Updated July 21, 2015
Where do I begin Estate Planning in Chicago Illinois?
Where do I begin to plan my estate?
There are three parts of this that are consistently difficult in estate planning.
- A customer has to face their own death.
- The process is quite complicated and confusing.
- A customer has to be willing to give up some control in order to pass something like a business on to the next generation.
Any one of these things would generally be enough to stop the process. Put all of them together, and most customers will say, “Once I’m gone, someone else can worry about it.”
This is only true, if there is anything left after the government takes up to 55% of your estate after the tax credit.
Estate taxes are due 9 months after the date of death, payable in cash or check. If most of your money is tied up in your business, and in real estate, how is the family going to come up with the money to pay the estate tax? Usually its a fire sale. There goes everything that you spent your life accumulating.
The basic concept of estate planning is making sure that your assets go to your loved ones rather than the government. If you spend some time dealing with this now, it could save your estate unbelievable amounts of money and assets.
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Chris Amundson is the President of Accounting Solutions Ltd., a full service public accounting firm of Certified Public Accountants and Enrolled Agents handling the bookkeeping, accounting, tax preparation, and audit representation needs of Businesses, Estates, Trusts, and Upper Income Individuals.