PHM Law, LLC is an Illinois law firm that focuses on estate planning, probate and estate administration, and trust administration. PHM believes in the protection and preservation of your future. At PHM, the focus is to bring structure and proper guidance to the planning and organization of the legacy you will leave behind.
Take the burden off of those who are close to you by creating a plan that determines how you want your belongings to be distributed. If you have lost a loved one, PHM is here to provide peace of mind for you and your family. At PHM, your case will be handled with exemplary diligence and personal attention.
Take the burden off of those who are close to you by creating a plan that determines how you want your belongings to be distributed. If you have lost a loved one, PHM is here to provide peace of mind for you and your family. At PHM, your case will be handled with exemplary diligence and personal attention.
Services
Simply put, an estate plan is a set of instructions that dictates what will happen to your real and personal property and how your loved ones will be cared for upon your death. You do not have to be wealthy to have an estate plan. Having an estate plan gives you control of how you want your assets distributed.
When someone passes with only a will or even without a will, a probate estate may need to be open. What this means is that in order for assets to transfer to the proper beneficiaries, some court involvement may be necessary depending on the complexity of the decedent's family structure, assets, and estate plan.
When a person dies with a trust, several things will happen all at once. The beneficiaries will begin to wonder about the "where" and "when" regarding their distributions and trustees will be left to "figure it all out". No one is born as a trustee and many people do not have to experience being a trustee during their lives.
Planning for your own future is just as important as planning for your family's future. Long-term care planning allows you to assess what your ultimate goals are for your mental, social, physical, and financial well-being as you age or as your conditions change. Planning for the long-term allows you to decide how you want to embrace the latter part of your life.
Estate tax and gift tax planning can help you maximize and preserve your wealth. While the federal estate tax exemptions are fairly generous, $11.58 million per individual, Illinois' estate tax exemption is only $4 million. This means that if you have in excess of of $4M, then your estate, the assets that are in your name upon death, may be subject to estate tax.
