Plainfield, IL Wills and Trusts Attorneys

Lawyers Helping Families and Business Owners With Estate Planning in Plainfield, Illinois

Creating a legally sound estate plan is one of the most valuable steps you can take to secure your legacy and protect your loved ones. Estate planning is especially critical if you own a business or complex assets, as these estates often involve additional legal, tax, and financial considerations. By working with a lawyer who understands these issues, you can make sure your family will be prepared for the future.

At Gateville Law Firm, our attorneys help entrepreneurs and families with substantial assets in Plainfield, Illinois create comprehensive estate plans that will protect their interests. Our estate planning team can provide guidance on the best ways to use tools like wills and trusts, and we can also help our clients take steps to minimize potential taxes and pass businesses to the next generation.

How a Will Can Protect Your Family

A last will and testament gives you control over the distribution of your property after your death. With a will, you can:

• Detail how specific assets will be inherited by different beneficiaries
• Name a personal representative (executor) to oversee the estate
• Appoint guardians for your minor children
• Provide instructions for handling debts and expenses
• Minimize the risk of disputes among heirs

Your will can serve as the first layer of your estate plan. However, when you have complex financial holdings like rental properties or business interests, additional tools may be used to determine how these assets will be handled while protecting against financial losses.

The Role of Trusts in a Comprehensive Estate Plan

Trusts provide a powerful and flexible way to manage your assets both during your life and after your death. Unlike a will, a trust does not require probate, and assets can often be transferred more quickly, efficiently, and privately. Trusts also provide greater control over how and when assets are distributed.

Different types of trusts can offer varying benefits, including:

• Revocable Living Trusts: With this type of trust, you can continue to manage your assets during your life while ensuring a smooth transition of property either before or after your death. Benefits of a revocable trust include the ability to avoid probate and maintain privacy.
• Irrevocable Trusts: Once established, these trusts generally cannot be modified. They are often used for asset protection or to reduce taxes.
• Testamentary Trusts: This type of trust is created through a will and only goes into effect upon your death. You may choose to use a testamentary trust to provide for minor children or beneficiaries who may not be ready to manage an inheritance.
• Charitable Trusts: These trusts can allow you to support causes you believe in while providing certain types of tax benefits and possibly retaining income during your life.
• Special Needs Trusts: You can use this type of trust to protect assets for a beneficiary with a disability without affecting their eligibility for government assistance.

Each type of trust serves a specific purpose, and our attorneys can help you determine which options will best suit your family's needs. You can use trusts in combination with a will and other instruments to provide a more complete estate plan that will protect your assets and provide for your loved ones.

Special Considerations for Business Owners

In the Plainfield area and throughout Will County, many people own businesses or other forms of valuable property. As a business owner, you may want to make sure a family business will remain within your family. However, determining how to handle ownership of business assets can lead to significant challenges during the estate planning process or when transferring assets between generations.

Key estate planning concerns for business owners include:

• Succession Planning: Your business may provide a livelihood for your family. Passing it on to the next generation requires more than naming a beneficiary. It will be important to identify a successor who can manage the business while ensuring operational continuity.
• Managing Complex Assets: Your business may own equipment, intellectual property, real estate, or other valuable assets. Your estate plan must account for the proper transfer and valuation of these assets to prevent legal complications.
• Avoiding Forced Sales Due to Taxes: Without proper planning, estate taxes may require heirs to sell off a business to cover their liabilities. Our attorneys can help develop strategies to prevent this outcome.

Strategies for Asset Protection and Tax Reduction

High-value estates that include businesses, real estate, or investment portfolios may be subject to estate and gift taxes. Planning ahead can reduce the risk of losing assets to tax obligations or creditors. Our lawyers can provide guidance on asset protection strategies, which may include:

• Use of Lifetime Gift Exclusions: Federal law allows a certain amount of assets to be gifted each year tax-free. Strategic gifting during your life can reduce the size of the taxable estate.
• Irrevocable Trusts: These trusts may be used to remove assets from your taxable estate. For example, a Grantor Retained Annuity Trust (GRAT) or a Qualified Personal Residence Trust (QPRT) may help preserve wealth while reducing estate taxes.
• Asset Protection Trusts: These trusts may be used to shield property from creditors, lawsuits, or other potential losses. They may be structured to limit access to assets by beneficiaries until certain conditions are met.
• Family Limited Partnerships (FLPs): This type of structure may allow your family to retain control of assets while transferring ownership gradually to younger generations. It can reduce the taxable value of an estate and protect assets from certain claims.

Contact Our Plainfield Estate Planning Lawyers

At Gateville Law Firm, we can guide you through each step of the estate planning process. Our lawyers will work with you to build a lasting legacy while protecting your assets and providing for your loved ones. Contact our Plainfield, IL estate planning attorneys at 630-780-1034 to set up a free consultation today.