Orlowsky & Wilson, Ltd. provides Estate Planning Services to individuals and families in and around Lincolnshire, IL with modest as well as large estates. A few hours spent planning with a capable adviser today can help save thousands and even hundreds of thousands of dollars in income taxes, estate taxes, and administrative expenses.
The sooner you begin planning, the more you can potentially save.
The key elements of good estate planning are:
The purpose of a will or trust is to distribute your valuable assets according to your wishes in a sensitive, humane, and orderly fashion, and in a way that minimizes resentment and jealousy among family members.
A trust allows you to transfer property to a trustee to hold, manage, and distribute your estate according to the specifications of the trust agreement. There are many types of trusts, each of which, if properly drafted, provide significant tax and savings benefits. A good non-tax reason for having a trust is to manage property for minor and spendthrift beneficiaries.
A health-care power of attorney lets you appoint your agent (sometimes known as the patient advocate) to make important medical decisions for you in the event you cannot communicate with your doctor.
The durable power of attorney lets you designate an agent to manage your assets in case you are too sick or otherwise unable to do so yourself.