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Planning Your Estate Around Complex Assets

Some assets are more complicated to manage than others. If you have unique or high-value assets, you need an attorney who understands these assets and how to incorporate them into your planning. If your family has special circumstances, you may need to tailor your estate plan to address those circumstances.

At Quackenbush Legal, PLLC, we have the skills and experience to help you manage your high-value assets and complex estate planning needs. Our goal is to provide you with sophisticated solutions that are up to date with Illinois laws. We serve clients in Streeterville, The Loop, Gold Coast, Lincoln Park and throughout Chicago.

Making Your Assets Work For You And Your Family

We understand that every client’s estate planning goals are unique to them and their family. You need a plan tailored to your individual needs. Your goals may include:

  • Protecting family wealth from creditors and lawsuits
  • Controlling when and how your heirs inherit
  • Gifting to your children or grandchildren during your lifetime
  • Planning for business succession
  • Setting aside money for a family member with special needs
  • Tax planning
  • Charitable gifting

Our attorneys know how to make the most of your various assets and how to make sure they pass to the next generation in the manner you intend. We consider certain assets complex for a variety of reasons, such as titling issues, tax implications or heightened requirements for transferring to a new owner. Examples of these assets include:

  • High-end homes and vacation properties
  • Closely held businesses
  • Investments and cryptocurrency holdings
  • Stocks and deferred compensation
  • Brokerage accounts
  • Commercial real estate

Whatever your goals, we will help you get there. You have many options and tools available to create the plan that is right for you. One tool used by many clients to manage wealth is a trust.

When Should You Use A Trust?

Trusts can serve a variety of different purposes. They can help you protect certain assets from the probate process, they can provide for a loved one with special needs and they can minimize your tax burden. A few examples of common Illinois trusts include:

  • Living trusts and revocable trusts – These are one of the most common and versatile trusts that you can establish in your lifetime, amend as needed and even revoke if you wish.
  • Irrevocable trusts – Many trusts cannot be changed once you create them, which makes them less versatile, but offers stronger protection from creditors. Examples include life insurance trusts and a marital bypass trust.
  • Special needs trusts – If you have a loved one with special needs, such as a physical or mental disability, you can provide them with financial protection without jeopardizing their eligibility for government benefits.
  • Charitable giving trusts – For many people, providing for the charities and causes they care about are an important part of their wealth management and estate planning.

Illinois trust law underwent a major change in 2020. Even if you had a trust created prior to 2020, you may want to revisit your document with one of our attorneys to determine if you should make any changes.

Whatever your planning needs, we will help you determine if a trust can further your goals. Our guidance is always based on the most up-to-date laws and documents.

Learn More Today

To find out more about our firm and how we can assist you, schedule an appointment with one of our attorneys. Reach out to us today by sending us an email or by calling our Chicago office at 385-955-5901.