LaGrange: 1023 W 55th St #200, LaGrange, IL 60525 | Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
LaGrange: 1023 W 55th St #200, LaGrange, IL 60525
Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
LaGrange: 1023 W 55th St #200, LaGrange, IL 60525
Deerfield: 770 Lake Cook Rd #100, Deerfield, IL 60015
New Year, Good Time for a Checkup
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The beginning of any new year is a good time to reflect, look forward, and plan for the future – especially this year with a pandemic that has made self-reflection that much more important.
So many things have changed, including things we took for granted or overlooked before now. We as individuals have also changed during this time.
Most of us have faced the fact that we are not immortal, and we may have thought more about our own aging and immortality this year than we had in previous years.
Many people ask their estate planning lawyer what updates need to be made to their estate plan as one year ends and a new year begins. That this question is asked is a positive sign that someone is thinking of how best to protect themself and their loved ones. About 2/3 of people do not have an estate plan.
Here are questions you can ask to see if you have the basics of your estate plan covered as well as things you may want to update as we begin this new year:
- What is your plan in the case of your own incapacity (financial and medical powers of attorney)?
- Are your beneficiary designations up-to-date?
- What plan have you set in place for the distribution of your assets in accordance with your wishes?
- Are there any unique situations that need to be provided for, such as minor children, handicapped children, a spendthrift beneficiary or a child in a troubled marriage?
- Have you chosen who will oversee the administration of your estate (an executor or personal representative)?
- Have you recently reviewed your existing estate plan to see if anything needs updated or changed?
- If you are fortunate enough to need to worry about estate taxes, how can you minimize this potential liability? Keep in mind that tax laws may change during this coming year and the estate tax exclusion may be significantly reduced.
- Do you wish to assist family members by making tax free gifts, such as gifts for education or medical expenses?
- Do you wish to consider making a revocable trust part of your estate plan? You may want to use this to allow your heirs to avoid probate and to help administer your assets in the event of your incapacity.
Finally, I encourage you to take steps to promote peace and harmony for you and your family members and wish you a healthy, happy, and prosperous new year.
For help creating or updating your estate plan as we begin a new year, contact us at Wilson and Wilson Estate Planning and Elder Law, LLC at 708 482 7090 for our main office in LaGrange, Illinois or at 847 656 8958 for our Deerfield, Illinois office.
Hear From Our Satisfied Clients
Wilson & Wilson Estate Planning & Elder Law, LLC helped me navigate a very tumultuous time in my life. Sandra and her team were so gentle with me and the processes that needed to take place for a timely distribution. They worked tirelessly to ensure I was supported throughout the process. Although no one is actually prepared for the death of their loved one Sandra made going through it less painful. I’m forever...
Bill Wilson and his staff are amazing! We have known Bill for over 25 years and have trusted him to handle our different legal situations. From his expertise in our estate planning to seeking his advice on handling our elder relative's estate, we are confident we have the best protection by using Bill. My family and I are truly thankful for his knowledge and patience when dealing with such personal and tough conversations...
GOD has blessed me with alot but by people's standards maybe not that much; however Attorney Sandra Schildgen made me feel like a Billionaire! It is also noteworthy that from the front office and assistant personnel gave that feeling "we are family". I look forward in continuing our relationship in the future. GIVE Wilson & Wilson your business.
Great attorneys, and great staff in general, all knowledgeable and extremely helpful..
Everyone was really professional and helpful with assisting me with Estate Planning!
Mr. Wilson has helped our family VERY MUCH. His "down to earth" honesty and integrity made what could have been a difficult situation easy to get through. AND, we felt his rates were reasonable for the personal service we received. HIGHLY RECOMEMDED.
Wilson & Wilson has the experience, knowledge and professionalism to handle complex estate planning needs.They address all the details and devise a tailored plan providing asset protection, growth and wealth management.
I can’t say enough about the way Sandra, Kayla and Jennie handled my legal needs. The Medicaid process for my husband was very complicated for me but this team of professionals handled all of it and kept in touch with me through the entire process. Every concern and question I had was promptly addressed and I am very satisfied with the final outcome from the appeal Sandra filed for us. In addition to...
Our experience with Wilson and Wilson in updating our estate planning documents was great. Sandra and Kayla were wonderful to work with. Sandra took the time to make sure we understood the language and elements of each document. She is very knowledgeable thorough understanding and open to suggestions and changes. The work was completed in a minimum amount of time. We feel fortunate to have had such a great worry-free experience working with...
We just received the refund from the facility today. Thank You so very much for all your help with my Mom's file. You and the staff at Wilson & Wilson Estate Planning & Elder Law LLC are outstanding people. It is an Honor to have your law office represent us. I would like to keep in touch with you for future family business.
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