Trust

Being a trustee means managing someone’s estate after they die. But what does that really mean? The information you are provided may not clearly define the limits or expectations of your role.  An experienced estate planning attorney can describe your legal and financial obligations as trustee, as well as the consequences for falling short. It’s…

People who seek the services of an estate planning attorney know generally about the options before them, but many get stuck on the way irrevocable and revocable trusts work. Understanding the differences can impact your estate planning decisions. An experienced estate planning attorney will help you understand how each might work for you, considering your…

Growing retirement savings through a 401(k), REIT, and other investment accounts enables many people to put away a significant nest egg. Yet it’s dismaying to learn how much of a bite is taken out of those funds by taxes, especially upon transfer to an heir. In Illinois, an estate tax of up to 16 percent…

Trusts are estate planning tools that are used in place of or in addition to wills, for legal and financial reasons. Trusts preserve a person’s (the grantor’s) assets for their heirs or beneficiaries. These accounts are classified as revocable or irrevocable. Revocable trusts can also be converted to irrevocable. It’s not unusual for people to…

Wills and living trusts are not mutually exclusive, nor does one override the other – if they are created to work together. If you’ve spent your life working hard, you want assurance that your family members will enjoy that legacy by inheriting your estate. Making that happen is the job of an estate planning attorney. …

When you’re creating an estate plan, finding ways to reduce the hassle your loved ones experience upon your death and securing your legacy can be tough. But using revocable and irrevocable trusts can help you take control of their inheritance and your final wishes for your assets. While your Illinois estate planning attorney can help…

Creating an estate plan is one of the best ways to preserve your interests and keep your loved ones’ well-being in mind. But it can involve far more than just writing a will or choosing a power of attorney. You want to account for your full estate and find ways to make inheriting your estate…

If you’re exploring the estate planning process, you’ve likely encountered two tools: wills and trusts. Both of these tools can help you distribute assets to your loved ones and chosen beneficiaries, but they work in different ways. Before you can decide if a trust is better than a will for your situation, it’s helpful to…

Planning for your loved ones’ futures is a simple way to leave a lasting legacy, and the best way to do that is to create a comprehensive estate plan. These plans can go beyond simple wills and power of attorney designations. They can also include trusts designed to simplify the inheritance process, which can be…