Estate Planning

Our clients expect personalized attention when seeking answers to questions which create considerably concern to them. We work closely with clients to create or revise their estate plans and assure them that oftentimes their perceived concerns are really not that bad after all, so we strive to provide peace of mind. Much of the foundation of our practice is to be there when it matters most, and we try to simplify and explain the estate planning process in layman's terms, avoid complicated legal jargon and outline the step-by-step process from the initial meeting to finalization of the documentation. Through loyal client relationships for over 40 years, we are now dealing with several generations of the same family.

Oftentimes, estate plans are much less complicated than our clients first assume. On the other hand, some of our clients tend to simplify what is actually quite complicated. Our clients are oftentimes concerned about probate, probate costs, and possible complications with the process, and what alternatives are available, so we are always happy to explain those matters to their satisfaction.

Transfers of significant wealth will sometimes require discussion about the interplay of estate, income, and gift tax laws. We maximize the tax efficiency of wealth transfers to future generations, balance estate tax and income tax issues, and address liquidity concerns related to unique assets like closely held business interests. A sound estate plan has the flexibility to adjust the changing financial and family circumstances. This understanding, along with individualized client attention, allows us to deliver peace of mind to our clients with even the most intricate wealth transfer questions.

EXAMPLES OF SERVICES:

Traditional estate plans for clients utilizing wills, revocable trusts, irrevocable trusts, charitable remainder trusts, and specialized probate-avoidance devices
Wealth transfers designed to minimize tax liabilities and, at the same time, satisfy the needs of family members of successor generations
Advice regarding federal gift tax laws and preparation of federal gift tax returns
Gifts and sales of closely-held business interests, buy-sell agreements among family members or key business personnel, utilization of limited liability entities and of trusts in the transfer process
Reformation and modification of existing trust instruments, such as with non-judicial settlement agreements or "decanting" documents to respond to changes in the law or align with changing life circumstances
Asset protection advice and implementation of documents and measures to protect assets from predatory creditors and protecting assets from catastrophic illness expenses
Marital property agreements such as pre-nuptial agreements and post-nuptial agreements

Trust and Estate Administration

Questions quickly arise on how to establish inventories, marshaling and identifying the existence of estate and trust assets, creating and administering financial accountings and understanding the meaning of fiduciary duties and related responsibilities and liabilities. One of the primary factors in fiduciary litigation is the failure of an executor or trustee to properly inventory estate or trust assets and to properly account to the beneficiaries for all receipts and disbursements. The high standards of care and legal duties of persons named as fiduciaries in estate planning documents give rise to the need for experienced counsel to help guide the estate and trust administration process.

EXAMPLES OF SERVICES:

Advising trustees in the administration of trusts and compliance with the trust and probate laws and statutes, fiduciary tax laws, and compliance with the terms of trusts and wills
Advising personal representatives and executors throughout the probate process, especially in assisting with the duties to provide inventories and accountings
Preparation of estate and tax fiduciary income tax returns and related schedules and federal and state estate tax returns
Reviewing trust and estate documents on behalf of beneficiaries and advising beneficiaries and heirs of theirs rights under trust and will instruments and in the administration process

Business Services

Business governance is oftentimes painstaking and easy to set aside or be overlooked when people get busy. We have established a system for overseeing the basic tasks to continue uninterrupted protection over the years. One of the most common inquiries are premised on the best type of entity to be utilized, whether it be a corporation, LLC, limited partnership, limited liability partnership, limited liability limited partnership, or many of the other types of limited liability entities which are available today. The type of entity to be chosen may be based on objectives relating to future business succession planning, centralized management, silent partner objectives and privacy concerns. Illinois recently comprehensively amended the Limited Liability Company Act, so we are equipped to be on the cutting edge of constant changes in the laws affecting the chosen entity. We focus on helping you evaluate risks and navigate the legal issues you confront every day at a low cost.

EXAMPLES OF SERVICES:

Services relating to documentation for business formation, entity choice and ownership structuring issues
Preparation of non-disclosure, trade secret and non-competition agreements and supervisory services
Trademarks and service mark filings
Drafting governing documents and agreements between business owners
Counseling with succession planning strategies and preparing buy-sell documents and choices of options, "puts" and first rights of refusal as they relate to key-person and future family business owners
Guiding businesses through mergers and acquisitions, choice of stock or unit sales versus asset purchases and the advantages and disadvantages of both, including the drafting of sale and related transaction documents from the due diligence stage to the closing

Real Estate Services

Our office has engaged in countless real estate transactions during the last 40 years extending from residential real estate transactions to large corporate sales, leasing and end-stage capital and debt financing. The purchase and sale of real estate has become quite complicated in light of the increase in governmental regulation, so use of experienced legal counsel has never been more important. We are in a unique position to handle complicated agricultural real estate, drainage and environmental issues, and have done so for over 40 years. David Cover has maintained a satellite office in Toulon, Illinois for that period and which extends his representative geographical range for another 75 miles. We are equipped to handle representation of complicated wind farm, solar farm and transmission line contracts and easement agreements. Much of this consideration overlaps with estate and succession planning services.

EXAMPLES OF SERVICES:

Preparation of all types of real estate purchase agreements, option agreements, leases, cash rent, crop-share and variable rent farm leases and financing documents
Negotiation and preparation of wind farm, solar farm and transmission line agreements and related documents
Negotiation and preparation of documents relating to easements, drainage easements and licenses