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Kevin's firm handled setting up my will and trust recently. They took something that seemed intimidating and made it easy to understand. I've also referred a couple clients to Kevin - he's trustworthy, approachable and very fairly priced.
"I've used Kevin and his firm's services since 2011. He gave undivided attention to my cases, advised me on different options and..."
"Kevin was extremely professional, responsive and knowledgeable when I came to him for help. I would definitely recommend O'Flaherty Law!"
Choosing the right law firm can change everything. At O’Flaherty Law, we pride ourselves on transparency, responsiveness, and personalized care. See how we compare to the industry standard.
Our highly-skilled Lincoln Park estate tax attorneys will thoroughly manage your advanced estate tax planning needs to help you minimize, or potentially eliminate estate taxes from your estate. Not only can we assist you in customizing a new plan aimed at reducing your estate taxes but we can also can help with your existing estate plans in order to further mitigate costs.
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Please contact our friendly lawyers to Schedule a Consultation.
The purpose of a 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.
Schedule a ConsultationLearn More About The Firm1941 N. Elston Ave., Ste. A
Chicago, IL 60642
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I am personally committed to ensuring that each one of our clients receives the highest level of client service from our team. Our mission is to provide excellent legal work in a cost-effective manner while maintaining open lines of communication between our clients and their attorneys. Many of our clients are going through difficult times in their lives when they reach out to us. They should feel comfortable leaning on the experience and knowledge of our attorneys as their counselors and advocates. We are here to help!
In this article, our Lincoln Park estate tax attorneys uncover some of the tools available that help to reduce taxes on Chicago estates by using irrevocable trusts. Federal and state estate taxes are placed on the assets of a deceased individual over and above that individual’s lifetime gift and estate tax exclusion limit.
An individual who seeks to reduce the amount of taxable assets in their estate can transfer ownership of existing life insurance policies to an irrevocable trust or create the trust and transfer assets and money into it.
Gift taxes are taxes levied on certain gifts made. These taxes are applied to the giver and not the recipient of the gift. These taxes are applied only if it is over the federal exclusion amount and the person giving it has used their lifetime exclusion. In this article, our Lincoln Park estate tax attorneys outline gift taxes in Illinois, as well as on the federal level, and answer questions including:
In this article, our Lincoln Park estate tax attorneys explain:
These are all similar types of irrevocable trusts that can be used in sophisticated estate plans that assists in receiving assets from a taxable estate while also allowing it to receive a monetary benefit from assets during the plans' lifetime.
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