Most people think that estate planning is creating a bunch of documents that name the people or organizations that will receive your assets after you die.
And most estate plans are just that – death plans. They don’t do anything until you die.
We are different.
We believe that planning to live a long time is more important than planning to die.
It can help you and your family prepare for healthcare challenges we all face as we get older. Most traditional estate plans don’t consider long-term care, which is a huge issue now that we’re all living longer.
Or you may worried about your family and the ability of one or more of your beneficiaries to handle money, for whatever reason.The right estate plan can help protect your child’s inheritance from divorce, remarriage, debts, and irresponsible lifestyles.
We believe that estate and longevity planning is more than just a standard will, powers of attorney, and a living trust. It often includes multigenerational benefits such as asset protection, beneficiary protection, and tax savings.
This can be especially important if you have a “tax-deferred” retirement account that you want to leave to your children. Most people don’t realize that the tax savings they get when they put money into their tax-deferred retirement accounts is only temporary.
The income tax payment is just delayed until the money is taken out of your retirement accounts. You still owe income tax on every penny you worked so hard to save in your tax-deferred retirement accounts!
Many of our clients try to use as little of the money in their retirement accounts as possible because they want to “leave it to the kids”. That means your kids will pay the income taxes when they inherit your retirement account! And they will pay those taxes at their income tax rate, not yours! Do you think income taxes will be higher or lower in the future?
When you sit with us for your initial, no-cost Vision meeting, we listen to you. We learn your needs and goals and discuss them with you.
Any of the following scenarios might apply to you concerning estate and longevity planning. Whatever your situation may be, we can offer the answers and support that let you plan to live.
Find out if we are a good fit for you! Call us at (630) 585-5200 today to schedule your meeting.
“We would be lost without Law Elder Law! We walked in their doors over a year ago feeling lost and confused. With a father/father-in-law suffering from Alzheimer’s, we were overwhelmed by the Medicaid process, selling his home, protecting the assets he worked for his entire life, and finding him a memory-care facility that we could trust as his new home.
Law Elder Law helped with all of it! From the minute we walked out of our first meeting, we knew we (and he) were in good hands. We could not have possibly navigated all that had to be done without their expertise.”
A.M., Client of Law Hesselbaum and Law Elder Law