Mundelein, IL Estate Planning Lawyers

...Steve listens attentively and is able to break down and explain complex legal issues extremely well. He spells out all of the options available clearly making it easy to make an informed decision on some very important matters. He is down to earth and his friendly disposition makes it a pleasure to work with him.

Regardless of your age or circumstances, it is important to take steps to secure your future, protect your family, and ensure that your wishes will be honored. A thoughtful and legally sound estate plan can help avoid unnecessary court involvement, reduce tax burdens, and provide you and your family with peace of mind. At Newland & Newland, LLP, we provide personalized estate planning services that can help you build a legacy, manage wealth, and prepare for unexpected challenges.

Whether you are beginning your estate planning journey or need to make adjustments to an existing estate plan, our attorneys can provide the guidance you are looking for. We can assist with drafting wills, creating and funding trusts, establishing powers of attorney, and planning for long-term care or incapacity. We can also help families address the unique needs of aging loved ones or dependents with disabilities through guardianships and other estate planning tools.

The Importance of Creating a Will

A last will and testament is a foundational estate planning document that ensures that your wishes regarding the distribution of your property after your death are clearly expressed. Key issues to address when creating a will include:

• Naming Beneficiaries: You can clearly state who should receive specific assets or portions of your estate. This can help avoid conflicts or uncertainty about what you would have wanted.
• Appointing a Guardian: You can designate a person who you want to serve as the guardian of your minor children in the event of your death.
• Choosing an Executor: You can select a trustworthy person who will carry out the instructions in your will and handle the administration of your estate.

At Newland & Newland, LLP, we can work with you to make sure your will details your wishes and will be legally enforceable while also aligning with your broader estate planning strategy.

Types of Trusts

Trusts are versatile estate planning tools that can offer privacy, help you maintain control over your assets, and make sure assets will be distributed to beneficiaries correctly. Our lawyers work with clients to create a wide range of trusts based on their unique needs, including:

• Revocable Living Trusts: These trusts allow a person to maintain control of their assets during their lifetime, with the ability to modify or revoke the trust when necessary. Assets in a trust can be passed to beneficiaries without going through probate.
• Irrevocable Trusts: Once established, these trusts cannot be modified without the consent of the beneficiaries. They may be used to reduce estate taxes, protect assets from creditors, or plan for long-term care.
• Special Needs Trusts: This type of trust can ensure that assets will be available to meet the needs of a person with disabilities without disqualifying them from government assistance programs such as Medicaid or Supplemental Security Income (SSI).
• QTIP Trusts: A qualified terminable interest property trust can provide income for a person's surviving spouse during their lifetime while preserving the principal for children or other heirs after the surviving spouse passes away.
• Land Trusts: These trusts may be used to hold title to real estate. They can provide privacy of ownership, ease of transfer, and protection from certain legal liabilities.

Our firm will work with you to determine the appropriate trust structures that will help you achieve your estate planning goals. Whether you want to avoid probate, minimize taxes, or address special family circumstances, we can help you establish trusts that will meet your needs both now and in the future.

Planning for Incapacity With Powers of Attorney and Advance Directives

Through your estate plan, you can prepare for the possibility of incapacity due to illness, injury, or age-related conditions. Our attorneys can help you create legal instruments that will help ensure that your medical and financial affairs will be managed according to your preferences. These may include:

• Durable Power of Attorney for Healthcare: This document will name a trusted agent who can make medical decisions for you if you are unable to communicate or provide informed consent.
• Durable Power of Attorney for Property: This document will allow your agent to manage finances, pay bills, access bank accounts, and handle real estate or investments on your behalf.
• Living Will: You can create a document outlining your wishes regarding life-sustaining treatment and other end-of-life care in the event that you become terminally ill and are unable to communicate your wishes to others.

We will work with you to create documents that will help you retain control over your future care and financial matters, even if you are no longer able to make decisions independently.

Establishing Guardianship for Elderly or Disabled Adults

In some cases, an adult may lack the mental or physical capacity to manage their personal, financial, or medical affairs. In these cases, it may be necessary to establish legal guardianship so that a family member or another party will be able to provide assistance and address the person's needs. There are two types of adult guardianship under Illinois law:

• Guardian of the Person: This guardian can make decisions related to the ward's healthcare, living arrangements, and personal needs.
• Guardian of the Estate: This guardian can manage the ward's financial assets, income, and property.

Newland & Newland, LLP assists families in Mundelein with guardianship proceedings in probate court, helping them protect and care for vulnerable loved ones. We guide families through the legal process of petitioning the court for guardianship, attending required hearings, and fulfilling the legal obligations of guardianship.

Frequently Asked Questions About Estate Planning

Contact Our Mundelein Estate Planning Attorneys

With your estate plan, you can create a clear and secure path for the future for you and your family. At Newland & Newland, LLP, we can help you make informed choices and develop a customized plan that will protect your assets and the people you care about. Contact our Mundelein, IL wills and trusts lawyers today at 847-549-0000 to schedule a free consultation and begin building a plan you can rely on.