Estate Planning

Estate Planning

Estate Planning

Queen Law

Our law firm advises many clients regarding their estate plan. We help them in the creation and signing of valid wills, establishing trusts, powers of attorney and other legal documentation.

Additionally, we advise business owners on aspects of estate planning of their LLC operating and shareholder agreement with respect to business succession and buy/sell agreements. We also help our clients and their families in carrying out their wishes both in and out of the probate process. When disputes occur, we help our clients resolve them both in and out of court.

Estate planning is important for most anyone, regardless of their financial resources. Without a valid plan, settling your estate after you pass away could have an enduring and expensive impact on your family.

Some of the main reasons to create an estate plan include:

Protect your beneficiaries

In years past, estate planning was once viewed as something necessary only for those with a high net worth. However, this is a misconception. People of most any income range can produce assets by investing in stocks or real estate. If you do not decide who shall receive your assets and properties after your death, you’ll have no control regarding what happens to them.

The key component

The key component of an estate plan is designating beneficiaries for your assets. These can range from a second home and an investment portfolio to family heirlooms and automobiles. Without an estate plan in place, the courts will frequently determine who receives your assets. That process can take quite some time and be stressful for your loved ones. A court won’t have any idea what your final wishes may be. Also, the courts might not automatically determine that your surviving spouse should receive all of your assets.

An estate plan provides protection for families with young children.

Preparation for a worst-case scenario is a difficult issue, but still important for parents who have children under age 18. To be sure that your children are taken care of in accordance with your wishes, you’ll need to name a guardian in the unfortunate event that you and your spouse both die before the children turn 18. Without a valid will naming a guardian, the courts will determine who raises your children.

Tax reasons.

Estate planning is largely about shielding your loved ones. That includes in part providing them with protection against the Internal Revenue Service. Transferring your assets to your heirs while placing the smallest tax burden possible on them is an important aspect of estate planning.

Queen Law Estate Planning Bloomington

Even relatively minimal planning will help couples to minimize a lot or perhaps all of their state and federal estate and inheritance taxes. In addition, there are ways of decreasing the income tax your beneficiaries may owe. Without estate planning, the amount your heirs may owe the government could be substantial.

Estate plans minimize the potential for family conflicts. Arguments over assets and properties can cause a great deal of stress and bad feelings for families. Stopping conflicts before they begin is another key benefit to estate planning. It enables you to decide who controls your assets and finances after you die or in the event you suffer mental incapacitation. An estate plan is very effective for avoiding any family conflicts and ensuring the distribution of your assets goes according to your intentions.

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Our Attorney

Craig Queen
Over 20yrs practicing law in Illinois

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