Estate Planning Lawyer for Frankfort, Illinois

Frankfort's housing figures

The Census Bureau lists Frankfort's median value of an owner occupied home at $481,200 for 2020 to 2024. That is the highest among the nine towns on this site. The owner occupied rate is 94.8%. About 16.7% of the 21,365 residents (July 2025) are 65 or older. Source: Census QuickFacts.

A median home of that value does not mean an estate tax bill. Add the house, retirement accounts, life insurance and a business, though, and some Frankfort families get closer to the line than they expect.

The Illinois estate tax line

Illinois has its own estate tax. The statute uses an exclusion amount of $4,000,000 for people who die on or after January 1, 2013 (35 ILCS 405/2). The tax depends on the total estate, and different assets count in different ways. Jeff does not guess at it. He totals what you own, reads how it is titled, and tells you if the line matters for you. The Illinois estate tax page gives more detail.

Why a trust comes up more often

Larger estates raise questions that a will alone does not answer. Who manages money for a young adult? How are assets split among children from two marriages? A revocable living trust can answer those, and it avoids a public court file for assets placed in it. Read the will versus trust comparison before you come in.

Blended families and second marriages

When a second marriage is involved, planning matters more. Without it, a surviving spouse and children from an earlier marriage can end up with conflicting claims. Jeff drafts the papers so each person's share is written down. See blended family estate planning.

When someone from Frankfort has died

Frankfort is in Will County. Probate is filed in the county where the person lived (755 ILCS 5/5-1), which means the Will County Court House in Joliet. The claims date in the creditor notice must be at least 6 months after the first publication (755 ILCS 5/18-3), so an estate does not close overnight. The probate process page lays out the order of steps.

Retirement accounts and life insurance

Large estates often hold more in accounts than in a house. A 401(k), an IRA or a life policy passes to the person on the beneficiary form, whatever the will says. Frankfort families with a pension or long career at one employer should check that every form names a living person and a backup. Jeff reads the forms next to the will and trust so they agree.

What the tax check involves

On the first call Jeff asks for a rough total of what you own, not an appraisal. He asks about real estate, accounts, business interests and life insurance you own yourself. If the total is well under the state line, he tells you that and the plan stays simple. If it is near the line, he explains the planning options before anything is signed.

Gifts and family business interests

Frankfort owners with a family business often wonder how to pass it on. The answer depends on who works in it now, who wants it and what the rest of the family expects. A trust, a buy sell agreement or an updated operating agreement may help. Read the page on business owner estate planning and bring the entity papers to the first call.

Reviewed by Jeff McCarthy, Attorney, Inspired Law Group, 136 E 9th St, Lockport, IL 60441.