Estate Planning
The CommonWealth Initiative™ is a Chicago-based financial planning and consulting firm specializing in budgeting, money management, and financial coaching. Our services are confidential, forward-thinking and affordable, with the purpose to promote financial “well-being” for the “common-good”.
CWIMONEY, Financial Planning, Financial Planner, Free Consultation, Estate Planning, Estate Planner, Business Consulting, Business Consultant, CWI, CWI University, Money, Chicago Money,
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CWI Estate Planning 2017

Why Estate Planning?

Watching a loved one slip into battle with serious illness or be involved in a serious injury can take the toll on the emotional and mental capacity of a family. The death of a loved one can be even harder to deal with. The void of having someone no longer in your life as they once were can be devastating, where your own life seems like it has stopped.

With this mental anguish and emotional uproar, the last thing you want to happen is add to a stressful situation by not having estate planning in place for you and your loved ones. From life insurance to disposition of property, having the right plan and documents in place can save you a huge headache and allow you and your family to concentrate on the most important part of times like these: consoling each other, remembering the best of times with your loved one, and healing as a family unit.

Understanding The Major Tools Of Estate Planning

Estate planning is not just about getting ready for hard times. It also has its legal and financial advantages in helping one organize and compile assets and in maximizing the use of them for you and your loved ones. It has protections and tax advantages under law in many instances. While preparing for the inevitable is a major reason to begin your estate planning, building your estate profile while you’re alive and well is equally important in making sure your assets are protected and leveraged in the way you want (and would want) them to be as a living person of sound mind and body.

Life Insurance

In the event of the death of you or your loved one, inevitably there will be expenses, loss of household income, debts, liens, etc. that linger and have to be addressed. Having life insurance, as the name implies, ensures that there is a financial cushion to bear the brunt of these sometimes-unexpected fiscal responsibilities. For generally a reasonable monthly amount, you and your loved ones can purchase a life insurance policy to hedge against the financial fall-out of a death or serious illness/injury. Some policies have even more sophisticated provisions that allow you to borrow against them for life’s purposes while you’re still alive!

Powers of Attorney

When you or a loved one somehow become temporarily or permanently incapacitated, serious and important decisions still have to be made with regard to handling specific matters. Your validly executed powers of attorney for medical and financial decisions will allow a smooth transition for your designee to step in on your behalf in accordance with your stated wishes.

Will

How we want our assets handled or disposed of, or how we want our liabilities addressed or paid for upon our death is never a no-brainer. We want to give specific items to certain people. We want certain property liquidated and proceeds divided up amongst a set of individuals. We may want trusts set up for certain assets for the benefit of individuals, or even organizations. A validly executed will can do all of this and more, and avoid your property being divided up according to how the government deems fair if you don’t have one (i.e. to die intestate). While wills still have to go through probate court, having a will, absent objection, can make the final home-going process much easier for your executor and loved ones.

Trust

Probably one of the most misunderstood and yet one of the most viable and versatile estate planning tools is the trust. Put simply, people set up trusts to transfer assets, property, etc. in the hands of the custodians (i.e. trustees) to be used and handled in accordance with the outlined wishes of Grantor(i.e. the person setting up the trust) for the benefits of the named and unnamed beneficiaries. While trusts already outline how the assets within should be handled and/or disposed of in the event of death, pour over wills are usually partnered with the documents in order to make sure that all property is accounted for upon death. One of the key reasons for setting up a trust is to avoid unnecessary costs and/or delay in having the disposition of assets and the administration of an estate be stalled by having to be processed through probate court.

CWI Estate Planning A La Carte Services

CWI recognizes that some of you may already be in various stages of setting up your estate plans. Good for you! We also recognize that you may need notary and/or execution assistance in order to make the documents valid and enforceable. The CommonWealth Initiative provides notary and execution services starting at $35 per hour, depending on the level of services that need to be provided.  Contact us!

Estate Planning is easier than you think.  Let us help you protect your loved ones.

CWI ESTATE PLANS

CWI provides affordable document assistance services for our estate planning clients. A self-directed questionnaire is used to collect information required to create attorney-prepared legal documents. Our transparent pricing model includes the drafting and delivery of initial documents. In some cases, an additional fee may be incurred for signing and execution services. During the “Q” Review, our professionals meet with clients to ensure accuracy and completeness. This important step is scheduled with your availability in mind and can be in-person or virtual

EASY AS 1-2-3-4

1. Client engagement

2. Questionnaire completion and ``Q`` Review

3. Document preparation and client review

4. Delivery and execution of documents

  • STANDARD

      • CWI Estate Plan For INDIVIDUALS
      • $999.00

      • Questionnaire “Q” Review
      • Simple Will
      • Power of Attorney – Health (IL Only)
      • Power of Attorney – Financial (IL Only)
      • Notary & Execution**
      • Asset Inventory Worksheet
      • Estimated Completion Time
        2-4 Weeks
      • Convenient payment plans are available

  • PREMIUM

      • CWI Estate Plan For INDIVIDUALS
      • $1,299.00

      • Questionnaire “Q” Review
      • Living Revocable Trust
      • Pour-Over Will
      • Power of Attorney – Health (IL Only)
      • Power of Attorney – Financial (IL Only)
      • Statement of Trust / Abstract
      • Notary & Execution**
      • Guidelines for Funding / Managing
      • Trust Document Organizer
      • Asset Inventory Worksheet
      • Estimated Completion Time
        2-4 Weeks
      • Convenient payment plans are available

  • STANDARD

      • CWI Estate Plan For COUPLES
      • $1,499.00

      • Questionnaire “Q” Review
      • 2 Reciprocal Wills
      • 2 Power of Attorneys – Health (IL Only)
      • 2 Power of Attorneys – Financial (IL Only)
      • Notary & Execution**
      • Asset Inventory Worksheet
      • Estimated Completion Time
        2-4 Weeks
      • Convenient payment plans are available

  • PREMIUM

      • CWI Estate Plan For COUPLES
      • $1,699.00

      • Questionnaire “Q” Review
      • Living Revocable Trust Indenture
      • 2 Pour-Over Wills
      • 2 Power of Attorneys – Health (IL Only)
      • 2 Power of Attorneys – Financial (IL Only)
      • Statement of Trust / Abstract
      • Notary & Execution**
      • Guidelines for Funding / Managing
      • Trust Document Organizer
      • Asset Inventory Worksheet
      • Estimated Completion Time
        2-4 Weeks
      • Convenient payment plans are available

Estate Planning is not just for the wealthy

The popular belief is that estate planning is only for the rich and wealthy: your Rockefellers and Vanderbilts, your Oprahs and Paul McCartneys. The CommonWealth Initiative recognizes that nothing can be further from the truth for the very reasons these vehicles exist as described above exist for every individual regardless of their income bracket. While the preparation can incur a reasonably substantial cost, it can save you lot of expense and financial loss in the long run. Nevertheless, CWI, in its commitment to financial literacy and stability for the common man, has created estate plan packages that are comprehensive without emptying your pockets through our lens of “Affordability”, “Out-of-The-Box Thinking”, and “Transparency.”

Our COMMONWEALTH WAY Guarantee™

The founding principles of CWI are a part of all that we do for our clients and our community. The COMMONWEALTH WAY Guarantee™ is another protection provided to you for all estate planning services. All estate planning service documents are attorney-prepared, reviewed by a team of document scriveners, (i.e., scribes, transcribers) and legal professionals, and are subjected to a rigorous quality control process. This unique model saves on costs without sacrificing quality or compliance. CWI passes these savings to our clients who entrust us to guide them through this process.