Chicago & Northbrook Estate Planning Services
When residents hear the words “estate planning” many immediately assume that is it only for elderly individuals to pass on assets at death. In reality, however, estate plans serve a wide range of purposes to protect families, save on taxes, secure proper health care, and more.
This planning is not just for seniors but all community members. No matter your age or life circumstances, virtually all residents in Chicago, Northbrook, and nearby North Shore communities can benefit from the peace and mind and security that comes with a carefully crafted, tailored estate plan.
How We Can Help
Estate planning is essential for all those with children, who own a home, own a business, may need long-term care, and in many other situations. An experienced estate planning attorney can listen to your thoughts, learn about your specific circumstances, and explain what steps can be taken to address relevant issues and plan for the future.
Some of the issues with which we help North Shore residents include:
Many residents have multiple needs that can be addressed within an overall estate plan. For example, by using a will and creating trusts, you can craft a plan that accounts for tax issues while naming appropriate alternative caregivers and identifying charitable giving.
North Shore Estate Planning Help
It is critical not to go it alone because it is easy to make mistakes when working through these legal details. For help with any of these and similar issues, please contact the North Shore Chicago estate planning attorneys at Orlowsky & Wilson, Ltd. Our team has decades of experience working with residents in Northbrook and throughout the North Shore on wills, trusts, and other planning matters. Feel free to send us a message online or give us a call at (847) 325-5559.
One of the more important aspects of business succession planning is working out the financial pitfalls following the death of the business owner; answering questions like Where will the money come from to pay taxes? Or, if the business is a partnership: Where will the money come from to buy out the deceased partner´s share?
In addition to the altruistic and goodwill benefits of a charitable contribution, there are generally tax advantages to the donor. When deciding your estate-planning strategies, consider a charitable contribution option, which can help the charity of your choice as well as provide you with a steady stream of income and potential tax benefits.
There are numerous options for setting up a charitable contribution in your estate plan. Contact Alan Orlowsky to set up a free consultation to discuss your estate planning needs.
When a will contest or dispute over the distribution of assets arises, you should seek legal counsel to ensure that your rights and interests are fully protected. Our office in Chicago’s North Shore is conveniently located for easy access. The estate planning and litigation team at Orlowsky Wilson, Ltd. has over 30 years of experience representing clients in will contests and other estate disputes.
Elder law is an area of law that focuses on the legal needs of the elderly. These needs generally include retirement planning, life insurance, medical costs, and estate planning. Alan Orlowsky specialized in elder law in Illinois related to:
Whether we’re discussing income, sales, capital gains, or property taxes, all of us have to deal with taxes in some form or another. After all, April 15th would not mean anything if it weren’t for taxes. It doesn’t matter if it’s a flat tax, graduated tax, or an upside-down tax… taxes are the largest expense and a major problem for us all.
Taxes play a large factor in developing an effective estate plan and eventually funding it. The largest tax bill, unfortunately, comes when you or your loved one have already passed. Call Alan Orlowsky for a free consultation to help minimize your taxable estate.
Guardianship administration is for people who are incapacitated by reason of minority developmental disability, accidentally caused conditions, or degenerative age conditions. This service includes the establishment of a guardianship, and counseling and advising guardians in guardianship administration, including interim reporting, and sales of property.
The advantage of the Special Needs Trust is that parents can leave substantial assets, in Trust, for the benefit of their child without exposing them to the risks such as bankruptcy or divorce. There were always the concerns that the sibling would die, become disabled themselves, have legal problems (such as bankruptcy or divorce), all of which would put the assets intended for the disabled child at risk. In a word, there was a lack of certainty. The Special Needs Trust provides that certainty, by assuring that the sibling can be “in charge of” the assets without owning them. It can provide also for succession of management. Call today to learn more and schedule a free consultation.
Wills, Trusts, and Durable Powers of Attorney are all basic tools used in the Estate Planning process. There are also some special-purpose tools that are important to consider in any good planning process. Call today for a free consultation.
Orlowsky & Wilson, Ltd. provides estate planning representation for individuals, families, and private institutions in the North Shore area of Chicago, Illinois. Call today for a free consultation.