CORREA LAW

Estate Plans

YOUNG FAMILIES

As a father of three young boys, a seven year old and twin nine years old, I have a particular passion for helping young families. I know the budgetary issues that I have aspiration for my children to be honest hardworking men that both enjoy life and

What sets our firm apart is our focus on making sure a plan is in place that will effectively address your families’ individual needs.  When I say “plan” I mean more than just the typical estate planning documents, I am talking about bringing your vision to life.  As a former estate and trust litigator, I saw terrific documents fail to work because not all of the family and legal dynamics were considered.

For some of our young families, budget is an important matter to consider.  It was not that long ago I was there myself.  That is why we have designed different packages that meet most budgets.  While talking about budgets, I would like to take this opportunity to warn you against “do it yourself” services.  The rules governing the drafting and execution of documents in Illinois are very strict, and you do yourself and your loved ones a great disservice by cutting corners when addressing critical issues such as who takes care of your minor children upon your death.

With that said, here are some typical matters to consider…

  1. Who would take care of my children if I were unable to care for them?
  2. Where will my children live?
  3. Who would manage their money?

BUSINESS OWNERS

You worked hard for your success.  You planned, you followed through, and know after years of sacrafise, you have accumulated some assets.  Planning got you this far, do not let inaction threaten what you have worked for.

Everyday we see successful individuals exposed the destroyers of wealth.  Those may take the shape of taxes, death or other family disputes.  One wrong signature on a document can put your assets at significant risk.

Sound planning can shelter a great deal of those assets from the inevitable setbacks in life.  Planning helps you weather those storms.

Also, an effective estate plan can be capture significant wealth that would otherwise be lost.  By way of example, if you’re the sole owner of a business and you die without a plan, that business can be lost or sold at a fire sale.  Your hard work will either disappear to a competitor or the unscrupulous will step in to snatch the business at rock bottom prices.

An effective estate can help business prosper through a transition of ownership that will inevitably occur.  We focus on asking the right questions:

  1. Where is the value in the business?
  2. What are the options available for transition?
  3. Explore the tax implications of sale or gift.

ELDER LAW

Many clients as they approach retirement, start thinking about the larger issues.  What legacy will they leave?  Will they be a burden to loved ones?

At Correa law we focus on developing more than legal documents, we focus on developing a plan that best fits your facts and circumstances.  We work with you to answer the difficult questions such as:

  • Who will manage your bills?  If it is your spouse, what happens if your spouse is unable to do it.
  • Who will make your healthcare decisions?  If your spouse, what if your spouse is unable to perform this task.
  • Will the government take your home?
  • Where will I live?

A plan that effectively answers the foregoing concerns is the place to begin.  Then we go one step further and explore whether the key players in your circle know what to do.  We can educate all involved so that the natural transitions in life handled smoothly.

Take action, too much is at stake.  There’s no charge for an initial consultation.

BLENDED FAMILIES/DIVORCE

Estate planning for divorced and blended families is a unique balancing act of compelling needs.  When divorcing, a complete review of a will, trust, and assets is a must.  We have been involved in many cases where litigation has transpired due to a lack of effective estate planning after a divorce.

Over time, after their divorce or death of a spouse, it is common for new families to form.  This growth and evolution of a family should be celebrated.   However, one must be mindful of the unique planning results they need to be balanced.  You want to take care of your new spouse while still leaving a legacy for your children and others.  We will explore these questions together to help come up with a plan that reflects your needs.  We will explore issues and options you are likely unaware of.  We welcome the opportunity to serve you.

SPECIAL NEEDS/DISABILITY

A special needs child brings with him or her unique blessings and challenges.  I have learned from my clients that these are their most loving children.  As a parent, they want to make sure that their special needs child is taken care of upon the parents’ death or disability.

The law enables these families to preserve assets provided certain strict guidelines are followed.  By preparing a customized plan, we can help you maximize the amount of care and assets dedicated to your child.  We can leverage government benefits while supplementing those benefits with your assets.

Let us help you take care of what matters most to you.

EXECUTIVE/PROFESSIONALS

Executives and professionals face unique planning needs.  Often those individuals have extensive investment in tax deferred or retirement accounts.  As a former CPA, our principal attorney, Mario Correa, helps minimize the inevitable tax implications facing these professionals.

These are many other destroyers of wealth the professional may not be aware of.  We point out a professional’s blind spots.  We help you plan and preserve the wealth you are creating and have created over a lifetime of disciplined practice.  As the estate planning attorney for many executives, attorneys and physicians, you will find our unique approach will exceed your expectations.  Please contact our office to schedule a consultation.