Advanced Estate Planning
If you have done well financially, either through earnings, inheritance or lottery winnings, you might be a candidate for advanced estate planning. Advanced estate planning techniques are typically used to legally avoid or lessen estate taxes, achieve
asset protection, and
benefit multiple generations of your descendants. Advanced estate planning may also involve
benefitting your favorite charities in ways that also benefit you.
Asset Protection Planning. Advanced estate planning tools and techniques can be used to help protect your assets from aggressive litigants (i.e., "Legal Predators"). Unfortunately, we live in a world where unscrupulous people seek out opportunities to file lawsuits. Although the
Wilmette, Glenview and Northbrook estate planning attorney of
Sylvester Law Firm is of the opinion that no asset protection planning is guaranteed to be 100% bullet-proof, he can assure you that there are time-tested asset protection tools that prove to be very successful at protecting your assets. Below is a list of many of the tools used to achieve asset protection.
Tax Planning. The
Wilmette, Glenview and Northbrook estate planning lawyer of
Sylvester Law Firm can prepare a customized, advanced estate plan to help you lessen or completely defeat estate, gift and generation skipping taxes. The use of advanced estate planning tools for potentially taxable estates proves to be very valuable. The cost of establishing an advanced estate plan is usually miniscule compared to the potential tax bite. Below is a list of some of the tools
Sylvester Law Firm has used for estate tax planning.
Charitable Giving Planning. Perhaps you have a desire to make charitable gifts either before or after death. Clients often tell us that they don't know how to make advantageous charitable gifts, aside from periodically writing out a check, which may not always be affordable during your life. You may be hesitant to make charitable gifts during your life because of your unknown financial future. There are practical ways to address your concerns and still provide for your favorite charities. Advanced estate planning tools and techniques can be used to make charitable gifts that make sense.
Following are advanced estate planning tools that have been implemented by the Chicago estate planning attorney of
Sylvester Law Firm:
EXAMPLES OF ASSET PROTECTION TOOLS:
EXAMPLES OF TAX PLANNING TOOLS:
Qualified Personal Residence Trust
Grantor Retained Annuity Trust
Installment Sale to an Intentionally Defective Grantor Trust
Qualified Terminal Interest Property Trust
Limited Liability Company for Valuation Discounts and Leveraged Gifting
EXAMPLES OF CHARITABLE GIFTING TOOLS:
EXAMPLES OF GIFT PLANNING TOOLS:
2503(c) Minor's Gift Trust
Tuition Trust for Children or Grandchildren
529 Education Savings Plan
Coordination of Non-probate Assets with Estate Planning Documents
Retirement Benefits Stretch-out Planning
Domestic Partnership Agreement / Pre-Nuptial Agreement
Business Buy-Sell Agreement
Qualified Domestic Trust for Non-citizen Spouses
Everyone's situation is different. No two estate plans are the same. The days of the 1 - 3 page common "form" Will are over. It is important that you hire a north suburban Chicago estate lawyer who is experienced in advising on the use of advanced estate planning tools and techniques.
Advanced Estate Planning is complex, and you should only work with a Chicago estate planning attorney who has a dedicated focus on planning for complex situations. The
Illinois, Wisconsin and Florida estate planning lawyer of
Sylvester Law Firm has such a dedicated focus. Call us today at
(847) 251 - 2999 to discuss how we can help you achieve your advanced estate planning goals.