Estate Planning is the process where you plan how your estate will be distributed and to who upon your death. For most individuals and couples this will consist of a Revocable Trust, Pour Over Will, and Powers of Attorney for Healthcare and Property. For others, it will simply be a Will and powers of attorney.
Probate is the legal proceeding where a decedent's WIll is admitted to Probate(Testate) or a decedent's assets are administrated, without a Will (Intestate) and Letters of Office are issued to the Estate's representative who has petitioned the Court for the same. Probate usually lasts at least six months and can last much longer depending on the decedent's assets and issues involved in the estate.
It is not unusual for fiduciaries (Trustees and Executors/Administrators) to become adversaries with their Trust/Estate beneficiaries and end up being a party defendant in a Probate or Trust action in Circuit Court. Every fiduciary needs qualified counsel to advise them of their fiduciary duties to avoid ending up as a party defendant to a Trust/Estate action in Court.
This is the process of protecting, growing and preserving your assets both during your lifetime and upon your death by effectively utilizing various tax and estate planning techniques and vehicles.
This is the process of protecting your assets during your lifetime from unforeseen judgments from professional, financial and individual liabilities and lawsuits, including divorce and bankruptcy by using certain types of Trusts and limited liability entities in the context of your estate plan.
Due to my dual designation as an Attorney and a Certified Public Accountant, along with having a Masters of Science in Taxation, I consult and advise clients on a variety of tax issues and tax planning ideas to save my clients tax dollars both individually and professionally.
As a Certified Public Accountant with a Masters of Science in Taxation, in addition to being an Attorney, I have successfully represented numerous clients before the Internal Revenue Service and Illinois Department of Revenue regarding unpaid, delinquent taxes with very favorable results.
We represent owners of corporations and Limited Liability Companies. We establish and set up these corporations and LLC's for clients, including filing the Articles of Incorporation/Organization and drafting of Buy/Sell Agreements and Operating Agreements along with working with clients to keep their corporate records and books up to date.
Business Succession Planning
We represent business owners, in coordination with their own individual estate plans on having in place a business succession plan for their heirs and/or key employees.
As a service to our clients we represent them in the buying and selling of their residences and business buildings. We work with clients both with and without a realtor involved in the transaction.
Edward J. Schoen, Jr. Can Help You Achieve Your Goals.
Edward J. Schoen, Jr.
Edward J. Schoen, Jr. is the sole shareholder of Edward J. Schoen, Jr., P.C. located in Orland Park, Illinois. Mr. Schoen is a Wealth Preservation Attorney concentrating his practice in the areas of Trusts, Estates, Probate, Federal and State Income, Estate and Gift Taxation, Real Estate, Corporate Law and Asset Protection.