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Trusts
Northern Illinois Trusts Attorney
Trusts have become an increasingly popular tool in estate plans. They offer individuals and families numerous benefits over wills, and in many situations may be the preferred primary vehicle for transferring assets. At the law firm of Boehm & Boehm, we are experienced in working with trusts and all estate planning tools. We help clients understand their estate planning options and make informed decisions while creating an estate plan.
Living Trust Estate Plans
There are numerous types of trusts that can be used in an estate plan and for general financial planning. The most commonly used trust for estate planning purposes is the revocable living trust. Assets are placed in a revocable living trust while the grantor is still alive and can be managed by the grantor (or another trustee) during that time. After the grantor's death or incapacity, a successor trustee takes control of the trust and assets are distributed among the named beneficiaries according the terms of the trust.
Trusts are more expensive and time-consuming to set up than wills, but they offer several distinct advantages including:
- Avoid probate: Trusts are not subject to the costly and time-consuming probate process, and assets can be transferred and distributed immediately.
- Incapacity planning: Your trust can make provisions for a successor trustee should you become incapacitated.
- Asset protection and tax benefits: Trusts can be designed to insulate your beneficiaries from creditors and can save your beneficiaries some tax liability
- Privacy: Avoiding the probate process allows you and your family to maintain its privacy regarding financial information.
- More flexibility: Terms of a trust can be more easily changed than terms in a will.
- More durability: It is generally harder to challenge a trust, and trusts are usually not subject to a spouse's right to renounce.
It's important to note, however, that even estate plans that center around living trusts should also include a will as a fail-safe for any assets outside of the trust.
At the law firm of Boehm & Boehm, we help clients create estate plans that uniquely address their needs and wishes for their assets and beneficiaries. Our attorney works closely with you to understand your situation and guide you down the right path to achieve your estate planning goals.
If you are interested in creating a comprehensive estate plan, contact us to discuss your situation. We will answer your questions and help you plan for the future. We assist clients in Cook County, Lake County, McHenry County and throughout Northern Illinois.
