DuPage County Specialized Trusts Attorney
Legal Counsel for Families throughout Western Cook County
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, DuPage County specialized trusts attorney can guide you through the process and help you make wise decisions about protecting your estate.
Types of 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. However, the process of doing so can be complicated, and if the trust is not properly created, it may not protect you at all.
AvoidProbate offers help with trusts such as:
- Special needs trusts: Maximize an inheritance by not jeopardizing one's access to government benefits.
- 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 love your pets like family. Why not provide for them 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.
Get started now by calling (708) 367-3272.