Illinois Advanced Estate Planning Attorneys
Advising High Net Worth Individuals and Family Businesses
For high net worth individuals and those who own family businesses, a comprehensive and thorough estate and business succession plan is absolutely essential to protecting all that you have worked so hard to obtain. You have worked hard for the assets you possess and you want to ensure that they are adequately protected –from creditors, former spouses, and excessive taxation. Moreover, if you are the owner of a family or closely-held business, advanced estate planning techniques can be used to protect the assets of the business, as well as your personal assets.
At The Wochner Law Firm, our knowledgeable estate planning attorneys focus on advising high net worth individuals and family business owners on the advanced estate planning techniques that are available for their protection. These include:
- Irrevocable Life Insurance Trusts
- Generation-Skipping Trusts
- Charitable Trusts
- Grantor Retained Annuity Trusts
- Family Partnerships and Limited Liability Companies
Advanced estate planning techniques require careful planning and thoughtful consideration. There are several advanced estate planning tools available and the knowledgeable Northbrook advanced estate planning attorneys at The Wochner Law Firm will take the time to explain the options to you so that you understand each available alternative. We will thoroughly consider your unique needs and objectives in order to advise you on the most appropriate advanced estate planning tools available. Once the appropriate advanced estate plan is developed, we will carefully draft the necessary legal documents to effectuate it.
Options Available as part of an Advanced Estate Plan
An advanced estate plan for high net worth individuals and the owners of family businesses can include a number of legal documents in addition to a properly executed will. For instance, an advanced estate plan may include any of the following:
- Umbrella liability insurance to provide blanket coverage for miscellaneous events.
- Buy-Sell Agreements.
- Tenancy by the Entirety provides asset protection for the primary home of a married couple. Ownership transfers to the survivor upon the death of the first spouse.
- Limited liability entities, such as a limited liability company (LLC) or limited liability partnership (LLP), can be used to hold assets so that they are protected from creditors, with taxes passing through to the members of the LLC or LLP.
- Generation-skipping trusts (dynasty trusts) can be used to hold assets for the benefit of successive generations, with the assets passing from generation to generation without additional estate or generation-skipping taxes.
Because of the wide range of advanced estate planning options that may be necessary for high net worth individuals and the owners of a family business, it is important to consult a knowledgeable Illinois asset protection lawyer like those at The Wochner Law Firm.
Contact trusted Northbrook, Illinois advanced estate planning lawyers at The Wochner Law Firm at (847) 272-7360 to discuss the advanced estate planning techniques that make sense for your specific situation.