How Can I Protect My Assets in Illinois? - Mary Liberty

From Illinois Estate Law – How Can I Protect My Assets in Illinois? explores essential strategies Illinois residents can use to shield their wealth from lawsuits, creditors, and the probate process. This episode features insights from Chicago estate planning attorney Mary Liberty, diving into how legal tools like trusts, homestead exemptions, and business entity structures can help you preserve your legacy and secure your financial future.

We examine how Illinois’s evolving laws impact asset protection planning—particularly the major increase to the homestead exemption coming January 1, 2026, under Public Act 104-120. Discover how individuals will soon be able to protect up to $50,000 in home equity, and couples up to $100,000, dramatically increasing the ability to keep property safe from forced sale. Listeners will also learn how exemptions under 735 ILCS 5/12-901 and 5/12-1001 provide protection for personal property and primary residences across Chicago neighborhoods from the South Side to Lincoln Park.

This episode unpacks the strengths and limits of revocable and irrevocable trusts under the Illinois Trust Code, detailing how structures like third-party and asset protection trusts can help separate legal ownership from beneficial enjoyment—safeguarding your assets in the long term. We also highlight the role of retirement accounts, insurance coverage including umbrella and professional liability policies, and how proper business structures like LLCs can create vital separation between personal and business liability.

Whether you're a homeowner, business owner, or building a retirement nest egg, this conversation is packed with actionable guidance tailored to Illinois residents. Mary Liberty and the team at Illinois Estate Law bring a modern, transparent approach to estate planning, helping clients understand their legal options and build strategies that withstand legal scrutiny. Tune in and take the first step toward lasting financial protection—for yourself, your family, and your future.

Illinois Estate Law

4422 N Ravenswood Ave Suite 212, Chicago, IL 60640, United States

(312) 373-0731

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