What Does Estate Planning Include? Chicago Financial Advisors Explain

What Does Estate Planning Include? Chicago Financial Advisors Explain

Estate planning is often postponed until families face probate or state tax bills. In Illinois, where the estate tax exemption has remained fixed at $4 million since 2013 and the top rate stands at 16%, planning ahead determines whether wealth passes smoothly or is eroded by avoidable costs.

A Registered Investment Adviser (RIA) plays a critical role in this process. Unlike commission‑based brokers, fiduciary RIAs are legally bound to act in a client’s best interests. That duty matters when retirement portfolios, Social Security timing, and family legacies intersect.

Why Estate Planning Goes Beyond Legal Documents

Many people equate estate planning with wills, trusts, or powers of attorney. But modern estates involve far more: 401(k) balances, IRAs, taxable brokerage accounts, pensions, and healthcare provisions. Wealth transfer cannot be managed in isolation from these assets.

An integrated approach often proves more effective. For instance, delaying Social Security can boost annual benefits by up to 8% per year until age 70. Making that choice may free other assets for gifting or legacy transfers—but only when coordinated with tax and investment strategies.

Common Pitfalls Illinois Families Encounter

Several recurring issues surface in Chicagoland:

  1. Underestimating state estate tax: Illinois applies its own estate tax, separate from federal rules, and failure to account for it can trigger liabilities.
  2. Overreliance on probate: Estates that must pass through court are delayed and exposed to disputes. Revocable living trusts can reduce these risks.
  3. Disjointed advice: Legal, tax, and financial decisions often occur in silos, missing opportunities for efficiency.

The Advantage of Fiduciary Guidance

RIAs can help unify these threads. A thorough plan may use trusts to reduce taxable exposure, charitable gifting to align with personal values, and structured withdrawals to give a surviving spouse stability. The aim is clarity: ensuring a legacy flows in accordance with wishes.

Firms operating in Illinois emphasize estate and legacy planning as part of their broader retirement strategies. The same adviser monitoring income distributions can anticipate their impact on heirs. This continuity safeguards both present retirement security and future wealth transfer.

"Legacy planning is not just about leaving an inheritance—it's about safeguarding family wealth from avoidable erosion," said Anthony Pellegrino, CEO of Goldstone Financial Group. "Illinois' estate tax makes forward-looking strategies non-negotiable for families with significant assets."

For further insight, see this estate planning overview.

Planning for a Lasting Legacy

The Federal Reserve’s most recent data show that median wealth among households aged 65 and older has risen by more than 30% over the past decade. At the same time, Americans are living longer, making wealth preservation across generations a pressing concern.

In this environment, estate planning is no longer a matter of simply checking a box with a will. It requires professionals with fiduciary obligations who can weigh state tax rules, Social Security strategies, and retirement portfolios together. For Chicagoland families, that holistic view often determines whether wealth builds lasting security—or is diluted by oversight.

"Goldstone Financial Group, LLC (“GFG”) is a registered investment advisor with the U.S. Securities and Exchange Commission. Registration does not imply a certain level of skill or qualification. This material is provided for informational purposes only. Opinions expressed herein are solely those of GFG. None of the information presented in this material is intended to offer personalized investment advice and does not constitute an offer to sell or solicit any offer to buy a security or any insurance product and is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation."


Goldstone Financial Group
City: Oakbrook Terrace
Address: 18W140 Butterfield Road
Website: https://www.goldstonefinancialgroup.com/
Phone: +1 630 620 9300
Email: contactus@goldstonefg.com

Comments

Post a Comment

Popular posts from this blog

The 10 Biggest Challenges in E-Commerce in 2024

Image
Addressing the Key Challenges Facing E-commerce in 2024 Miami, FL - June 5, 2024 - As the e-commerce landscape continues to evolve, businesses are encountering a myriad of challenges that demand innovative solutions. In 2024, the e-commerce industry faces significant hurdles, including rising advertising costs, evolving customer expectations, data privacy concerns, efficient scaling, and comprehensive digital marketing strategies. Here, we explore these challenges and offer clear, actionable solutions to help businesses thrive. 1. Rising Advertising Costs Over the last three years, advertising costs on platforms like Facebook have surged. Beauty brands have seen a 30% increase, car dealerships 25%, and chiropractic offices 20%. These rising costs strain marketing budgets and necessitate more efficient ad spending. Solution: Businesses can optimize their advertising by leveraging AI-driven ad targeting and performance optimization. For example, a beauty brand that implemented AI-powered...
Read more

The 13th Annual SEO Rockstars Is Set For Its 2024 Staging: Get Your Tickets Here

Image
A Meeting of the Minds So often, digital spaces can make us feel connected without actually connecting us in a meaningful way. Even "face-to-face" video calls feel distant at times, putting up barriers and making us feel artificially separated from one another. How, then, are we meant to learn and grow as marketing professionals if that distance prevents the real, free exchange of ideas? >>>To find out how you could close that distance this November and supercharge your marketing career, visit https://seorockstars.net/ This question plagued the mind of Dori Friend, whose career in marketing has made her all but royalty among SEO professionals, for many years. As she watched the industry sprout up and take its current form, she knew that something must be done to bring together industry leaders and tackle the new digital marketing landscape before it was too late. Her efforts gave rise to perhaps one of the most significant developments in the SEO business landscape i...
Read more

5 WordPress SEO Mistakes That Cost Businesses $300+ A Day & How To Avoid Them

Image
Key Takeaways Running too many plugins slows your site and creates security vulnerabilities that drive customers away Unoptimized images can make pages take 30+ seconds to load on mobile devices Skipping regular backups risks losing your entire website and customer data permanently Cheap shared hosting limits growth by crashing during traffic spikes Outdated WordPress versions miss critical security patches and performance improvements Missing caching setup forces servers to rebuild identical pages hundreds of times daily Most business owners lose money daily through simple WordPress mistakes that take minutes to fix. Professional WordPress optimization prevents these costly errors from damaging your bottom line. Small problems like slow loading times make visitors leave before seeing your products or services. Each extra second of loading time cuts conversions while hurting your search engine rankings. Why WordPress Speed Problems Cost You Customers Your website needs to load fast, o...
Read more