1 N 141 County Farm Road - Suite 230, Winfield, IL  60190

Estate Planning

The Law Office of Nicole M. Bono, P.C. can customize an estate plan that meets your specific needs. From a very detailed living trust to a simple will, we will work with you to determine the appropriate estate planning documents to best meet your needs. These documents include:

Wills

A will is a document by which a person, the testator, provides for the transfer of his assets to certain beneficiaries at the time of his death. The testator will generally name one or more persons to administer or oversee that the terms of the will are carried out. The testator may also name a guardian for his minor children in the will. Whether simple or complex, the Law Office of Nicole M. Bono, P.C. can work with you to create a will that meets your needs and wishes while making sure that all the necessary formalities required to create a valid will are met.

Trusts

There are many different types of trusts available to people to meet their specific needs and desires. The Law Office of Nicole M. Bono, P.C. is available to discuss the trust options that will best fit your needs.

Living Trusts

A living trust also known as and inter vivos trust is a trust that is created during a person's lifetime in which the grantor transfers some or all of his property to the trust. There are several benefits to creating a living trust including but not limited to, ease and continuity of transfer at grantor’s death, possible avoidance of probate proceedings, and possible avoidance or deferral of taxes.

Land Trusts

A land trust is a revocable trust primarily used to hold title to real estate. It is often used for privacy and anonymity as well as for ease of transfer of real estate to one or more beneficiaries or contingent beneficiaries. In this type of trust, the grantor retains the right to direct and control the actions of the trustee.

Irrevocable Life Insurance Trusts

Commonly referred to as an “ILIT,” an irrevocable life insurance trust is an irrevocable trust that is established to own one or more policies of insurance. The purpose of creating such a trust is generally to avoid having the death benefits subjected to federal estate tax. The premiums for the insurance policies are paid for by the trustee, usually with funds contributed to the trust by the insured(s) which qualify for the gift tax annual exclusion through the use of “Crummey” powers.

Charitable Remainder Trusts

A Charitable Remainder Trust, or “CRT” is an irrevocable trust in which an individual or individuals receive a fixed dollar amount or percentage amount each year from the trust for their life or a term of years not to exceed 20 years, and, at the end of that period the trust property belongs to one or more charitable organizations. Funding with appreciated assets will usually avoid capital gain and donor will receive an immediate income tax charitable deduction for the present value of the remainder trust interest passing to charity.

Charitable Lead Trusts

A Charitable Lead Trust, or “CLT” is an irrevocable trust in which a charity or charities receive a fixed dollar amount or percentage amount each year from the trust for a term of years or for a life or lives, and, at the end of that period the trust property can revert back to the grantor or be passed to other non-charitable beneficiaries. A CLT can be used to avoid percentage limitations on income tax charitable deductions or to reduce gift or estate taxes.

Power of Attorney for Property

A power of attorney is a document that is used to appoint an agent to act on your behalf. It can be limited for use in a particular circumstance, or it can be very general as to its purpose. It can be drafted to take effect immediately upon execution, or it can be drafted to take effect on some future date or upon some future event. The Law Office of Nicole M. Bono, P.C. can provide you with a power of attorney appropriate for your specific needs, whether it be a General Durable Power of Attorney or a Power of Attorney to be used for specific transaction.

Health Care Power of Attorney

A Health Care Power of Attorney is a document used to appoint an agent to act on your behalf if you are unable to make decisions with regard to your own health and treatment. A Health Care Power of Attorney allows you to choose someone to advocate for your wishes in the event you are not capable. This allows you the ability to discuss your desires and philosophy as it relates to health care issues with your agent before any emergency situation arises so that you know your wishes will be communicated to the appropriate health care personnel if the need ever arises. The Law Office of Nicole M. Bono, P.C. is able to provide you with a Health Care Power of Attorney either alone, or as part of a more comprehensive estate plan.

Living Will

A Living Will is a type of advance directive that states what your wishes are if you should suffer an incurable disease and be otherwise unable to effectively communicate your wishes to your attending physician. It can work in conjunction with a health care power of attorney or as a stand alone document. The Law Office of Nicole M. Bono, P.C. can prepare this document for you on a rush basis if necessary, upon request.

Additional Items

Additional documents as may be required. There are many other documents that can be used in creating an effective estate plan that meets each client’s individual needs. The Law Office of Nicole M. Bono, P.C. would be glad to assist you with all of your estate planning needs and prepare the documents necessary to meet your specific desires.