Estate Planning

People don't plan to fail. They just fail to plan.

Estate Planning is one of the most important steps in one's life.

Estate Planning begins with planning one's career, marrying, buying and owning a home, having children and planning for retirement. All of these events are part of planning one's estate during one's life and following it.

The above life events are steps that result in the accumulation of assets or wealth and obligations. Setting up an estate plan for what will happen to one's assets and to provide for the welfare of one's loved ones is the final step in dealing with the transfer of wealth and the fulfillment of the obligations that one has undertaken.

One not only wants to acquire wealth, but also wants to keep it and make it grow. We do this through wise investing, management and avoidance of unreasonable and unnecessary risk and in larger estates the avoidance of unnecessary income, inheritance and estate taxes.

Part of the management of one's assets is to provide for the possibility of one being unable to manage it oneself in the event of serious illness, stroke or the like.

Another part of the management of one's assets is to provide for the care of minor children and a spouse in the event of serious illness, stroke or death.

There are many vehicles that one can use to plan one's estate. Life insurance, disability insurance, pension plans, trusts, wills, pay or transfer on death accounts, powers of attorney, joint tenancies, family limited partnerships or close corporations and the like are a few of the ways that an estate planner can help one make an estate plan. Plans can vary from a simple will to complex financial arrangements for tax saving purposes. Only a qualified and experienced estate planner can help one decide what is best for them. Mere avoidance of probate court is not always the answer. Don't be led to believe that a living trust or self declaration of trust will solve everyone's needs. Too many attorneys, stock brokers and insurance agents are holding seminars or free estate planning forums and selling people on living trusts. In no other field is it truer that one size does not fit all. For more information on estate planning visit ProbateIllinois.com.