Estate Planning
What is Estate Planning
Estate planning is creating a comprehensive strategy for the management, distribution and protection of financial interests, assets and wealth after a client passes away. It’s the blueprint for ensuring your wishes for your financial legacy for your loved ones being carried forward according to your specific preferences.
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Strategies & Document Preparation
We offer personalized strategies and preparation of important documents that are critical to a comprehensive estate plan, including:
Revocable Trusts & Wills
- Marital planning
- Planning for unmarried people
- Planning for children and descendants
- GST planning
- Charitable Bequests
Irrevocable Trusts, including:
- Grantor trusts
- Irrevocable Life Insurance Trusts (ILIT's)
- Grandchildren Trusts
- GST trusts
- Gift trusts
- Marital planning
- Planning for unmarried people
- Planning for children and descendants
- Estate and gift tax planning
- GST tax planning
- Charitable Bequests
- Power of Attorney for property
- Power of Attorney for health
- Living Wills
- Appointment of Agent for Disposition of Remains forms
- Charitable gift agreements
- Federal Gift Tax Returns (Form 709)
Achieving Your Goals is Our Mission
We create strategies to provide for your loved ones and achieve your charitable or other goals, minimize estate and gift taxes and streamline the administration of your affairs upon your passing.
We help you secure your long-term wealth by identifying straightforward and tax efficient estate planning strategies to efficiently pass wealth to your loved ones and fulfill your charitable or other goals. We can also help with gifting, titling of assets and trust funding.
Our clients are highly satisfied with the estate plans we create and are more effectively able to provide for their loved ones and achieve their charitable goals, preserve family harmony, minimize tax consequences, and simplify estate administration.
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The Right Time for Estate Planning
Estate planning is important in situations, such as
- Marriage
- Birth or adoption of a child
- Establishing a residence in a new state. Illinois has a state estate tax that is separate and apart from the Federal estate tax. Illinois is not a community property law state.
- Inheritance
- Increased wealth
- Growing older
- Death of a loved one
- Remarriage
- Divorce
- Changes in tax law
At these times, we will work closely with you on:
- Titling of assets
- Beneficiary designations for tax deferred retirement accounts
- Marital estate tax exemptions
- Gifting
- Preparing gift tax returns when making taxable gifts
- Allocating GST tax exemptions
- Charitable giving
Ready to speak with us?
You man send us an email at information@okeefelawoffice.com, give us a call, or submit an inquiry using our site form.