Your estate plan is the legal framework for your future. It outlines your wishes in a clear, enforceable way. This gives your family members the power they need to act on your behalf — or limits their ability to sow conflict.
At the Law Office of Fedor Kozlov, P.C., we analyze, modify, prepare and maintain estate plans for our clients in Schaumburg and the surrounding areas. No matter how complex or straightforward your situation may be, we work with you to find a unique, creative solution. Call (847) 241-1299 to get started.
Illinois Estate Planning Strategists
We recommend various estate planning tools and strategies, depending on our clients’ needs. They include:
- Will: This document is the core of nearly every estate plan. It should be clear, legal and personalized. It is never too soon to have a will, so please contact us at any time. We are ready to assist you in drafting a new will or reviewing your current documents.
- Trusts: Trusts are separate financial entities that basically own your property for you. They could protect your assets, ease transfer or provide a tax benefit, among other things.
- Powers of Attorney: A power of attorney gives someone else the ability to make important decisions for you. Contact us to learn more, including whom you could name and which powers you could endow.
- Executing Powers of Attorney: Executing powers of attorney makes them legally enforceable. There are certain procedures you could observe to reduce the risk of conflict.
- Advance Healthcare Directives: These documents direct people, in advance, with regards to your health care — hence the name. You may also know this as a living will. We help our clients clearly communicate their emergency healthcare wishes in a legally binding way.
- Estate Planning During Divorce: Matrimony is a clear sign to review or establish an estate plan. That includes divorce, marriage or the divorce or marriage of a close family member. Contact us to learn more about how changing family structures could impact inheritance.
- Asset Preservation: Estate plan typically attempt to control and ease the transfer of wealth. However, asset protection strategies could be necessary to prevent estates from creditors in some situations.
- Children From Previous Marriages: Many of our clients have complex family structures. Our goal is to create estate plans that work for everyone, which includes addressing all current obligations and wishes.
- Business Continuity: Leadership succession and ownership transfer strategies are typically essential to the success of multigenerational businesses. We help our clients develop contingency plans to provide stability and security for their families and their clients.
- Guardianship: In the absence of preparation, it could be possible to gain guardianship of loved ones to make decisions on their behalf. Virtually the only way to establish guardianship of an adult in Illinois is through an order from the circuit court. Success typically requires keen, relevant arguments and an understanding of the court system — please call us for assistance.
- Planning vs. Probate: Probate is the process that people must use if a loved one dies without a will or trust. Probate involves the government and subjects the heirs to a judicial process where you can expect to pay at least $5,000, this can be much more if there are disputes. Having a valid estate plan can save you from that cost as well as save you the large amount of time that probate generally takes.
Everyone starts planning for the future at a different stage in their life. Take the first steps now — call us at (847) 241-1299 today to schedule a no-obligation consultation.