindale-Hubbell Notable are certification marks used under license in accordance with the Martindale-Hubbell certification procedures, standards and policies. Martindale-Hubbell® is the facilitator of a peer review rating process. Ratings reflect the anonymous opinions of members of the bar and the judiciary. Martindale-Hubbell® Peer Review Rating™ fall into two categories – legal ability and general ethical standards.