Welcome to the Law Offices of Alan E. Sohn Chartered

Estate Planning and Wealth Transfer

Estate planning is known as making a plan to name who you want to receive the property you own after you die. However, effective estate planning is much more than only that. It should also include:

• Instructions for passing your values to your children.
• Instructions for your care, if you become disabled.
• A guardian and a money manager for minor children.
• A plan for family members with special needs that won’t affect government benefits.
• A plan for loved ones who are irresponsible with money.
• Life insurance to provide for your family upon your death, disability insurance to replace your income, if you become disabled, and long-term care insurance, in case you are to suffer an extended illness or injury.
• Instructions for the transfer of your business.
• A plan to minimize taxes, court costs, and legal fees.

Estate planning should be an ongoing process and not just a one-time event. Your plan should be reviewed by your estate planning attorney in Chicago, IL and updated as your familial and financial situations evolve over your lifetime. A good wealth transfer attorney will also be on the lookout for any changes in the law that could cause your estate planning to become outdated.

Probate Law

Probate is the legal process through which a court oversees the distribution of assets left by a deceased individual. Assets are considered anything with value a person owns, including real and personal property or cash. The probate process is not always necessary. If the deceased individual owned bank accounts or property with another person, it’s possible that the surviving co-owner will own that property automatically. If a person dies with few assets and no real estate, their personal belongings can be distributed without the supervision of the court. If you are facing probate in Chicago, IL, you should contact a probate law attorney to guide you through the process.

Trusts

A trust is a fiduciary arrangement which allows a third party trustee to hold assets on behalf of beneficiaries. Trusts can be created in many different ways and can specify how and when the assets are to pass on to the beneficiaries. Trusts usually avoid probate, so your beneficiaries could receive your assets more quickly than they would using a will. If you use an irrevocable trust, it may not be considered part of your taxable estate, meaning fewer taxes may be due. A Chicago estate planning attorney can advise you on how to choose the right type of trust for your situation.

Privately Held Companies

A privately held company, also known as a private company, or a close corporation, is a company owned by non-governmental organizations or by a small number of shareholders, which does not sell its company stock to the general public. The company’s stock is exchanged privately. Additional terms for a privately held company include unquoted company, closely held corporation, or unlisted company. While less visible than publicly traded companies, private companies have significant importance in the world’s economy. The way you structure your privately held company matters and requires the guidance of a skilled business attorney.