Cook County · № 07Locations / Mount Prospect / Estate Planning

Estate Planning
in Mount Prospect, IL.

Your Kids & Grandkids, Covered

Make sure the people you love get what you've built.

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Estate planning isn't just for the wealthy, it's for anyone who wants to make sure their family is taken care of. Without a plan, Illinois probate courts decide who gets your assets, who takes care of your children, and how your life's work is distributed.

At our firm, we work with families across Chicago's Northern Suburbs to create estate plans that protect your legacy, minimize taxes, avoid probate, and ensure your wishes are honored.

What this looks like in Mount Prospect.

Mount Prospect estate planning centers on the essentials: revocable living trust to avoid Cook County probate, healthcare and financial powers of attorney, and beneficiary designations on retirement accounts and pension survivor benefit elections. We ensure Mount Prospect clients have current, properly executed documents that reflect their wishes and protect their family.

Median home value

$335,000

Median income

$84,000

Over 55

28% of residents

County

Cook County

Cook County considerations

The county details.

Illinois's $4 million estate tax exemption is the defining issue in Cook County estate planning, and it catches more families than expect it. A primary residence worth $1.2 million, a $1.5 million investment portfolio, and $500,000 in life insurance already totals $3.2 million, before accounting for retirement accounts. Without specific trust planning, both the federal and Illinois estate tax exemptions may not be fully utilized at the first spouse's death. An AB trust or disclaimer trust design ensures both spouses' Illinois exemptions are captured, potentially protecting up to $8 million from Illinois estate tax.

Why Mount Prospect.

Mount Prospect clients often prioritize income reliability as they approach retirement. Many have modest-to-solid retirement savings combined with Social Security and, in some cases, pension income from public sector careers. We build straightforward retirement income plans that provide certainty without overcomplicating the approach.

About Mount Prospect

Mount Prospect is a well-established Cook County suburb with an active downtown, strong community services, and a diverse mix of families and longtime residents, offering the convenience of proximity to O'Hare and Chicago while maintaining its own distinct character.

Common questions