Are Avoiding Probate and Estate Tax Issues Priorities for You?
Many people we assist at Molohon, Sandquist & James, LLP, have important questions about estate planning. One of the most common is whether a trust is right for them. You may have spoken with a friend or relative who has established a trust or heard that a trust will allow your surviving family members to avoid probate costs and complications, to cite two common scenarios.
Providing Clear Information on Trust Benefits, Requirements and Costs
Although trusts are not necessary for everyone, they can have extremely valuable benefits if properly set up, managed and maintained. Benefits of the right type of trust may include:
- A moderate investment of time, thought and money now can allow your heirs to avoid probate, making administering your estate much simpler and less costly.
- Trusts can be extremely useful for avoiding estate taxes if you have substantial assets, especially given the flexibility they provide for dividing your wealth between your spouse and yourself.
- A designated successor trustee, such as an adult child, can be automatically empowered to manage your affairs should you become incapacitated.
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Assets in a trust are not part of a public record as those distributed via a will or intestate probate procedure are, enabling greater family privacy about financial affairs.
Our deeply experienced Palatine trust law attorneys will carefully assess your needs and circumstances, recommending a trust — or multiple trusts — only if the benefits are suited to your specific estate planning needs and objectives. We provide honest counsel based on extensive knowledge of current Illinois and federal laws covering estate taxation and other key issues.
In addition, our seasoned lawyers offer clear direction on the importance of timely asset transfers to guard and maximize the benefits of your trust. This includes relieving the burden on you through reminders and careful oversight by our efficient professional team. Once you form a relationship with our law firm, your interests are always a priority.
Bring Your Questions About Trusts, Probate and Estates to Our Respected Firm
To discuss whether a trust can benefit you and your family, as well as other estate planning issues, we encourage you to contact us for a prompt, free initial consultation. Our Palatine law offices are conveniently located for people in the north Chicago metro and throughout Chicagoland.
