Asset Protection Lawyer Rolling Meadows, IL
Our asset protection lawyer Rolling Meadows, IL families rely on will tell you that having a clear estate plan should the unexpected occur is critical and should be one of your top priorities. No person believes they will become incapacitated, their life cut short, we can only hope that we can live long and healthy lives. However, your family must be prepared to ensure that your wishes are carried out in the way you would have liked. Estate planning is a vital component of this process. Working with our team from Bott & Associates, LTD, can be advantageous in that you will have peace of mind in knowing that your assets are protected and will be distributed according to your wishes when the time comes. Know that estate planning isn’t a tool for the wealthy; it should be considered by anyone who wants to protect their legacy and ensure they are cared for should they become incapacitated. We know that you will have many questions about the estate planning process when deciding to move forward. Contact our team so that we can begin assisting you and putting your mind at ease.
Protecting Your Wealth
Chances are, if you have a significant amount of assets and wealth, you will want to ensure that they are protected for your heirs. Accessing our guidance will be critical when developing your estate plan. We can provide guidance and offer recommendations for the best way to protect your assets. Our Rolling Meadow, IL asset protection lawyer shares that, for some, considering a trust may be an appropriate estate planning tool. Not only can a trust allow for greater control, but it can also protect assets from creditors and even minimize estate taxes.
Reasons an Estate Plan is Necessary
It’s a common misconception that estate planning is only appropriate for those with a significant amount of wealth. While protecting assets is a critical component of estate planning, it also helps to outline your wishes should you no longer make them on your own. This could include a financial power of attorney or even medical directives. Anyone who is over the age of 18 should ensure that these critical documents are in place. Having the ability to identify those you would like to make decisions can make the process more straightforward for loved ones and allow you to have a voice should the time come when you are no longer able to speak for yourself. There can be a risk of failing to move through this process. Not only could your family be left to sort through your wishes, everyone may have a different perspective of what you would have wanted. As a result, there can be a high likelihood of disputes over your wishes amongst loved ones. Additionally, engaging in the estate planning process can reduce tax obligations, minimize the number of assets that will need to pass through probate, and assist with retaining the assets with those you have identified as beneficiaries.
Consider Protecting Assets with a Trust
Working with our team can provide you with a clear path for the most appropriate options for your situation. After reviewing your situation and understanding your wishes, it may be appropriate to consider a trust as a way to transfer your wealth and protect your legacy. Common types of trusts our clients may consider include:
- Revocable Trusts
- Irrevocable Trusts
- Testamentary Trusts
Do you have assets you need to protect? Chances are you do. Our team from Bott & Associates, LTD, can help you make sound decisions over your future. With our estate planning and asset protection experience, you can ensure that your wishes are carried out, and wealth is retained for your heirs. To learn more about the process and discuss your specific needs, schedule an appointment with our Rolling Meadows, Illinois asset protection lawyer.