It is never too early to make or revise an estate plan. If you are getting married, having a baby, starting a business, getting divorced, or simply want the peace of mind of knowing your estate plan is in order, making an appointment with our estate planning team is a great first step.
Located in Hinsdale, Illinois, we serve clients throughout Illinois with all estate planning needs.
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Secure Your Legacy - Plan for Your Future TODAY -
ESTATE PLANNING
Flat Fee Packages and Pricing Available
Estate planning is vital for ensuring your assets are distributed according to your wishes in the event of your incapacitation or death. Russo Law Offices offers personalized estate planning services to cater to your unique goals. Our estate planning includes:
SERVICE DETAILS
Wills: Assistance with drafting and updating wills to ensure your assets are distributed as you desire.
Trusts: Establishment of various trusts to manage and protect assets for beneficiaries while minimizing tax implications.
Powers of Attorney: Designation of authority to trusted individuals for managing your financial and healthcare decisions if you become unable to do so.
Advanced Directives: Preparation of directives, such as living wills, to handle health care decisions in case of incapacitation.
TRUST ADMINISTRATION & PROBATE
Hourly Rates & Estimates Available Upon Request
Trust administration and probate are specialized areas of estate planning that deal with managing and transferring assets both during and after an individual's life. At Russo Law Offices, our trust lawyers are well-versed in the intricacies of trusts, which allows us to guide the trustee through an efficient administration of the trust for the benefit of designated beneficiaries. The Russo Law probate team assists from start to finish, including making court appearances, identifying and collecting assets, resolving creditor issues, and managing family dynamics.
Our services in trust administration and probate include:
SERVICE DETAILS:
Establishment of Strategy: Assessing the most efficient way for an estate to be handled, determining whether a probate is needed or whether a small estate affidavit can be used, and developing a plan for trust administration pursuant to the terms of the trust document.
Probate Strategies: Guiding clients through the probate process, thus saving time and reducing costs.
Tax Guidance: Advising on tax deadlines and assisting with the preparation of estate returns.
Compliance with Legal Requirements: Overseeing required steps to trust administration and probate, such as filing the will, providing statutory notices to beneficiaries and creditors, determining statutory heirs, and preparing legal documentation.
Personalized Trustee Guidance: Offering detailed guidance on the roles and responsibilities of the trustee, to help facilitate family harmony and minimize trustee liability.
WILLS
Flat Fee Packages and Pricing Available
Wills are foundational documents in estate planning, providing a clear directive on how your assets and property should be distributed after your death. At Russo Law Offices in Hinsdale, Illinois, our experienced attorneys guide you through crafting a will that reflects your specific desires, from naming beneficiaries and guardians for minor children to expressing your wishes regarding the disposition of your remains.
SERVICE DETAILS:
Tailored Will Drafting: We help you draft a will that accurately reflects your wishes for asset distribution, guardian appointments, and more.
Comprehensive Estate Planning: Besides wills, we integrate other essential documents such as trusts and powers of attorney to ensure a complete estate plan.
Guidance on Will Types: We advise on the best type of will for your situation, taking into account your family structure, your assets, and your goals.
Legal Validity: We ensure your will meets all state-specific legal requirements, such as age, mental capacity, witness signatures, and proper documentation.
Future Planning Consultations: We offer consultations to discuss and update your will as your life circumstances and estate planning needs evolve.
FREQUENTLY ASKED QUESTIONS
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Estate planning is the process of arranging the management and disposal of your estate during your life and posthumously. It's crucial because it ensures that your assets are distributed according to your wishes, your loved ones are cared for, and potential legal disputes are minimized. Without a plan in place, state laws will determine how your assets are handled, which may not align with your personal wishes.
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**Key documents in estate planning include Wills, Trusts, Powers of Attorney, and Healthcare Directives. Each plays a vital role:
Wills ensure your assets are distributed as you intend.
Trusts can help manage your assets more efficiently and privately.
Powers of Attorney designate someone to make financial and legal decisions if you're unable.
Healthcare Directives outline your wishes for medical care if you can't communicate them yourself.**
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You should review and possibly update your estate plan every three to five years or whenever there are significant changes in your life such as marriage, divorce, the birth of a child, or significant changes in your financial status. This ensures that your plan remains aligned with your current wishes and circumstances.
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If you pass away without a will, you are considered 'intestate,' which means state laws will determine how your assets are distributed. This process can be lengthy, costly, and may not reflect your wishes, potentially leading to familial disputes. Having a will in place directs the distribution of your estate as you see fit.
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A will is a legal document that specifies how your assets should be distributed after your death. It becomes effective only upon your death. A trust, on the other hand, can be used to begin distributing assets before death, upon death, or afterwards. Trusts are often used to manage assets more efficiently and can help avoid probate.
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Estate planning can significantly affect your tax liabilities. A well-structured estate plan can reduce or even eliminate certain taxes, such as estate, inheritance, and gift taxes. It's important to work with an estate planning attorney to understand how to structure your estate plan to take advantage of tax benefits and avoid pitfalls.
