Estate Planning

Sosin, Arnold & Schoenbeck, Ltd. has broad experience in representing clients in planning and structuring the transfer of their property over their lives and thereafter, a process commonly referred to as “estate planning”. Estate plans must accommodate a number of goals of a client, some of which often conflict and must be addressed carefully. Our clients appreciate our comprehensive and thorough approach to estate planning. We start each of our representations by crafting a custom estate plan for our client, initiate the plan by drafting appropriate estate planning instruments that address the particular needs of the client and then assist the client with funding and executing the plan to complete the process. The representation concludes with our delivery of customized digital and bound books containing the plan, detailed instructions for our client and our client’s representatives and records of the work we accomplished together. We regularly handle estate planning engagements addressing a multitude of goals, including the following:

  • Avoiding probate proceedings and simplifying estate administration.

  • Crafting appropriate business succession plans for family businesses which transfer ownership and control of those businesses in manners appropriate for the succession needs of the families and their estate and gift tax minimization goals.

  • Reducing or eliminating Illinois and federal estate taxes and generation skipping transfer taxes.

  • Structuring long-term restricted inheritances due to a beneficiary’s substance abuse habits, creditor troubles, marital instability and other reasons for which clients wish to restrict or delay a beneficiary’s inheritance.

  • Providing family members with the opportunity to further stretch the tax-deferral benefits of an IRA or other tax-deferred retirement account in a manner consistent with the client’s estate plan.

Probate and Estate Administration

Sosin, Arnold & Schoenbeck, Ltd. regularly counsels clients on the administration of estates and trusts. We represent clients in executing all aspects of administering the estate of a loved one, including:

  • Completing and filing state and federal estate tax returns.

  • Funding and implementing estate plans involving successive trusts which survive the decedent.

  • Funding, splitting and retiling IRA accounts and other tax-deferred accounts.

  • Counseling trustees and executors on their fiduciary duties and other obligations.

Contact Attorney: George L. Schoenbeck, III

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