Wills, Trusts & Estate Planning
North Shore Estate Planning Attorneys
Are you considering writing a will for the first time? Has your family situation changed so now you need to change an existing estate plan? Whatever your need or circumstances the experienced estate planning lawyers at Ciesla & Ciesla can help.
We counsel clients on the most effective way to reach their estate planning goals, whether that is to bypass probate, to communicate your wishes for medical care to your family, or to plan for nursing home care for yourself or a parent. When you need sound legal guidance and thorough yet friendly assistance with an estate plan, contact our Northbrook law office to schedule an appointment.
Wills, Trusts and Other Estate Planning Tools
Our many years of experience has taught us that information about assets and income is only a small part of what is needed to prepare an appropriate estate plan. Equally important is an understanding of the dynamics of the family and their circumstances, needs and goals. That's why we spend time getting to know each of our clients personally in a one-to-one consultation.
In Estate Planning, One Size Does NOT Fit All
For a young single person or a young married couple, a Last Will & Testament and a health care directive may be all that's needed to communicate your wishes to your family and heirs.
When a child is added into the family, it will be important to consider naming a guardian should both parents die before the child reaches the age of 18. You may also consider establishing a trust to provide financially for your child, and naming a trustee to make financial decisions until the child comes of age. In fact, a trust will allow you to delay or phase in the amount of money your child receives at one time.
For same sex couples, comprehensive estate planning documents are needed to define rights, responsibilities and relationships as domestic partners. A cohabitation agreement can be added to the mix of wills, trusts, and powers of attorney.
For a single person or a couple that owns a family business, succession planning can give you peace of mind that the management and assets of your business will pass into the proper hands.
For families with a disabled adult child or a dependent elder parent, additional considerations come to the forefront. Powers of attorney for financial decision making allows someone to pay the bills and make financial decisions. Powers of attorney for healthcare allows someone to make medical decisions. And trusts, particularly special needs trusts, may become even more important as a means to provide assistance for disabled relatives without jeopardizing eligibility for Social Security Disability benefits or Medicare assistance to pay for healthcare and nursing home.
An Estate Planning Tool for Every Need
Our clients have a variety of goals in mind when they choose to develop an estate plan:
- Asset protection now and minimizing estate taxes in the future
- Passing property and assets to the next generation
- Paying for college or nursing home care
- Leaving a charitable legacy
- Avoiding probate
- Transferring a business
Learn more about which tools can be used to achieve your specific goals. Our estate planning lawyers are available to explain options such as charitable foundations or charitable remainder trusts, living trusts, generation skipping trusts (GSTs), irrevocable life insurance trusts, minor's trusts, special needs trusts, tuition trusts, qualified terminable interests in property (QTIPs), and many more.
Contact our Northbrook estate planning office to schedule a consultation.
