Illinois Estate Planning Information

Estate Planning Information for Illinois

Estate planning is utilized for accumulating, conserving, and distributing assets
according to your wishes after your death. Successful estate planning transfers
your assets to your beneficiaries quickly and usually with minimal tax
consequences.

The process of estate planning includes inventorying your assets and making a
will and/or establishing a trust, often with an emphasis on keeping inheritance
taxes as low as possible.

Even if your estate is not likely to be subject to federal estate taxes, an
experienced estate planner may be necessary to be certain that your intentions
for disposition of your assets are followed.

Some estate planning methods that can be used to minimize federal taxes on
your estate include the following:

Federal tax law generally allows you to give up to $13,000* per year to
anyone without paying gift taxes, but is subject to certain restrictions. This
means you can transfer some of your wealth to your children or others during
your lifetime to reduce your taxable estate. For example, you could give
$13,000 a year to each of your children, and your spouse could do likewise
(for a total of $26,000 per year to each child). You may make $13,000
annual gifts to as many people as you wish.

Giving Away Assets During Your Lifetime

Life Insurance Trusts

Life insurance trusts can be designed to keep the proceeds of a life
insurance policy out of your estate and give your estate necessary liquidity.
You can fund a life insurance trust either by transferring an existing life
insurance policy or by having the trust purchase a new policy. To avoid
inclusion in your estate, such trusts must be irrevocable, which means you
can't dissolve the trust or change the terms if you change your mind later.
With experienced estate planning, the proceeds from life insurance held by
the trust may pass to trust beneficiaries without income or estate taxes. This
will give beneficiaries cash that can be used to help pay estate taxes or
other expenses, such as funeral costs.

* The $13,000 annual gift tax exclusion will be
adjusted for inflation, and the exclusion applies
only to a gift of a present interest in property.
Therefore, gifts made intrust generally will not
qualify for this exclusion.

Bypass or Credit Shelter Trust

A credit shelter trust can provide income to the surviving spouse for life, then
upon the death of the surviving spouse the assets are distributed to
beneficiaries, such as children. An experienced financial and estate planner
can utilize existing law so the couple is able to pass on a substantial estate tax
free to their beneficiaries.

Click on the link below to fill out a contact form for receiving more information
about estate planning in Illinois. Or you can speak with our Financial Services
specialist toll free at (877) 232-9899 to discuss the features in detail.

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Estate Planning contact form

**The information, pictures, and other content in this website about particular
insurance and financial services is only provided for informational purposes.
Any decisions regarding your insurance or financial services needs should be
discussed with a licensed insurance agent or financial services specialist.

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We are your local Chicago, IL area insurance agency, offering experienced
Illinois estate planning services to the following cities and counties: St. Charles,
Geneva, Batavia, Chicago, Lafox, Elburn, Mooseheart, De Kalb, Virgil, Maple
Park, Burlington, Kaneville, Cortland, Sycamore, Hampshire, Big Rock, Hinckley,
Wasco, Lily Lake, Valley View, South Elgin, Wayne, Aurora, Naperville,
Montgomery, Warrenville, Moecherville, Winfield, Wheaton, Carol Stream,
Bartlett, Streamwood, Glen Ellyn, Lisle, Glendale Heights, Hanover Park, Elgin,
Ontarioville, Keeneyville, Bloomingdale, Medinah, Roselle, Schaumberg, Hoffman
Estates, Carpentersville, Udina, Huntley, Gilberts, West Dundee, Barrington,
Cary, Palatine, Lake Zurich, Libertyville, Wauconda, Inverness, Elk Grove
Village, Itasca, Addison, Lombard, West Chicago, Villa Park, Elmhurst, Oak
Brook, Highland Hills, Downers Grove, Woodridge, Bolingbrook, Darien,
Oswego, Yorkville, Sugar Grove, Joliet, Romeoville, Algonquin, Buffalo Grove,
Arlington Heights, Roling Meadows, Mount Prospect, Des Plaines, Bensenville,
Homer Glen, La Grange, Northbrook, Skokie, Evanston, Cicero, Berwyn, Oak
Lawn, Burbank, East Chicago, Waukegan, Mundelein, Deerfield, North Chicago,
Newark, Sheridan, Morris, Ottawa, Sandwich, Serena, Waterman, Rochelle,
Marengo, Oak Lawn, Englewood, Calumet Park, Roseland, Landsing, Dolton,
Calumet City, South Holland, Riverdale, Glenwood, Chicago Heights, South
Shore, Burnham, Oak Forest, Bedford Park, Hazel Crest, Alsip, Palos Hills, South
Chicago Heights, Orland Park, Kane County, McHenry County, Dupage County,
Kendall County, De Kalb County, Will County, Lake County, and Cook County,
IL. We also offer estate planning services throughout the state of Illinois,
including in Moline, Rockford, Peoria, Springfield, Bloomington, Decatur, and
Champaign.