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Illinois Estate Planning Attorneys | Estate Planning Lawyer, Illinois

Illinois Estate Planning Attorneys | Estate Planning Lawyer, Illinois

Our Illinois estate planning attorneys will work relentlessly to help with all of your estate planning and probate needs. We will work to implement your estate planning based on your needs and preferences to ensure that your loved ones are taken care of after you pass. Our experienced attorneys will learn about your goals and educate you on the estate planning documents we can use to accomplish them including revocable living trusts, wills, powers of attorney, and living wills. Our Illinois estate planning lawyers also have knowledge in estate tax planning, special needing planning, asset protection, elder law and medicaid planning.

Our Illinois estate planning attorneys will work relentlessly to help with all of your estate planning and probate needs. We will work to implement your estate planning based on your needs and preferences to ensure that your loved ones are taken care of after you pass. Our experienced attorneys will learn about your goals and educate you on the estate planning documents we can use to accomplish them including revocable living trusts, wills, powers of attorney, and living wills. Our Illinois estate planning lawyers also have knowledge in estate tax planning, special needing planning, asset protection, elder law and medicaid planning.

Our Illinois 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, Illinois estate planning attorney Kevin O'Flaherty explains the qualities to look for in your estate planning lawyer.

  • We Go Above-And-Beyond!  At O'Flaherty Law, our policy is simple.  We seek to impress our clients and believe that when we leave you feeling like you received the best representation,  you will tell your friends and family about us. This is how we build our business and start the best relationships with our clients. Our support from them has helped us achieve Avvo's Client's Choice Award for Estate Planning.  We look forward to bringing our service and dedication to excellence to bear for you and your family.
  • We Are Affordable! We pride ourselves on our affordability. We would love to hear if you find a more cost-effective solution to accomplish your estate planning needs.
  • We Know Our Stuff!  Our Illinois estate planning attorneys have the skill and experience to provide you with technical estate planning options.  Whether you just need a simple will, or need help with more complex estate planning goals such as estate tax avoidancecreditor avoidancespecial needs planning, and Medicaid planning, we tailor a solution to fit your particular needs at your price point.
  • We are Comprehensive!  Let us at O'Flaherty Law work as a team and be your community law firm.  We strive to be a resource in our community to ensure the resolution of a wide variety of legal matters. We accomplish this by retaining skillful attorneys who have experience in different areas law. This comprehensive approach ensures your representation isn't disrupted if your case requires knowledge in other areas of law.  We will be your life-long adviser and work through any legal issues that may arise along the way. 

Some of Our Accomplishments

Schedule a Free Consultation With Our

Illinois Estate Planning Attorneys

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Please contact our friendly

Illinois Estate Planning Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Downers Grove

5002 Main Street, Ste 201
Downers Grove
,
IL
60515
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 Illinois Estate Planning Attorneys

illinois trust attorney

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

Illinois Trust Administration: Selling Real Estate

In this episode of Learn About Law, we explain the responsibilities of a trustee when selling real estate after a loved one passes away. Have any questions that weren't answered here? Let us know in the comment section! Subscribe: https://www.youtube.com/channel/UCY4Q...

If you are a trustee responsible for the administration of a trust after the passing of a loved one, you have a fiduciary duty to act in the best interest of the beneficiaries of the trust, within the limitations and instructions laid out by the trust document.  

If a trust is in place and estate planning has been done properly prior to the death of the grantor of the trust, it should not be necessary to open a probate estate.  However, if the beneficiaries disagree with the actions of the trustee, the beneficiaries may open a probate case and seek to make the trustee personally liable for mismanaged assets of the estate.  

Trustee responsibility is fairly cut and dry when dealing with liquid assets like a checking account.  However, the trustee's responsibility becomes more complicated when dealing with non-liquid assets like real estate.  

When real estate is present in an estate, the trustee must first decide whether to transfer the real estate to one of the beneficiaries.  This will usually result in a reduction of the share that the beneficiary is due from the remainder of the estate's assets or a payment from the beneficiary to the estate for the value of the home.  An alternative to an insider transfer is to sell the real estate on the open market and distribute the proceeds among the beneficiaries.  

Regardless of what is to become of the real estate, I recommend that the trustee seek written approval from all of the beneficiaries of the trust prior to the transaction.   In the absence of this written approval, one or more of the beneficiaries may later claim that the real estate was sold to a third party or transferred to one of the beneficiaries for less than market value.   The beneficiary could then open a probate case and seek to hold the trustee personally liable for breach of fiduciary duty.  

For example, if the market value of a home is $400,000.00 and the Trustee sells it for $300,000.00, whether to a third party or to an insider, the trustee may be personally liable for the $100,000.00 difference between market value and sale price.  However, if the trustee has received written agreement from the beneficiaries prior to the sale, the trustee will be able to rest easy knowing that she is protected from any future liability. 

Read More
will lawyer illinois

If you are a trustee responsible for the administration of a trust after the passing of a loved one, you have a fiduciary duty to act in the best interest of the beneficiaries of the trust, within the limitations and instructions laid out by the trust document.  

If a trust is in place and estate planning has been done properly prior to the death of the grantor of the trust, it should not be necessary to open a probate estate.  However, if the beneficiaries disagree with the actions of the trustee, the beneficiaries may open a probate case and seek to make the trustee personally liable for mismanaged assets of the estate.  

Trustee responsibility is fairly cut and dry when dealing with liquid assets like a checking account.  However, the trustee's responsibility becomes more complicated when dealing with non-liquid assets like real estate.  

