Estate and Asset Protection Planning

Estate Planning Attorneys Help to Protect Assets

Estate and asset protection planning is important for everyone, no matter how old you are or what your income is. By planning ahead, you can ensure that your assets are protected and that your loved ones are cared for.

With law offices in LaGrange and Northbrook, Wilson & Wilson Estate Planning and Elder Law can help you develop a comprehensive plan to safeguard your legacy. We offer a wide range of services, including will drafting and review, trust creation and administration, asset protection planning, business succession planning, Medicaid planning, and elder law planning.

Our estate planning lawyers can also help you choose the right tools to protect your assets, such as trusts, life insurance, and annuities.

Don’t wait until it’s too late. Contact Wilson & Wilson Estate Planning and Elder Law, LLC, today to schedule a consultation. We’ll help you develop a comprehensive plan to safeguard your legacy.

Contact us online to learn more, or call our LaGrange office at (708) 482-7090 or our Northbrook office at (847) 656-8958.

Illinois Estate and Asset Protection Planning Ensure Your Legacy with Estate and Asset Protection Planning

If you have significant assets, you’ll want to take steps to protect them and ensure they’re distributed according to your wishes after you pass. Trusts are a valuable tool for safeguarding your property and assets.

When you create a trust, you transfer ownership of your property to the trust. The trustee, whom you appoint, then manages the trust and distributes the assets to the beneficiaries in accordance with the terms of the trust.

Trusts can provide a number of benefits, including:

• Protecting your assets from creditors and lawsuits.
• Minimizing estate taxes.
• Ensuring that your assets are distributed according to your wishes.
• Providing for your loved ones, especially if they’re minors or have disabilities.
• Avoiding family disputes.

If you’re interested in learning more about how trusts can help you protect your assets and safeguard your legacy, contact our La Grange and Northbrook will and trust law firm today. The experienced estate planning attorneys at Wilson & Wilson Estate Planning & Elder Law can help you develop a comprehensive estate plan that meets your individual needs and goals.

Asset Protection Strategies

1. Domestic asset protection trusts are aimed at protecting your assets from creditors. They’re set up as irrevocable trusts and are available in 17 states. Assets in a domestic asset protection trust may include cash, stock, LLCs, business property, and real estate.
2. Limited liability companies (LLCs) house the assets of a business. This legal structure can protect your personal assets from being seized by business creditors.
3. Insurance, such as an umbrella policy or a malpractice policy, can provide protection against lawsuits and other liabilities.
4. Alternate dispute resolution is a way to resolve disputes outside of court. It can include methods such as mediation or arbitration.
5. Prenuptial agreements can protect assets in the event of a divorce.
6. Retirement plans such as a 401(k) or IRA can provide some protection against creditors.
7. Homestead exemptions can protect your primary residence from creditors in some states.
8. Offshore trusts are set up outside of the U.S. and are governed by the laws of the country in which the trust is set up. They can provide protection against creditors, lawsuits, and even divorce claims and civil actions.

Download our Estate Planning Questionnaire (Portable Document Format .pdf)

Protecting Assets Safeguard Your Business and Personal Assets with a Family Limited Partnership

As a successful business owner, you’ve worked hard to build your wealth. But what if a lawsuit or other unforeseen event threatens your assets?

That’s where a family limited partnership (FLP) can help. An FLP is a legal arrangement between family members that can help protect your business and personal assets from creditors, lawsuits, and divorce.

How does an FLP work?

When you create an FLP, you transfer ownership of your assets to the partnership. The FLP is then managed by a general partner, who is typically the person who created the partnership. The general partner has full control over the FLP’s assets and makes all decisions about how they’re used.

Limited partners, on the other hand, have limited liability. This means they’re not personally responsible for the debts and liabilities of the FLP.

What are the benefits of an FLP?

An FLP can be an important part of estate planning in Illinois. The benefits of FLPs include:

• Asset protection: FLPs can help protect your business and personal assets from creditors, lawsuits, and divorce.
• Estate tax planning: FLPs can help reduce your estate tax burden by allowing you to transfer assets to your children or other family members at a discounted value.
• Privacy: FLPs are private entities, which means that your financial information is not publicly available.
• Flexibility: FLPs are flexible and can be customized to meet your specific needs.

Is an FLP right for you?

If you are a business owner with significant assets, an FLP may be a good option for you. An experienced Illinois estate and asset protection attorney can help you determine if an FLP is right for your specific needs and goals.

The LaGrange and Northbrook asset protection attorneys at Wilson & Wilson Estate Planning and Elder Law, LLC, will show you how an FLP can help to safeguard your legacy.

To learn more, contact us online or call our LaGrange office at (708) 482-7090 or our Northbrook office at (847) 656-8958.

Download our Asset Protection Questionnaire (Portable Document Format .pdf)

Discuss Your Needs with an Estate and Asset Protection Attorney

Safeguard Your Assets and Preserve Your Legacy with an Estate and Asset Protection Attorney

If you have significant assets, you may be concerned about protecting them from liability and taxes. You probably also want to ensure they’re distributed according to your wishes after you pass.

That’s where an Illinois estate and asset protection law firm can help. At Wilson & Wilson Estate Planning and Elder Law, the experienced attorneys at our LaGrange and Northbrook offices will work with you to develop a comprehensive plan to safeguard your assets and preserve your wealth.

We’ll evaluate your unique circumstances and advise you on the best strategies to meet your individual needs and goals. For example, we can help you develop a trust, set up a family limited partnership, or create a living will. We can also help you minimize your estate taxes and ensure that your assets are distributed according to your wishes.

Working with an estate and asset protection attorney in Illinois can give you the peace of mind that comes with knowing that your assets are protected and that your loved ones will be taken care of after you pass.

Contact Wilson & Wilson Estate Planning and Elder Law, LLC, today to schedule a consultation and learn more about how our Northbrook and LaGrange estate planning attorneys can help you protect your assets and preserve your legacy

To learn more, contact us online or call our LaGrange office at (708) 482-7090 or our Northbrook office at (847) 656-8958.

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