Estate planning is not exclusively for the wealthy; it is a vital tool for anyone who wants to control their medical and financial destiny. Without a plan, Illinois state laws determine how your assets are distributed and who cares for your minor children, which may not align with your wishes. A well-crafted estate plan ensures you can designate a trusted individual to manage your healthcare and financial decisions if you ever become unable to do so yourself.
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
Estate Planning
& Asset Protection
Illinois Estate Planning & Asset Protection Lawyers
Estate Planning Attorneys Help to Protect Assets
Estate and asset protection planning is important for everyone, no matter how old you are or what your income is. By planning ahead, you can ensure that your assets are protected and that your loved ones are cared for.
With law offices in LaGrange and Deerfield, Wilson & Wilson Estate Planning and Elder Law can help you develop a comprehensive plan to safeguard your legacy. We offer a wide range of services, including will drafting and review, trust creation and administration, asset protection planning, business succession planning, Medicaid planning, and elder law planning.
Our estate planning lawyers can also help you choose the right tools to protect your assets, such as trusts, life insurance, and annuities.
Don’t wait until it’s too late. Contact Wilson & Wilson Estate Planning & Elder Law LLC today to schedule a consultation. We’ll help you develop a comprehensive plan to safeguard your legacy. Contact us online to learn more, or call our LaGrange office at (708) 482-7090 or our Deerfield office at (847) 656-8958.
Illinois Estate and Asset Protection Planning
Ensure Your Legacy with Estate and Asset Protection Planning
If you have significant assets, you’ll want to take steps to protect them and ensure they’re distributed according to your wishes after you pass. Trusts are a valuable tool for safeguarding your property and assets. When you create a trust, you transfer ownership of your property to the trust. The trustee, whom you appoint, then manages the trust and distributes the assets to the beneficiaries in accordance with the terms of the trust.
Trusts can provide a number of benefits, including:
- Protecting your assets from creditors and lawsuits.
- Minimizing estate taxes.
- Ensuring that your assets are distributed according to your wishes.
- Providing for your loved ones, especially if they’re minors or have disabilities.
- Avoiding family disputes.
If you’re interested in learning more about how trusts can help you protect your assets and safeguard your legacy, contact our LaGrange and Deerfield will and trust law firm today. The experienced estate planning attorneys at Wilson & Wilson Estate Planning & Elder Law can help you develop a comprehensive estate plan that meets your individual needs and goals.
Asset Protection Strategies
- Domestic asset protection trusts are aimed at protecting your assets from creditors. They’re set up as irrevocable trusts and are available in 17 states. Assets in a domestic asset protection trust may include cash, stock, LLCs, business property, and real estate.
- Limited liability companies (LLCs) house the assets of a business. This legal structure can protect your personal assets from being seized by business creditors.
- Insurance, such as an umbrella policy or a malpractice policy, can provide protection against lawsuits and other liabilities.
- Alternate dispute resolution is a way to resolve disputes outside of court. It can include methods such as mediation or arbitration.
- Prenuptial agreements can protect assets in the event of a divorce.
- Retirement plans such as a 401(k) or IRA can provide some protection against creditors.
- Homestead exemptions can protect your primary residence from creditors in some states.
- Offshore trusts are set up outside of the U.S. and are governed by the laws of the country in which the trust is set up. They can provide protection against creditors, lawsuits, and even divorce claims and civil actions.
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Protecting Assets
Safeguard Your Business and Personal Assets with a Family Limited Partnership
As a successful business owner, you’ve worked hard to build your wealth. But what if a lawsuit or other unforeseen event threatens your assets?
That’s where a family limited partnership (FLP) can help. An FLP is a legal arrangement between family members that can help protect your business and personal assets from creditors, lawsuits, and divorce.
How does an FLP work?
When you create an FLP, you transfer ownership of your assets to the partnership. The FLP is then managed by a general partner, who is typically the person who created the partnership. The general partner has full control over the FLP’s assets and makes all decisions about how they’re used.
Limited partners, on the other hand, have limited liability. This means they’re not personally responsible for the debts and liabilities of the FLP.
What are the benefits of an FLP?
An FLP can be an important part of estate planning in Illinois. The benefits of FLPs include:
- Asset protection: FLPs can help protect your business and personal assets from creditors, lawsuits, and divorce.