When real estate is present in an estate, the trustee must first decide whether to transfer the real estate to one of the beneficiaries.  This will usually result in a reduction of the share that the beneficiary is due from the remainder of the estate's assets or a payment from the beneficiary to the estate for the value of the home.  An alternative to an insider transfer is to sell the real estate on the open market and distribute the proceeds among the beneficiaries.  

Regardless of what is to become of the real estate, I recommend that the trustee seek written approval from all of the beneficiaries of the trust prior to the transaction.   In the absence of this written approval, one or more of the beneficiaries may later claim that the real estate was sold to a third party or transferred to one of the beneficiaries for less than market value.   The beneficiary could then open a probate case and seek to hold the trustee personally liable for breach of fiduciary duty.  

For example, if the market value of a home is $400,000.00 and the Trustee sells it for $300,000.00, whether to a third party or to an insider, the trustee may be personally liable for the $100,000.00 difference between market value and sale price.  However, if the trustee has received written agreement from the beneficiaries prior to the sale, the trustee will be able to rest easy knowing that she is protected from any future liability. 

Read More

The 8 Goals of A Good Estate Plan

illinois estate planning lawyer

Illinois estate planning attorney Kevin O'Flaherty outlines the 8 goals of a good estate planning.

illinois estate planning lawyer

In this article, our Illinois Estate Planning attorneys discuss some of the most common things that our clients try to accomplish with their estate plans, including:

Our Illinois estate planning lawyers go into detail regarding common considerations that surround each of these estate planning goals and the tools that we use to accomplish them such as revocable living trusts, wills, powers of attorney, living wills, grantor retained annuity trusts, special needs trusts, irrevocable life insurance trusts, and life estate deeds.

Read the article by our Illinois estate planning attorneys about the 8 Goals of a Good Estate Plan

Illinois Estate Planning Goal #1: Appointment of Fiduciaries & Distribution of Assets

Executors, Trustees, and Guardians

In this article, our Illinois estate planning attorneys discuss appointing fiduciaries and arranging for the distribution of your assets after you pass.  One purpose of an estate plan is to select people you trust to be executors or trustees to manage your estate once you pass and guardians of your person and of your estate to manage your healthcare and your finances if you become mentally incompetent.  Often the most important part of an estate plan is to name guardians for your minor children to act in the event that you are no longer able to care for them.

Read an article by our Illinois estate planning attorneys about how to use your estate plan to appoint fiduciaries. 

Using Wills and Trusts to Distribute Your Assets

In this article, our Illinois estate planning lawyers explain various strategies for ensuring that the right people receive your assets at the right time after you pass.  We discuss the differences between wills and trusts, and explain how revocable living trusts can allow you to have more long-term control over your assets after you pass, ensuring that your children are cared for financially until they reach adult hood, and allowing inheritance to be paid over the course of time as they mature to handle the financial responsibility.

Read an article by our Illinois estate planning lawyers about how to use your estate plan to arrange for the distribution of assets. 

Illinois estate planning attorney Kevin O'Flaherty discusses how to use an estate plan to appoint fiduciaries to important roles in your life.

estate planning attorney illinois

Executors, Trustees, and Guardians

In this article, our Illinois estate planning attorneys discuss appointing fiduciaries and arranging for the distribution of your assets after you pass.  One purpose of an estate plan is to select people you trust to be executors or trustees to manage your estate once you pass and guardians of your person and of your estate to manage your healthcare and your finances if you become mentally incompetent.  Often the most important part of an estate plan is to name guardians for your minor children to act in the event that you are no longer able to care for them.

Read an article by our Illinois estate planning attorneys about how to use your estate plan to appoint fiduciaries. 

Using Wills and Trusts to Distribute Your Assets

In this article, our Illinois estate planning lawyers explain various strategies for ensuring that the right people receive your assets at the right time after you pass.  We discuss the differences between wills and trusts, and explain how revocable living trusts can allow you to have more long-term control over your assets after you pass, ensuring that your children are cared for financially until they reach adult hood, and allowing inheritance to be paid over the course of time as they mature to handle the financial responsibility.

Read an article by our Illinois estate planning lawyers about how to use your estate plan to arrange for the distribution of assets. 

Illinois Estate Planning Goal #2: Probate Avoidance Upon Death

Illinois estate planning attorney, Kevin O'Flaherty, explains how to ensure that your estate avoids probate upon your death.

illinois estate planning lawyer
estate planning lawyer illinois

Our Illinois estate planning attorneys discuss revocable living trusts and how they are used to avoid probate, which can be time-consuming and costly. Probate is required in Illinois when you pass away while owning any real estate or non-real estate assets of at least $100,000.00 outside of a trust. Avoiding probate will save your loved ones time and money.  The costs of probate can be between 5% and 10% of the estate value in court and attorneys fees.  Probate also may take a year or more which causes your loved ones to wait to receive your assets.  This is why trusts act as the primary vehicle of your estate plan if you own your home.  We will ensure that your estate avoids probate and your estate will pass immediately to your loved ones without the need to hire an attorney or deal with a court case.

Read the full article by our Illinois estate planning attorneys on how to use revocable living trusts to avoid probate. 

Our Illinois Estate Planning Lawyers are Happy To Meet With You in DuPage County, Will County, McHenry County, Kane County, Kendall County, Grundy County, Kankakee County, Dekalb County, LaSalle County, at our offices in Downers Grove, Elmhurst, Naperville, Lake in the Hills, Tinley Park, St. Charles or Any Other Location Convenient To You.

Further Reading from our

Illinois Estate Planning Attorneys