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Elmhurst Estate Planning Attorneys | Estate Planning Lawyers, Elmhurst Illinois

Elmhurst Estate Planning Attorneys | Estate Planning Lawyers, Elmhurst Illinois

Our friendly Elmhurst estate planning attorneys will take the time to educate you on how you can use trusts, Wills, and Powers of Attorney in an affordable manner to protect your family and assets. We will help you ensure (1) that your assets are properly distributed to your loved ones when you pass; (2) that your estate will avoid the costly and time-consuming probate process; (3) that you have a guardian named for minor children; (4) that estate tax will be avoided or minimized; and (5) that an expensive guardianship proceeding will not be necessary if you become mentally incompetent. We are proud of our cost-effective rates and our hands-on client service. Please call us today at (331)253-4060 to schedule a free consultation with our Elmhurst estate planning attorneys.

Our friendly Elmhurst estate planning attorneys will take the time to educate you on how you can use trusts, Wills, and Powers of Attorney in an affordable manner to protect your family and assets. We will help you ensure (1) that your assets are properly distributed to your loved ones when you pass; (2) that your estate will avoid the costly and time-consuming probate process; (3) that you have a guardian named for minor children; (4) that estate tax will be avoided or minimized; and (5) that an expensive guardianship proceeding will not be necessary if you become mentally incompetent. We are proud of our cost-effective rates and our hands-on client service. Please call us today at (331)253-4060 to schedule a free consultation with our Elmhurst estate planning attorneys.

Our Elmhurst Estate Planning Lawyers Can Assist You With All Of Your Estate Planning Needs:

Your Community Law Firm

Why O'Flaherty Law for My

Estate Planning

Matter?

In this video, our Elmhurst Estate Planning & Administration attorney describes why O'Flaherty Law is the best choice for your estate matter.

  • We Are Affordable!  We don't base our prices on what the market will bear.  Instead, we base them on how long it typically takes us to meet with a client and prepare documents (which is not terribly long).  If we are not the most cost-effective solution for your estate plan, we would like to hear about it.
  • We Go Above-And-Beyond!  Many Estate Planning attorneys will prepare cookie-cutter forms, fail to explain them to you properly, and fail to assist you in properly funding the trust.   We take the time to fully educate you about Estate Planning, walk  you through your documents, and work with you free of charge to assist you in transferring your assets into your trust, cut through any red tape, and answer any questions you may have going forward.  
  • We Know Our Stuff!  Unlike many estate planning attorneys, we are experienced in cutting edge Estate Tax Avoidance Techniques, Special Needs Trusts, Creditor Protection Strategies, and other specialized techniques to fit your situation.  We are not selling forms, but instead providing real customized experience.    
  • We are Comprehensive!  You need an Estate Plan today, but you may need help with a different legal issue tomorrow.  Wouldn't it be nice to work with the same trusted adviser for all of your legal solutions?  At O'Flaherty Law, our team approach provides you with experienced in nearly every area of law.  Regardless of your legal needs, you will get the same trusted quality of service and continuity of care.    

Some of Our Accomplishments

Schedule a Free Consultation With Our

Elmhurst Estate Planning Attorneys

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What to Expect From a Consultation

The purpose of a free consultation is to determine whether our firm is a good fit for your legal needs. Although we often discuss expected results and costs, our attorneys do not give legal advice unless and until you choose to retain us. Although most consultations are complimentary, some may carry a charge depending on the type of matter and meeting location.

Please contact our friendly

Elmhurst Estate Planning Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Elmhurst

110 E. Schiller Street, Ste. 220B
Elmhurst
,
IL
60126
Get Directions

See below for our other locations. If our office locations are not convenient for you, we are happy to speak with you by phone.  ​​​

Hours: 9 am - 5 pm Mon - Fri

Our  Office Locations: 

Downers Grove Attorneys, Downers Grove Attorney, Downers Grove Lawyer, Downers Grove Lawyers

Downers Grove

5002 Main St, Ste. 201 Downers Grove, IL 60515

Naperville Attorney, Naperville Attorneys, Naperville Lawyers, Naperville Lawyer

Naperville

105 Jackson Avenue, Ste. 4b Naperville, IL 60540

Elmhurst Lawyer, Elmhurst Lawyers, Elmhurst Attorneys, Elmhurst Attorney

Elmhurst

​110 E. Schiller Street, Ste. 220B ​Elmhurst, IL 60126

Lake in the Hills Attorneys, Lake in the Hills Attorney, Lake in the Hills Lawyer, Lake in the Hills Lawyers

