The estate and gift exemption level for U.S. Estate and Gift Taxes is set for 2016 at $5.45 million. This means that estates with more than $5.45 million in assets will be taxed by the U.S. Government at a rate of 40%. Estate planning can minimize the tax ramifications of this tax and leave more money for their heirs.
The Chicago estate planning lawyers at Bellas & Wachowski work with their clients to help create a comprehensive estate plan that allows them to feel safe and secure that they have provided for their children so that they can lead healthy, productive and confident lives. The primary goal is to help avoid probate.
When you pass away or become incapacitated, you do not want a stranger to make the important decisions about your life and your assets or how to raise your children. You can make all the important decisions now, and make them legally binding, by working with an estate planning attorney.
Working out an estate plan need not be a stressful experience. At Bellas & Wachowski, our Chicago estate planning attorneys will carefully and compassionately guide you to the best solution for you.
We can help you with common estate planning devices such as:
- Wills, both simple and complex
- Trusts for the protection of your estate and to protect your family
- Powers of Attorney for Healthcare
- Living Trusts
- Business succession.
- Gifts to Minors
No matter what the size of your estate, there are 3 legal documents everyone should have:
- You need a will to make sure your assets are distributed the way you want, not how a probate court decides.
- You need a durable power of attorney for healthcare to name someone to make medical decisions on your behalf.
- And you need a durable power of attorney for finances, which designates someone to take care of money matters.
You will need as much information as possible to make these important decisions for your family. After all, the ultimate goal is to protect your family.
See also our article on estate planning to read more.
Contact us to speak with a Chicago estate planning lawyer about your needs.