Employment Law. Business Law. Estate Planning. And More.
WHO WE ARE
Boznos Law represents clients throughout the greater Chicago area in matters of business and corporate law, estate planning and succession planning, and all aspects of labor and employment law. We are more than willing to take on challenges to lead you to positive solutions in your legal matters. We communicate with clients to ensure that you understand all your options and provide honest and efficient legal advice and representation to help you secure your goals. We are transparent in all our dealings with clients so that we provide you with peace of mind, day or night. We try to resolve disputes amicably, but if going to trial becomes necessary, we will aggressively represent you to the fullest.
Through creative, highly sophisticated wealth preservation and management strategies, we can help make certain your golden years are spent in comfort; your loved ones are well taken care of, and that your enduring legacy is assured. Our primary interest is to alleviate all of your concerns.
Wills and Trusts: A Will or a Trust is a key to any estate plan. With these documents, you can set forth how you wish to distribute your property at the time of your death or disability. A properly prepared Trust Agreement may limit tax consequences as well. There are several differences between a will and a trust. If you leave your estate to your loved ones using a will, all of your assets will pass through probate. A will is a legal document that describes your intentions for your estate. Without a will, a person dies “intestate”. In that case, state law divides and distributes the estate to the surviving family members. No consideration is given under state law to how “close” such family members were to the decedent (or if they fought constantly). Contrary to popular belief, a will has absolutely no legal authority until the maker of the will dies. A will may also be required to appoint the guardians (back up parents) in the event minor children are orphaned.
A Trust is a fiduciary arrangement that allows a third party, or trustee to hold assets on behalf of a beneficiary. Since trusts usually avoid probate, your beneficiaries may gain access to those assets more quickly than they might to assets transferred using a will. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death. You can also specify the terms of a trust precisely, controlling when and to whom distributions may be made. You may also set up a revocable trust, so that the trust assets remain accessible to you during your lifetime while designating to whom the remaining assets will pass thereafter, even when there are complex issues, such as children from a previous marriage. A trust may allow assets to pass outside of probate and remain private, in addition to possibly reducing the amount lost to court fees and taxes in the process. In certain situations, a Special Needs Trust may be a workable alternative.
In certain instances, probate may be avoided as it relates to real property, through the use of a Transfer on Death Instrument (TODI).
Health Care Power of Attorney: In the event of your physical incapacity, this document can set forth your wishes as to your medical care and treatment. Without this direction, someone other than you may be making your health care decisions, even if those decisions are not what you would have wanted. If you become incapacitated, you won’t be able to manage your own health-related affairs. Many are under the mistaken impression that their spouse or adult children can automatically take over for them in case they become incapacitated. The truth is that for others to be able to manage your health care, they must petition a court to declare you legally incompetent. This process can be lengthy, costly, and stressful. everlasting A will does not take effect until you die and may be insufficient.
In addition to planning for the financial aspect of your affairs during incapacity, you should establish a plan for your medical care. The law allows you to appoint someone you trust – for example, a family member or close friend to make decisions on your behalf about medical treatment options if you lose the ability to decide for yourself. You can do this by using a durable power of attorney for health care where you designate the person to make such decisions. In addition to a power of attorney for health care, you should also have a living will that informs others of your preferred medical treatments should you become permanently unconscious or terminally ill. For your free copy of the Illinois Statutory Health Care Power of Attorney form, please click here.
Property Power Of Attorney: A Property Power of Attorney is essential in that it gives your agent instruction and authority to deal with your property in the event of a disability. Without this planning, a court may end up deciding what happens to your assets, even if it is not what you would have wanted. Your children or others may have to go to court. Even if the court appoints the person you would have chosen, they may have to come back to the court every year and show how they are spending and investing every penny. If you want your family to be able to immediately take over for you, you must designate a person or persons that you trust in proper legal documents so that they will have the authority to withdraw money from your accounts, pay bills, take distributions from your IRAs, sell stocks, and refinance your home. For your free copy of the Illinois Statutory Property Power of Attorney, click here.
