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Estate Planning In Illinois & New York

Estate planning is more than simply preparing documents. Estate planning is about accomplishing your goals. These goals often include:

  • Asset protection
  • Planning for illness or incapacitation
  • Avoidance of probate
  • Protecting beneficiaries and children
  • Minimization of taxes
  • Gifting of assets
  • Paying medical and long-term care bills

    See if an estate plan is right for you.

    GET STARTED BELOW

    Step 1/8

    Are you currently married?

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    Do you have any children?

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    Do you already have estate planning documents in place?

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    Do you own your own home?

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    Do you have retirement accounts?


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    Is your income over $75,000 per year ($150,000 married)?

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    What is your first and last name?

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    What is your phone number and email address?


    Types of Estate Planning

    At a minimum, everyone should have a will. The will instructs your executor who should inherit your assets. If you have children, a will lets the world know who should be the guardian of your children. Dying without a will (called dying “intestate”) can be very costly. Without a will, you will have no say in who will care for your children, or how assets are to be distributed.

    From John’s interview for the Masters of Estates & Probate series on ReelLawyers.com.

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    estate planning is extremely important I

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    firmly believe that anybody over the age

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    of 18 should have an estate plan

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    prepared by a competent attorney

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    and there’s a number of reasons for that

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    one is most people do not appreciate the

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    fact that even if you don’t sign a will

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    or a trust an estate plan has been

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    created for you and that’s the probate

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    act and so under the probate act if you

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    don’t sign a trust or don’t sign a will

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    that act is going to dictate where your

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    assets go to or if you have minor

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    children who takes care of your children

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    so a great example of that would be

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    if you have a child under 18 and

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    something happens to you and your spouse

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    well what happens to that child

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    under the probate act there’s defined

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    people who will have the right to care

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    for your child

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    so I always say you may love your

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    brothers and sisters equally you may

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    love your brothers and sisters in law

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    equally but the reality is you may not

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    trust them equally to take care of your

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    child or maybe it’s somebody that’s not

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    a family member that you want to take

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    care of your child and that’s fine

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    but if you don’t do a plan the

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    government’s going to dictate who takes

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    care of your child and I for one don’t

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    believe the government or the courts

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    should be the decider who takes care of

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    your children and so to handle that we

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    do Estate Planning and that’s a very

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    important provision under estate plans

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    another reason to handle or to do an

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    estate plan with a competent attorney

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    is most of us spend a lifetime building

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    up our assets and uh material goods for

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    lack a better word

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    and again if you don’t do an estate plan

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    the probate Act is going to dictate who

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    gets your assets

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    I want to dictate who handles my assets

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    and to do that I I do that through

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    trusts and wills so a great example

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    would be I’m married with a child if I

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    did not prepare an estate plan and I

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    passed away half of my estate by law

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    would go to my child and half would go

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    to my spouse there’s a number of

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    problems with that one is for a child

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    under 18 that would create a

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    guardianship case

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    guardianship is very expensive uh it’s

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    under the court control and I don’t

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    think that’s the best result for my

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    child

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    likewise most families want the spouses

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    to have control over all the assets so

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    they can manage their own Affairs and

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    also the Affairs of their children there

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    are certain tax advantages with a

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    properly prepared estate plan this is

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    legal and uh

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    it has the potential to save you

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    hundreds and potentially millions of

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    dollars if you don’t do your estate plan

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    you risk your large estate to estate

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    taxes other advantages of estate

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    planning is avoidance of probate

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    avoidance a guardianship

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    there is a misunderstanding among a lot

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    of people that if you have a will you

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    avoid probate

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    that’s not necessarily true in most

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    States if you have assets that exceed a

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    certain amount you will be subject to

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    probate and probate is a post-death

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    court proceeding that handles your

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    Affairs again my goal as your attorney

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    is to avoid probate and to avoid probate

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    we need to properly drafted a state plan

    Trusts and Power of Attorney

    Another important estate planning tool is a trust. Many people believe trusts are only for wealthy people or those with special needs. This is not accurate. Trusts can accomplish many goals for people of all levels of wealth. A properly prepared trust can help you avoid probate, can legally minimize estate taxes, and can help shield your assets from creditors. Further, a trust can give you a say in how your affairs will be managed in the event you are incapacitated or become incompetent.

    Other estate planning documents a person should also consider are powers of attorney for property and for health care. Powers of attorney allows you to appoint a trusted person to manage your financial and health affairs in the event you are unable to do so. In addition, you may want to consider a living will that makes known your desires in the event life-prolonging medical treatments are required.

    While the documents described above are commonly used for many people, there are other documents you may want to consider to achieve your estate planning goals. There are numerous considerations and factors in determining which estate plan is right for you.

    Timeline

    Our Estate Planning Process

    Our estate plan process consists of about four weeks and five steps. Learn more about our process and what you need to do to prepare for your estate plan.


    Initial Consultation Call

    During the initial consultation, we gather contact details and answer any questions regarding your inquiry.


    Complete Intake Questionnaire

    After the initial consultation, we send over our intake questionnaire to help gather more specifics for your estate plan. Most clients take about a week to gather appropriate information.


    Design
    Meeting

    After you’ve completed the estate planning questionnaire, we set up a design meeting to discuss the cost and make sure your needs and wants are met with your estate plan.


    Signing
    Meeting

    After the Design Meeting, we will send over the documents (with all of the names and contacts of your decided decision makers) and diagrams of asset distribution for you to review. During this review process, we will coordinate a signing meeting to finalize the estate plan.


    Funding the Estate Plan

    The final stage after you sign is putting assets into your trust. We will work with you to schedule another zoom meeting or send you instructions on how to fund your trust.

    Our Estate Planning Services

    Bielski Chapman, Ltd. provides trust-based estate planning in Illinois and New York which includes the following:

    Trusts

    In creating a trust, you can take an active role in the estate planning process while you’re still alive. This type of trust allows for flexibility and changes as your life and estate evolve over time. Additionally, a well-crafted trust may help you avoid the expensive and time-consuming probate process.

    Wills

    Creating a will is a crucial step in ensuring that your assets are distributed according to your wishes after you pass away. Even a simple will can help prevent disputes and lengthy court battles among family members over ownership of your valuables.

    Powers of Attorney

    Although no one likes to think about the possibility of becoming incapacitated and unable to make decisions about their healthcare and finances, it’s important to plan for this scenario. By selecting a trusted individual to handle your affairs and outlining the terms of those affairs, you can have peace of mind knowing that your wishes will be carried out if the need arises.

    Advanced Medical Directives

    Advanced medical directives outline your wishes for medical treatment and appoint a trusted individual to make decisions on your behalf if you become incapacitated.

    Special Needs Planning

    Special needs planning is a critical aspect of estate planning for families with disabled loved ones. By creating a special needs estate plan, you can  ensure your loved one’s needs are met and their government benefits are protected.

    Medicaid and Long-Term Care Asset Preservation Planning

    Long-term care asset preservation planning typically entails either acquiring an insurance product or transferring assets to safeguard wealth in case of a long-term care requirement. Our team can help with services that may include creating trusts, transferring assets, and developing a plan to pay for long-term care.

    Business Succession Planning

    If you’re a business owner, it’s crucial to plan for both anticipated life changes like retirement, as well as unforeseen events such as sudden incapacity. We work with you to create a comprehensive plan that addresses these potential scenarios and ensures the continued success of your business.

    Call Bielski Chapman, Ltd. at (312) 583-9430 or contact us here for a free consultation today!