Skip to main content

Harvard, Illinois

Estate Planning Attorneys

Family life gets busy. So many things demand your time, money, and energy… Creating an estate plan can easily get pushed to the end of your to-do list.

But the future is unpredictable, and you want to make sure your family is protected in case the unthinkable happens.

With decades of experience helping Harvard, Illinois families get their affairs in order, our team of estate planning attorneys at Diamond Estate Planning can help you build a customized estate plan that stands the test of time.

Click to schedule a free consultation

Why Do You Need a Harvard, Illinois Estate Plan?

Estate planning is the process of creating an easy way for your spouse or loved ones to deal with your passing or becoming incapacitated.

You want to make sure your kids, your property, and your legacy go to the loved ones you want.

A good estate plan can keep you in control and make sure your wishes are protected.

Our Diamond Estate Planning Services

At Diamond Estate Planning, we take the time to understand your unique situation and guide you through the process, every step of the way. Our services include:

Advance Directive, also known as a Living Will

A living will is a document that tells your healthcare provider (or hospital) your end-of-life medical care if you become unable to communicate. For example, a living will clarifies whether you want to be on life support, etc.

Asset Protection

A good estate plan and organizing everything in a good trust can protect assets from family disputes.

Estate Planning Resources For Professionals

As a professional, you have a lot of personal exposure because of the possibility of malpractice claims. For many professional licenses, you can never get rid of your liability for negligence or malpractice. If you have a claim that is either declined by your professional malpractice insurance or that exceeds the limits, a good estate plan can protect your assets. Things like a land trust with a bank or title company can keep your name out of the public records for your home.

Trusts

We create trusts that avoid probate (the process of your family going to court after you die). Our trusts clearly explain your wishes to your family and set up protections for minor children and family members on government assistance. Trusts can also direct your family to make charitable donations to causes you care about. Additionally, a trust can make sure specific items (like your grandmother’s wedding ring, a Gutenberg bible, your grandfather’s flag, the vintage Mustang) go to who you want to have them. A trust can spell out your wishes regarding who you want to take care of your children, and even your wishes for your pets. (Because we want to help you make sure Rover still gets his rubber Wall Street Journal every morning!)

Find out more

Wills

Wills spell out your wishes to your family. Like trusts, wills can make clear who you want to inherit what, as well as explaining your wishes for your children and your pets. Unlike trusts, however, your family still has to go to court after you die to access your money and distribute your property the way you wanted them to. Your will also becomes public record, whereas a trust does not.

Find out more

Wealth Preservation

Diamond Estate Planning can help with wealth preservation by making sure that when someone dies or becomes disabled, proper contingencies are in place. That way, you can control what will happen to your wealth and avoid possible loss or unnecessary legal expenses.

Power of Attorneys (POAs)

A power of attorney designates a person you trust to make health care or financial decisions for you if you can’t do them yourself. You also designate additional, backup people to step in if you first choice is unavailable. There are multiple types of POAs.

  • Health Care Power of Attorney: Spells out your wishes for your medical care, and end-of-life wishes in particular.
  • Power of Attorney for Property: Designates a person or people who can take care of your possessions, financial affairs, and real estate for you, if needed. This avoids needing a guardianship if you are temporarily incapacitated or disabled. Your power of attorney can conduct your affairs for you (write checks, pay bills, buy or sell real estate, etc.)

It’s important to note that these arrangements only work when you are alive. If you are your grandmother’s power of attorney and she passes away, you cannot do anything with her property (bank accounts, investment accounts and real estate) without either probating an estate or using a trust that she set up when she was alive.

Find out more

Health care power of attorney for minor children

Parents can set up a health care power of attorney for their children, giving someone other than themselves permission to take the child to the doctor or emergency room. One example could be if you are out of town for a long weekend or a long vacation without your child, or if your child is with a babysitter and you cannot get to the hospital or doctor to get them prompt treatment.

Do I need an Estate Plan if I have a Business in Harvard, Illinois?

Estate plans include all kinds of important elements of your life, including many of your assets. These can include:

  • Properties and other real estate
  • Cars, furniture, and other personal possessions
  • Bank accounts (including 401K or simple retirement accounts)
  • Investments
  • Life insurance

Here are some reasons why protecting your business in your estate plan is so important:

  • To protect your family – Your net worth is likely tied closely to your business. Without an estate plan, your family could lose that stake – and in turn, your wealth.
  • To carry out your wishes – Suppose you were no longer able to tend to your business, either because you passed away or become severely disabled. Typically, a trust – with conditions – is used to guide and distribute property and funds.
  • To manage debt and taxes – An estate plan can implement a program that will manage lines of credit and taxes to ensure your business and your family’s success moving forward.
  • To minimize the estate tax – An estate plan can help prevent paying unnecessary estate taxes – implementing tax-saving strategies to ensure your wealth moves into the hands of your loved ones without harsh tax implications.
  • To make sure your McHenry, IL estate does not go through probate – Probate is when the court decides what happens to you kids and your property (both personal property and real estate owned in your name).

Contact a Harvard, Illinois Estate Planning Lawyer today

At Diamond Estate Planning, have a wide network of attorneys with a wide variety of knowledge, which is why the work that we do for you will even help prepare you for the unexpected. We take a team approach to make sure that all the details are correct, ensuring that multiple people understand your estate plan and your needs. Call today to get started on your estate plan.

Click to schedule a free consultation
Contact Us





    Skip to content