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Elgin estate planning and asset protection lawyerThe start of a new year is an appropriate time to devote focus to ensuring that your finances are in order for both the short and long term. This due diligence requires that you give adequate consideration to every resource capable of aiding you and your family in the protection of your assets. Besides savings accounts, IRAs, 401(k)s, and investments in the stock market, estate planning is a tremendous resource in matters of asset protection. Devoting time now to careful estate planning focused on finances related to your business, health, and family can make all the difference in the future, allowing your intentions with regard to your assets to be followed correctly.

How Assets May Be at Risk

Three primary risks faced by assets are:

  • Government taxation
  • Commingling of business and personal assets
  • Capacity-related issues

As you may be aware from following recent political and legislative news, estate taxes are a subject of ongoing debate. Until recently, the federal exemption limit for estate taxes was roughly $5.6 million. This limit has been doubled under the Tax Cut and Jobs Act, thereby prompting appropriate adjustments in individual estate planning. Importantly, however, the Tax Cut and Jobs Act concerns the federal exemption. Sound planning also requires that one account for the Illinois state level estate tax exemption, which is currently limited to approximately $4.0 million.

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