Guardian Designations: If you have young children, it is important to plan for the care and maintenance of those children should you pass away prematurely. A guardian selection should take into account an individual or couple who shares your views, is financially stable and has the best interests of the children in mind, and is willing to raise them as you would have. Without these designations, it is possible your children could end up living with a family member that you wouldn’t necessarily approve of, or, in the worst-case scenario, become wards of the state. Your estate plan must address issues regarding the upbringing of your children. If your children are young, you may want to consider implementing a plan that will allow your surviving spouse to be able to devote more attention to your children, without the burden of working outside the home. You may also want to provide professional assistance and resources for your spouse and children if you believe they lack the experience or ability to handle financial and legal matters. A good plan should provide for people you’d like to manage your assets as well as the guardian you’d like to nominate for the upbringing of your children. Otherwise, the decision as to who will manage your finances and raise your children will be left to a court of law. Even if you are lucky enough to have the person or persons you would have wanted to be selected by the court, they may have undue burdens and restrictions placed on them by the court, such as having to provide annual accounting. You should give careful thought to your choice of guardian, ensuring that he or she shares the values you want to be instilled in your children. You will also want to consider the age and financial condition of a potential guardian. Make sure that your plan does not create an additional financial burden for the guardian.
If you knew you could protect the assets you are passing on to your children from their creditors, predators, divorce, lawsuits, the risk of “affluenza”, or themselves, would you want to take steps to shield everything to the maximum extent possible? The primary goal of wealth transfer should be the preservation of your values and the corresponding protection of your children. With issues today of divorce, drug, and alcohol dependence, lawsuits, and fiscal irresponsibility, you can design a plan that can give your children the support and maintenance they need while safeguarding them. Outright distributions can, and often do, have a devastating effect on the recipient. Comprehensive estate planning will ask the right questions and provide the solutions you may want and need.
Charitable Bequests – Planned Giving
Do you want to benefit a charitable organization or cause? Your estate plan can provide for such organizations in a variety of ways, either during your lifetime or at your death. Depending on how your giving plan is set up, it may also let you receive a stream of income for life, earn a higher investment yield, or reduce your capital gains or estate taxes.
Wealth Transfer Planning
A well-crafted estate plan should provide for your loved ones effectively and efficiently by avoiding guardianship during your lifetime, probate at death, estate and income taxes, and unnecessary delays. You should consult a qualified estate planning attorney to review your family and financial situation, your goals, and explain the various options available to you. Once your estate plan is in place, you will have peace of mind knowing that you have provided for yourself and your family.
There is so much more to estate planning than simply deciding on how you wish to distribute your property at the time of death. You also need to consider what will happen to your business, what will happen to your children, how will your health care decisions be made, who will manage your day-to-day property issues. The experienced attorneys at Boznos Law Office can design an Estate Plan which works best for your personal situation.
Boznos Law is a client-oriented firm, giving each client close attention and service. We want to get to know you so that we can fight for exactly what you need. Our attorneys are available to clients and always respond quickly to calls, whatever area of practice you need. Please contact us today to design the most efficient estate plan and effectively provide wealth management solutions that meet all your needs.
WE HAVE NO LIMITS
We focus on the needs of each client. We work personally with you to ensure that you receive the best possible legal attention. We keep our lines of communication open so you can always voice your concerns.
With over 30 years of legal experience, we are ready to address all your different legal issues. Whether you are just starting a business, growing rapidly, or want to plan for the future, we are here for you. When it comes to employment matters, for your employees or you, we know what it takes to get you to where you need to be.
Boznos Law is recognized as a preeminent law firm in the legal field. We have an excellent reputation among the State and Federal Courts as well as with other attorneys. We are committed to upholding these high legal standards among our peers as an aggressive advocate for you.
Professional Law Office in Naperville
Respected Practice Providing Clients with Personalized Legal Services
Boznos Law upholds the highest ethical standards in the legal profession. We fully apply our capabilities to the benefit of each client – providing quality, results-oriented legal representation. When you become a client of Attorney William Boznos, we promise to deliver.