Kane County Asset Protection Lawyers

Estate Planning Attorneys for Asset Protection, Wealth Management, and Tax Strategies in South Elgin

While anyone can benefit from estate planning, this process can be especially important for people who own substantial assets and want to make sure their wealth will be protected, used according to their wishes, and passed on to future generations. By proactively creating a broad-ranging estate plan, a person and family can address concerns related to asset protection and wealth preservation while developing an effective tax strategy. This can help prevent financial losses and make sure family members will have the financial resources they need.

By working with an attorney to develop a legacy and asset protection plan, you can ensure that your estate will be maintained correctly and that your assets will be distributed to your heirs in an efficient manner without conflict. At Ariano Hardy Ritt Richmond Lytle & Goettel P.C., we can work with you to help you build a solid financial future for your family and your loved ones. We can guide you through the estate planning process and create a plan that will meet your unique needs.

Potential Threats to Your Estate and Assets

There are a host of potential situations that can arise that could negatively impact your assets, including:

• Creditor liabilities affecting you or your heirs, resulting in the loss of assets due to debts
• Irresponsible actions by your heirs, such as excessive spending or financial mismanagement
• Predatory attacks such as fraud, cyber-crimes, or identity theft that could allow someone to gain access to your assets without authorization
• Costly lawsuits or professional liability matters, which could deplete your assets when awards are granted by courts
• Exposing yourself to higher-risk investments that may not be appropriate for your stage in life
• A lack of preparation regarding federal and state estate taxes, which could result in the loss of a significant percentage of your estate
• Medical costs associated with unexpected health conditions or lengthy periods of long-term care
• Possible mismanagement if you become incapacitated unexpectedly and will be unable to manage your finances for an extended period of time
• Unexpected failures in a business or a downturn in a specific industry or the overall economy
• A failure to ensure proper insurance coverage or maintain policies that meet current standards
• A divorce, which may require assets to be divided between spouses
• A failure to update your estate plan in response to changes in federal or state laws, developments affecting your family, or other issues that could lead to financial losses

Addressing Estate & Gift Taxes

Estate taxes may apply after a person's death. Federal estate taxes will apply to an estate with a value that exceeds a certain threshold. Illinois also has an estate tax, and it will apply based on a different threshold. If the proper steps are not taken to transfer assets out of your estate, the amounts that will be available to heirs may be depleted.

Gift taxes are another issue that may need to be addressed. When large gifts are given to parties other than charities or spouses, they may be subject to taxation. There is a yearly exemption limit that will allow gifts to be given on an annual basis without being subject to taxes.

At Ariano Hardy Ritt Richmond Lytle & Goettel P.C., our attorneys can provide guidance on the best strategies to use to avoid or minimize estate taxes and gift taxes. Some assets may be protected by transferring them into trusts, or transfers may be made directly to medical or educational providers that can provide tax benefits.

The strategies that may be used will often be based on criteria such as your marital status, age, and health. Your current marginal tax bracket, any capital gains, and the tax basis of property you own may also play a role in the decisions you make. By working with us to address these issues now, you can avoid potential pitfalls that could result in the loss of your assets to taxes in the future.

Contact Our Kane County Asset Protection Attorneys

If you have diligently built up and protected your assets for years, you will need to make sure you take the right steps to protect against financial losses. With a comprehensive estate plan that includes asset protection strategies, you can make sure the needs of your family and loved ones will be met in the future. For over three decades, Ariano Hardy Ritt Richmond Lytle & Goettel P.C. has been a trusted resource for people and families, helping our clients take the right steps to preserve their wealth. Contact our South Elgin, IL wealth preservation lawyers today at 847-695-2400 to schedule a free consultation.