Lake in the Hills

8411 Pyott Road, Ste. 107, ​Lake in the Hills, IL 60156

Tinley Park Attorney, Tinley Park Attorneys, Tinley Park Lawyer, Tinley Park Lawyers

Tinley Park

​16557 Oak Park Avenue, Ste. B, Tinley Park, IL 60477

St. Charles Attorneys, St. Charles Lawyers, St. Charles Attorney, St. Lawyer

St. Charles

210 S Fifth St, Ste. 107B, St. Charles, IL 60174

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Meet Our Owner

Kevin O'Flaherty oversees all legal matters and is actively involved in making sure every client's case, big or small, is handled with excellence and attention to detail. He is available to contact through phone and email and his rates are available upon request.

Here's What Our Clients Have to Say:

John Paul Clancy
Says...

"Kevin and his firm, O'Flaherty Law, are friendly, efficient, knowledgeable and professional. Kevin is a master at bringing people together and sharing ideas."

Kevin Sender
Says...

"Kevin O'Flaherty and his team at O'Flaherty Law are among the friendliest and easiest to work with attorneys I've dealt with. I would suggest them to any friends or business associates."

Kevin O'Flaherty was instrumental during the purchase process of my new house. I highly recommend him and the entire firm!

An excellent client experience, I recommend O'Flaherty Law to all of my clients that have a need for consultation in family law.

DuPage Family Law AttorneyDowners Grove Estate Planning Attorney
John Paul Clancy
Says...
"Kevin and his firm, O'Flaherty Law, are friendly, efficient, knowledgeable and professional. Kevin is a master at bringing people together and sharing ideas."
DuPage Family Law AttorneyDowners Grove Estate Planning Attorney
Kevin Sender
Says...
"Kevin O'Flaherty and his team at O'Flaherty Law are among the friendliest and easiest to work with attorneys I've dealt with. I would suggest them to any friends or business associates."
DuPage Family Law AttorneyDowners Grove Estate Planning Attorney
Mike Stehlik
Says...
"Kevin and his team are my "Go To" resource for clients that need estate planning"
Kevin Koc
Says...
Kevin O'Flaherty was instrumental during the purchase process of my new house. I highly recommend him and the entire firm!
Stephen Petersen
Says...
An excellent client experience, I recommend O'Flaherty Law to all of my clients that have a need for consultation in family law.
Troy Golden
Says...
Kevin is an excellent attorney. He helped me incorporate by business and provides legal counsel as need. I highly recommend him.

Click here for Videos, Podcasts, and Articles by our Elmhurst Estate Planning Attorneys

elmhurst trust attorney

Or Continue Scrolling Below to Browse some of our Most Helpful Articles

Can a Revocable Living Trust Avoid Estate Taxes?

In this article, we will explain the difference between revocable trusts and irrevocable trusts in Illinois.  We will answer the questions, how do trusts work?, what is the difference between a revocable living trust and an irrevocable trust?, what is a revocable living trust used for?, and what is an irrevocable trust used for?  We will also discuss how irrevocable trusts are used to protect assets from creditors, to plan for long-term care, and to minimize estate tax.

Read More
will lawyer elmhurst illinois

In this article, we will explain the difference between revocable trusts and irrevocable trusts in Illinois.  We will answer the questions, how do trusts work?, what is the difference between a revocable living trust and an irrevocable trust?, what is a revocable living trust used for?, and what is an irrevocable trust used for?  We will also discuss how irrevocable trusts are used to protect assets from creditors, to plan for long-term care, and to minimize estate tax.

