DuPage County Trust Lawyer
Legal Counsel for Families throughout DuPage and Western Cook County, IL
Trusts are a great way to legally protect your assets from probate following your passing. They are tax-free vehicles that let you set funds aside for certain expenses, helping you to reduce your overall net worth and ensure the causes you are funding will have what they need for years to come.
At AvoidProbate, a DuPage County trust attorney can guide you through the process and help you make wise decisions about protecting your estate.
Types of Specialized Trusts Available
Probate can devastate a family’s estate if the proper steps are not taken to protect against it. When a trust is founded, it constitutes a legal outline of how funds and assets are to be used, thus ensuring that they cannot be used to pay off debts or taxes at the founder’s passing. Assets such as real estate property and personal property can be protected by a trust.
However, the process of creating and managing a trust can be complicated, and if the trust is not properly created, it may not protect you at all. When drafting a trust document, it is important to enlist the help an attorney with experience in this complex area of law.
AvoidProbate serves clients needing assistance with trusts such as:
- Special needs trusts: If your loved one has a disability, it can be complicated to pass on assets without compromising their access to government benefits. A special needs trust can help you maximize your inheritance to your loved one while still preserving their assistance.
- Minor's trusts: Custodial accounts are great if you want to give a child a few thousand dollars, but if you want to give more than that, the money should go into a minor's trust instead.
- Pet trusts: You can ensure your pets' wellbeing in your estate plan. Add a pet trust and name a caretaker in your revocable living trust.
- Life insurance trusts: Life insurance can create an estate due upon your death. Reduce or eliminate the estate tax by transferring the life insurance to an irrevocable life insurance trust.
- Charitable trusts: Leave money to your favorite charity at your passing while also receiving a deduction from your income taxes now.
- Personal residence trusts: Remove your first or second home from your taxable estate by placing it in a Qualified Personal Residence Trust (QPRT).
Why Trusts Are Important
When you have a family with distinct needs, caring for them can be costly and labor-intensive. As their caretaker, you understand what needs to happen, but this may not be understood in the same way by others. A trust not only provides the money needed to hire caretakers, but it also outlines exactly how you wish for that money to be spent.
AvoidProbate offers flat-fee pricing on trust formation services to give you the information you need to get started. During your free consultation, we can answer your questions and help you name the assets that will be protected by your trust. With help from our DuPage County specialized trust attorney, you can feel confident that your interests will be upheld and protected following your passing.
Let AvoidProbate help you with your specialized trust. Reach out to our law office today at (844) 798-7878.