Why Do You Need an Estate Plan?
Life has unexpected twists and turns, and an estate plan speaks for you when you cannot. That’s why everyone, regardless of age and circumstances, should have a plan. A legally binding and clearly written estate plan can:
- Distribute your wealth and property after your death
- Protect your assets during your lifetime
- Ensure your business’ continuity during a health crisis or other incapacitating event
- Guide your health decisions when you cannot make them yourself
- Protect a disabled loved one’s inheritance and eligibility for federal benefits
- Care for a child’s inheritance while they grow and mature
- Share your values and beliefs with your family and community
But it’s difficult to do all of this on your own. An experienced estate planning attorney at Donald L. Sadowski, P.C. can help.
Helping You Protect Your Interests
You’ve worked hard to ensure your family’s financial stability and future when you are no longer there. However, your legacy is more than your assets — it’s also your values. We help our clients protect the things that matter most.
Our diverse clients reach out to us for a variety of reasons: a new child, a relationship change, a growing business, changing health, threats to their wealth, financial reversals, or other priorities. No matter your stage in life, our client-focused team can help you build a practical and effective estate plan that reflects your wishes.
When you work with our firm, we’ll take time to understand your goals and priorities — we don’t rush people through a cookie-cutter estate planning process. We’ll craft documents that reflect your needs and goals, which may include:
- A last will and testament
- Trusts, including inter vivos or living trusts, either revocable or irrevocable, or testamentary trusts
- Durable powers of attorney which guide health care and financial decisions
- Living will which informs your physicians about your health care preferences
- Business succession tools, such as buy-sell agreements and self-canceling installment notes
We’ll also keep you up-to-date on changes to Illinois’ probate and estate planning laws, ensuring that your legacy is protected well into the future.
What Happens If Someone Dies Without an Estate Plan?
Like most states, Illinois provides laws which dispose of your property if you didn’t make arrangements to dispose of it yourself. Known as the laws of succession or intestacy, these laws lay out an order of inheritance for a person who dies without a will.
Importantly, our state’s laws of intestacy do not reflect everyone’s wishes. For example, if you have a long-term partner or believe deeply in philanthropy, the intestacy laws will not distribute your property or provide support to them. Instead, your wealth will be divided in a manner amongst members of your family.
It’s also common for families who are dealing with intestacy to encounter delays, disputes, and unwanted costs — making an already difficult time even more challenging. Rather than rely on the state, it’s in your best interest to build your own plan that reflects your specific wishes and needs.
Ensuring the Future of Your Business
Most small business owners have poured their heart and soul into growing their companies. However, unless you have a robust business succession and continuity plan, your hard work may be for naught. Could your business survive your death or incapacitating illness or injury?
When you work with an estate planning attorney at Donald L. Sadowski, P.C., you can create a plan that guides your business and key stakeholders through difficult times. We know that your succession plan must address more than just the transfer of ownership; it must also set up your next generation of leaders with the tools, knowledge, and support that will let your business thrive when you are no longer there for them.
Depending on your unique needs, your business continuity plan may involve establishing a private annuity, family limited liability company or limited partnership, buy-sell agreement, self-canceling installment notes, trusts, voting trusts, and other tools.
Protect Your Legacy With Help From an Schaumburg Estate Planning Attorney
Donald L. Sadowski, P.C. guides Illinois families, individuals, and business owners through their complex estate planning needs. If you’re ready to protect your loved ones and valued organizations into the future, contact our office for a wealth planning meeting or business succession planning audit. We’d love to learn more about your situation and create a long-lasting, productive relationship with you and your family.