Read More

5 Documents In A Typical Estate Plan

elmhurst estate planning lawyer

In this Learn About Law podcast & videoblog, Elmhurst Estate Planning & Administration attorney Kevin O'Flaherty of O'Flaherty Law discusses the 8 Goals Of A Good Estate Plan.

elmhurst estate planning lawyer
  1. Revocable Living Trust: A Revocable Living Trust will set forth your wishes as to the distribution of your assets and ensure that when you pass away your estate does not go through probate. 
  2. Pour-Over Will: Your Pour-Over Will is where you can name a guardian for minor children.  It also provides that, if for some reason, probate becomes necessary, the wishes that you set forth in your trust will control the probate estate.
  3. Healthcare Power of Atorney: Your Healthcare Power of Attorney will appoint someone you trust to be the guardian of your person and make major life and healthcare decisions for you if you become mentally incompetent.  
  4. Financial Power of Attorney: The Financial Power of Attorney will allow your spouse or other loved ones to make financial and legal decisions on your behalf if you become mentally incompetent.  Together with a Healthcare Power of Attorney, it will make a costly guardianship proceeding unnecessary. 
  5. Living Will: If you have a Living Will in your medical file, you have ordered your doctor to terminate life support if you are in an irreversible coma, alleviating the emotional burden on your loved ones. 

Read more from our Elmhurst Estate planning lawyers explaining the 8 goals of a good estate plan.

Why Should I Have an Estate Plan?

Estate Planning is not a one-size-fits-all proposition.  Our friendly Elmhurst estate planning attorneys will take the time to understand your situation, discuss your goals, and come up with a strategy narrowly tailored to your needs. There are some benefits to estate planning that apply to nearly everyone, regardless of your level of wealth or special circumstances.  We will explain to you which documents can accomplish what you need for YOUR family.  ​

Read the full article by our Elmhurst estate planning attorneys explaining the key documents to include in your estate plan.

Elmhurst estate planning attorney Kevin O'Flaherty discusses the importance of having an Estate plan when you have children.

estate planning attorney elmhurst illinois

Estate Planning is not a one-size-fits-all proposition.  Our friendly Elmhurst estate planning attorneys will take the time to understand your situation, discuss your goals, and come up with a strategy narrowly tailored to your needs. There are some benefits to estate planning that apply to nearly everyone, regardless of your level of wealth or special circumstances.  We will explain to you which documents can accomplish what you need for YOUR family.  ​

Read the full article by our Elmhurst estate planning attorneys explaining the key documents to include in your estate plan.

Typical Goals of a Good Estate Plan

Elmhurst estate planning lawyer Kevin O'Flaherty explains how we use revocable living trusts to avoid costly probate.

elmhurst estate planning lawyer
estate planning lawyer elmhurst il

Here are a few benefits of an estate plan that are common to most individuals and families:

  • Probate Avoidance: Probate is a court case to oversee the distribution of your assets when you pass away.  It costs 5% to 10% of the value of your estate in attorney fees.  There are also significant court costs.  Often more importantly, if your estate goes through probate, your loved ones won't have access to your assets for at least a year, while the case is pending.  It is also a major headache for your family, at a time when they can least afford such a time-consuming distraction.  Probate is typically necessary if you do not have a proper estate plan in place at the time of your death.  A proper estate plan will ensure that your estate does not go through probate.  With a good estate plan in place, your loved ones will be able to distribute your assets easily, immediately, and without paying an attorney or court costs.
  • Distribution of Assets to the Right People by thev Right People: No matter how complex your wishes, our Elmhurst estate planning lawyers will make sure that they are accomplished.  We make sure that your assets will be distributed exactly according to your wishes, by a loved one or fiduciary that you trust.  With the right estate plan, you can also control how your assets are handled for years after you pass.  For example, we can ensure that a lump sum inheritance is not dropped in the lap of a young adult not responsible enough to handle it, but is rather released by your trustee over time as your children reach certain ages.  If you are divorced with a minor child, we can make sure that your ex-spouse does not receive your assets as guardian of your child, but that instead the assets will be managed by the child's benefit by someone you trust. 
  • Naming a Guardian for Minor Children:  For young families, the most important aspect of their estate plan is naming the right person to raise their children should they be unable to do so themselves.  This is not a decision you want to leave up to chance in a costly and time-consuming guardianship proceeding. 
  • Avoiding a Guardianship Proceeding Should You Become Mentally IncompetentIf you become mentally incompetent through accident, disease, or old age, a guardianship proceeding will be necessary to allow your loved ones to manage your personal and financial affairs.  Guardianship proceedings are expensive, requiring significant attorney fees and court costs at a time when your family will need every penny to provide for your care.  Guardianship proceedings also take approximately 6 months.  During this time, your family will be in limbo, and unable to act on your behalf.  It can also be a very painful experience for your loved ones.  Fortunately, by executing a financial and healthcare power of attorney while you are still mentally competent, you can name your own guardian in advance, avoiding the cost, time and headache for your loved ones of a guardianship proceeding. 
  • End of Life Instruction: Our Elmhurst estate planning lawyers will help you alleviate the emotional burden on your family of making end of life decisions.  In a good estate plan, you can make these decisions ahead of time and make your wishes clear.  This can avoid disputes between family members, and remove the feeling of guilt that can occur when your loved ones are forced to make these decisions without guidance. 

