Chicago Wealth Preservation Attorney
At MacDonald, Lee & Senechalle, we believe that everyone has the right and the capacity to protect their assets in accordance with their interests. You should be able to rest easy, knowing that your finances are protected from unexpected creditors, draconian taxes, and unscrupulous litigants. If you become incapacitated or if you pass away, you want to ensure that your assets are properly organized such that you and your family are well taken care of. Our experienced wealth preservation attorneys are ready to help you set up the brightest financial future for yourself and your loved ones.
Asset Protection vs. Wealth Preservation
Asset protection and wealth preservation are two equally-important facets of estate planning. They share some similarities, but they are not identical. Asset protection is how you protect your assets from collection by creditors, predatory litigation, and other potential heirs who are not named as beneficiaries. Asset protection ensures that your property winds up in the right hands per your desires by way of trusts, partnerships, LLCs, and other legal estate planning strategies.
Wealth preservation, on the other hand, is more focused on growing your wealth at a sustainable rate while carefully avoiding the most adverse tax consequences. Wealth preservation is meant to reduce applicable income, estate and other taxes, and avoid any unexpected adverse financial outcomes when your wealth is transferred or distributed during or after your life.
The wealth preservation attorneys at MacDonald, Lee & Senechalle utilize our deep understanding of tax and financial law, in conjunction with accountants and other financial professionals, to ensure that your assets are preserved in a manner that generates and protects the most wealth for you and your family while minimizing the tax burden.
Methods of Wealth Preservation
At MacDonald, Lee & Senechalle, we will use all of the estate planning tools available under the law to protect your wealth from unjust collection efforts by creditors, the government, or any other parties. When you become incapacitated or pass away, you want to be sure that your wealth is in the right hands, growing as much as possible while avoiding being subject to onerous death taxes on the back end. Our estate planning attorneys have a wealth of knowledge about state and federal tax and estate laws, the economy, and personal financial management, and we will bring all of that knowledge to bear in helping you engage in the most effective estate planning.
We will consult with you and your financial agents to determine the approach best-suited for preserving your wealth, including but not limited to the following estate planning means:
- Trusts and wills
- Financial powers of attorney
- Tax-efficient transfers of wealth, including family gifts and grantor retained annuity trusts
- Life insurance policies and trusts
- Irrevocable trusts
- Guardianships
- Creation of LLCs, partnerships, and other legal entities among family members
- Proper segregation of assets
- Charitable trusts and other charitable giving strategies
- Business succession planning
- Generation-skipping and other dynasty trusts
We will help you prepare your estate plan at the outset and help you and your family administer trusts and estates throughout the process. We are ready to help draft legal instruments, prepare tax returns, and advocate on behalf of you and your family in probate matters, trust controversies, and estate and tax audits by federal and state officials.
Wealth Preservation is Possible with the Right Kind of Legal Help
Contact the experienced, compassionate, and detail-oriented wealth preservation lawyers at MacDonald, Lee & Senechalle for a consultation, in Hoffman Estates at 847-310-0025, and in Des Plaines at 847-298-5030.
