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Barrington Estate Planning Attorneys
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Planning for the future can feel overwhelming, but our team is here to make the process easier. We provide clear guidance in all areas of estate planning, including wills, trusts, powers of attorney, and advance medical directives. Call 847-549-0000 today to arrange a free consultation.
Attorney Stephen Newland is a very reliable and knowledgeable attorney. I would highly recommend Attorney Stephen Newland.
Lawyers for Wills, Trusts, Powers of Attorney, and More in Barrington, IL
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Estate planning can mean different things to different people. For a young couple with a new baby, it may mean making sure a guardian is named and that financial support will be there if the unthinkable happens. For a business owner approaching retirement, it may mean taking steps to protect their assets, avoiding family conflict, and providing for future generations. For an older adult whose children are grown, it may mean protecting assets from the costs of long-term care while leaving something meaningful behind.
Whatever your situation, it is important to develop an estate plan built around your specific goals and your family's circumstances. At Newland & Newland, LLP, our lawyers can help you understand the best steps to achieve your estate planning goals. We will take the time to review your assets, discuss your plans, and advise you of your options, and we will make sure you will be fully prepared for the future.
Factors to Consider When Developing an Estate Plan
A comprehensive estate plan will involve a variety of considerations, including:
The Composition of Your Family
Your family's structure can play a key role in your estate planning decisions. Married couples with children may face different challenges than blended families, unmarried partners, single parents, or people with no close family members at all. Key questions our lawyers can help you address include:
- Do you have minor children who would need a guardian if both parents died?
- Are there adult children from a prior relationship whose interests need to be balanced against a current spouse's?
- Is any family member living with a disability that may affect their ability to manage money or their eligibility for government benefits?
- Are there family members with a history of financial instability, substance use, or creditor problems?
- Do you want to pass your assets to people who are important to you, such as a close friend or a stepchild?
The Nature of Your Assets
Different types of assets may be passed to beneficiaries in different ways, and it is important to ensure that your estate plan accounts for all of the assets you own. Real estate property, bank accounts, investment portfolios, retirement accounts, life insurance policies, business interests, and personal property may all need to be addressed, and different strategies may be used.
For example, retirement accounts like IRAs and 401(k)s may use beneficiary designations to directly pass assets to certain people. Business interests will require succession plans to ensure that a company can continue operating. Our attorneys can help you take a full inventory of your assets and determine how they may be addressed.
Stephen S. Newland
Partner
- Elite Lawyer, 2019-present
- Named a Leading Lawyer by peers
- Illinois Real Estate Lawyers Association, Board of Directors
- Featured speaker at bar association seminars
Your Goals for Asset Distribution
As you decide how your assets should be distributed, you will need to think carefully about:
- Whether beneficiaries should receive assets outright or through a trust
- The ages when beneficiaries should receive distributions
- Specific conditions that may apply to distributions
- Whether certain assets should be kept intact or sold
- Whether you are making plans for charitable giving
- How to treat beneficiaries equitably
Concerns About Long-Term Care
One of the most significant financial risks that may affect people who are nearing retirement or who have already retired is the potential costs of long-term care. A nursing home may cost several thousand dollars per month. Those costs can quickly use up the assets a person owns, leaving little to pass on to future generations.
Medicaid can help cover long-term care costs, but eligibility for assistance is based on strict limits on a person's assets and income. Estate planning strategies can address eligibility for Medicaid, and trusts or other methods may be used to avoid the depletion of an estate. However, these trusts must be implemented well in advance. Our lawyers can help clients understand the available options and take steps to protect their assets.
Planning for Incapacity
An estate plan may not only address what will happen after a person's death through their will or other documents, but it may also plan for potential incapacity. Documents may be created to authorize another person to act on someone's behalf, including powers of attorney for property and powers of attorney for healthcare. Our attorneys can help a family take steps to avoid the need for guardianship and ensure that a person's needs will be met in the event of a serious illness or another event that results in incapacity.
Barrington Estate Planning FAQs
Estate planning can be important for any adult who has dependents, owns property, or wants to make sure their wishes related to medical care will be respected. For parents of young children, a will and estate plan can be urgent to address what may happen if they die. There is no minimum age for estate planning, and it is important to avoid postponing the process of creating a comprehensive estate plan.
Certain assets may be passed to beneficiaries outside of the probate process. These include assets with beneficiary designations, such as retirement accounts, life insurance, or payable-on-death accounts, as well as assets held in a trust. By coordinating different types of assets in an estate plan, a person and family can help avoid complications and delays when passing assets to beneficiaries.
An executor is named in a person's will, and they will administer the estate and handle the probate process. Their duties will include gathering assets, paying debts, filing tax returns, and distributing property to beneficiaries. A trustee will manage assets that are held in a trust and distribute them to beneficiaries. They are required to follow the terms of the trust, invest and manage assets prudently, and keep records of distributions. The same person may serve as an executor and trustee, but each role involves different responsibilities.
The right choice may depend on the complexity of your estate, the nature of your family relationships, and the trust you place in a person to address your family's needs. An executor or trustee should be organized and trustworthy, and they should be willing to seek professional guidance when needed. They will be required to act impartially and carry out your instructions. If you own complex assets or are concerned about potential family conflict, a professional fiduciary like a corporate trustee may be able to manage assets correctly and avoid potential legal issues. Our attorneys can discuss the pros and cons of different options and help you make the right choices
Contact Our Barrington, Illinois Estate Planning Lawyers
Your estate plan will involve some of the most important decisions you can make for your family. At Newland & Newland, LLP, our lawyers can help you create an estate plan that reflects your values and provides the protection your family needs. Contact our Barrington estate plan attorneys at 847-549-0000 to set up your free consultation.
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