There are legal strategies available that allow you to lower your estate and inheritance taxes. If you are planning for your family's financial future, or dealing with the loss of a loved one, it is wise to speak with a qualified estate lawyer who has experience in estate planning and administration. Hubeny & Zaba, LLC's Westmont, Illinois estate planning and probate attorneys assist clients throughout the Chicagoland area with wills, trusts, powers of attorney, and probate responsibilities.
Once they have the opportunity to review your current situation and financial documents, our experienced estate planning attorneys will draft estate documents that accurately reflect your needs and wishes. Each estate plan is customized to address that client's unique circumstances and goals.
Documents common to most estate plans include:
A will — or "Last Will and Testament" — is a legal document that identifies your beneficiaries and appoints an executor of your estate. Although many people are aware of the need to have a will, estate planning is rarely as simple as that. By only having a will, you may be failing to take advantage of exemptions that can reduce your overall estate taxes. In addition, your will should be reviewed every few years in order to ensure it has been adjusted to reflect any changes in circumstances in your life.
A trust is a legal document that allows individuals to transfer control of certain assets upon their death. Trusts can provide flexibility in your estate plan and help reduce your overall estate taxes. Our experienced estate planning lawyers will be able to explain the advantages and disadvantages of incorporating a trust into your estate plan, and whether one would be appropriate for your specific situation.
A power of attorney for both health care and property is a necessity for most estate plans. Establishing power of attorney for health care allows you to appoint an agent to make decisions on your behalf regarding your health, should you become incapacitated and unavailable to make those decisions for yourself. Establishing power of attorney for property allows your appointed "agent" to make decisions on your behalf concerning your financial affairs and the management of your property.
The passing of a loved one is an extremely difficult time. Our estate administration lawyers will assist you through the process and handle all of the legal responsibilities, including probate, guardianship, completing and submitting the federal and state tax returns, and estate administration, allowing you to focus your attention on caring for your family's overall needs.
Contact Hubeny & Zaba today to discuss your estate planning and administration needs with an experienced lawyer. We currently serve all of the Chicagoland area, with offices conveniently located in Westmont, Illinois.