LaGrange: 1023 W 55th St #200, LaGrange, IL 60525 | Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
LaGrange: 1023 W 55th St #200, LaGrange, IL 60525
Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
LaGrange: 1023 W 55th St #200, LaGrange, IL 60525
Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
Keeping Things Even
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When a parent prepares a will, keeping distributions even among the children has advantages.
It is impossible to determine what one’s children will be doing in the future and what their incomes will be. The child who is a successful computer analyst today might be out of work in five years, and the actor now bussing tables may get his big break next year.
Gifts can be made as needed to children while you are alive and can afford it. For example, a child with children can be helped with college expenses by contributing to the grandchild’s 529 college savings plan. The IRS allows the equivalent of five years’ worth of gifts to be made all at once. Accordingly, one grandparent can give $70,000 per grandchild. Both grandparents can give $140,000 per grandchild.
On the other hand, a disabled child who is not independent will likely require a bigger share of the parent’s assets. A special needs trust can be utilized to get the maximum advantage from a gift by a parent or grandparent by keeping the gift from affecting eligibility of the disabled child for government programs and payments.
Contact an estate planning law firm for further information.
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Wilson & Wilson Estate Planning & Elder Law, LLC helped me navigate a very tumultuous time in my life. Sandra and her team were so gentle with me and the processes that needed to take place for a timely distribution. They worked tirelessly to ensure I was supported throughout the process. Although no one is actually prepared for the death of their loved one Sandra made going through it less painful. I’m forever...
Bill Wilson and his staff are amazing! We have known Bill for over 25 years and have trusted him to handle our different legal situations. From his expertise in our estate planning to seeking his advice on handling our elder relative's estate, we are confident we have the best protection by using Bill. My family and I are truly thankful for his knowledge and patience when dealing with such personal and tough conversations...
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Great attorneys, and great staff in general, all knowledgeable and extremely helpful..
Everyone was really professional and helpful with assisting me with Estate Planning!
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Wilson & Wilson has the experience, knowledge and professionalism to handle complex estate planning needs.They address all the details and devise a tailored plan providing asset protection, growth and wealth management.
I can’t say enough about the way Sandra, Kayla and Jennie handled my legal needs. The Medicaid process for my husband was very complicated for me but this team of professionals handled all of it and kept in touch with me through the entire process. Every concern and question I had was promptly addressed and I am very satisfied with the final outcome from the appeal Sandra filed for us. In addition to...
Our experience with Wilson and Wilson in updating our estate planning documents was great. Sandra and Kayla were wonderful to work with. Sandra took the time to make sure we understood the language and elements of each document. She is very knowledgeable thorough understanding and open to suggestions and changes. The work was completed in a minimum amount of time. We feel fortunate to have had such a great worry-free experience working with...
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