An estate plan is a necessary and personal decision; however, you would be surprised how many people put this off or never get around to it. Another fact is many people are hesitant to retain an estate planning attorney due to attorney fees; however, the expense of an estate plan is cost effective relative to the consequence a probate court proceeding, inadequate or no tax planning.
At the Gateville Law Firm, our experienced estate planning attorneys will counsel you and go over the entire process, thus allowing the client to make an informed decision.
In addition, we listen carefully to our client’s concerns, wishes, and counsel you before advising you on the specific estate planning tools that are available to create a personalized estate plan. It is important that you minimize probate court involvement plus tax consequences to ease the burden upon your death or disability and the impact upon your family. Probate court is very expensive and after all is said and done, it may be years before the estate is settled and your loved ones receive the assets of the probated estate.
Gateville Law Firm are qualified estate planning attorneys, we are ready to assist you regarding the best ownership entity for your business, and to develop an estate plan to either continue your business or sell it after your death through corporate redemptions, the tenants as described in an LLC operating agreement, business purchase agreements, ESOPs or corporate, LLC or partnership reorganizations. We will assist you with a plan for any special family needs (provisions for a disabled child, a second marriage, pet guardianship and pet trusts, a legal separation of marriage or a current divorce proceeding, or delegating ownership and business positions within the family business to some, but not all of the children).
Asset protection, risk management and wealth preservationWe will counsel and evaluate the structure and ownership of your current and any future assets to properly allocate business interests to involved family members. We will evaluate and implement risk management and reduce administration expenses and your personal liability exposure. Business owners should always plan for the present and future generations of the business.
Income, gift, estate, generation-skipping tax planningYour estate plan should address all tax issues. Gateville Law Firm will analyze your potential estate, gift, and generation-skipping taxes. We further counsel you regarding the feasibility of an estate gifting program review your pension plans, any profit sharing plans, IRAs, SEP, Keogh, other retirement plans and deferred benefits to coordinate your estate plan with your designated beneficiaries of your life insurance, IRA and other retirement benefits.
Estate, Trust, Probate Administration
If a need arises, our attorneys provide full representation and administration of estates, including representing the interests of the estate or a beneficiary in a contested matter, advising family members, beneficiaries, all heirs-at-law and fiduciaries regarding their legal rights and obligations. We will ensure the property of the estate or trust is preserved, plus assistance in identifying, preservation, and the value the estate assets.
If a probate court case is necessary, we will prepare your probate court filings, represent the estate and handle the court proceedings for testate or intestate estate matters. In addition, the Gateville Law Firm will assist you with death tax issues, settlement of fiduciary accounts, and deal with the aspects of any business that is an asset of the estate. This also includes the negotiation of any buy-sell agreements, transfer of real estate (or corporate tax) and other related business issues. We also help with the distribution of assets, or establish sub- trusts, charitable trusts or charitable foundations in accordance with the estate.
Conservatorship and Guardianships
Most people only need a Last Will and Testament which provides an independent administration of the estate (to lessen probate process and expenses), and a disability plan to advance directives (to limit or negate the necessity of a guardianship court proceeding). That is fine, however, you should always decide that is qualified and should act as the personal representative, executor, executrix, trustee, or guardian. We will assist you in this very important area. By selecting the proper person (or successor or alternate executors, executrix, personal representatives or guardian) this will give you peace of mind that the specifics of your Will be carried out according to your wishes. Naming a guardian is equally important; this must be a person that you can depend upon in case you become disabled.
Gifting and Charitable Planning
Many clients have expressed a desire for a gifting and charitable gifting plan to add to their estate. Our qualified estate planning attorneys will fully analyze all tax and non-tax issues to optimize your charitable gifting plan. We assist in the preparation of all necessary documents to make the gift, whether or not if it is an outright, or a complex gift such as a Charitable Remainder Annuity Trust, a Charitable Lead Trust, or a private charitable foundation. There are many choices and we will assist you in implementing the very best charitable and gifting plan in accordance with your wishes.
We assist our clients with maximum savings concerning income, estate, gift, and generation-skipping taxes. We also handle all traditional aspects of a personal estate plan, such as drafting of revocable living trust declarations, last will and testaments, Medicaid and special needs trusts, and irrevocable trusts. We work closely with our clients to plan for the succession of family businesses and distribution of wealth among generations, minimizing tax consequences. We fully analyze and apply the latest estate planning laws and statures to reduce estate and gift taxes. We fully analyze and draft a plan to preserve our clients’ wealth, including limited liability business entities such as family limited partnership (LP), limited liability limited partnerships (LLLP), limited liability companies (LLC), grantor retained annuity trusts (GRATS),plus charitable remainder and lead trusts.
If a need arises whereas the client’s estate becomes involved in court legal matter, we provide all necessary representation in contested estate or trust matters. This also applies to contesting a last will and testament, contesting a trust, disputes over estate plan documents, codicils to wills, amendments to a trust, creditor matters, elective company share proceedings, estate and trust accountings, determination of homestead, fiduciary removal, the removal of an executor, executrix, trustee, and disputes concerning compensation for trustee, executor and fiduciary compensation. This is a hot button issue and requires the experience of a probate or estate attorney familiar with the aforementioned legal proceedings.
Last Will and Testament, Various Wills; Powers of Attorney; Living Wills; Various Trusts
Gateville Law Firm will assist and draft last will and testament, various trusts agreements and declaration of living trust, powers of attorney (durable, health care, special and limited), living wills, irrevocable trusts, Medicaid trusts, special needs trusts, grandchildren’s trust, irrevocable minor’s trust with Crummey powers, pet trusts, all directives and other documents that are necessary to implement the plan for you and your family’s future needs. We will go over all estate planning documents with you so that you have a complete understanding how your wishes will be carried out.
About Gateville Law Firm
Gateville Law Firm is a boutique family business, business and estate planning law firm concentrating in family business, business and estate planning. We are an experienced law firm servicing Will, DuPage, Kane, and Kendall Counties. If you are considering an estate plan, family business or business planning, the staff of Gateville Law Firm is eager to assist you. Gateville Law Firm provides excellent legal representation and partners with its’ clients to service their legal needs.