- Divorce
- Premarital AgreementIs beneficial to those who are entering into second marriages because it will help to preserve the rights of children from prior relationships. In addition, for those who marry later in life and acquire significant assets, a prenuptial agreement can protect the estate from claims by former spouses.
- GuardianshipIf a person fails to do any planning and becomes involved in a debilitating accident or passes away, each state has laws that govern who will inherit assets, become guardians of minor children, make medical decisions for an incapacitated person, dispose of a person’s remains, visit the person in the hospital, and more. In some states, the spouse and any children are given top priority for inheritance rights. In the case of incapacity, spouses are normally granted guardianship over incapacitated spouse, though this requires a lengthy and expensive guardianship proceeding.
- Limited Liability CompaniesDesigned to preserve family businesses for future generations, Family Limited Partnerships (FLPs) and Family Limited Liability Companies (FLLCs) can help shelter your assets and reduce overall estate and gift taxes. FLPs are also utilized as an integral part of business succession planning.
- Personal InjurySpecial needs trusts generally fall within one of two categories: self-settled or third-party trusts. The difference is based on whose assets were used to fund the trust. A self-settled trust is one that is funded with the disabled person’s own assets, such as an inheritance, a personal injury settlement or accumulated wealth. If the disabled beneficiary ever had the legal right to use the money without restriction, the trust is most likely self-settled.
- Medicaid PlanningMedicaid Planning ensures that family assets are used to supplement state and federal benefits by providing planning techniques that won't jeopardize government benefits or entitlements.
- Estate PlanningWhat happens if you are bequeathed a car that no longer exists? The ABCs of Ademption | Dupage, IL Estate Planning Blog
- WillsIn order to contest a Will, one has to have legal “standing” to raise objections. This usually occurs when, for example children are to receive disproportionate shares under the Will, or when distribution schemes change from a prior Will to a later Will. In addition to disputes over the tangible distributions, Will contests can be a quarrel over the person designated to serve as Executor.
- TrustsWhile a Revocable Trust permits you to maintain full control (as Trustee) and have access to all your assets (as beneficiary), an Irrevocable Trust, once created, may prohibit your right to control the trust (as Trustee), or have access to your assets. You get to decide to what extent.
- Power of AttorneyA durable power of attorney for health care, also referred to as a healthcare proxy, is a document in which you name another person to serve as your health care agent. This person is authorized to speak on your behalf in order to consent to – or refuse – medical treatment if your doctor determines that you are unable to make those decisions for yourself. A durable power of attorney for health care can be operative at any time you designate, not just when your condition is terminal.
- ProbateEstate planning can only be done by attorneys. Banks, financial advisors, and brokerage firms may offer to create your "estate plan", but they can only help you with the financial planning aspects of your estate. You are probably also concerned with asset protection, providing for your long-term care in the case of your disability, and stating your wishes regarding health care. You need an experienced estate planning attorney, with extensive knowledge in probate law, estate administration, trusts, asset protection, Medicaid laws, income tax, estate tax, and gift tax to draft the legal documents for you. An experienced estate planning attorney will work with your financial advisor and accountant to create the best plan for you. It can be as simple as a Will, Health Care Power of Attorney, and Power of Attorney for Property, but it can also include a revocable probate-avoidance trust, asset protection trusts, and many other strategies tailored to your life and values.
- Bankruptcy
- Tax LawMore than 70 percent of family businesses do not survive the transition to the next generation. Ensuring your family does not fall victim to the same fate requires a unique combination of proper estate and tax planning, business acumen and common-sense communication with those closest to you. Below are some steps you can take today to make sure your family business continues from generation to generation.