This is a slideshow of the basic terms and options you have when it comes to Estate Planning in the state of Illinois.

1. LAUREN JACKSON
LAW OFFICE OF LAUREN E. JACKSON
Estate Planning
What you need to know!

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

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

23. Thank You!
 Questions?