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Every adult should have some form of an estate plan, whether you are extremely wealthy or of modest means. A will is a good starting point, but there are additional services that Holder Law Group, LLP can provide depending on the complexity of your estate. For example, If you own a home or other property and want to avoid probate, we can create a living trust. If you have a special needs child or adult, we can set up a trust that will not disqualify him or her from federal assistance. We can also help you with guardianship proceedings for vulnerable adults and children. By setting up durable and medical powers of attorney so that you can provide for yourself in the event an injury or illness incapacitates you. We can also create a living will to specify your end-of-life wishes. We can also provide trust and estate services for families dealing with probate.
Chas Holder not only has a law degree, but he is also a practicing CPA, which provides him with an estate and tax knowledge greater than a person with only a law degree. Knowledge of the tax implications behind your estate plan is essential and Chas can help you navigate through this difficult and sometimes sensitive process. Below is a general list of estate planning that all adults should consider implementing:
1. Make a will.
In a will, you state who you want to inherit your property and name a guardian to care for your young children should something happen to you and the other parent. Even if you do not have any property, this is vital for all parents or guardians.
2. Create Trusts
If you hold your property in a living trust, your survivors won't have to go through probate court, a time-consuming and expensive process.
3. Health Care Directives
Writing out your wishes for health care can protect you if you become unable to make medical decisions for yourself. Health care directives include a health care declaration ("living will") and a power of attorney for health care, which gives someone you choose the power to make decisions if you can't.
4. Financial Power of Attorneys
With a durable power of attorney for finances,you can give a trusted person authority to handle your finances and property if you become incapacitated and unable to handle your own affairs.
5. Protect your children's property.
You should name an adult to manage any money and property your minor children may inherit from you.
6. File beneficiary forms.
Naming a beneficiary for bank accounts and retirement plans makes the account automatically "payable on death" to your beneficiary and allows the funds to skip the probate process.
7. Understand estate taxes.
Most estates -- more than 99.7% -- won't owe federal estate taxes. For deaths in 2016, the federal government will impose estate tax at your death only if your taxable estate is worth more than $5.45 million. (This exemption amount rises each year to adjust for inflation.) Also, married couples can transfer up to twice the exempt amount tax-free, and all assets left to a spouse (as long as the spouse is a U.S. citizen) or tax-exempt charity are exempt from the tax.
8. Cover funeral expenses.
Rather than a funeral prepayment plan, which may be unreliable, you can set up a payable-on-death account at your bank and deposit funds into it to pay for your funeral and related expenses.
9. Protect your business.
If you're the sole owner of a business, you should have a succession plan. If you own a business with others, you should have a buyout agreement.
Chas Holder and the Holder Law Estate and Trust Team are ready to guide you and your family through the complicated and difficult estate and trust planning process and serve clients all across Illinois from Chicago to Quincy, Decatur to Champaign-Urbana. Remember, it is never too early to plan for the future.
At Holder Law Group, we believe in small-town personal contact coupled with major monetary results for our clients. We are always available to discuss your case. Either call us directly of submit a confidential form below. With the Champaign car accident and personal injury legal team at Holder Law group on your side you can expect:
Attorneys at The Holder Law Group represent clients in the following Central Illinois Counties:
Champaign County, Coles, DeWitt, Douglas, Edgar, Effingham, Ford, Iroquois, Kankakee County, Livingston, Logan, Macon, McLean, Moultrie, Piatt County, Sangamon, and Vermilion County.