While estate planning includes the development of a will to distribute your assets and property as to your wishes, there are a lot more issues people need to consider. A Northbrook estate planning lawyer has the experience and the legal knowledge to be able to help you to plan for your future, as well as to develop your will.
The will only provides direction as to what is to be done with your estate upon your death. The decisions you may in that will have long-reaching consequences for your beneficiaries, especially when it comes to how much of the inheritance may be considered taxable.
Working with an experienced Northbrook estate planning lawyer will assist you in choosing the language in your will and making selections for providing for your loved ones in ways that are legal, valid and create the lowest tax rate. This could include creating trusts or annuities instead of a large lump-sum inheritance.
Living Wills and Powers of Attorney
Being prepared in advance for tragic circumstances can help your family and loved ones through a difficult time. Living wills can be written by your Northbrook estate planning lawyer to include specific instructions as to your wishes should you be unable to make decisions.
This document can specify what you do not want, such as life-prolonging medical care including life support, the use of CPR, administration of drugs or if you do not wish to have IV feeding if you are incapacitated.
A durable power of attorney provides a designated individual who will make decisions on your behalf, typically financial and medical, if you become incapacitated. You may also wish to designate a care center or nursing home where you would like to be located.
Medicaid Planning
For adults as they age, Medicaid planning is an important consideration. Your Northbrook estate planning lawyer can work with you to follow all regulations with regards to protecting your property and estate.
An attorney will carefully review your estate, and help you to consider options to provide for your family in the event of long-term care needs. In many cases, annuities and trusts or gifts can be used to distribute your assets legally and without penalty to your loved ones.
A top Northbrook estate planning lawyer can do much more than just provide you with a will. Talk to your attorney about all your estate planning options to provide the best legal support for you and your family.
With over 25 years of experience, Orlowsky & Wilson, Ltd. can provide you with a Northbrook estate planning lawyer to answer your questions. To learn more about estate planning visit us at Orlowskywilson.com.
