After working hard for many years, people are often faced with deciding how best to protect family assets. The ramifications of an incorrect decision or, possibly even worse, no decision, could affect every member of the family for decades. Assets that have been carefully preserved and grown could be squandered or tied up in endless family squabbles if they are not properly protected. A farm that had been in the family for two hundred years might have to be sold to pay taxes. The family business might have to liquidate or be sold. Money left to children or grandchildren can be protected from being spent foolishly before they are old enough to know better. It can be comforting to know that they can’t blow their college fund on a Maserati.
Setting up trusts is not a simple matter. Each situation is unique. The entire estate planning process normally requires drawing up a number of different legal documents designed to fulfill the goals of the client. The future of a family business can be protected with plans for an orderly succession and minimizing estate taxes. If a family member is disabled and cannot care for themselves, it’s very important that their future needs are provided for by a disabled adult guardianship. Appointing the correct trust administrator can ensure that the intent of the trust is adhered to.
One of the most devastating events that can happen to a family is when the members line up on opposing sides to contest a will. A billionaire’s estate battle might be front page in the tabloids, but an extended legal wrangle can be incredibly destructive to any family. The best way to prevent it is before the documents are drawn up and signed.
Charles T. Newland and Associates have been providing estate planning, guardianship and probate services to their clients in the Arlington Heights and Libertyville, IL regions for over twenty years. Their experienced team is also able to assist clients with personal injury cases, bankruptcies, foreclosures and with business litigation. Anyone interested in evaluating the benefits of an estate trust in Libertyville should consider contacting this experienced firm. They commit to their clients that no one will ever be left wondering what is going on. The team believes that caring for their clients is their primary concern.
