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Wealth Advisors For Estate and Legacy Planning in DuPage County

Downers Grove estate and legacy plan advisor

Financial Advisors Assisting With Wills, Trusts, and Durable Powers of Attorney in the Chicago Area

If you have or plan to have children and grandchildren, or if you simply wish to leave a lasting legacy after your death, the importance of strategic wealth management can extend far beyond providing for your own needs throughout your life. When you want to preserve your wealth for your heirs, beneficiaries, and future generations, you should consider working with an experienced wealth advisor to create an estate and legacy plan.

At Brookstone Wealth Strategies, we understand how important it is for you to know that your assets are in good hands, not only for your own benefit but also for the benefit of your family and heirs. We are fiduciary, fee-based financial advisors, meaning that when you work with us, we will act in your best interest rather than our own. With more than 30 years of wealth management experience, we will help you develop a financial strategy that meets your needs, and we can refer you to an attorney who is qualified to handle the legal aspects of your estate plan.

Financial Concerns Regarding Your Estate

Preserving and protecting your assets throughout your life and after your death may require your close attention to issues including:

  • Passing on assets. It is important that you have a clear plan in place for how your assets will be distributed to your heirs and beneficiaries after your death, and that you have the necessary documents and strategies in place so that your plan is carried out as smoothly as possible.
  • Making important financial decisions. You should also identify people whom you trust to help you manage your assets and make important decisions about your finances when you are not able to, such as after your death or a situation that leaves you mentally incapacitated during your lifetime.
  • Minimizing taxes. Some methods of passing on assets can trigger gift taxes and estate taxes, which can significantly decrease the amount of your wealth available to future generations. A wealth advisor can help you develop an estate and legacy planning strategy with the goal of reducing the impact of taxes as much as possible.

Estate and Legacy Planning Strategies

A thorough estate plan includes many different pieces and strategies for preserving and passing on your wealth. Along with your estate planning attorney, we can advise you on a variety of elements of your estate and legacy plan, including:

  • Last will and testament: A will is often less complicated than other parts of an estate plan, but it is no less important when it comes to wealth management. Your will allows you to name your chosen heirs and specific assets and properties that you want to distribute to each one, so that these decisions are not left up to the state. It also allows you to name a trusted executor who can manage the distribution of your assets during the probate process.
  • Trusts: Trusts give you greater control over the distribution of your assets by allowing you to avoid probate, and they come in many different forms depending on your needs. A living trust allows you to control your assets while you are alive and name a trustee who will distribute them to your beneficiaries after your death. An irrevocable trust limits your access to assets during your life but can help protect them from creditors and estate taxes. You can also establish special kinds of trusts for charitable giving or providing for a family member's special needs.
  • Life insurance: A life insurance policy allows you to name your spouse or other dependents as beneficiaries, and it can help them cover legal costs, outstanding liabilities, and other expenses after your death so they do not have to tap into assets from your estate.
  • Durable power of attorney: A durable power of attorney for finances gives someone you trust the authority to make financial decisions on your behalf if you become incapacitated.
  • Letter of instruction: A letter of instruction can help to preserve your legacy by making your final wishes known, and providing important information to your heirs that allows them to access and manage the assets you pass on to them.

Involving your spouse, children, or future generations in financial planning strategy decisions can also help them understand your preferences for preserving your assets and your legacy when you are no longer living. We are happy to work with both you and your trusted family members.

Contact an Illinois Estate and Legacy Planning Advisor

Estate and legacy planning can begin at any point in your life, and it can be beneficial no matter how many assets you currently have to your name. Contact us at 630-741-4491 to learn how we can help you get started. We serve clients in Warrenville, Naperville, Lombard, Wheaton, Downers Grove, Batavia, Aurora, DuPage County, Kane County, and throughout Illinois and the United States.

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