Estate Planning
You have worked hard for many years building your estate. Upon your death, what will happen to all of your hard-earned money? William Berry & Associates, LLC can help you determine the best way to transfer your assets before and after death to ensure that the people you want to get your money receive as much as possible, in the exact manner you desire.
Wills
Every estate plan should include a will. If the value of the estate is small, then a simple will may suffice to transfer your assets. If the value of the estate is larger and real estate is involved, it is probably better to have your assets held in trust and have a pour-over will as a back-up. This can accomplish many different goals, such as avoiding probate, lowering estate taxes, and directing the distribution of your property upon your death. If you die with assets outside of the trust, the pour-over will directs the assets to pour into the trust and be distributed in accordance with the trust's directions.
In an Illinois estate, if all the personal estate passed by the will has a gross value of less than $100,000, then a small estate affidavit can be used to transfer that property—but not real property—outside of probate.
Trusts
There are two basic types of trusts: revocable and irrevocable. A revocable trust can be altered during the life of the grantor (the person who creates the trust). The assets held in a revocable trust at the decedent's death are subject to the estate tax. Conversely, an irrevocable trust generally cannot be altered after you create it. The assets held in an irrevocable trust at the decedent's death are not generally subject to the estate tax.
For larger estates, our firm has experience in using valuation discounts and other tax-advantaged gifting strategies allowed by the Internal Revenue Service. We use specialized trusts and limited liability entities to accomplish this goal.
Call to schedule a free consultation – 1-618-344-0034
