Estate Planning Lawyers -- LaGrange, IL.
Serving Hinsdale, Western Springs, Westchester, Brookfield & The Chicagoland Area
Estate planning involves a lot more than just writing your will. At Fornaro Law, we understand that you have many concerns, including your own future financial circumstances as you get older, and also the needs of your business and your heirs. To take care of all these vital responsibilities, it is important to have a well-constructed plan for your future.
From drawing up a simple will through estate planning that includes tax solutions, trusts & forms of business organization, we aim to keep your estate intact while smoothing transitions. Fornaro Law is committed to helping you preserve your estate through estate, tax, and business planning solutions. We can also assist in administration, probate, and execution of your plans.
Goals of Estate Planning
Effective estate planning can make a big difference to family well-being, both now and in the future. There is a broad range of goals that we work on to help you achieve:
- Protect retirement plan assets
- Make your retirement plan last longer
- Keep the family business in the family
- Provide for dependents in case of your untimely death
- Minimize estate and income taxes due through discussions with your accountant
- Cover expenses for many eventualities such as lawsuits, disability, nursing home expenses & more
Working Together & Planning for the Future
The best estate planning is a collaborative process. At Fornaro Law, we work closely with you to execute a comprehensive plan for you & your family:
- Discuss your goals and objectives, and gather relevant information
- Define an overall plan
- Explain the distribution of assets and tax savings under the new plan
- Highlight federal income tax savings or problems by meeting with you, your accountant, and financial planners
- Prepare documents to carry out the plan, with explanation in simple English
- Prepare asset title documents or beneficiary designations
- Follow up with you periodically to see if changes are needed
- Keep you informed about new rules and ideas that can affect your plan
You will find it easy to work with Fornaro Law, and that our fees are reasonable for the services and peace of mind that we provide.
Estate Planning Process -- The Fornaro Law Difference
At Fornaro Law, we offer a complete range of estate planning services. Our dedicated, experienced attorneys work with clients to ensure that their wills, trusts and other instruments are changed and adjusted to reflect their families’ current circumstances.
- We educate first, so that all of your decisions are educated decisions.
- We have as part of our offering, an ongoing support program for you to keep your plan doing its job for you, even when your circumstances or the law changes.
- We cap our fees, so that you’ll never have any surprises when it comes to administering your estate.
- We work with your advisors to ensure that your plan is consistent with the rest of your life planning.
- We offer an estate plan audit where we look in detail at your plan and identify the strengths and gaps of your plan.
Estate planning is a broad field of law, and as such, your unique circumstances and estate planning needs will most likely dictate which of the specific services we can help you with. At Fornaro Law, we will examine your estate and assets, and based upon your wishes. Call us today to schedule an appointment.
- Real estate
- Money in bank accounts
- Property you own such as automobiles, home furnishings, jewelry, artwork and other personal effects,
- Stocks and other securities
- Life insurance policies
- If you own assets with beneficiary designations, proceeds generally will bypass probate and go directly to the named beneficiary. There are some exceptions to this, and the estate planning process helps steer clear of those.
- If you have a properly drafted will, and the gross value of property held in your name with no beneficiary designations is below a certain threshold, then your estate will be exempt from probate. However, if that gross value is above that threshold, then probate will be required.
- If you have a properly structured revocable living trust, and the trust is properly “funded,” it will allow you to transfer your property into the trust and pass that property directly to your intended beneficiaries entirely outside of probate.
If someone dies without a will, then he/she died intestate. The state where he/she lived will handle his/her estate and distribute his/her assets. In order to do this, the state will look to the intestate succession laws. These laws set forth a formula and a procedure that dictates how his/her assets will be distributed. Depending of the type and value of the estate assets, this process may require the opening of a probate case. The probate court judge will appoint a personal representative and decide who inherits property. If your relative/family member recently died without a will, contact a member of our Estate Administration Team for help.
Yes. When someone dies in Illinois, the probate court will be interested in seeing the decedent's original will, as it is difficult to probate an image or photocopy. In Illinois, with limited exceptions, the original will must be filed with the probate court within 30 days of death. The members of Fornaro Law's Estate Administration Team can assist you with this.
If the original will cannot be found, there is a legal presumption that the reason it can't be found is because it was revoked. However, there are certain circumstances in which a lost or destroyed will may be probated. If it can be proved that the will is valid and that it was not revoked by the decedent, and if all of the heirs and legatees are in agreement about the legitimacy of a copy, the court may permit admission. Getting a lost will admitted to probate is difficult and an experienced estate administration attorney can help you with this process. Contact a member of Fornaro Law's Estate Administration Team for assistance.
Before the bank turns over access to an account, it will quite reasonably insist on proof that you have the right to it. There are several ways to produce such proof:
- If you are named on the form provided by the bank, as the "payable-on-death" (POD) or "transfer-on-death" (TOD) beneficiary of the account, it's simple. You can claim the money by presenting the bank with the death certificate and proof of your identity.
- If a probate case has been opened, you'll need to provide the bank with written authorization (usually called Letters of Office or Letters of Administration) from the probate court.
- If the estate is small enough, under state law, to qualify for "small estate" procedures instead of regular probate, you may be able to claim the account with a simple affidavit in which you swear that you are entitled to the money under state law.
If you are not sure how to proceed, now is a good time to contact a member of Fornaro Law's Estate Administration Team.
