How can estate planning help Lombard parents prepare for their children’s future?
For parents with minor children, estate planning can do more than address who inherits their assets. It can also document their wishes about who should care for their children and how the assets set aside for them should be managed if the parents die.
Parents can nominate a guardian for their minor children in their wills. They can also make plans for their children’s financial needs, including how inherited assets should be managed until the children are old enough to handle them.
Tuohy Law Offices can explain the available estate planning options and how they may apply to your family’s circumstances under Illinois law.
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How does estate planning affect a family-owned business?
If you own a family business, your estate plan can help address what happens to your ownership interest if you die or become unable to manage the business. Your estate plan should work alongside your business’s governing documents.
- Planning for business succession Depending on the business structure, these may include an operating agreement or a buy-sell agreement that explains how ownership interests can be transferred. Reviewing these documents together can help identify potential conflicts and clarify what should happen to your share of the business.
- Protecting your family’s financial interests For some business owners, the company represents a significant part of their family’s wealth. Estate planning can address who should inherit that ownership interest and how the transfer should fit into the rest of the estate plan. Our firm can help business owners align their estate plan and business arrangements so their wishes for both their family and their business are addressed.
Which legal documents can help put your estate plan in place?
An estate plan may combine several legal documents, each serving a different purpose. The documents you need depend on your assets, family circumstances, and future wishes. These may include:
Living Trusts
We help Lombard clients determine whether a living trust fits their estate planning goals. Our team explains how a trust can help manage assets during the trust creator’s lifetime and distribute them after death, and why it is important to coordinate assets with the trust.
Wills
Our team helps prepare wills that reflect our clients’ wishes for distributing property and addressing family responsibilities. For parents, that may include nominating a guardian for minor children. We also explain how a will can work alongside a living trust and how clients can use their wills to specify how property not held in the trust should be distributed.
Power of Attorney
We can prepare a power of attorney that reflects our clients’ preferences and circumstances. We’ll explain what these documents cover, help clients consider whom to appoint, and clarify each person’s authority.
Probate
When a loved one dies, we help families understand whether probate is required, what paperwork must be filed, and what responsibilities fall to the estate’s representative.
Do I need a special needs trust for my child?
A special needs trust may be worth considering if your child has a disability and may need long-term financial support. It can hold assets for your child’s benefit and, if properly structured and administered, may help preserve eligibility for certain means-tested public benefits, such as Supplemental Security Income (SSI) or Medicaid.
The right type of trust depends partly on the source of the money. A third-party special needs trust can hold assets belonging to parents, grandparents, or other family members who want to provide for the child. It may be useful for inheritance planning or making financial gifts.
A first-party special needs trust, by contrast, holds assets that belong to the person with the disability, such as money received through an inheritance or legal settlement. First-party trusts have additional legal requirements, including repayment to the state for Medicaid benefits provided during the beneficiary’s lifetime.
Our team can explain how a special needs trust may fit into your family’s plan.
Why choose Tuohy Law Offices for estate planning in Lombard?
Estate planning involves personal decisions about your property, your family, and who you trust to act on your behalf. For Lombard families comparing estate planning attorneys, several factors can help guide that decision, including:
- Experience with living trust estate plans Since 1982, Tuohy Law Offices has helped families address estate planning needs as their circumstances change. The firm has prepared more than 8,000 living trust estate plans, reflecting our extensive experience with the questions families face when arranging for the management and transfer of their assets.
- Professional recognition Tom Tuohy holds a Martindale-Hubbell AV rating, and Tuohy Law Offices maintains a highly rated Avvo profile. These ratings and profile information provide additional references for people evaluating our firm’s legal background.
- Convenient ways to meet Tuohy Law Offices serves Lombard residents from its Oakbrook Terrace office. Virtual appointments are also available, giving you another way to discuss your estate planning needs without traveling to the office. Our goal is to help you understand your choices, put the right documents in place, and create a plan that reflects your wishes.
Could you qualify for reduced estate planning fees?
Tuohy Law Offices recognizes the contributions of people who serve their communities. Through our Service to Those Who Serve program, qualifying individuals, including first responders, teachers, and military personnel, may receive a one-third reduction in estate planning fees.
Contact us to learn whether you qualify and how the discount may apply to your estate planning needs.
Testimonials from Lombard families
Explore what our Lombard clients have shared about their experiences with Tuohy Law Offices.
I am proud to state that Tom Tuohy has been my valued friend and legal counsel for more than 35 years. He has compassionately represented countless individuals and families throughout Illinois. I consider Tom Tuohy one of Illinois’ finest attorneys who can be relied on and trusted.
I have known of Tom Tuohy’s reputation for a long time through my responsibilities as Police Superintendent of the Chicago Police Department. When the time came to take care of my family business and my personal and business affairs, I knew exactly who I would retain.
Our experience with Tom Tuohy was five stars, from the moment that we walked into his office and meeting his staff and then talking to Tom it felt like we were with friends. My wife and I have been wanting to get our estate planning done for many years, and we were happy that we found Tuohy Law to have it completed finally. Thank You.
Frequently Asked Questions
Can I name someone other than a family member to handle my estate?
Yes. In Illinois, the person you nominate must meet the legal requirements and be appointed by the probate court before serving as the estate’s representative. We can help you understand the responsibilities involved and choose an approach that fits your estate planning needs.
What if my chosen executor doesn’t want to serve?
If the person you name as executor is unwilling or unable to serve, another eligible person may ask the probate court to appoint them as the estate’s representative. The process can depend on your will, whether you named an alternate executor, and the circumstances at the time.
Can my estate plan address property I own outside Illinois?
Your estate plan can address property you own in other states, but the property’s location and ownership may affect how it is handled after your death. For example, real estate located in another state may require a separate probate proceeding there, even if your estate is already being handled in Illinois.
How can I make sure my online accounts are handled after I die?
Keep an up-to-date inventory of your digital accounts and record your preferences for each one. Store access information securely, and name a trusted person to manage digital assets in your estate plan. Account providers may have their own rules for access after death, so your will alone may not be enough.
Ready to discuss your estate planning needs?
Your estate plan should reflect your wishes, your responsibilities, and the people who matter to you. Tuohy Law Offices can help you understand your options and decide which steps make the most sense for your needs.
Prefer to talk with someone directly? Call (312) 559-8400
