A Mt Prospect IL estate planning attorney can help you protect your family when you are no longer here. At Donald L. Sadowski, P.C., we make sure our clients’ values are respected and that their assets are safeguarded. We are dedicated to building a unique estate plan for you that treats your legacy as more than your wealth. Contact us today for personalized advice that will suit your needs.
You have a lot competing for your attention. If taking care of your family is at the top of the list, it’s time to start estate planning as soon as possible.
Why Estate Planning Is So Important
Estate planning isn’t only for the elderly and/or rich. Regardless of age or income, planning for the future is essential to avoid potentially harmful impacts on your loved ones. Here are four key reasons why you need an estate plan:
- Control the Fate of Your Assets. If you die without planning your estate, you leave the decision for who receives your assets to the courts. One of the main points of estate planning is to designate heirs that will receive your property. With a clear plan in place, you save them time, money, and frustration.
- Determine How Your Young Children and Business Are Cared For. Estate planning documents exactly how you want your children and business to be cared for. Without an estate plan, the courts will decide who will raise your children or take over your business interests.
- Reduce Your Heirs’ Tax Liability. Estate planning is often used to reduce the taxes your heirs would otherwise owe. With a plan, they can benefit from more of what you worked so hard to earn.
- Determine What Happens While You Are Still Alive. Your estate plan should do more than say who receives what assets after you pass. It should also safeguard your assets while you are alive and address healthcare questions if you ever become incapacitated.
An experienced Mt Prospect IL estate planning attorney can help you draft a thorough plan that includes the following:
- A will that apportions your property to loved ones or charitable organizations;
- Trusts that protect and allocate your assets while you are still alive;
- Financial and healthcare powers of attorney that name decision-makers and your preferences should you become incapacitated;
- A living will that directs doctors as far as what they can and cannot do to and for you; and
- A business succession plan that takes care of your business interests through documents like buy-sell agreements and self-canceling installment notes.
Give Your Children and Business Partners Peace of Mind
An estate plan is crucial if you have young children, disabled family members, or own a business. To protect your children through difficult times, your plan can give you the power to:
- Name someone you love and trust to be the guardian of your children;
- Make sure your children are financially secure through a trust;
- Protect your children’s property against threats of wealth as they grow older; and
- Reduce the impact of an inheritance on any government benefits your disabled family members may be receiving.
Your estate plan should also help protect your business from the disruption of your passing. It can include the following items to ensure your businesses’ continued success:
- A buy-sell agreement;
- A limited partnership or a family limited liability company;
- Private annuities;
- Trusts; and
- Self-canceling installment notes.
Putting off estate planning only increases the risk that you’ll lose control of your assets to courts after you’re gone. This will lead to unnecessary fights, delays, and expenses that can be easily avoided through a detailed estate plan. Act now and give your loved ones and business partners valuable peace of mind.
Helping Mt. Prospect Individuals and Families
At Donald L. Sadowski, P.C., we have helped individuals and families living in Mr. Prospect with a variety of estate planning needs. Our process has been honed over years of experience to make it quick and easy for your busy life.
First, we will get to know you and your goals and priorities through a consultation. Next, we will work with you to adequately draft and execute documents that meet your goals. We understand that life circumstances, as well as laws, change over time. Recognizing this, we offer affordable maintenance plans that will let your estate plan evolve with you and the times.
Consult With a Mt Prospect IL Estate Planning Attorney Today
At Donald L Sadowski, P.C., we pride ourselves on the quality of our practical and purpose-driven estate planning services. We take the time to understand your needs and take a holistic approach centered on your unique situation. To start building your estate plan, contact us today.