Individuals can specify how they want their property, money, and medical care to be handled in the future by creating a legal document known as an estate plan. A lawyer can help draft a will, a living trust, a durable power of attorney for healthcare, and other legal documents. Less popular tools like an irrevocable living trust for tax purposes or a Third Party Special Needs Trust, which permits a family member to make medical choices on behalf of a disabled kid, can also be assisted by a reputable local estate planning attorney.
In the event that a person passes away without an estate plan, the probate procedure can be difficult and time-consuming. A competent estate planning lawyer can offer counsel and direction on how to minimize the length and expense of the probate process or avoid it entirely. They may also provide advice on how to reduce inheritance, gift, and estate taxes. In order to guarantee that assets pass to beneficiaries in a tax-efficient way, they might also offer advice on charity planning. If you are looking for a skilled Estate Planning Attorney in Chicago, visit https://www.chicagoprobateattorneys.net/estate-planning/ for guidance and Free Consultation!
When establishing a revocable living trust and designating beneficiaries for other assets like securities, retirement accounts, and life insurance policies, an estate planning attorney might be useful. In order to grant access to medical records on behalf of a loved one, they can also assist with the preparation of an advanced healthcare directive and a HIPAA release form. Medicaid laws are just one of the many state and federal legislation that an experienced estate planning lawyer will be knowledgeable about.
A Private Wealth Associate Attorney with two to eight years of experience in complex estate planning, trust and estate administration, and tax and charitable planning for high-net-worth clients is needed by a private law practice in Chicago, Illinois. Experience advising families, family offices, and C-suite executives on a variety of challenging challenges is a need for the ideal applicant.
Since 2010, Correa Law has assisted people and families in safeguarding their homes, possessions, and well-being via appropriate estate planning. Mario Correa, the founder, gives each customer individualized attention and preparation for any circumstance. Asset protection planning, fiduciary services, estate and trust administration, nursing facility injury lawsuits, elder law and Medicaid planning, and estate and trust planning for families with special needs children are just a few of the many legal services that the organization provides.
Locating Chicago’s Top Estate Planning Lawyer
Making the best estate planning lawyer choice can have a significant impact on how well your family’s personal and financial affairs are managed after your passing. A trustworthy lawyer can help with all areas of your estate planning, such as guardianship, trust and will creation, and tax planning. They can also write living wills, durable power of attorneys, powers of attorney for finances and health care, beneficiary designations, and deeds transferring real estate.
During the first appointment, a knowledgeable lawyer will pay close attention to your desires and worries. After that, they will offer their expert advice and suggest that the relevant paperwork be prepared. They will also go over how the paperwork you choose will cooperate to guarantee that your estate is managed according to your wishes.