When a relative/family member dies, you might have the responsibility of closing out the person's life. This can be challenging and overwhelming. There are many things to attend to, from providing a proper tribute or memorial service to closing bank accounts to notifying the person's employer. The list goes on. Some of these things require more immediate attention. Others can wait several weeks. Many of these tasks require attention to detail, which adds stress to what is already a very emotional time. Working with an experienced and knowledgeable estate administration lawyer can help. If there has been a death in your family, contact a member of our Estate Administration Team.
Probate, otherwise known as Estate Administration, is a court proceeding designed to settle the affairs of a deceased person which entails collecting, inventorying, and distributing assets. The assets and liabilities will make up their "probate estate" or "estate" for short. In Illinois, court involvement may be required depending on whether the deceased person owned real estate and the total value of the estate.
The costs and duration of a probate proceeding varies based on a number of factors. Some factors include whether the deceased person had a will, whether you can find the original will, whether a bond is required, the number of heirs, the number of creditors, whether real estate is being sold, and whether or not the proceeding is contentious. To learn more about the costs and duration, contact a member of our Estate Administration Team.
A small estate affidavit is a legal document that allows a person to settle the affairs of the deceased person without court involvement or approval. The use of a small estate affidavit is an exception to probate. A small estate affidavit allows the person signing it, the "affiant", to act on behalf of the deceased person. The affiant can do all the things that a court appointed legal representative can do, such as gain access to the deceased person's bank accounts, communicate with third parties and otherwise settle the deceased person's affairs. In Illinois, there are many factors that determine whether a small estate affidavit is appropriate, including, among other things, whether the deceased person owned real estate and the total value of the estate. For answers to these questions, contact a member of our Estate Administration Team.
In most cases, a deceased person's debts still need to be paid and his/her creditors can collect the money owed. In fact, his/her creditors need to be paid before any inheritance payments are made. This is because his/her creditors have a priority interest over his/her heirs. If you have questions about whether there are enough funds to pay all his/her creditors, whether you will receive an inheritance, or if you have been contacted by any of his/her creditors, contact a member of our Estate Administration Team.
There are four ways to transfer the title on the deceased relative's/family member's vehicle:
- by order of the probate court;
- via a small estate affidavit;
- via an attorney affidavit; and
- by a surviving joint owner.
Only an authorized representative may transfer the vehicle. The vehicle must be transferred at an Illinois Department of Motor Vehicle ("DMV") and an Illinois DMV will only transfer the vehicle to an Illinois resident. One of the documents that you will need to transfer title is the original title.
If need help transferring a vehicle or you cannot find their original tile, contact a member of our Estate Administration Team.
Under Illinois law, a person is not expressly required to hire a lawyer to probate a will. However, due to the complexity of the statutory requirements and the potential adverse consequences of self-representation, judges often require people to hire a lawyer. Moreover, because a legal representative may be personally liable for any mistakes made when administering the estate, it is always a good idea to hire a lawyer. Usually, the lawyer's fees are paid from the estate's funds.
Use Fornaro Law’s experience to your advantage. Contact a member of our Estate Administration Team.
Under the state's intestacy laws, assets will pass to a person's heirs in a structured fashion without any influence or designation by the person who died. Depending on the value of the assets, the person's living relatives may be required to file a probate action in order to properly distribute those assets and resolve any debts. In Illinois, the law sets forth the percentage to which each heir is entitled. For example, a spouse may receive 50% of the assets under Illinois law, while the decedent's children may split the remaining 50%, equally. If no spouse or children exist or are living, then distant relatives may receive an inheritance depending on the decedent's family tree. The intestacy laws can be further complicated by divorces, second marriages, and adoptions, so contact a member of our Estate Administration Team to assist you through this process.
A will is a legal document that expresses a person's wishes as to how his/her property is to be distributed after his/her death and which person is to manage the property until its final distribution. A will also determines how a person's minor child(ren) will be cared for in the event that the other parent/legal guardian is dead or legally incapacitated. A will can greatly impact a person's loved ones after his/her death, and a lack of a will can result in unintended and adverse consequences. As such, it is a very important legal document that requires the assistance of an attorney. Please contact a member of our Estate Planning Team to get started today.
A trust is a legal document that allows property to be passed to heirs and beneficiaries without going through probate. A revocable trust gives the full control of the assets held in the trust to the grantor (i.e., the person setting up the trust). In addition, all income and distributions from the assets in the revocable trust are given to the grantor during his/her lifetime. Irrevocable trusts give full control of the assets held in trust, and income generated by those assets, to someone other than the grantor and cannot be revoked. A trust can be far superior to a will, but there can be significant legal and tax implications when creating a trust, so you should contact a member of our Estate Planning Team for a free consultation.
An heir is a person who is entitled by law to inherit the estate of another. Illinois law identifies your heirs. For example, if you die without a will and you are married with children at the time of your death, your heirs are your spouse and children. Illinois' intestacy rules govern who receives a person's assets/home if he/she dies without a will. To avoid Illinois' intestacy rules, a person can dictate who receives his/her assets/home by creating a trust or will. In this regard, you can control who inherits your assets using a will or trust. Therefore, the people who will inherit your assets/home can be whoever you want them to be, and conversely, you may not inherit a relative's estate depending on that person's wishes. To discuss your specific circumstances, please contact a member of our Estate Planning Team for further guidance.
To learn how to avoid probate please visit Fornaro Law's Estate Planning Page.