Estate Planning & Asset Protection
Your wealth has a great deal of value, not only for you, but for your family, your heirs, the government, creditors, employees, neighbors, disgruntled customers, and virtually anyone else who might see your assets as a worthy target. You need effective legal strategies to secure your wealth against the myriad of forces that would take it away from you, but making those strategies work is a complex process all on its own. To make sure it all works out properly, you need an attorney to help you.
The Law Offices of Laura D. Frye Ltd. provides business owners, teachers, union workers, real estate investors, healthcare professionals, and others in the Chicagoland area with skilled asset protection and estate planning services. Laura D. Frye is committed to help you secure your assets against heavy losses due to taxes, lawsuits, and other liabilities, whether you are a business owner, an employee or simply someone looking for a way to keep your personal savings secure.
Estate Planning Attorney in Lake County IL.
Making sure your estate is well managed and passed on to the right people after your passing is highly important, and it requires a great deal of legal expertise. The Law Offices of Laura D. Frye Ltd. provides you with a full array of estate planning services to help you implement multiple strategies, including:
Executive Succession Planning: Making sure your business is in good hands is not only important to protecting your legacy, but it also helps ensure business continuity and security while you are alive. Executive succession planning takes a variety of factors into account, including planning for illness, executing training and advancement procedures, and dispute resolution.
Charitable Foundations & Trusts: Charitable foundations must operate within the limits of governance standards and tax laws to be successful. Forming and funding foundations and trusts for charitable purposes requires a working knowledge of how federal and state regulations come into play.
Marital Agreements: Divorces happen, and a marital agreement can help protect your assets and keep them in the family. Even if you don’t anticipate separating from a spouse, having a legal outline of what financial responsibilities you and your spouse have is still important.
Generation Skipping & Dynasty Trust Tax Planning: There are a number of ways to prevent estate and gift taxes from eating away at your estate, and generation skipping is one of those. Dynasty trusts are also helpful as they allow wealth to be transferred from one generation to the next without incurring tax liabilities.
Revocable Living Trusts: A revocable living trust allows you to avoid probate costs while still retaining some control over your assets while you are alive. In essence, it’s a way of ensuring that your property makes it to your beneficiaries as intended while giving you the liberty to make changes to the trust.
Irrevocable Trusts: Irrevocable trusts effectively remove property from your estate, decreasing its overall tax liability. Various types of irrevocable trusts can be used to avoid gift and estate taxes while securing assets against various risks.
Real Estate Trusts: Placing real estate in a trust is a complex process that must be well executed to be fully effective. However, if it is done correctly, it can protect your real estate against losses due to creditors or heavy estate taxes.
Will and Powers of Attorney Planning: You want to make sure your will is perfectly clear and that power of attorney is given to someone you trust to carry out your wishes. Laura D. Frye can help you make sure these documents are legally efficacious and perfectly clear so as to avoid costly disputes.
To make sure each of these is properly taken care of and fitted into your estate plan, consult with The Law Offices of Laura D. Frye Ltd., she can assist you with the document drafting, trust structuring, succession planning, and other aspects involved in your estate planning strategy.