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Do I need an Estate Plan?

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Do I need an estate plan with less than $500,000?

 

Yes, you do need an estate plan with less than $500,000, because of the Probate Act.  For an Illinois estate with at least $100,000 in the estate, some or all of these problems will undoubtedly arise because of inadequate estate planning:

 

  • At your death there would be a Probate court case costing your loved ones at least $2,500 up to 8% of the estate;
  • Your estate would be distributed publicly, with newspaper notices about your estate as required by law;
  • Your loved ones would have to wait from one to two years to receive their share;
  • Personal effects like jewelry or expensive heirlooms could become a divisive factor between beneficiaries creating relational rifts that could have been avoided with time-tested, mandatory collaboration language;
  • You or your loved ones may be unable to remove life support; 
  • Young beneficiaries could receive their entire inheritance all at once when they turn 18 which:
    • could negatively impact their work ethic;
    • could result in their losing it in a lawsuit or divorce;
    • could result in their spending it all;


  • Your estate could be subject to Federal Estate Taxes of up to 45%, and State Estate Taxes, and;
  • Should you become unable to make financial decisions for yourself it would cost from $2,500 to $5000 for your family to complete a guardianship proceeding to prove that fact and get access to your funds, even for your benefit;

 

 

Each one of these problems is completely avoided by proper and thorough estate planning with Legacy Advisor Group.

 

 

Why Choose Legacy?

  • We coordinate your team of attorneys, financial planners, accountants, and insurance experts to help you get your estate plan in order and eliminate unnecessary delays, expenses and all estate taxes.
  • We practice only estate planning.
  • We guarantee your satisfaction, or we don’t get paid.

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