An estate plan is the set of instructions you create to distribute your assets and property after death. A Chicago estate planning attorney can help you document your wishes and minimize taxes. The best estate planning attorneys will listen to your concerns and explain the options available to accomplish those goals. They should be patient and compassionate, as this is a difficult topic to discuss with anyone. They will also be knowledgeable about the legal process and how it works.
You want to provide for family members with special needs. An estate plan can include trusts that ensure your children receive the financial and medical assistance they require. It can also ensure your spouse does not become overwhelmed with the burden of settling your estate. A Chicago estate planning lawyer can prepare documents like advanced directives that state your preferences for and against certain treatment measures, resuscitation, and other end-of-life care. He or she can also prepare a power of attorney that grants formal decision-making control to someone you select. These documents will allow your family to avoid the expense and insecurity of a conservatorship.
Your family has complex kinship or marriage issues that require attention. It is important to consult an estate planning lawyer to clear up any confusion about heirship or beneficiary status. This may be especially true if your family has multiple spouses and stepchildren and assets that are connected in ways that may have tax implications.
If you have family members who will need government benefits to live after your death, such as supplemental security income or Medicaid. Your estate planning lawyer can review your assets and create a strategy to ensure you pass as much of your wealth to your loved ones as possible. This is especially important if you have significant investments or property that could be subject to estate and gift taxes.
How to find the Best Estate Planning Attorney
The best way to hire an estate planning attorney is to ask for recommendations from family and friends who have used one. You can also get referrals from your local bar association, county or probate court, and financial advisors. When you interview prospective attorneys, make sure they understand your situation and give you a sense of what it will cost to work with them. You should also ask about their billing methods. Some attorneys charge an hourly rate, while others use a flat fee that can range from $500 to $10,000.
An experienced estate planning attorney can help you protect your estate and your family by creating the right documents to pass on your hard-earned assets. An experienced attorney will listen to your concerns, answer questions clearly and in a way you understand, and help you feel comfortable with the process. They will be able to guide you through the ins and outs of probate, taxation, and estate planning laws. Contact Zimmet Law Group, P.C. to get started on your estate planning today.