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	A "Family Limited Partnership" can be used to own and manage your property In a similar manner to a Trust, but allowing additional tax planning techniques to be employed. Family Limited Partnerships are typically used for those who have large estates and thus have a need for specialized estate planning in order to minimize federal and state estate/death/inheritance taxes as well as provide elements of asset protection.

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	Estate Tax Returns Filed in 2001: Gross
	[1] Gross estate is shown at the value used to determine estate tax liability. The value could be determined as of the decedent's date of death or 6 months thereafter (i.e., alternate valuation method).[2] Includes U.S. territories, U.S. citizens domiciled abroad, and a small number of returns for whom State of residence was unknown.[All figures are estimates based on samples--money amounts are in thousands of dollars] in Illinois Gross estate tax purposes 5,105 Gross estate tax Amount 10,226,744 Total allowable deductions Number 5,105 Total allowable deductions Amount 4,042,403 State death tax credit Number 2,734 State death tax credit Amount 328,028 Net estate tax Number 2,560 Net estate tax Amount 1,202,108 Source: Internal Revenue Service, Statistics of Income Division, Unpublished Data, April 2003.

Our Chicago Estate Planning Attorneys can help you decide how best to transfer property, and how to resolve other personal matters including tax planning. Estate-planning lawyers can also help you with the most important part of the estate planning process: Making a will.

If you don’t have a will, the state of Chicago will control who gets your property by default. While most states have their own unique laws descent and property distribution, most states give your children priority when it comes to doling our your possessions.

State laws are modeled after what the legislature thinks most people will want to do, but whatever the laws say might not be in line with your wishes. An estate-planning lawyer can help you draft a will that explains your wishes in great detail.

Our Chicago Estate Planning Attorneys can also help you set up a trust. A trust holds your property until your death and then disperses the property according to your wishes. Trusts can can be created by your will, or the can be revocable or irrevocable.

Most parents use trusts to better prepare for their children’s needs at the time of their death.

Issues and topics related to Chicago Estate Planning include:

• Wills and Trusts
• Uniform Probate Code
• Gift Tax
• Asset Protection
• Personal Finances
• Pensions

Contact our Chicago Estate Planning attorney now to receive a professional consultation.

Chicago Audio & Video         Pensions and the Future of Savings Audio, RM, 44 Kbps, 8:46, 11/17/2004 Pension plans were once considered a good bet for a comfortable retirement -- but these days it can all seem like a gamble. Major companies are defaulting on their pensions, and it's not clear who's going to pick up the tab. We discuss the future of pensions. Source: National Public Radio

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