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Estate Planning

Estate planning is important for everyone, especially business owners and high-net-worth individuals concerned about turning over their wealth to the next generation. At ZMA Legal, we are trusted legal allies for business owners, physicians, team owners, athletes, executives, private equity professionals and real estate developers in Deerfield and throughout surrounding Illinois communities. We draw upon extensive business law and estate planning experience to guide our clients through the nuances of business succession planning and determine your goals and identify strategies which accomplish your wishes.

After building a business from the ground up, owners are rightfully concerned that the transfer of assets be as smooth and efficient as possible. Without careful legal planning, assets can be lost to unnecessary taxes. Unclear direction can leave new management without a clear plan of action. With firm plans in place, however, you can lay the foundation for future success.

Full-Service Estate Planning:

  • Wills
  • Living/revocable trusts
  • Irrevocable trusts
  • Life insurance trusts
  • Charitable remainder trusts
  • Residence and land trusts
  • Family limited partnerships
  • Asset transfers
  • Powers of attorney for property and healthcare
  • Advance healthcare directives/living wills

The Situation:

Our clients were a married couple who owned a successful business with a net worth of over $40M. While our clients were careful in purchasing life insurance, they had never done any estate planning. Since their children were still young, they wanted to make certain that the business continued after their passing, and that the children continued their education and not receive a lump sum amount upon both of their passing.  The couple also wanted to leave an endowment for their favorite charity.

What We Did:

We immediately drafted wills for the couple so that there would be added protection over the state’s rules of distributing assets of someone who dies without a will. We also set up a life insurance trust to hold the proceeds of the life insurance. We named the surviving spouse as the life beneficiary and the kids as remainder beneficiaries. This means that the funds would be kept out of the surviving spouse’s estate while still allowing them to benefit from the proceeds. We also set up a trust for the children, maintaining that they could not get a full distribution of assets. The trust stipulated that the children would first get money for their educational expenses and that they would get distributions from the trust at age 25, 30 and 35.  We also created charitable trusts so that their favorite charity could continue on and receive funds even after their passing.

Estate Planning Case Study

The Situation:

Our clients were a married couple who owned a successful business with a net worth of over $40M. While our clients were careful in purchasing life insurance, they had never done any estate planning. Since their children were still young, they wanted to make certain that the business continued after their passing, and that the children continued their education and not receive a lump sum amount upon both of their passing.  The couple also wanted to leave an endowment for their favorite charity.

What We Did:

We immediately drafted wills for the couple so that there would be added protection over the state’s rules of distributing assets of someone who dies without a will. We also set up a life insurance trust to hold the proceeds of the life insurance. We named the surviving spouse as the life beneficiary and the kids as remainder beneficiaries. This means that the funds would be kept out of the surviving spouse’s estate while still allowing them to benefit from the proceeds. We also set up a trust for the children, maintaining that they could not get a full distribution of assets. The trust stipulated that the children would first get money for their educational expenses and that they would get distributions from the trust at age 25, 30 and 35.  We also created charitable trusts so that their favorite charity could continue on and receive funds even after their passing.

Estate Planning Case Study

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