                     Read more from our Elmhurst estate planning attorneys regarding the 8 goals of a good estate plan. 

Specialized Estate Planning Goals

Many of our clients have special circumstances requiring the knowledge that only an experienced estate planning attorney can provide.  Many estate planning lawyers do not have the experience necessary to accomplish these goals, but we do:

Estate Tax Avoidance: You worked hard over your lifetime to build wealth for your family.  When you pass, you want your loved ones to receive the fruits of your labors, not the government.  Without a proper estate plan, state and federal estate tax can consume at least 35% of the value of your estate, depriving your loved ones of these assets.  Our experienced Elmhurst estate planning attorneys can help you create an individualized strategy to completely avoid estate tax when you pass.  We will work with you to exercise every avenue available under the law to minimize your estate tax exposure and ensure that your family receives the benefits of your hard work. 

Protection of Assets from Creditors: If you are in a profession with high liability, our Elmhurst estate planning lawyers will use irrevocable trusts, family limited partnerships, and life estate deeds to make sure that creditors cannot come after your most valuable assets.  If you are ever sued, we can ensure that your home and your wealth stay in your family where they belong.

 Medicaid & Long-Term Care Planning: If you or your parent are facing the prospect of long-term care, you can apply for Medicaid benefits to cover the exorbitant costs associated with such care.  Did you know that in order to receive Medicaid benefits, you are required to first spend down your own assets?  You will have to show that you have less than $2,000.00 in total assets before being eligible for Medicaid.  Our experienced Elmhurst elder law attorneys can use life estate deeds and irrevocable trusts to help you become eligible for Medicaid benefits while keeping your assets in your family and retaining the right to possession of your home.  We can also help you protect these assets from collection by the government to satisfy your long-term care bills after you pass.  You should be aware that Medicaid planning should begin at least 5 years before you apply for Medicaid, in order to maximize your options. 

Special Needs Planning:  If you or your child are disabled and receiving government benefits from Medicaid or social security, there are limits on how much income you can take in and the dollar amount of assets you can accrue without negatively affecting these benefits.  Through supplemental needs trusts, our Elmhurst special needs attorneys can allow you to earn an income, accumulate savings, receive gifts & inheritances, and maintain a decent standard of living without making you ineligible for your government benefits.  If you are the parent of a special needs child, your child's supplemental needs trust should be incorporated into your own estate plan to ensure that any inheritance they receive will not deprive them of their government benefits. 

Unlike many estate planning attorneys, our Elmhurst estate planning attorneys have the experience and skill necessary to accomplish your individualized goals, whatever they may be.   ​Read more from our Elmhurst estate planning attorneys regarding the 8 goals of a good estate plan. ​

​Is A Trust Appropriate For Me?

Many people have the misconception that Revocable Living Trusts are only for the wealthy.  In fact, Revocable Living Trusts are appropriate for most families, either instead of or in addition to a will.  You are a good candidate for a Revocable Living Trust if:

You own your home or condo, even if there is a mortgage: 

A trust will keep your estate out of a costly and time-consuming probate case.  A will won't.You have more than $100,000.00 in total assets: Again, a trust will keep your estate out of probate, while a will won't. You are a divorcee with a minor child: A trust will allow you to appoint someone you trust to manage your assets for the benefit of your child until he or she reaches adulthood, rather than have your ex-spouse gain control of the assets as your child's guardian. You have young children or young adult children who you do not want to receive a lump sum inheritance at your death:  A trust will allow you to appoint someone you trust to oversee the assets for your children's benefit, and retain discretion to make payments from the trust funds until your children reach certain ages, specified by you.  If you have a will or no estate plan at all, the assets will simply be distributed in a lump sum upon your death.

Further Reading from our

Elmhurst Estate Planning Attorneys

elmhurst will and trust attorney