Wills, trusts, powers of attorney for property and for healthcare, succession planning, evaluating tax implications, and more.
Everyone — not just the wealthy — can benefit from estate planning with an experienced attorney. This includes retirees, new parents, college graduates, and small-business owners. Proper estate planning allows you to protect your assets, dictate final wishes, plan for the care of minor or disabled children, and establish a representative who can make decisions on your behalf. Also, it is important to realize that having an estate plan is one of the best ways to show your family and friends how much you care for them.
CHAMPAIGN ESTATE PLANNING FIRM: DELIVERING PERSONALIZED SERVICE
I am Urbana attorney Mark Ingersoll, and I have more than ten years of experience developing estate plans, ranging from the basic to the extremely complex. I do not take a "one size fits all" approach to estate planning. I believe that every person has different needs, goals, and desires. This is why I sit down with my clients to learn about their unique situations. I then partner with my clients to develop a personalized estate plan that best suits their needs and wishes.
Many times I also help individuals who already have a developed estate plan. Situations change over time, and occasionally reviewing your estate plan will allow you to account for these changes in your personal and family life.
You may call me directly at 217-344-9906 or ingersolllaw@aol.com. I work hard to be available for my clients' schedules.
WILLS: THE CORE OF ESTATE PLANNING
Anyone who does not have a Will should seriously consider getting one as soon as possible. One of life's great uncertainties is when our last day on earth will be.
Passing on without a Will is known as dying "intestate." If this occurs, your property will be distributed according to Illinois state law, meaning you will lose your ability to distribute assets according to your wishes.
A few hours of your time can prevent this from happening. In addition to directing how your property is to be distributed, Wills can also give you the ability to:
- Make contributions to your favorite charities
- Name an executor
- Appoint guardians for your minor or disabled children
TRUSTS, POWERS OF ATTORNEY, AND OTHER ESTATE PLANNING TOOLS
Trusts are another common tool used in estate plans. They offer many benefits, including the ability to avoid probate, maintain privacy (probate is a public process), and provide for the care of minor or adult dependent children.
The two most common trusts are known as revocable ("living") trusts and irrevocable trusts. A revocable trust allows you to retain control over the assets in the trust and change its terms at any time. However, the assets in the revocable trust will still be considered personal property and will be available to the IRS and creditors after death. Irrevocable trusts cannot be changed during your life, but they allow you to transfer assets outside of your estate. Depending on the timeframe, an irrevocable trust could help to shield the property from future creditors and tax collectors after death.
Powers of Attorney for Property and for Healthcare allow you to designate and appoint someone to speak on your behalf, when you are still alive but unable to make your important financial and healthcare decisions.
Other options you may want to consider adding to your estate plan include other healthcare directives and business succession planning documents.
At your convenience, please give me a call directly at
217-344-9906, or
email me, to learn more about my services and how I can assist you to achieve your goals.