Life is busy, and creating a comprehensive estate plan is probably not among the most urgent items on your to-do list. But if you want to ensure your family is protected when you’re no longer here, it’s important to start now. With the help of an experienced Deer Park IL estate planning attorney, you can build an effective estate plan that treats your legacy beyond just your financial wealth. At Donald L. Sadowski, P.C., we’ve helped numerous clients secure their assets, safeguard their loved ones’ future quality of life, and plan for tough end-of-life decisions. Contact us today to get personalized advice tailored to your individual needs.
Why Estate Planning Is Crucial
No matter your age or income, planning your estate is worth your time. Without a clear estate plan, chances are your loved ones won’t be able to benefit from the wealth you’ve worked so hard to leave behind for them.
A solid estate plan can go beyond stating who will receive what assets once you die. Your plan can also preserve and protect your assets while you’re still alive and help address healthcare matters should you ever become incapacitated.
Drafting a well-thought out plan requires consulting with a knowledgeable Deer Park IL estate planning attorney. Your attorney will help you design a plan that may include the following:
- A will that allocates your valuables and assets to loved ones or charitable organizations;
- Trusts that hold and distribute your assets to beneficiaries while you’re still alive;
- Dependable powers of attorney that identify decision-makers and lists your preferences in the event that you become incapacitated;
- A living will that informs doctors what they can do to and for you; and
- A succession plan that addresses your dealings in business, such as buy-sell agreements and self-canceling installment notes.
The longer you put off planning your estate, the more you risk losing your assets to courts once you’re gone. This will leave your loved ones open to unwanted fights, delays, and expenses when attempting to regain control of your estate. These situations can be easily avoided by crafting a detailed estate plan now, giving you and your loved ones valuable peace of mind.
Protecting Your Children With Your Estate Plan
An estate plan is even more crucial if you have young children or disabled family members. Your plan can help give your loved ones a sense of security through difficult times. For instance, your plan can give you the power to:
- Appoint a trustworthy guardian for your children;
- Provide for your children financially through a trust;
- Protect your children’s assets against threats of wealth as they grow up; and
- Minimize inheritance impact on any federal or state benefits your loved ones may be receiving.
Protecting Your Business With Your Estate Plan
Because you’ve worked hard to build your business, you do not want to risk suddenly losing control of it. Without an estate plan in order, once you pass away, your once thriving business may become disrupted or incapacitated.
Your experienced Deer Park IL estate planning attorney can help you draft an estate plan that helps to protect your businesses’ future. At Donald L. Sadowski, P.C., have worked with numerous entrepreneurs and business owners to draft estate plans that protect the best interests of their companies. We will help you minimize your death’s impact on your businesses’ success.
We will also help you draft a plan that transfers ownership to people you trust. In addition, we can also establish any guidance they may need in the future. Your business succession plan can include the following:
- A buy-sell agreement;
- Establishment of trusts;
- Self-canceling installment notes;
- Private annuities; and
- A limited partnership or a family limited liability company.
How to Draft an Effective Estate Plan
We understand how busy you are, and our estate planning process is designed to be as easy and quick as possible. Through consultation, we will first get to know you and your priorities. We can help you determine what assets you wish to protect and which loved ones you want to include in your plan. With full knowledge of your wants and needs, we’ll work alongside you to draft your entire estate plan. And because goals evolve over time, we can also offer you maintenance plans that constantly keep your estate up to date.
Consult With a Deer Park IL Estate Planning Attorney Today
No matter your current stage in life, or your financial situation, you do not want to risk your loved ones losing your estate once you’re gone. Start the process now by contacting an experienced Deer Park IL estate planning attorney at Donald L. Sadowski, P.C. today.