- Estate tax planning: FLPs can help reduce your estate tax burden by allowing you to transfer assets to your children or other family members at a discounted value.
- Privacy: FLPs are private entities, which means that your financial information is not publicly available.
- Flexibility: FLPs are flexible and can be customized to meet your specific needs.
Is an FLP right for you?
If you are a business owner with significant assets, an FLP may be a good option for you. An experienced Illinois estate and asset protection attorney can help you determine if an FLP is right for your specific needs and goals.
The LaGrange and Deerfield asset protection attorneys at Wilson & Wilson Estate Planning & Elder Law LLC will show you how an FLP can help safeguard your legacy. To learn more, contact us online to learn more, or call our LaGrange office at (708) 482-7090 or our Deerfield office at (847) 656-8958.
Discuss Your Needs with an Estate and Asset Protection Attorney
If you have significant assets, you may be concerned about protecting them from liability and taxes. You probably also want to ensure they’re distributed according to your wishes after you pass.
That’s where an Illinois estate and asset protection law firm can help. At Wilson & Wilson Estate Planning and Elder Law, the experienced attorneys at our LaGrange and Deerfield offices will work with you to develop a comprehensive plan to safeguard your assets and preserve your wealth.
We’ll evaluate your unique circumstances and advise you on the best strategies to meet your individual needs and goals. For example, we can help you develop a trust, set up a family-limited partnership, or create a living will. We can also help you minimize your estate taxes and ensure that your assets are distributed according to your wishes.
Working with an estate and asset protection attorney in Illinois can give you the peace of mind that comes with knowing that your assets are protected and that your loved ones will be taken care of after you pass. Contact Wilson & Wilson Estate Planning & Elder Law LLC today to schedule a consultation and learn more about how our Deerfield and LaGrange estate planning attorneys can help you protect your assets and preserve your legacy.
FAQs About Estate Planning & Asset Protection in Illinois
What Are the Key Components of an Estate Plan in Illinois?
A robust estate plan generally consists of a Last Will and Testament, which oversees asset distribution and a Revocable Living Trust, which helps avoid probate. Additionally, Powers of Attorney for both property and healthcare are essential to designate agents who can act for you during your lifetime if you are unable to do so. Finally, a Living Will or medical directive ensures your end-of-life medical preferences are respected.
How Can Trusts Protect My Assets in Illinois?
Trusts are powerful legal entities that hold ownership of your property, allowing for management by a trustee for the benefit of your beneficiaries. By placing assets into specific kinds of trusts, you can shield them from probate court, potentially reduce estate taxes and protect them from beneficiaries’ creditors or divorce settlements. Trusts also provide a mechanism for managing assets for minor children or family members with special needs, ensuring they are cared for without jeopardizing government benefits.
What Types of Asset Protection Strategies Are Available in Illinois?
Illinois residents have several strategies available, ranging from Domestic Asset Protection Trusts, which shield assets from future creditors, to establishing Family Limited Partnerships (FLPs) for business owners. Other effective methods include utilizing Limited Liability Companies (LLCs) to separate personal assets from business liabilities and leveraging homestead exemptions to protect a primary residence. Insurance policies, such as umbrella coverage, also play a critical role in a layered defense strategy against potential lawsuits.
Can Retirement Plans and Insurance Policies Offer Asset Protection in Illinois?
Yes, under Illinois law, qualified retirement plans like 401(k)s and IRAs generally receive protection from creditors, making them a safe harbor for savings. Similarly, life insurance proceeds payable to a spouse, child or dependent are typically exempt from the claims of the insured’s creditors. However, it is vital to regularly review beneficiary designations to ensure these protections function as intended and align with your overall estate plan.
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I have worked with Bill and others at the firm for the past 17 years (since 2008). He has handled and assisted me with various legal matters over this time, ranging from corporate and general business matters to estate planning and general advice. Bill is an excellent attorney, especially in estate-related matters. He is down-to-earth, takes a common-sense approach, and treats his clients fairly. Bill is one of the best attorneys that I...
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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...
GOD has blessed me with alot but by people's standards maybe not that much; however Attorney Sandra Schildgen made me feel like a Billionaire! It is also noteworthy that from the front office and assistant personnel gave that feeling "we are family". I look forward in continuing our relationship in the future. GIVE Wilson & Wilson your business.
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