DuPage County, IL Estate Tax Planning Attorneys

Plan Your Estate Taxes with a Wheaton Attorney

Anything a person owns at death may be subject to either the Federal estate tax, the Illinois inheritance tax, or both. This can include all assets that are a part of your taxable estate, such as real estate (including your home); passive investments; business investments; IRAs, 401(k)s, and other retirement accounts; and the proceeds of life insurance policies. By understanding how estate taxes will apply to your assets, you can make plans for how to pass your property to your beneficiaries while minimizing the tax burden on your estate.

The taxable estate is not the same as the probate estate. For example, life insurance policies or retirement accounts will usually have a named beneficiary, in which case they are not part of the person's probate estate. A trust will generally direct the disposition of assets upon the death of the person who created the trust, and these assets will pass to beneficiaries outside of the probate process. However, even though these are not considered probate assets, they may be subject to estate taxes.

Although estate and inheritance taxes can be complicated, there are valuable tools that can be utilized during the estate planning process to reduce taxes. For example, the tax laws provide tax benefits if retirement funds are left to certain individuals, and some kinds of trusts can be used to reduce estate and inheritance taxes.

The attorneys at the Wheaton law firm of Stock, Carlson & Asso. LLC can discuss the various legal techniques you can use and apply to your assets that may reduce the amount of taxes that your estate will be required to pay following your death. Each of our attorneys has over 40 years of applied legal experience, and we have helped families throughout DuPage, Cook, Lake, and Kane Counties address complex issues related to estate administration, probate, and estate and inheritance taxes.  We have guided our clients through the estate planning process to help them make informed financial decisions that are in line with their goals.

At Stock, Carlson & Asso. LLC, our attorneys recognize that each of our clients has individual needs that are unique to their families. We value the concerns our clients have regarding how their assets will be distributed and how those assets will continue to benefit family members, charitable organizations, and others. We can help you determine the best ways to include your loved ones and those who are important to you in your estate plan. We will help you understand how to reduce the amount of taxes your estate may be required to pay so that your assets can go to your loved ones rather than the government.

Contact a Wheaton Estate Tax Lawyer

Your final legacy should be protecting your family. Contact our estate tax planning attorneys at Stock, Carlson & Asso. LLC at 630-665-2500 to discuss the ways in which you can continue to protect your assets so they can continue to benefit your family.