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Trusts & Estates

 

Trusts & Estates

Estate planning consists of much more than simply designating who is to receive your assets upon your death. The impact of estate taxes, the possibility of creditors’ claims, the ability of your beneficiaries to prudently manage an inheritance, the desire to keep one’s financial affairs private and confidential, and numerous other factors need to be considered.

Holmstrom & Kennedy’s Trusts & Estates Group has represented thousands of clients in the preparation and administration of their estate plans. Our clients range from many of the area’s most prominent families who require very sophisticated tax and asset protection planning, to young couples whose primary concern is designating a guardian for their minor children. Whatever your particular situation is, we will strive to create a plan that meets your objectives in a timely, cost-efficient manner.

Estate Planning

Our attorneys are well versed in the preparation of wills, living trusts, durable powers of attorney and other conventional estate planning documents. We also utilize, when appropriate, more sophisticated techniques, such as family limited partnerships, intentionally-defective grantor trusts, generation-skipping trusts, private annuities and charitable trusts.

Asset Protection Planning

In today’s litigious society, it is wise to consider protecting your assets from potential creditors. This can take several forms, such as creating a trust for a disabled child that will not disqualify the child from receiving governmental benefits, to medicaid planning to preserve family assets and minimize the impact of rising nursing home costs. For high net worth individuals whose occupations subject them to financial risks (such as a physician who is concerned about a possible malpractice verdict in excess of his or her insurance coverage), asset protection trusts and other strategies are available.

Business Succession Planning

We are frequently asked to work with the owner of a business that has been built up over the owner’s lifetime. Often some of his or her children, but not all of them, are involved in the management of the business. We work with these clients in exploring ways of treating all of their children fairly, while permitting the business to smoothly transition to the next generation.

Estate and Gift Taxation

Estate and gift taxes are currently in flux. In 2001, significant changes were made to federal estate gift and generation-skipping tax laws, including eventual repeal of the estate tax and GST tax in the year 2010. In 2011, however, these laws are scheduled to revert back to their 2001 levels. State estate and inheritance tax laws have also changed in the past few years, making planning for high net worth individuals especially complicated. We will work with you to eliminate, minimize or defer these taxes, as is appropriate for your particular situation.

Estate and Trust Administration

Postmortem planning can present many opportunities and challenges. We are very experienced in probating estates when necessary, but also work with clients in avoiding probate when possible and appropriate. We are also well versed in the administration of revocable living trusts. Banks and trust companies who are acting as fiduciaries also use our services when unusual situations arise or litigation is involved.

Disability

We also help clients deal with the prospect of disability or incapacity. At the planning level, this usually consists of preparing durable powers of attorney in which the client designates an individual to act on his or her behalf in the event he or she becomes incapacitated. We also represent clients in situations where a family member is incapacitated and has not designated an agent under a power of attorney. In that case, we will work with the family in court proceedings to have a guardian appointed and provide guidance to the guardian, if needed.

Other Attorneys in this Practice Group

PHILIP R. FRANKFORT "Leading Lawyer", Illinois "Super Lawyer", Illinois Martindale "AV" Rating With H&K since 1974		MICHAEL J. SHALBRACK "Leading Lawyer", Illinois With H&K since 1987		KRISTINE PIHL YOUMAN "Leading Lawyer", Illinois With H&K since 1999
ANGELA C. BRESNAHAN With H&K since 2001		AMANDA J. ADAMS With H&K since 2005		J. JOSEPH McCOY With H&K since 2007