Trusts Attorney Chicago, Illinois
Experienced Service, Comprehensive Wills and Trusts
Estate planning attorneys can use several different kinds of trusts for their clients. There are special trusts, and revocable or irrevocable trusts. An experienced estate planning lawyer can meet with you to determine which type of trust best fits your future financial goals.
At McCarthy Duffy LLP, we have been serving the Chicago area for more than 120 years. We provide you with personalized service to understand your family’s future financial needs. For more information on whether a trust is right for you, contact one of our law offices in the downtown Chicago Loop, Palos Park, or Skokie area.
Irrevocable Living Trusts
An irrevocable living trust is one where, once you place your assets into the trust, they cannot be retrieved. A revocable living trust allows you to change the assets that are placed in this trust. It is an instrument primarily used for two purposes:
- To avoid probate
- To minimize federal estate taxes
Most clients do not have enough wealth to trigger the federal estate tax, although Congress imposes ever-changing estate tax laws, so it can be difficult to predict if this will impact you. However, avoiding probate is a primary consideration for the creation of a revocable living trust. If done correctly, a trust is a law-sanctioned method of avoiding probate.
For example, in probating a will, there can be no distribution of any assets for a period of six (6) months. With a trust, assets can be distributed almost immediately. As revocable living trusts are generally created long before one’s health declines, they are less subject to being upset by allegations of undue influence or lack of capacity.
A family member, in all likelihood, will be the trustee. An experienced estate planning attorney can help you fulfill the obligations of being the trustee and assist you with the re-titling of all property involved. Failing to take the necessary precautions to follow your obligations means that the trust will be unfunded and will fail. Do not let that happen to you and your family.
For more information on how we can help you draft a trust for yourself or your family, please contact one of our estate planning attorneys for a free initial consultation.
The cost of preparing a revocable living trust is generally higher than for a will. The minimum cost is approximately $1,500 and like a will, the more complex the instrument, the higher the cost. However, in addition to the trust instrument, you will also receive a “pour-over” will, which is a will instrument designed to capture any property you have failed.
