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Elder Law and How Estate Planning Can Save Money

Posted on in Elder Law Litigation

Illinois probate lawyer, Illinois elder law attorneyIt is never too late to plan for the future unless of course, you are reading this from beyond the end of your life. Many begin estate planning at a major life-altering milestone, such as a marriage or the birth of a child. However, this is not always the case. Many live decades with large families and vast estates and have shied away from the thought of passing away and what will happen to the things left behind. Although it may be a bit of a morbid topic to discuss, those left behind will greatly appreciate the care taken to create an estate plan, and doing so saves money in the long run.

What Is an Estate Plan?

Everyone has an estate, regardless of the size. It may be coins in your pocket and the clothes on your back, but that is a part of an estate. Anything you have accumulated within your lifetime, be it real estate, business acquisitions, or an amazing shoe collection is a part of your estate. An estate plan is the written document of who gets which items and at what point and under what conditions. Many times, this helps to lower the costs of taxes, legal fees, and court costs.

What Happens If You Do Not Plan?

You may avoid creating a plan for yourself, but that does not mean that there is not a plan in place. The state has a plan for your items should you become disabled or pass away, but the chances are good that you and your family would not choose these options for yourself. Not only will the state, instead of your family, have control of everything in your life, but also all actions will be in a public manner and will cost more for their time.

How Do You Create a Plan?

The easiest place to start in creating an estate plan is to create a will or a revocable living trust. A will is minimally efficient as it does list the beneficiaries of various items, however, even with a will, the probate process is necessary. With a revocable living trust, the probate process is nearly bypassed. It also continues to live on even after you pass, which is useful if you have certain requirements that must be met before distribution, such as graduation from college or marriage.

Have Questions?

If you have questions, you should not be afraid to ask. Many people shy away from the term “attorney” due to a negative connotation or the myth that lawyers are only necessary when someone is in trouble. Not all lawyers are criminal defense lawyers, and many are very useful in sorting out delicate situations, such as building an estate. If you are interested in discussing your estate planning with a Chicago, IL elder law attorney, contact the Law Offices of Anthony R. Scifo today by calling 847-628-8305 to schedule your free initial consultation. We are here to listen and to make these life decisions for you not only less stressful but more beneficial to everyone involved.

 

Source:

http://www.ilga.gov/legislation/ilcs/ilcs2.asp?ChapterID=60

 

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