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Round Lake Estate Planning Lawyers
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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.
I am completely satisfied with my experience at Newland & Newland. Working with Katrine and the other staff was low stress to accomplish my estate planning and hopefully in the future a couple real estate transactions. :-)
Attorneys for Trusts, Wills, Advance Directives, and More in Round Lake
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Every family has its own mix of assets, relationships, and concerns about the future. It is important to consider all of the unique factors that can affect a person and family when developing an estate plan. Tools and decisions made by one family may not meet the needs of another family. At Newland & Newland, LLP, our lawyers can provide guidance on how to ensure that the specific concerns our clients face may be addressed during the estate planning process.
A young couple who have children may focus on naming a guardian and making sure their children will be provided for in the future. An older couple who are getting close to retirement may focus more on long-term care planning while taking steps to pass on money and assets to future generations. Someone who is caring for a family member with a disability may need to use specific estate planning tools to provide for the person's special needs. A business owner may need to plan for how ownership and control of their company will be passed on to a successor.
Our team works with clients to build estate plans that truly reflect their circumstances. We take the time to understand a family's situation, needs, and goals before recommending a course of action. We can provide guidance on how to address the distribution of assets and the practical realities of aging and illness. We draw on our years of experience to recommend the ideal combinations of documents that will serve a family best.
Factors Our Attorneys Consider When Building an Estate Plan
Choosing the right estate planning tools will involve a consideration of a number of factors, and the specific issues addressed may be unique to each family. Our attorneys can review matters such as:
- The size and complexity of the assets owned by a person, couple, or family. We will look at real estate property, retirement accounts, business interests, investments, and other types of assets.
- Whether any beneficiaries have special needs, may struggle with money management, or are minors who will need assistance managing assets until they reach adulthood.
- Family dynamics, including the unique concerns that may affect blended families. We can help clients determine how to handle issues related to estranged relatives or make decisions about which assets should be distributed to which beneficiaries.
- Potential tax consequences. Depending on the size of an estate or the types of assets owned by a family, estate taxes or other types of taxes may apply. We can provide guidance on the steps that may be taken to minimize potential taxes and avoid financial losses.
- Concerns about long-term care costs. For people who are entering their twilight years, the costs of nursing homes or other forms of long-term care can quickly deplete savings. We can provide guidance on how those costs might affect assets that a person wishes to leave to their loved ones and the steps that can be taken to minimize potential losses and preserve assets.
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
The Benefits of Different Estate Planning Documents
A well-rounded estate plan will combine several types of documents, including:
- Last Will and Testament: A will allows a person to name beneficiaries who will inherit their property and name guardians who will care for children when necessary. This can provide a foundation for an estate plan
- Revocable Living Trusts: A trust can be used to hold assets and use them for different purposes during a person's lifetime, while allowing for continued management if the person becomes incapacitated and ensuring that assets can be distributed to beneficiaries quickly and efficiently.
- Special Needs Trusts: For a family with a loved one who has a disability, a trust can provide financial assistance to address specific needs while making sure the person will be eligible for government benefits.
- Powers of Attorney: A financial power of attorney allows someone to step in and manage a person's assets and finances if the person becomes unable to do so themselves. A health care power of attorney allows a trusted person to make medical decisions for a person who becomes incapacitated.
- Living Will: A person can detail their wishes about the medical care they want to receive and the forms of treatment that should not be provided if they are diagnosed with a terminal illness and cannot make their preferences known.
- Beneficiary Designations: On retirement accounts and life insurance policies, a person can name a person who will inherit these assets after their death. Our lawyers will review these designations alongside other documents to make sure they work together as part of a unified estate plan.
Reasons to Revisit and Update an Estate Plan
The decisions made when creating an estate plan may not provide for a family's needs after significant changes occur. Reviewing an estate plan regularly can help ensure that documents are up to date and will address any major changes. Our attorneys can work with families to update estate plans based on issues such as:
- A marriage, divorce, or remarriage, which may require an estate plan to be updated to remove an ex-spouse, add a new spouse, or address issues that may affect other family members
- The birth or adoption of a child or grandchild, which may prompt an update to ensure that the new child will be able to inherit assets
- The death of a beneficiary, executor, or trustee, which may require changes to who will inherit assets or who will manage and oversee a trust or estate
- A significant increase or decrease in the value of the estate, which may need to be addressed through trusts or other tools that can be used to protect assets
Frequently Asked Questions About Estate Planning
Any adult who owns assets such as a home or retirement account or has children or other dependents can create an estate plan to make sure their loved ones' needs will be met in the event of their unexpected death. Anyone who wants to address the medical care they do and do not want to receive following an unexpected illness or injury may also benefit from creating an estate plan.
A clear and easily understandable estate plan that addresses specific assets and details a person's wishes can help to reduce confusion and disagreements among family members. By taking the time to make decisions about these issues, a person can help ensure that their final affairs will be handled correctly while minimizing the possibility of arguments or disputes.
Most of the time, property that is owned jointly with rights of survivorship will pass directly to the surviving owner. For example, a house that is co-owned by a married couple will usually pass to the surviving spouse after the death of the other spouse. Our lawyers can help clients review how property is titled to determine how this may affect the decisions made in an estate plan.
Estate planning laws can vary from state to state. The decisions you made when creating estate planning documents in a different state may need to be adjusted to ensure that these issues will be handled correctly in probate courts in Illinois. Our attorneys can review your documents and advise you on what changes may need to be made to comply with Illinois law.
Contact Our Round Lake, IL Estate Planning Lawyers
As you build a comprehensive estate plan, you will need to think carefully about your assets, family relationships, and the needs of different family members. At Newland & Newland, LLP, our lawyers can guide you through the estate planning process, advise you on the best strategies that will help you accomplish your goals, and make sure all documents are created correctly. Contact our Round Lake estate plan attorneys today at 847-549-0000 to arrange a free consultation.
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