Chicago Asset Protection Lawyer

Wealth Preservation Attorney in South Side of Chicago, IL

Protecting your assets is a crucial part of estate planning and legacy planning. If you have accumulated significant assets, or if you have multi-generational family wealth, preserving this wealth and ensuring that it can be passed on to future generations is likely to be one of your primary goals. Fortunately, there are multiple ways to protect your assets, ensure that you will have the financial resources you need, and make sure your loved ones will be taken care of in the event of your death. An experienced estate planning attorney can provide guidance on how to create an asset protection and wealth preservation plan that will benefit you throughout your lifetime and pass your wealth on to your heirs after you are gone.

The Marques Eason Law Group can assist you in creating a comprehensive estate plan that takes your unique circumstances and your goals for your family into account. We can provide guidance as you navigate the often complex laws surrounding asset protection, making sure your plan meets all legal requirements. With our help, you can ensure that your assets will be protected and that your legacy will be preserved for future generations.

Asset Protection and Wealth Preservation Strategies

By utilizing the proper asset protection strategies, you can rest assured knowing that your hard-earned money will be there for your loved ones when they need it most. In many cases, asset protection trusts are the best instruments to use to preserve your wealth and make sure different types of assets are used properly. Depending on your circumstances and needs, either domestic or offshore asset protection trusts may be used to safeguard your assets from creditors or other parties. These are usually irrevocable trusts that will place your assets in the control of a trustee and provide instructions for the distribution of assets to yourself, your family members, or other beneficiaries either before or after your death.

In addition to asset protection trusts, you can take steps to preserve your wealth by minimizing the taxes that may apply when assets are transferred to your loved ones. Depending on the value of your assets, both federal and state estate taxes may need to be paid before assets can be transferred to beneficiaries following your death. However, you can take steps to reduce the value of your taxable estate during your lifetime so that your heirs can receive as much of your assets as possible.

Giving gifts to loved ones or making donations to charity can help you begin transferring assets to others so that you may lower the taxes that may apply in the future. Gift taxes may apply in certain situations, although an annual gift tax exclusion may be used, and multiple tax-free gifts may be given to different recipients each year. If you plan to make charitable donations, you may consider creating a charitable trust, which can provide some tax benefits while also ensuring that you or your loved ones can receive a steady stream of income.

Family LLCs can be another good method of protecting assets and transferring them to loved ones. These business entities may be used to hold and manage real estate properties or other types of assets, and ownership of an LLC can be gradually transferred to family members while minimizing the taxes that may apply. For owners of LLCs or family businesses, a business succession plan can ensure that assets owned by the business may be transferred to others correctly.

Contact Our South Side of Chicago Asset Protection Attorney

When it comes to asset protection, there are a variety of strategies that an experienced estate planning attorney can help you put in place. The strategy that is right for you will depend on your specific goals and circumstances. At The Marques Eason Law Group, we can help you choose the right strategy for your needs, and we will make sure all aspects of your plan are properly implemented. Contact our firm at 773-973-3755 to learn how we can help you protect your assets and address other estate planning needs.

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