Oak Brook 312.345.6201 | Merriville 219-769-6000 pschimmel@hmscpatax.com

Basic Estate Planning

Most people think that only wealthy individuals need to have an estate plan.  However, the reality is that everyone needs to have a sound estate plan.  A well-designed estate plan encompasses both financial and non-financial aspects.

During a person’s lifetime, an estate plan makes arrangements for managing and transferring (at death) an individual’s estate.  An effective estate plan minimizes estate, gift and income taxes, as well as, plans for incapacity, minor children, and medical wishes.  The estate plan can be very simple to complex based upon your particular situation.

All estate plans should including the following items:

  1. You should have a Will,
  2. Consider a trust(s),
  3. You should have Medical Power of Attorney,
  4. You should have a Durable Power of Attorney,
  5. If you have minor children, determine who are the appropriate guardians,
  6. Identify beneficiaries,
  7. Funeral arrangements,
  8. Life Insurance

Most people die without a will, which can be a big problem.  Dying without a means a court will decide the distribution of your assets and who will care for your minor children.

Working with an experienced tax accountant will help you understand why each of the above items is an important part of your estate plan.  I offer a free Free 15-Minute Phone Evaluation, which is a $75 value.  You can call at 312.345.6201 to take the first steps.