Not every family has the same financial or medical needs-so not every estate plan should look the same. At Daniel O. Hands, P.C., we understand this. That's why we work with our clients closely to create custom estate plans that address their unique concerns. Our firm is here to walk you through every step of the estate planning process. In the absence of estate planning, their estate will be distributed after death according to Illinois’s laws of intestacy. A properly drafted estate plan will replace the terms of the State’s estate plan with your own and save them from the worst of estate taxes and court costs.
Design a Comprehensive Will
Set up a Living Trust
Designate a Power of Attorney for Property and Health Care
Beneficiary Designations and Health Care Directive
If you need to administer a trust that a loved one has set up for you, you'll need an experienced probate attorney to help you. Daniel O. Hands, P.C. will walk you through the process. We can make sure that the needs of the trust are met so that you can carry out your loved one's wishes. Over many years, our team has gained the experience and expertise necessary to make this process as seamless as possible.
Assets are gather, valued and managed
Potential creditors are notified
Debts, taxes and final expenses are paid
Remaining assets are distributed according to the Trust
With the right asset protection strategies, you won't have to be afraid that you'll lose everything if something unexpected happens. Asset protection planning involves making important decisions today to protect yourself, your business and your hard-earned assets in the future. This type of legal planning is crucial for professionals and business owners. You can safeguard yourself from loss due to lawsuits, creditors or bankruptcy. Daniel O. Hands will help you learn more about asset protection strategies to ensure that your assets are safe.
Learn which assets are exempt from creditor claims according to state laws
Know how to limit your liability as much as possible in case of a lawsuit
Ensure your insurance is up to date and comprehensive enough to protect your business
Special Needs Planning
If your child has special needs, every decision you make about the future is crucial. You need to ensure that they will get the financial support and medical attention they need if you're not around. That's where special needs planning comes in. Our firm will set up an estate plan that covers your child completely-from their education to their medical expenses.
Design proper legal aid
Ensure medical care
Create a plan for financial assistance
Designate guardianship and living situation
The family element in every family business can mean the difference between its success or failure during the transfer process. The retirement, disability or death of the business owner are all common events that can trigger a business transfer. Tough questions must be asked and answered. Otherwise, a business that took decades to build can be destroyed overnight. Our strategic business planning will ensure your business is always protected.
Protect your business in the event of retirement, disability or death
Make provisions to encourage thrift and industry among children or grandchildren
Ensure the smooth transfer of your business to avoid loss of funds or management changes
At Daniel O. Hands, P.C., we encourage and assist the tradition of giving to charitable causes. In addition to the many personal rewards inherent in making a charitable gift, most gifts also provide a current charitable income tax deduction. Some charitable giving strategies also save capital gains taxes, increase income, and provide you, or whomever you designate, with an income for life. Additionally, these types of gifts may provide an estate tax deduction — an important consideration in planning your estate.
Save capital gains taxes
Increase your income
Provide you, or your designated individual, with an income for life
Receive an estate tax deduction
Medicaid and Life Care Planning
As our population ages, more of us confront elder law-related issues, whether for ourselves or our parents. One of the most pressing issues is long-term nursing home care, which usually is not covered by traditional health insurance. Depending on where you live and the level of care needed, nursing home care can cost from $35,000 to $150,000 a year. Most people end up paying for nursing home care until their personal (or family) assets are depleted, then they may qualify for Medicaid to pick up the cost. Daniel O. Hands, P.C., will design a careful plan that will help you plan for end of life care and protect your assets.
Secure long-term facility care which is not usually covered by health insurance
Avoid depletion of person (or family) assets due to nursing home costs
Protect your assets and plan for elderly care