Estate Planning

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A will is one of the most important legal documents you can have, yet many people delay creating one. If you have significant assets, a blended family, or a professional license, having a comprehensive estate plan is essential to protect your legacy and your loved ones. Here’s when you should consider getting a will.
When Should You Get a Will?
1. You’ve Accumulated Significant Wealth
If you have a high net worth, your estate may be subject to federal…
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Many people have heard of a trust, but don’t fully understand what it is or how it works as an estate planning tool. In its most basic terms, a trust is a legal entity used to hold property or funds for the benefit of one or more people. A trust must name individuals for three different roles:

Grantor/Settlor: The creator of the trust. The Grantor generally has property of some sort (e.g., a home, bank account, business interests) he…
Continue Reading Trust in the Trust: Revocable Trusts as a Tool for Estate Planning

As a high-net-worth individual, you’ve worked hard to build wealth and acquire valuable assets. But have you ever stopped to consider whether your children actually want to inherit everything you plan to leave behind? While sentimental items and financial security are often appreciated, many heirs find themselves overwhelmed by burdensome assets, outdated possessions, and complicated estate matters.

Here’s a modern approach to estate planning that ensures your wealth is passed down in a way that benefits—not burdens—your loved ones.
Continue Reading Things Your Kids Don’t Want to Inherit

Valentine’s Day is all about showing love to those who matter most to you. While flowers and chocolates are classic tokens of affection, consider going the extra mile this year by planning for your loved ones’ future through comprehensive estate planning.
As a trusted estate planning attorney serving Libertyville, IL, and the greater Lake County area, our firm has seen how a well-crafted estate plan can provide peace of mind and long-lasting security for families. This Valentine’s Day, let’s…
Continue Reading Show Your Love This Valentine’s Day with Estate Planning

Estate planning is vital for everyone, regardless of age or financial status. Illinois law clearly outlines key documents that residents should have in place to protect their assets and ensure their wishes are honored. Proactively creating these documents can save your loved ones significant stress and confusion in the future.
Essential Estate Planning Documents for Illinois Residents
1. Last Will and Testament
A Last Will and Testament allows you to outline how your assets will be distributed after your…
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Creating a comprehensive estate plan is a vital step toward ensuring your wishes are carried out and your loved ones are taken care of after you’re gone. However, equally important is knowing how and where to store these critical documents. Proper storage and accessibility are key to effective estate planning. Here are three steps to ensure your estate planning documents are secure and available when needed.
Step 1: Organize Your Estate Planning Documents
The first step is to gather…
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Learn what you need to know about 2025 estate planning and how to position your legacy for the future. The 2024 election has ushered in a pivotal moment for estate planning, especially for high-net-worth individuals. With significant tax changes on the horizon, now is the time to revisit and refine your estate plan to ensure it aligns with the evolving financial landscape. The anticipated continuation of favorable tax policies presents an opportunity to preserve and transfer wealth efficiently, but…
Continue Reading 2025 Estate Planning: Post Election Changes

You might say
Avery Mayne’s first elder law client was her law review, the
Marquette Elder’s Advisor. As editor-in-chief her 3L year, she found herself fighting for its existence. “It was probably my first experience doing some real advocacy,” she told me. Mayne has built on that experience to continue advocating for those whose welfare is threatened. I’m interviewing elder law attorneys around the state to find out why and how they started practicing elder law, what…
Continue Reading Helping the Underdog: Avery Mayne and her Elder Law Practice

As the holiday season brings family and loved ones together, it also offers an opportunity to reflect on the values, memories, and traditions that define your legacy. While holiday lights brighten our homes and hearts, estate planning can illuminate the path to securing your family’s future and ensuring your wishes are carried out.
Here are a few steps to consider as you plan your legacy during this season of giving:
1. Gather Together: Open the Conversation
Just as families…
Continue Reading Legacy Estate Planning: Lighting the Way for the Future

The holiday season is a time for giving and reflection. As you consider your loved ones and the year ahead, it’s also an opportune moment to think about your legacy and how you can make a lasting impact on the causes you care about.

Charitable Giving and Estate Planning
Incorporating charitable giving into your estate plan can be a powerful way to support your favorite charities while also achieving significant tax benefits. Here are a few strategies to consider:…
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High-net-worth families have so much to be grateful for. Thanksgiving is a time for gratitude, family, and reflection. As you gather with loved ones to give thanks for your blessings, it’s also an opportune moment to consider the legacy you wish to leave behind. For high-net-worth families, effective estate planning is essential to ensuring your wealth and values are passed on seamlessly to future generations.

Why Thanksgiving is the Perfect Time for Estate Planning Discussions

  • Shared Presence: Family

…
Continue Reading High-Net-Worth Families- Secure Your Legacy This Thanksgiving

The recent Tax Court case Estate of Anne Milner Fields v. Commissioner underscores the risks involved when transferring assets to a family limited partnership or family limited liability company close to death. Approximately a month before Anne Milner Fields died, her great-nephew and agent under her durable power of attorney transferred $17 million of assets to an FLP with himself as the general partner. After her death, Anne’s estate discounted the FLP value on her estate tax return for…
Continue Reading IRS Invalidates Discounts Used in an FLP Formed Shortly Before Death

On November 1, 2024 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits.  Almost all of the limits shown below have increased from last year.
 

Qualified Plan Limit
Cost-of-Living Adjustments

401(k) and 403(b) elective deferral limit

2024 – $23,000

2025 – $23,500

$200,000 compensation limit

2024 – $345,000

2025 – $350,000

$160,000 defined benefit limit

2024 – $275,000

2025 – $280,000

$40,000 defined contribution limit

2024 – $69,000

2025 – $70,000

$80,000 definition…
Continue Reading 2025 Qualified Plan Cost of Living Increases, 2025 Social Security Taxable Wage Base

For many high earners and families, estate planning often comes as an afterthought. However, putting an estate plan in place early can provide peace of mind, protect your loved ones, and ensure your assets are distributed according to your wishes. Here are some key life milestones when to create an estate plan and when to start planning.
Key Life Milestones to Start Planning
1. Starting a Family
Having children or expanding your family is one of the most important…
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October 21-27, 2024, is National Estate Planning Awareness Week—a timely reminder to think about your estate plan. If you haven’t yet created an estate plan, we have a handy guide to help you understand the basics. You can check it out here: Estate Planning Guide.

If you already have an estate plan in place, now is a great time to review it to make sure it still aligns with your needs and goals. Changes in your personal circumstances,…
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As a high-earning individual or licensed professional, you’ve likely worked hard to build and protect your wealth. But have you considered whether your children are ready to responsibly manage the inheritance you plan to leave behind? Preparing children for inheritance goes beyond accumulating assets—it involves ensuring they’re equipped to handle the responsibilities that come with wealth.

In this blog, we’ll explore how preparing children for inheritance can safeguard your financial legacy and set your heirs up for long-term success.
Continue Reading Are Your Children Prepared for Their Inheritance?