Estate Planning for the Life you are Living!

Estate planning is the process of arranging for the management and distribution of your assets and affairs in the event of your passing or incapacity. It involves creating legal documents and strategies to ensure that your wishes are followed when it comes to matters like inheritance, healthcare decisions, and the care of your loved ones. Estate planning helps you protect your legacy and provide for your family's future.

A Legacy Blueprint Session is a personalized planning meeting. During this session, we set aside 2 hours to work closely with you to create a comprehensive estate planning strategy that aligns with your unique goals and values.

The Legacy Blueprint Session is designed to empower you with a clear and comprehensive estate plan that serves as a roadmap for the future. It's a proactive approach to estate planning that ensures your wishes are carried out effectively and provides peace of mind for you and your loved ones.

You need an estate plan to have control over what happens to your assets and affairs both during your lifetime and after your passing. Without an estate plan, the state's laws will dictate the distribution of your assets, which may not align with your wishes. Estate planning allows you to protect your loved ones, minimize taxes, and ensure your legacy is carried out according to your values and desires. It provides peace of mind and security for you and your family.

A will, also known as a last will and testament, is a legal document that outlines your wishes for the distribution of your assets and the management of your affairs after your passing. In your will, you can specify who should receive your property, who should be responsible for carrying out your wishes (executor), and even appoint guardians for minor children if necessary. A will is a crucial part of estate planning, as it allows you to have control over the disposition of your assets and ensures that your intentions are legally recognized.

The estate planning process involves several key steps:

• Initial Consultation: We discuss your goals, assets, and family situation.
• Document Drafting: I create customized legal documents like wills, trusts, and powers of attorney.
• Review and Revision: We review the plan together, making any necessary adjustments.
• Execution: You sign the documents in accordance with legal requirements.
• Ongoing Review: Periodically review and update your plan to reflect life changes.

A trust is a legal arrangement that allows a person (the "grantor" or "settlor") to transfer their assets to a separate entity (the "trust") for the benefit of specific individuals or entities (the "beneficiaries"). The trust is managed by a trustee who is responsible for administering the assets according to the terms and instructions laid out in the trust document.

Trusts serve various purposes, such as asset protection, avoiding probate, and providing for the future needs of beneficiaries. There are different types of trusts, including revocable living trusts, irrevocable trusts, and special needs trusts, each designed to achieve specific estate planning goals. Trusts offer flexibility and can be a valuable tool in crafting a comprehensive estate plan tailored to your unique needs and objectives.

The basic difference between a will and a trust is their primary purpose and how they function:

Will:

• Purpose: A will specifies how your assets should be distributed after your passing.
• Probate: Wills typically go through a legal process called probate, where the court validates the will and oversees the distribution of assets. Probate can be public and time-consuming.
• Effective at Death: Wills only become effective upon your death and do not provide any control or management of assets during your lifetime.
• Guardianship: You can use a will to name guardians for minor children, outlining who should care for them if you pass away.

Trust:

• Purpose: A trust allows you to transfer assets into a separate entity during your lifetime, managed by a trustee you appoint. You can retain control or specify conditions for asset distribution.
• Avoiding Probate: Assets held in a trust usually bypass probate, leading to faster and private asset distribution.
• Lifetime and Post-Death: Unlike a will, a trust can be effective both during your lifetime and after your death. It can provide for the management of assets if you become incapacitated.
• Privacy: Trusts offer greater privacy because they do not become public records like wills filed in probate court.
• Complexity: Trusts can be more complex to set up and manage than wills, but they offer more flexibility and control over asset distribution.

In summary, a will primarily focuses on post-mortem asset distribution and guardianship, while a trust offers more flexibility, privacy, and control over assets during your lifetime and beyond. Your choice between a will and a trust depends on your specific estate planning goals and needs.

Common estate planning documents include:

• Last Will and Testament: Outlines how your assets are distributed.
• Living Will: Expresses your healthcare preferences.
• Revocable Living Trust: Manages assets during your lifetime and after.
• Financial Power of Attorney: Appoints someone to handle financial matters.
• Medical Power of Attorney: Designates a healthcare decision-maker.

Without an estate plan:

• State Laws Decide: The state determines asset distribution, which may not align with your wishes.
• Family Conflicts: Potential disputes among family members.
• Court Involvement: A court may appoint someone to manage your affairs.
• Tax Consequences: Higher estate taxes may apply.

Yes, it's crucial to update your estate plan regularly:

• Life Changes: Events like marriage, divorce, births, or deaths can impact your plan.
• Legal Updates: Laws change, so it's important to ensure your plan remains compliant.
• Asset Changes: Changes in assets or finances may require plan adjustments.
• Review Every Few Years: Periodic reviews help keep your plan current and effective.

Scheduling a consultation is easy:

• Visit our website here.
• Call our office at 312-820-7508.
• Visit our Scheduling page here.

Yes, we offer virtual consultations via video conferencing for your convenience.

We provide flat-fees. Our fees vary depending on your specific needs. During the consultation, we'll discuss pricing. We accept various payment methods, including credit cards, checks, and online payments.

For the initial consultation, it's helpful to bring:

• A list of your assets and debts.
• Any existing estate planning documents.
• Questions and concerns you have about your estate.

These items will help us better understand your situation and goals during our meeting.