Estate Planning Near Me Geneva IL – MDR Law Office – Call for a Consultation at 630-402-0850
Estate Planning and Arranging for Business Succession
If you are a business owner, have you thought about the best way to plan for your business after you pass away? If you’re planning to keep the business within your family, it’s essential to consider establishing a structure that will streamline the transfer of business to them. For example, through a family limited liability company or a family limited partnership.
There are several options when it comes to Estate Planning Near Me Geneva IL for business succession that could be right for your specific situation. Your lawyer can help you to choose one that’s appropriate for your goals.
-Life stages. Without a doubt, Estate Planning Near Me Geneva IL is often an important step at various stages during your life. There’s not necessarily an ideal point at which to start the process. Definitely, new parents should aim to consider their children’s welfare and then plan accordingly.
As children grow, your finances can become increasingly complex. As your needs change assets continue to grow, it’s a good practice to review your current estate plan to ensure it still fulfills your needs. Also, it should anticipate your needs in the future.
-Specific circumstances. Some of the particular circumstances that commonly influence Estate Planning Near Me Geneva IL are families who have special needs and “blended” families. Naturally, there can also be other issues that affect your situation.
With respect to special needs, there are certain trusts that can be set up for a beneficiary with a disability. It’s possible to structure the trust in a way that enables the beneficiary to meet the qualifications for public assistance. (For instance, Social Security Disability Insurance.) An Estate Planning Near Me Geneva IL lawyer can help you set up a trust that fulfills your specific needs and objectives.
Putting together an estate plan for a blended household can present some challenges. For example, one of the parents may wish to leave an inheritance to their biological child that is different to the inheritance of the stepchildren.
Or, a parent might want to establish protection of their biological child’s inheritance if a spouse chooses to remarry. A sound estate plan prepares for these scenarios. Call our firm to speak with a lawyer about creating an estate plan that is right for you and your family.
Other reasons to consider Estate Planning Near Me Geneva IL include:
-To distribute your assets and property according to your instructions.
If you do not have estate plan documentation such as a living trust or a will, the state in which you live will typically determine how to distribute your assets after you pass away. Valid documentation will save your loved ones frustration and time while ensuring distribution of your assets will be done in the manner you prefer. It’s advisable to regularly review the beneficiaries you designate upon your insurance policies and accounts, if applicable, to ensure that they’re still current. Also, a trust or a will clearly instructs how transferal of your assets should proceed after your death.
The process of Estate Planning Near Me Geneva IL can help you prepare to transfer assets to family members in a way that is tax-efficient. There are a few kinds of taxes to take into account when it comes to transferring money: gift, estate and generation-skipping transferal taxes. Because the Internal Revenue Service puts limits regarding the amount of money you are able to transfer without it being subject to taxes, a strategic estate plan will attempt to minimize those taxes.
Learn more about how estate planning is essential for protecting your assets and ensuring that you dispensing of your assets follows your wishes. Our law firm specializes in estate planning, wills, trusts and related professional services.