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estate planning Archives

Planning the future of your family business

Throughout the estate planning process in Illinois, one of your greatest assets is likely your family business. It may be wise to plan out who your successor will be long before you foresee the need for one. That way, you have control over the decisions-making process, and you have time to research the best options for your family and your business. Here at Zapolis & Associates PC, we understand how valuable family businesses are, and we seek to reach the best possible arrangement for all parties involved.

What does estate planning mean for you?

Estate planning may not be the first thing you think about when you wake up each morning. Especially if you are younger and do not currently have pressing obligations to care for dependents. However, your decision to begin planning your estate in Illinois before it is too late can make a world of difference in assuring that things are arranged exactly as you would want if something were to happen to you. It can also eliminate a lot of the stress, contention and financial strain of your family members who may be left to sort through your life.

Detailing Illinois' intestate succession guidelines

Do you ever ask yourself why it seems as though so many in Mokena are concerned about what you do with your money? Why else would people keep saying that you need to start considering your estate planning? Many come to us here at Zapolis & Associates, P.C. with the same question, and we typically offer the same answer: It is all about control. You will work for a majority of your adult life acquiring assets; imagine if the power to designate how they will be dispersed is taken away from you? 

The advantages of trusts

As you plan for your family's future in Illinois, you may benefit from setting up a trust. There are several advantages to this form of estate planning, one of which could be avoiding probate. However, according to Forbes, the greatest advantage to having a trust rather than simply a will is the freedom to control the fate of your estate while you are living and alter it when you see fit. There are various types of trusts, depending on your situation, and you could tailor your estate to fit your family's specific needs. We at Zapolis & Associates, P.C. help our clients through the estate planning process.

The usefulness of a spendthrift trust

A spendthrift trust in Illinois is a tool to protect heirs from themselves. A person with substantial assets may naturally want to give the fortune to heirs. However, knowing the heirs' propensity to overspend whatever they have, the settlor may want them to not have access to the bulk of the assets. They cannot spend what they do not have.

What are the elements of estate planning?

Estate planning in Illinois requires you to consider a range of issues. It is not just about what you will leave to heirs when you die. Estate planning encompasses much more than that if you want to do it correctly. This is why you should begin planning long before you ever begin to anticipate your own demise.

Is a 529 a part of your estate plan?

Estate plans are about more than passing along assets at death. These plans are often composed of an array of legal tools that are designed to help ensure future financial security in any number of situations. Trusts can help ensure assets are passed smoothly while generally avoiding the court process referred to as probate as well as provide guidance in the event you are seriously injured and unable to express your wishes for how finances or medical care should be handled while business succession plans can be developed to help transition business ownership during retirement.

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Zapolis & Associates, P.C.
9991 191st Street
Mokena, IL 60448

Phone: 708-390-8936
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