Naperville Estate and Legacy Planning Services

Certified Financial Planner® Helping Clients Pass on Wealth to Future Generations in DuPage County

Whether you have children and grandchildren you wish to provide for, or you just want to leave behind a legacy following your death, proper wealth protection and management are critical. Strategic planning is important for meeting your own needs during your lifetime, but things often become even more complex when you start to consider future generations. The good news is that a Certified Financial Planner® from The Krajniak Group is ready to help you look toward the future.

At The Krajniak Group, we understand the security and confidence that come with knowing your wealth is being protected—not just for your own good but for that of your loved ones, heirs, and beneficiaries as well. We are wholly dedicated to putting our clients' best interests first, which means you can depend on us to help you develop a legacy planning strategy that will serve your loved ones for many years to come.

Important Estate Considerations

There are several very important issues that you will need to consider and address as you look to preserve and protect your assets during your lifetime and following your death. This typically will require the assistance of an attorney, and your financial planner should have experience as part of such a team. For most people, considerations may include:

• Passing wealth on to heirs: You will need to decide how you intend to distribute your assets to your beneficiaries and heirs upon your death. You will also need to ensure that the proper paperwork is in order so that your wishes can be carried out without problems.
• Choosing people to make important decisions: There may come a time during your life when you are unable to make decisions regarding your own finances, and you need someone else to step in and make them on your behalf. Someone will also need to be responsible for managing your estate following your death. It is crucial to choose individuals for these roles who are trustworthy, capable, and committed to serving your family's best interests.
• Reducing tax obligations: Certain methods of transferring assets can incur hefty estate taxes and gift taxes, which could dramatically reduce the amount of wealth you are passing on to your heirs. We can help you create a legacy planning strategy that keeps more of your wealth for your heirs and gives less to the government in the form of taxes.

Choosing the Best Strategies

Many people refer to an estate plan as if it is a single document. In reality, an estate or legacy plan exists in various pieces and uses various tools and instruments to carry out your wishes. At The Krajniak Group, we can connect you with a qualified estate planning attorney (we are also happy to work with an attorney you already have a relationship with) who can help draft and execute the necessary instruments to ensure your family's future is protected. Common estate planning tools include:

You are under no obligation to use the services of any of these entities referred, and may choose any qualified professional to provide legal trust services. These entities and their services are not affiliated with LPL Financial and The Krajniak Group.

• Last will and testament: A will is often the basis of one's estate plan, and it is a fairly simple document through which you can name an executor, chosen heirs, and the assets you wish for each heir to receive. By making these decisions in advance, you will not be leaving them to the state to decide during probate.
• Trusts: Various types of trusts are available to give you control over the transfer of your assets and avoid probate in most cases. Living trusts can be used to transfer assets during your lifetime, for example, and irrevocable trusts tend to offer tax advantages and protection from creditors. You can even set up trusts designed to provide for a loved one with special needs or for long-term charitable giving purposes.
• Powers of attorney: You can use a durable power of attorney to give a trusted person the legal authority to make decisions regarding your finances in the event that you become incapacitated.
• Life insurance: Life insurance policies give you the ability to name your spouse, children, or other loved ones as beneficiaries. The proceeds of a life insurance policy can be used to help with legal expenses, paying down debts, and other costs following your death so that the assets in your estate will not be depleted.
• Written instructions: An instructional letter can help with your legacy planning by clarifying your final wishes and giving relevant information to your chosen heirs. This information can help your heirs access and protect the assets you intend to leave them.
• Beneficiary designations: You may not realize that the beneficiary selected on your IRA plan will actually supersede the selections made in your trust. It's also true that, for many individuals, a trust may add expense without any real benefit. Our team can help you sift through changes you should make right away, and also create a plan that works in conjunction with your attorney's recommendations.

As you develop your estate and legacy planning strategies, you might decide that your spouse, children, and other trusted loved ones should get involved as well. Their participation can help them better understand what you are trying to accomplish in your plan and guide them in securing your legacy when you are gone. At The Krajniak Group, we look forward to working with you and your family members to create your long-term plan.

If you have more specific questions about estate and legacy planning, contact the office of The Krajniak Group in Naperville, Illinois. Call 630-364-2406 to get the answers you need from an experienced financial professional. We serve clients throughout the greater Chicago area, including DuPage County, Kane County, and Cook County.