Illinois Advanced Taxation and Estate Planning Lawyers

Advanced Taxation and Estate Planning in Oak Brook, Hinsdale and DuPage County

When affluent individuals die, a large portion of their assets may be subject to federal and state estate tax. The federal rate on non-exempt assets (those over a certain dollar amount) is 40 percent. The top Illinois estate tax rate is 16 percent. To ensure the bulk of your hard-earned assets are passed on to your heirs rather than the government, you need a proactive estate plan. For high-net worth individuals and those with family-owned or closely-held businesses, there are several sophisticated strategies that can be employed with the assistance of an advanced estate planning attorney.

Advanced Estate Planning: An Overview

At Cisar & Mrofka, Ltd., we have several decades of experience offering advanced taxation and estate planning for individuals and families in the Chicago area. Our attorneys counsel clients on all types of advanced asset protection strategies. We work closely with each client to fully understand their needs and customize a strategy that effectively accomplishes their goals. Our depth of experience, particularly in complex tax law, gives our clients the confidence they will receive an estate plan that minimizes tax liability and ensures their assets will go to the correct beneficiaries when they pass on.

Our advanced estate planning services include, but are not limited to:

  • Trust Administration: For high net worth individuals, there are several advantages of trusts over wills. Trusts allow for greater wealth protection and a smooth transfer of assets (within the trust) to your beneficiaries when you pass away. Revocable living trusts are typically set up to avoid probate, ensure privacy and protect your estate from court challenges. Irrevocable trusts are typically set up to protect assets, transfer wealth and reduce tax exposure. There are numerous types of trusts that can be used for specific purposes. We counsel individuals and families on setting up the proper trust to address their needs. We also provide skilled assistance with trust administration upon the death of the grantor.
  • Charitable Trusts and Foundations: Families can reduce income and estate tax liability through gifts to charity by setting up a charitable trust or private foundation. With charitable trusts, appreciated property can be added free of capital gains taxes; for example, with a charitable lead trust, you place the property into the trust, name a charity to receive income from the trust for a set number of years, then name a final beneficiary to receive any remaining funds. Charitable gift annuities are another tax reduction vehicle in which you donate a lump sum to a charity and receive fixed payments for life. Families who want to carry on philanthropic work in their names can set up a private foundation. While alive, tax-deductible donations can be made to the foundation. Upon death, an unlimited amount can be left to the foundation free of the estate tax.
  • Family/Individual Business Arrangements: Family-owned or closely held businesses need a succession plan that ensures the long-term stability of the business and reduces tax liability. Options for family business succession planning include Family Partnerships (FPs), Family Limited Liability Partnerships (LLPs), Family Limited Liability Companies (LLCs), C Corporations, and S Corporations. There are advantages and disadvantages to each entity structure, and it is best to speak with our advanced estate planning lawyers to determine which is right for your specific circumstances.
  • Advanced Taxation: In today's world businesses and individuals are faced with numerous income, excise sales, and use taxes at all levels of government. Cisar & Mrofka, Ltd., has experience in all of these areas.

Contact Our Illinois Advanced Tax and Estate Planning Attorneys at 630-530-0000630-530-0000

For a personal consultation with one of our experienced Illinois attorneys, contact our office today at 630-530-0000630-530-0000. From our offices in Oakbrook Terrace, we provide skilled counsel, advice and legal representation for clients in DuPage County, Cook County, Kane County, Will County, Kendall County, and throughout Illinois

Practice Areas

  • IAWA
  • Water Environment Federation
  • Illinois State Bar Association
  • DuPage County Bar Association
  • American Bar Association