Estate Planning

At Kavanagh, Scully, Sudow, White & Frederick, P.C., in Peoria, Illinois, our estate and probate attorneys counsel clients to protect assets and make financial stability a reality for themselves and their families. With over 100 years of experience serving the central Illinois area, our estate planning attorneys handle estate and gift tax planning, living wills, power of attorney, and other estate planning matters economically, competently, and efficiently.

Our Peoria lawyers create individual plans tailored to meet your needs at any age. For clients planning to send their children to college, our attorneys will explain how to set up IRS 529 plan while maintaining other college grants, loans, and other funding. Our knowledgeable attorneys also have a strong record of success handling the succession of farm property.

The following is intended to provide you with an overview of estate planning and asset protection issues. Contact us today to develop your asset protection plan.

Estate Planning - An Overview

Estate planning allows an individual to plan for his or her lifetime objectives and to provide direction about the disposition of his or her assets after death. Estate planning can include wills and trusts as well as powers of attorney and healthcare directives. Estate planning is impacted by state and federal law, and any individual may find that more elaborate or creative legal means are necessary for his or her situation. Some of these more complex techniques include trusts, family limited partnerships (FLPs), and limited liability companies (LLCs). An estate planning lawyer can be an essential ally in assuring that your estate planning goals are understood and carried out. If you have estate planning-related legal questions, call our firm today to schedule a consultation with an estate planning lawyer.

Estate Planning Basic Documents

Because estate planning allows an individual to ensure that his or her property will go to the people he or she wants, in the way he or she wants, and when he or she wants, it is important for everyone, even if an estate is likely to be small, to have an estate plan. An estate plan can help to reduce tax liabilities, court costs, and attorneys' fees, and it can also make it easier for families to cope with the administrative and financial issues that arise after the loss of family members.

Estate plans should typically include at least two important estate planning instruments: a durable power of attorney and a will. A durable power of attorney is a document that authorizes a person to make decisions for a person who has become incapacitated, including decisions about the incapacitated person's property. A will is a document that sets out the plan to distribute a person’s property after her or his death.

Documents relating to medical care can also be part of an estate plan. Documents to consider include a medical directive (also called an advance directive, a physician's directive, a written directive, or a durable power of attorney for healthcare) to designate a person to make healthcare decisions for a person who has become incapacitated, a healthcare proxy (also called a proxy directive) to designate a person to make healthcare decisions regardless of a person's incapacity, and a living will to express a person's desire regarding the use of extraordinary measures to extend her or his life when there is no reasonable expectation of recovery.

Estate Planning and Financial Goals

Estate planning can help to identify and plan for financial needs during life and after death. Financial needs to consider include retirement income, college funding, replacement income following an unforeseen illness or disability, and the needs of surviving family members. To meet these financial goals and to ensure appropriate utilization of assets during life and orderly and efficient distribution of assets after death, an estate plan may include making gifts to individuals and charities during life, purchasing life insurance, using revocable and irrevocable trusts, purchasing annuities, and rearranging personal and business interests. In addition to federal gift and estate taxes, state inheritance taxes, which vary from state to state, must also be considered to meet financial objectives.

Conclusion

Asset protection strategies, healthcare directives, powers of attorney, and other estate planning devices are an integral part of the services that an estate planning attorney can provide. If you have questions about estate planning, contact our firm to schedule a consultation with an estate planning attorney.

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DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent legal counsel for advice on any legal matter.

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Frequently Asked Questions about Estate Planning

Q: What is a will?

A: A will is a written legal document with instructions for distributing an individual's assets after his or her death. A will must be formally executed as required by state law to be legally valid and enforceable.

Q: How can a person change his or her will?

A: A will is typically valid and effective until it is revoked, destroyed, or invalidated by writing a new will. Alterations to an existing will, such as crossing out language or adding a new provision, do not usually meet the legal requirements for executing a valid will and do not affect the terms of an existing will; however, changes or additions to an existing will can be made by codicil. A codicil is a document executed in compliance with applicable state law that modifies an existing will or codicil.