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Russo Law Offices in Hinsdale, Illinois, provides personalized, effective, and efficient estate planning services to individuals, families, and businesses. We know that every client is different, so we focus on your unique goals and construct a plan to fit your specific needs.
Our attorneys assist clients with all estate planning services, including:
Benefits of Estate Planning
A comprehensive estate plan is beneficial to you and your loved ones, alleviating their need to make life-altering decisions on your behalf without any sort of direction. When power of attorney and health care directive documents are in place, the individuals you designated will be able to step in and handle your affairs if you are unable. If you do not create a plan, the State of Illinois will determine what happens to assets you spent a lifetime acquiring.
Is it Better to have a will or trust?
Both a will and trust serve different purposes, yet they are still equally as important. A will indicates how your property will be divided at the time of your death. You may have it as revocable or irrevocable, depending on if you wish to revise it in the future. In addition, a will also allows you to appoint a guardian for your children if they are minors.
A trust can provide you the peace of mind that your property is being managed over a lifetime. A living trust can be organized if the person is disabled by an accident or illness. Living trusts are often more expensive for the simple reason that they are actively managed after their creation. There must be assets in the trust or it will be deemed useless.
“My experience with Russo Law Offices, LLC was exceptionally supportive. Attorney Allyson B. Russo assisted me with legal advice that made clear the legalities of my parent's property and how I needed to respond to a related summons.” - Caprice W.
“Allyson is very knowledgeable about estate matters and shares her experience in a clear and forthright manner. She was very pleasant and patient with our questions and prompt with written and oral responses.” - Rita H.
“We enjoyed working with Russo Law Offices for our estate planning. They took their time to explain the details of this process and walk us through all of the steps. They helped us navigate this journey even during the pandemic.” - Mark M.
Estate planning is the preparation of tasks that help to manage a person's belongings and assets in the event of their death or incapacitation. Estate planning is not just for the more mature or wealthy. Creating an estate plan can benefit people of all ages and asset levels. It’s not easy to think about what will happen if you are suddenly gone, but planning in advance can help alleviate stress on family and friends in case you unexpectedly pass away. Estate planning can also prepare a person in case they become incapacitated.
Basic estate plans typically include a will, a revocable trust, a power of attorney for property, a power of attorney for health care, and a living will. Plans that are more sophisticated may include life insurance trusts, business, and investment vehicles, charitable trusts, and gift trusts. We work to create well-executed estate plans in order to help eliminate the need to go through the probate process.
When should your start estate planning?
People of any age can begin estate planning, there is no age limit. There is a stereotype that only older folks with plenty of assets are eligible. Once you are 18 years of age, you have the authority to make decisions on your own, both financial and personal. A plan can start small, as soon as your early 20's, and once you reach your golden years you will have noticed that everything is already in order. Contact us today, we can help guide you through each stage.
What is estate planning?
Although historically estate planning mainly consisted of handling property distributions after your death, that only illustrates part of what a thorough estate plan accomplishes. Having an estate plan ensures that wishes regarding your end of life care and property distributions are known. Essentially an estate plan is a road map for your loved ones that expresses your final wishes.
Working with our experienced attorney can help you avoid four common estate planning mistakes.
Take the Guesswork out of Estate Planning
We know our clients are diverse, so we take an individualized approach with each one. If you prefer to sit down and talk in the office, or if you need the convenience of flexible meeting time or method, we are ready to answer your questions and cater to your needs. Whether you have a plan that needs updating or you need to establish a plan, Russo Law Offices can assist you.
- Asset distribution
A will, the most common document in an estate plan, outlines what you want to happen to your property after your death. In a will, you can name people you wish to give assets to and even put conditions or requirements that need to be met before the assets are distributed. For parents, a will can be used to name guardians for your child. Increasingly, people are using their wills to provide for their furry family members. A will also name an executor to handle the duties of closing out your estate.
2. An advanced medical directive
A healthcare directive names a person to make medical decisions on your behalf in the event you become incapacitated or unable to communicate. A healthcare directive also details how you should be cared for in the event of a medical emergency, outlining what life-saving procedures you want to be administered.
3. Power of attorney
A power of attorney document names a person to make financial decisions on your behalf. In the event you cannot make financial decisions, this person can pay your bills, handle your taxes and manage your finances. Having a power of attorney designated can also prevent the need for guardianship if you become incapacitated.
4. Transferring assets to a trust
Having a trust in place can help to avoid probate and preserve the privacy of the estate. Often a trustee is appointed to manage the trust and distribute assets. A revocable trust is created during your lifetime to hold your assets, but the assets can be transferred back to you. Once you pass away the trust becomes irrevocable. In an irrevocable trust, the assets cannot be transferred back and the grantor is no longer considered to own them. One of the benefits of an irrevocable trust is that assets are generally protected from nursing homes.
Thinking about the future can be emotionally trying, especially when you must consider what may happen in the event of death or incapacity. Our attorney understands the thought, emotion, and pride that go into estate planning. We genuinely care about your future and the legacy you create. Whether your needs are simple or complex, our lawyers can help.