A former tax attorney for the Illinois Department of Revenue, Heidi Scott is an attorney and certified public accountant practicing law at the Law Offices of Heidi Scott.
2. A former tax attorney for the Illinois Department of Revenue,
Heidi Scott is an attorney and certified public accountant
practicing law at the Law Offices of Heidi Scott. Leveraging
her extensive experience in Illinois legal matters, Heidi Scott
offers clients expert guidance and assistance in estate
planning, ensuring they make informed decisions that will
protect their assets and interests in the future.
One primary benefit of an estate plan is that it allows the
distribution of assets according to a decedent's intention.
Without an estate plan, the court will decide who gets a
decedent's assets, probably after some years, and various
fees may also apply. Through an estate plan, you can
arrange for your assets' management in the event of
incapability to manage them.
3. If you have a child with a disease that requires significant
medical expenses, you can arrange for a lump sum that will
be used for their treatment through your estate plan. For
individuals with young children, an estate plan can be
tailored to specify who should take care of the children in the
event of both parents' deaths. Until the kids turn 18, a
guardian chosen by the parent(s) will raise them.
Without an estate plan, beneficiaries may be subject to
significant tax liabilities when they receive their entitlements.
A good estate plan can include tax mitigation strategies to
reduce the tax burden.