Estate Planning Attorneys in Naperville

There are many metro Chicago and Naperville-Joliet area lawyers offering estate planning services, and even acceptable “do-it-yourself” services for people with the most basic needs. While we emphasize efficiency and practical solutions at Demetrius J. Karos, Ltd., our founding attorney’s credentials and experience set us apart from many other firms.

If you need to create an estate plan or update your existing estate plan, we are here for you. Contact us online or by phone at 815-534-4402 to schedule a consultation.

Comprehensive Estate Planning Services

If you have concerns involving tax consequences of various estate planning options, probate avoidance to protect your heirs, charitable giving or other potentially complex issues, a consultation with Mr. Karos and Mrs. Karos Shiple may be the ideal step. They are widely respected tax lawyers as well as experienced estate planners. Additionally, Mr. Karos is a CPA and holds a Master of Science in taxation.

Leveraging this wide-ranging experience and knowledge, our firm is an outstanding resource for:

• Drafting of wills, trusts and health care directives ideally suited to our clients’ individual needs and goals
• Reliable legal guidance and representation in every aspect of the probate process or trust administration compliant with all applicable laws

Accountants, financial advisers and attorneys focused on other areas of law throughout the Chicago metro frequently refer clients with sophisticated estate planning and probate needs to our firm. You can turn to our firm with confidence that we will put your interests first and strive to make your experience as positive and painless as possible.

The Risks of Failing To Update Your Estate Plan

The importance of regularly updating your estate plans cannot be understated. You never know when they will come into play, and you do not want to have a situation where your estate plans do not reflect your current wishes.

Reviewing your estate plans every couple of years or after major life events like a divorce or the death or birth of a close family member is crucial. Here are some things that could go wrong when you do not keep your estate plans current.

• It could create unnecessary conflict among your loved ones
  Think of all the confusion you would leave in your wake if you bequeath a portion of your estate to a deceased beneficiary or left out some of your children in a will. This is a real possibility when you do not update your estate plans, which may lead to disagreements among your loved ones and increase the risk of a will contest.

• Your assets may not be distributed as you would have wished
  If you fail to update your estate plans and leave out newly acquired assets in your will, the state’s intestate succession laws will determine how they will be distributed. The outcome may be contrary to your intentions, and little can be done to change this.

• Your estate may be subject to unnecessary taxes
  Estate tax laws change frequently, and failing to update your estate plans can result in unnecessary taxes being imposed on your estate. By updating your estate plans, you can take advantage of current tax laws and reduce the tax burden on your estate.

We Help You Avoid These Estate Planning Mistakes

One of the biggest estate planning mistakes that someone can make is not having an estate plan at all. This can lead to a huge legal battle that can be expensive and time-consuming. Instead of leaving everything for your loved ones to figure out, you should take the time to get the plan together. 

While we are helping you create your estate plan, we make sure that you don’t make any of these common mistakes. Each one of these can negatively impact your loved ones. 

• Naming an executor who can’t handle the duty
  The executor of your estate has a lot of responsibility. They have to locate assets and heirs, file the will, and pay the taxes for the estate. Other responsibilities might also be present so be sure that your executor can handle the duties that are present in your case.
• Failing to use gifting to control estate taxes
  Gifting is a way to reduce the value of the estate so that your heirs don’t have to pay high estate taxes. This is only a consideration for estates that have a high value. If you’re married, you and your spouse can each present gifts to family members and friends. There are some limits to how much you can gift, so be sure to talk to someone familiar with these situations so you can find out how much you’re allowed to gift.

At Demetrius J. Karos, Ltd., we will learn what goals you have for your estate plan. We help you get everything set up for your estate plan so your loved ones can just follow the plan can help them to get things done while they’re grieving. 

Plan For The Future With Our Help

If you would like to work with a Naperville or Joliet area estate planning lawyer equipped to thoroughly analyze your financial situation and opportunities to protect and preserve assets, we encourage you to arrange a consultation at a time that works for you. Call 815-534-4402.