The Elder Law & Estate Planning Attorneys of Illinois, P.C./ The Law Office of Siebert & Associates, P.C. is currently meeting clients and potential clients in person at our office in our Covid-19 conference room. Our staff is 100% vaccinated and we comply with strict COVID guidelines so that we can safely help and service for our clients as well as potential clients. In addition, we continue to offer remote Zoom consultations for clients and potential clients who are unable or uncomfortable coming to our office.
COVID-19 Safety Protocols and COVID-19 Conference Room
What is Estate Planning?
Estate Planning is the process of evaluating your objectives for the management and the disposition of your property during, and subsequent to, your life. At the Elder Law & Estate Planning Attorneys of Illinois, P.C. /Law Office of Siebert & Associates, P.C. we will help you review your objectives and create a plan for your future. Whether you are rich or poor, married or single, it is important for you to take steps to prepare yourself legally for incapacity and death. If you fail to plan for your disability and death, someone else, maybe someone you don’t even know, will end up making all the decisions for you.
Each individual’s circumstances and needs are different from everyone else’s. It is important that you have an Estate Plan that is appropriate for your circumstances, not some cookie cutter standard form which does address your circumstances. The Elder Law & Estate Planning Attorneys of Illinois, P.C. /Law Office of Siebert & Associates, P.C. will help you determine what documents are appropriate for your circumstances. Call (847)253-7500 today to schedule an appointment with an experienced Estate Planning Attorney.
Estate planning is implemented through the execution and use of a variety of legal documents, including but not limited to Last Wills, Durable Powers of Attorney, Revocable Trusts, Irrevocable Trusts, Asset Protection Trusts and Special Needs Trusts. Among the estate planning documents, one of the most commonly prepared is a Last Wills and Testament. A Last Will is a document that controls the disposition of a person’s property at death. It determines who is to receive what property. It also will name guardians for minor children, and set forth their duties. A Last Will can also establish a trust to be created after your death for minor children, or for other purposes. The Last Will names the Executor, the person who will be responsible for paying your debts, clearing all estate issues and distributing your assets.
Durable Powers of Attorneys A Power of Attorney is a legal document in which you give another person legal authority to act for you. A durable Power of Attorney authorizes your agent to continue to act for you after you become incapacitated. A durable Power of Attorney for Property allows your agent to carry out financial tasks for you when you cannot do so. This might include paying your bills, managing your property, and handling other money matters. A durable Power of Attorney for Health Care lets your agent make medical decisions for you when you can’t are incapacitated.
A Trust is an arrangement under which one person, called a trustee, holds and manages property for another person, called a beneficiary. A “living trust” also called an “inter vivos” trust, is simply a trust you create while you’re alive, that is created upon your death. Different kinds of living trusts can help you avoid probate, reduce estate taxes, or set up long-term property management. A living trust lets you arrange how you want your property managed while you are alive and how your assets should be distributed after your death.
Trusts offer a great deal of flexibility and can be tailored to meet each persons unique circumstances and issues. to address specific issues. At the Elder Law & Estate Planning Attorneys of Illinois, P.C. /Law Office of Siebert & Associates, P.C. we have several living trusts designed for specific circumstances, including Alzheimers & Dementia Planning, Parkinson’s Disease Planning, Special Needs Planning and an Addiction Trust to protect a loved one with an addiction.
Medicaid Planning Medicaid planning consists of actions taken to reallocate assets in an effort to protect the non-institutionalized spouse and the family, and to promote the independence and quality of life for the Medicaid applicant. We help seniors and their families prepare a comprehensive plan to deal with long term care, while maximizing the financial resources available to the spouse and family.
A Special Needs Trust is a type of trust that helps to protect the assets of a person with disabilities. A special needs trust is set up for a person with special needs to supplement any benefits the person with special needs may receive from government programs. Individuals with disabilities often receive governmental assistance and would benefit from having funds in a trust used to maintain their quality of life. A properly drafted special needs trust will allow the beneficiary to receive government benefits while still receiving funds from the trust.