2. Lauren Jackson - Bio
Graduated from NIU Law School in 2002
Lavalle Law – Palatine – 2008
Stewart Title Insurance – 2015
Law Office of Lauren E. Jackson - Present
3. Estate Planning 101
What if you don’t have a Will?
The misconception the state will take your
money and property
How will your estate be distributed?
Estate is distributed according to how the
Illinois legislature “thinks” it should
4. What is Important?
Taxes are not necessarily the issue for many
Ease of transfer of wealth
Asset protection at least for heirs
Retirement planning and income tax planning are
taking center stage
Being named Trustee or Executor
Duties
Responsibilities
Family dynamics
5. Descent & Distributions
Intestate Probate (No Will)
How will your assets be split it up?
It depends on your living blood relatives
Example
If there is a spouse and children
50% to spouse and 50% equally to the children, OR
100% to spouse if no children, OR
100% equally to children if no spouse
If there is no spouse or children
Divided equally amongst parents, brothers, and sisters, etc.
6. If you don’t like how the state will distribute
your estate, what can you do?
Will based centered Estate Plan
Trust based centered Estate Plan
7. Simple Will
A document that distributes your estate via an
executor who you nominate to be in charge of filing
your will, probate case (necessary if over $100,000
in liquid assets or you owned real estate) and
distributing your estate.
Executor –Should be someone younger than you,
who you trust & is good with money.
Also name guardians for children
8. Downside to a Will
Is a public process
Will is easier to contest
Offers no creditor protection
9. Illinois Probate Process
Is not a quick process (minimum 6 months)
Two types of probate
Contested and Uncontested
Must get Letters of office issued by the court
Must obtain a tax ID number for the estate and
request an ad be run in the local paper.
The ad must run once a week for three consecutive weeks.
10. From the first date the ad is run there is a six-month clock
that begins to run
During the six months the estate must stay open for any
potential claims to be made by creditors
No assets may be distributed to any of the heirs during those
six months
At the end of the six months, if all assets have been
liquidated and claims paid, the estate may be distributed
according to the will or by state law
Once all assets have been distributed, we will fill out the
proper paper work and close the estate
11. Living Revocable Trust
If you would like to avoid the probate process
then a trust may be the way to go
A trust is private, does not get filed anywhere
No wait time for the distribution of your assets
Provides for some creditor protection for your
estate
12. Continued Trust Benefits
Easily moves with you from state to state
Is difficult for disgruntled heirs to attack
Achieves your death tax objectives
You can add or remove property and assets at
any time
13. What to put into your trust?
Real Estate
Private Investment Accounts, Stocks, & Bonds
Bank / Savings Accounts
Life Insurance
Corporate Ownership Interests
LLC Ownership Interests
Notes Payable (money owed to you)
Copyrights
Household furnishings / jewelry
14.
15. Healthcare Power of Attorney
Allows the agents that you named to make health
care decisions for you should you become unable to
do so yourself
In a medical emergency, this form can be presented
to a health care provider
This form is not a do-not resuscitate (DNR)
If you want this form, see your personal doctor
Needs to be kept in a safe place accessible to your
agents
16. Who to name as an agent?
Someone good in an emergency
Local
Someone that knows your wishes / intentions
17. Power of Attorney for Property
Allows the agents that you named to take care of
your property if you are alive but unable to do it
yourself
Allows your agent to make decisions with respect to:
Retirement accounts, insurance policies, real estate and many
other accounts
18. Who to name?
Someone good with money
Responsible
Local helps
19. Additional Documents in a Estate Plan
HIPAA Authorization
General Assignment of property
Appointment of agent to control remains
Living Will
Certification of Trust
20. Medicaid
Must have less than $2,000 to your name
Not necessarily the place you want to stay
The way to avoid is to transfer all your property into either an
irrevocable trust or to another individual
Five year look back
21. Benefits
My clients love:
No surprises, you will know the final cost before we get started
You don’t have to worry about being charged by the minute /
or hour
Includes all meetings, phone calls, email communication
22. Law Office of Lauren E. Jackson
Two convenient locations:
136 Kimball Street, Elgin, Illinois 60120
200 West Main Street, St. Charles, Illinois 60174
Office Phone
(847) 714 – 2866
Website
Laurenjacksonlaw.com