CHICAGO, IL - As financial concerns and legal risks continue to grow for families and business owners, more Illinois residents are asking: How can I protect my assets? Chicago estate planning attorney Mary Liberty of Illinois Estate Law (https://www.illinoisestatelaw.com/ways-to-protect-your-assets-for-the-future/) is helping individuals and families across the state answer that question through clear, lawful, and forward-thinking planning strategies.
As a trusted Chicago estate planning attorney, Mary Liberty focuses on helping clients secure their homes, investments, and retirement funds through tools like trusts, business structuring, and homestead exemptions. These strategies are designed to keep assets safe from lawsuits, creditor claims, and probate court delays. With a major change to Illinois’s homestead exemption law set to take effect on January 1, 2026, many Illinois homeowners stand to benefit from stronger legal protections, but only if their plans are in place before legal trouble strikes.
“There’s a big difference between protecting assets and hiding them,” said Mary Liberty. “Illinois law gives residents legal tools to protect what they’ve earned, but you have to act early, before a creditor or lawsuit appears. Timing is everything.” The Chicago estate planning attorney emphasized that each protection strategy must be customized to the client’s assets, liabilities, and long-term goals.
For homeowners, especially in urban areas like Chicago, the expanded homestead exemption represents a significant shift. Mary Liberty, as a Chicago estate planning attorney, helps clients understand how to structure home ownership to benefit from these changes. Under current law, individuals can protect up to $15,000 of home equity, or $30,000 for joint owners. Starting in 2026, those limits increase to $50,000 and $100,000, respectively, providing far more protection for home equity from creditors.
Trusts are another key tool Liberty uses in asset protection plans. Illinois law allows residents to create both revocable and irrevocable trusts, depending on the level of control and protection needed. Revocable trusts allow individuals to retain control of their assets while avoiding probate, but they do not offer strong protection from creditors. On the other hand, irrevocable trusts transfer ownership of the assets and can offer stronger protection, though the transfer is permanent and must be planned carefully.
“Trusts are powerful,” said Liberty, “but the right kind of trust, and when to use it, depends entirely on the goals and risks. Some clients want privacy, some want to protect family wealth, and others want to avoid probate headaches. We walk them through each option.”
Proper business structuring is another strategy that Liberty uses to help clients limit personal liability. She works with small business owners in Chicago to choose the right legal entity, such as limited liability companies (LLCs) or corporations. These structures help separate personal assets from business debts, an important safeguard, especially for sole proprietors and general partnerships who otherwise leave their homes and savings exposed to business-related lawsuits.
Insurance coverage also plays a vital role in Liberty’s approach to asset protection. From homeowners insurance to umbrella liability policies, she helps clients build defense layers that go beyond legal structures. In a city like Chicago, where traffic accidents and business liability claims are common, adequate insurance often determines whether a family’s savings are safe.
Retirement savings are another area where Liberty provides guidance. Under both federal and Illinois law, most retirement accounts, such as 401(k)s and IRAs, are protected from creditors. However, there are exceptions for tax obligations and family law matters. Mary Liberty ensures that clients maximize contributions to these protected accounts and understand the limits of these protections.
In many cases, Mary Liberty combines several of these strategies into a cohesive plan. A Chicago couple, for example, might use an irrevocable trust to shield investment assets, an LLC to separate business risks, and updated insurance coverage to defend against unexpected claims, all while leveraging the new homestead exemption to protect their home.
Asset protection isn’t about secrecy or complexity; it’s about planning ahead within the boundaries of the law. Mary Liberty helps Chicago residents do just that. She ensures every strategy complies with Illinois law, including statutes like 735 ILCS 5/12-901 for homestead protection and 760 ILCS 3/ under the Illinois Trust Code.
Every situation is different, and Liberty stresses that there’s no one-size-fits-all solution. She reviews each client’s portfolio, identifies where they’re vulnerable, and helps them build protections that are legal, practical, and effective.
Those looking to protect their home, retirement savings, or business from future legal or financial risk can take the next step by contacting Illinois Estate Law. Mary Liberty works with clients across Chicago and the state to put protections in place before problems arise.
About Illinois Estate Law:
Illinois Estate Law provides estate planning services to individuals and families throughout the state. Led by Chicago estate planning attorney Mary Liberty, the firm helps clients protect their assets using trusts, exemptions, business planning, and more, all grounded in Illinois law.
Embeds:
Youtube Video: https://www.youtube.com/watch?v=AhewqO8HfyA
GMB: https://www.google.com/maps?cid=9094251433909375867
Email and website
Email: contact@illinoisestatelaw.com
Website: https://www.illinoisestatelaw.com/
Media Contact
Company Name: Illinois Estate Law
Contact Person: Mary Liberty
Email: Send Email
Phone: (312) 373-0731
Address:4422 N Ravenswood Ave Suite 212
City: Chicago
State: Illinois 60640
Country: United States
Website: https://www.illinoisestatelaw.com/
