Kane County Asset Protection Lawyers

St. Charles IL Estate Planning Attorneys for Protecting Assets, Wealth Management, and Tax Strategies

Proactively creating a broad-ranging estate plan must account for considerations including asset protection, wealth preservation, and an effective tax strategy. Working with an attorney to develop a legacy asset protection plan ensures that your estate will be maintained until ultimately being received by your heirs in an efficient manner without conflict. At Ariano Hardy Ritt Nyuli Richmond Lytle Goettel, P.C. (AHR), we work on your behalf to continue your commitment to providing a solid financial future for your family and loved ones.

Potential Threats to Your Estate and Assets

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

• Creditor liabilities of, or irresponsible actions among your heirs
• Predatory attacks such as fraud, cyber-crimes, or identify theft
• Costly lawsuit defense or professional liability matters
• Exposing yourself to higher-risk investments not appropriate for your stage in life
• A lack of preparation or consideration regarding federal and state estate taxes
• Medical costs associated with unexpected health conditions or lengthy periods of long-term care
• Possible mismanagement should you abruptly become incapacitated and unable to manage your finances
• Unexpected failures in your business or a downturn in the industry overall
• A failure to realize that you lack key types of insurance, or that the policies are insufficient by current standards
• Divorce
• A failure to update your plans in response to changes in the federal or state laws

Illinois Estate & Gift Taxes in South Elgin, IL

The current federal exemption limit for estate taxes is approximately $5.49 million. Illinois also maintains a threshold for estate taxes at the state level which is roughly $4.0 million. In addition, there are annual limitations associated with gifts given to parties other than charities or spouses. The yearly limitation is roughly $14,000 and is subject to change. Your attorney may be able to assist you with trusts and other strategies such as initiating transfers directly to medical or educational providers that may benefit you with taxes. Many of these strategies must be made with consideration of basic criteria such as your marital status, age, and health. Further, there is often necessary analysis concerning your current marginal tax bracket, any capital gains, as well as the tax basis of property owned. Keep in mind that the key in working through the majority of the pitfalls is proper planning with an experienced estate planning attorney long before problems arise.

Contact Our Kane County Estate Planning Lawyers

If you have diligently grown and protected your estate for years, it is critical to consider the fate of your assets, property, and business as it relates to your family and loved ones in the future. For over three decades, AHR has been a trusted resource for the many volatile aspects involved in estate planning. Contact our office today at 847-695-2400 for a consultation.