Estate Planning and Administration

ESTATE PLANNING AND ADMINISTRATION

Planning today. Protecting tomorrow.

A thorough estate plan ensures that you and your loved ones are protected at their most vulnerable times – both during incapacity and at death. In addition to preparing wills, living trusts, powers of attorney for health care and property, and various irrevocable life insurance and gifting trusts, our estate planning attorneys can assist with succession plans for family-owned businesses, guidance for estate and gift tax scenarios, and probate protection. After the planning process is complete, our attorneys represent and guide our clients in the ongoing management of trusts and probate estates. As our population ages, matters of elder law, Medicaid benefit planning, and counsel for Alzheimer’s caregivers affect many of our clients, and we are experienced in all facets of these issues. Our Estate Planning attorneys also regularly advise and assist clients with estate planning, guardianship, and managing financial and medical concerns for children and adults with special needs.

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Estate Planning and Administration Law Posts

Lavelle Law News and Events

As you gather with family, consider using this time to talk about your estate plan.

A Thanksgiving Reflection on Estate Planning

By Heather A. McCollum • November 18, 2024
As Thanksgiving approaches, it’s the perfect time to reflect on our blessings and ponder how you’d like to preserve them for the future. This season of gratitude is an ideal opportunity to reflect on and implement your estate plan so that you can ensure your legacy is served up just the way you want it.
Life insurance policies are included in the value of one’s estate for estate tax purposes.

Consider Adding an ILIT to Your Estate Plan to Minimize Estate Tax

By Jackie R. Luthringshausen • October 17, 2024
One important goal of effective estate planning is to minimize the amount of tax that your estate will be subject to upon your death. If the value of your assets at your death exceeds a threshold amount, your estate will be subject to federal estate tax and potentially state estate tax as well, depending on the state in which you reside at your death. Currently, twelve states (including Illinois) and the District of Columbia impose a state estate tax in addition to any federal estate tax due. Currently, the Illinois estate tax exemption is $4 million per individual, which means a person can transfer up to $4 million worth of assets at death without incurring Illinois estate tax. The current federal estate tax exemption, put in place in 2017 by the Tax Cuts and Jobs Act (TCJA), is $13.61 million per individual; however, this amount is scheduled to “sunset” at the end of 2025 and revert to pre-TCJA levels, which is estimated to be around $7 million per individual (adjusted for inflation).
For college-bound students, two types of POAs are particularly relevant.

Powers of Attorney – An Essential for College Students

By Heather A. McCollum • July 15, 2024
While sending a child off to college is an exciting milestone, it’s also a prudent time for families to consider the legal implications and to prepare accordingly, such as having powers of attorney in place. At Lavelle Law, we understand the importance of these documents in protecting your child's interests and handling any unforeseen circumstances with confidence while they pursue their educational goals.
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