Chicago Legacy Planning Attorney

What Does A Legacy Planning Attorney Do?

When it comes to estate planning, everyone has different goals and priorities. Some may be focused on protecting their assets and ensuring that wealth can be passed to future generations with minimal financial losses, while others may wish to ensure that their loved ones will be provided for. One common issue that plays a role in the estate planning process is the desire to leave behind a lasting legacy that will preserve important values and ensure that assets will be used to further the causes a person believes in. Legacy planning can be an important part of any estate plan, and an experienced attorney can help create a comprehensive legacy plan that takes into account a family's unique circumstances and a person's values and goals.

At The Marques Eason Law Group, our compassionate, knowledgeable estate planning lawyer can help you navigate the complex world of legacy planning and address issues such as asset protection, tax planning, and estate administration. We can help you create a plan that takes into account your family dynamics and ensures that your loved ones will be taken care of after you are gone. We will make sure your plan is executed properly and in accordance with your wishes.

Issues to Address During Legacy Planning

As you determine what legacy you want to leave behind, there are many important factors to consider, including:

  • Protecting and preserving your assets - To ensure that you will be able to use the money and assets you have accumulated during your lifetime to achieve your goals, you can take steps to avoid or minimize potential financial losses. This may include establishing asset protection trusts, taking steps to minimize potential estate taxes, and setting up estate administration processes to ensure that assets can be transferred to beneficiaries efficiently.
  • Addressing loved ones' needs - If you are concerned about providing for your loved ones, you can take steps to ensure that your assets will be transferred to different family members according to your wishes. While this may be done through a will, different types of trusts may also be used to ensure that your assets will be used correctly. If you have loved ones with disabilities or other health concerns, special needs trusts can be used to provide them with financial assistance while ensuring that they can still receive public benefits. Other types of revocable or irrevocable trusts may also be used to make sure your assets will be used for specific purposes, such as helping children pay for a college education.
  • Charitable giving - For many individuals, leaving a philanthropic legacy is an important aspect of estate planning. This could involve making direct donations of assets to charitable organizations or creating charitable foundations, as well as putting in work to advance important causes. In many cases, creating charitable trusts can be a beneficial method of making donations, and it can ensure that your assets will be used to provide for yourself and your loved ones while also supporting causes you believe in.
  • Business succession planning - If you have built a successful business, ensuring that your business can continue and thrive after your retirement or death is likely to be a key concern. A legacy plan can address important issues such as selecting successors, creating buy-sell agreements, and stock assignments and transfers to family members or other heirs.

Contact Our Beverly Legacy Planning Lawyer

At The Marques Eason Law Group, our estate planning attorney can help you navigate the complex process of creating a plan that meets your unique needs and objectives. We will make sure you take the correct steps to leave behind a lasting legacy that provides for the needs of your loved ones while preserving your values and your memory. Contact us today at 773-973-3755 to schedule a consultation.

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