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Life Insurance Trust, Legal Will, Law Attorney, Probate And Estate Administration Lawyer, Probate Lawyer, Estate Administration, Probate And Estate Administration Attorney

FREQUENTLY ASKED QUESTIONS

WHY IS ESTATE PLANNING SO IMPORTANT?

Estate planning is important because it helps you protect your loved ones.  If you do not have an estate plan, the state and IRS will create one for you.  Sadly, many people do not plan because they do not think they have an estate. But really "estate" is just a fancy word for everything you own, no matter how big or small. That includes your car, home, family business, rental properties, a favorite armchair, the flat screen TV, your grandmother’s treasured necklace and that beautiful piece of art you saved so long to buy. If you do not make proper legal arrangements, your assets are transferred in a public, court-supervised proceeding called probate that generally last anywhere from six months to two years.

These public proceedings are generally expensive and time-consuming. That means your family will not have access to much needed monies to pay for funeral expenses, mortgage or other household bills for months and possibly years. Even worse, the probate process can tear apart your family if you have not clearly identified who should get what as well as who should be in charge of the distribution of your assets. It is not unusual for bitter family feuds to ensue over money or family heirlooms, often resulting in confusion over distribution, with the wrong people getting your assets, and higher estate taxes. Estate planning is a loving, proactive step that allows you to care for your family and friends now for the future.
 
WHAT ARE THE BENEFITS OF ESTATE PLANNING FOR WOMEN?

Women are wonderful caregivers. They care for children, elderly parents, ailing siblings and spouses. These responsibilities require planning for all possible situations to protect themselves and their families. Comprehensive estate planning ensures protections for loved ones including child and elderly parent care, medical decisions and asset protection. Planning also helps women care for an often overlooked yet equally valuable person: themselves.
 
HOW DOES ESTATE PLANNING BENEFIT SAME SEX COUPLES?

Same sex couples in Illinois are often faced with the problem of not having their relationship honored for medical decision-making and asset distribution. Couples with children face an additional planning hurdle. A properly designed estate plan can protect life partners, children, close friends and extended family by clarifying your rights to protect those you love.  
 
HOW DOES ESTATE PLANNING ALLOW ME TO HELP AN ELDERLY PARENT OR SPECIAL NEEDS CHILDREN HANDLE THEIR AFFAIRS?

Guardianships and Special Needs Trust are two estate planning tools created specifically to address the needs of elderly parents and special needs children. A guardianship gives you the legal right to handle food, health care, housing, and other necessities for minor children, aging parents and mentally incapacitated spouse or life partner. A Special Needs Trust is an option for special needs children within which you can provide for a variety of life-affirming activities such as:
  • Annual check-ups at an independent medical facility.
  • Attending religious services.
  • Supplemental education and tutoring.  
  • Out-of-pocket medical and dental expenses.
  • Transportation (including purchase of a vehicle).
  • Maintenance of vehicles.
  • Materials for a hobby or recreation activity.
  • Trips, vacations, entertainment such as movies, shows or ball games.
  • Goods and services that add pleasure and quality to life such as computers, videos, furniture, or electronics.
  • Athletic training or competitions.
  • Special dietary needs.
  • Personal care attendant or escort.
Probate And Estate Administration, Probate Administration Lawyer, Probate Attorney, Probate Administration Lawyer, Estate Planning Attorney, Estate Planning For Women, ChicagoHOW CAN ESTATE PLANNING HELP ME PROTECT MY SMALL BUSINESS?

From entity formation to asset protection planning, ISG helps small business owners organize financial accounts in such a way that they will be protected and sheltered from future risks.   ISG works with you to find the highest level of protection available. 
 
Disclaimer
Information on this web site is intended to provide basic information about Infinity Strategic Group (ISG) and the services it provides. It is not legal advice. You should always consult with a qualified estate planning attorney before making specific estate planning decisions. Infinity Strategic Group does not intend to create an attorney client relationship by offering this information. Any use of the information on this site shall not be deemed to create an attorney-client relationship.