Life Insurance Trust Lawyer in DuPage County
Strategies to Help Clients in Western Cook County Minimize Their Tax Liability
Life insurance is one of the most oversold products in America. Few people wouldn’t want to protect their family with millions of dollars of coverage for just a few hundred dollars each month. The problem is that once a settlement is paid out, people can also be forced into an estate tax right away and lose everything they had been funding. At AvoidProbate, our DuPage County life insurance trust attorney can help you find solutions that protect the well-being of your family for years to come.
What Is a Life Insurance Trust?
Irrevocable Life Insurance Trusts (ILITs) are valuable estate planning tools that can reduce or eliminate the estate tax by keeping life insurance settlements out of your gross estate. The process is simple, involving simply signing a document which names your spouse as trustee and the kids as beneficiaries.
Your insurance agent can help with the change of registration and the change of beneficiary, then AvoidProbate can draft the document and make sure you understand everything about the agreement you will be making. A trust is a legal vehicle protected from being taxed, meaning that your family’s resources will be protected once the life insurance settlement is paid out.
Schedule Your Free Consultation
Specialized trusts like these can be confusing for those unfamiliar with how they work. AvoidProbate can provide you with a basic overview of our services and how they can help you protect your family’s assets. We offer flat-fee pricing so that you can get precisely what you need without paying more than you have to.
Get started on your life insurance trust by calling (708) 367-3272 now.