Piercey & Associates, Ltd. highlights several key topics, including the fact that estate planning is for everyone, and not just high-net-worth individuals and families.
BARRINGTON, IL / ACCESSWIRE / February 24, 2021 /Piercey & Associates, Ltd., an acclaimed team of trust, tax, real estate, probate, business succession, guardianship, and elder law attorneys that help clients build, manage and protect their legacy, has outlined the basics of estate planning in a new feature article published by LA Progressive.
The feature article begins by dispelling an enduring and dangerous myth that has contributed to an enormous amount of financial and emotional suffering: the belief that estate planning is only for high-net-worth individuals and families.
"Estate planning is not just for the wealthy who want to mitigate estate tax and probate fees," commented a spokesperson from Piercey & Associates, Ltd., which has offices in Barrington, IL and Oak Brook, IL. "In essence, estate planning is about arranging for the proper disposition and management of an individual's estate at death, or in the event of a catastrophic injury or illness that renders an individual mentally or physically incapacitated. Virtually every adult should have an estate plan, and it should be considered mandatory for parents of minor children."
Also in the feature article, Piercey & Associates, Ltd. highlights the importance of developing a revocable living trust (RLT). This is a three-party fiduciary relationship between a grantor (who wishes to pass along assets), trustee (who governs the transfer and ensures it is handled properly and in compliance with all prevailing laws), and beneficiary (the ultimate recipient of the assets).
"The primary advantage of a RLT is that it helps avoid probate, which is typically a time consuming, complex and costly process for transferring asset ownership from a decedent to heirs," commented Kenneth Piercey, partner of Piercey & Associates, Ltd. "In addition, an RLT can provide asset and creditor protection, which is a very important consideration. When a loved one passes away, those who they leave behind should be allowed to grieve and heal, not forced to go to battle with creditors who want to seize some or all of their inheritance."
Other key topics discussed by Piercey & Associates, Ltd. in the feature article include the importance of assigning important roles - such as a trustee and an executor - to an estate plan, the value of a power of attorney (POA), and the fact that estate laws differ from state-to-state. They also point out the importance of getting outside professional estate planning help.
"It has been said that a little information is a dangerous thing, and unfortunately this is absolutely true when it comes to estate planning," commented a spokesperson from Piercey & Associates, Ltd. "Many people don't realize that the single biggest transaction they will ever be associated with is not the homes, vehicles or investments they made when they were alive - it is the transfer of their wealth after they pass away. Getting guidance, advice and support from estate planning professionals is vital."
The full text of Piercey & Associates, Ltd.'s new feature article that outlines everything to know about estate planning is available here.
About Piercey & Associates, Ltd.
Piercey & Associates, Ltd. Is an acclaimed team of trust, tax, real estate, probate, business succession, guardianship, and elder law attorneys that help clients build, manage and protect their legacy. The firm has offices in Barrington, IL and Oak Brook, IL, and has achieved a 99 percent satisfaction rating based on thousands of client surveys. It has also reduced millions in estate tax liability down to zero, and regularly eliminates probate fees for clients.
SOURCE: Piercey & Associates, Ltd.
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