Estate Planning
Estate Planning Springfield IL
Everyone can benefit talking to an experienced attorney to discuss your financial situation regarding your own tax liability or the establishment of a trust. It is a common misconception that estate planning is only for wealthy people. Scott & Scott, P.C. helps ensure that your estate plan follows Illinois laws and achieves your goals. With us, clients can control the allocation of accumulated assets both before and after death through careful planning for the distribution of property to beneficiaries.
Scott & Scott, P.C. helps clients minimize the impact of transfer taxes on their estates, we assist with simple estate tax savings and asset protection strategies like credit shelter trusts and qualified terminable interest property (QTIP) trusts. If you want a more sophisticated transfer tax savings and asset protection strategies like the use of family limited partnerships, family limited liability companies, buy-sell agreements, qualified personal residence trusts, irrevocable life insurance trusts, dynasty trusts, and grantor retained income trusts and more, our attorneys will help you.
We know the complex network of laws governing gifts, estates, and trusts and we use that knowledge to provide legal counsel to our clients regarding:
- Simple and Complex Wills and Trusts
- Establishment of Revocable, Irrevocable and Charitable Trusts
- Business Succession
- Estate and Trust Administration
- Probate Matters
- Elder Law
- Medicaid Planning
- Guardianship Proceedings
- Estate and Gift Tax Issues
As Your Probate Lawyer, We Help With…
In addition to effectively overseeing your estate planning process to ensure that all your goals are met; we also help with your will and trust administration. As your probate lawyers, we ensure that your estate is divided up accordingly to your wishes and that your will or trust is executed. If your will and trusts were set up correctly, this is generally a smooth process. However, if there are disputes and disagreements about the execution of the will and estate plan, as your probate lawyers, we provide counsel during the litigation process.
Services Available
Wills & Trust Planning
Taking a proactive approach to ensuring your family and loved ones (or whomever you name as a beneficiary) are legally entitled to your estate and assets. This is the responsible way to ensure your wishes are met. Our probate lawyers have extensive experience with different estate planning services, and we know how to meet your needs. We work with you to help simplify your estate planning process and make certain that all factors are considered, and needs are met.
Business Succession Planning
Business succession planning is essential to ensure continuous, uninterrupted business operations in the event of retirement, incapacity or death, or for other enumerated reasons. A business succession plan establishes the logistical and financial steps that should be taken to ensure smooth transition of business operations to the next generation.
Probate Estate Administration
The probate process can be tedious, expensive, and time consuming – if you are an executor or administrator of an estate, you will assume various legal and financial responsibilities. Our probate lawyer(s) help navigate you through this process; ensuring it is completed in an effective and efficient manner. We help oversee the proper distribution of the decedent’s property, ensure their debts are paid in full, and settle any disputes during the probate process. As your probate lawyers, we assist with any of these steps to guarantee that the decedent’s wishes are met.
Trust Administration
The main goal during the trust administration stage is to ensure the terms of your trust are met, to include the payment of the decedent’s debts, the sale or transfer of stocks or mutual funds, the sale or auction of property, drafting of deeds, the accurate distribution of the trust estate’s assets, and avoidance of probate in court, as applicable. As your trust lawyers, we assist with any of these steps to guarantee that the decedent’s wishes are met.
Trust & Probate Litigation
It isn’t uncommon during the probate or trust administration process for disputes to occur. These could be regarding the decedent’s wealth, the validity of the will and trust documents, or the distribution of assets. A probate lawyer can provide legal counsel and resolve these issues with mediation or litigation.
Power of Attorney
Guardianship
Guardianship proceedings are legal safeguards for people that are unable to handle their own legal matters or health care decisions due to age, infirmity or disability. Once a guardian is appointed, the guardian acts as the protector of the person and that person’s assets. A guardian assumes various responsibilities for the individual and act as the protector of that person’s assets and person. We help families navigate the difficult decision to obtain guardianships and assist you through the process.
A guardianship may be warranted for numerous reasons, including the following circumstances:
- A guardianship may be needed if an elderly person is unable to take care of their finances or themselves. If no legal power of attorney has been appointed and no other arrangements have been made for potential incapacity by a person in his or her estate plan, guardianship may be needed to protect the person and their estate and that they receive adequate personal and medical care.
- Guardianship may be needed for an adult child with special needs once they turn 18 years of age. A guardian is then able to make critical decisions for the adult child regarding his or her medical and financial decisions and planning.
- Guardianship may be needed for a minor child under various circumstances, sometimes for financial reasons and sometimes for other reasons including securing custody of child in need of a proper and fit guardian.
For a court to grant guardianship, you must present evidence as to the need for guardianship. Our attorneys will help assist you through the process and the administration of the guardianship after it is granted.
