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The Importance of an Estate Plan

Question: What is the importance of having an estate plan?Answer: A crucial role of estate planning tools, such as wills and trusts, is to minimize taxation in the transfer of assets. Creating a comprehensive estate plan also minimizes estate taxation incurred in the probate process. Many people can avoid paying estate taxes due to the State and federal exemptions, which allow a certain amount of property to transfer tax free upon ones death. The gap between the Illinois and federal exemptions makes proper estate planning all the more essential.  For more information about Illinois law, visit www.illinoislawyerfinder.com.  If you have a legal question, send it to illinoislawcolumn@isba.org.Illinois Law Now is a series of newspaper and internet posts prepared by the Illinois State Bar Association that address legal issues of interest to the public. For additional information about the law, visit http://www.illinoislawyerfinder.com/legal-faqs

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