Itasca, IL Trusts Attorneys
DuPage County Estate Planning Lawyers
Trusts are very useful tools for transferring assets from one person to another and can be an important part of a comprehensive estate plan. There are a number of different types of trusts each with specific characteristics that can serve a purpose within an estate plan. At Pankau Law, we are experienced in working with all types of trusts. We tailor our estate planning advice to the specific needs of our clients, and we can help you determine if using a trust in your estate plan is the right legal choice for you.
Estate Planning Trusts in Illinois
The basic principle of creating a will is fairly straightforward, but establishing and funding trusts can be a complex process. It is important to have the assistance of an experienced and knowledgeable trust attorney to ensure your trusts are properly set up and provide you and your loved ones the benefits that are intended from a specific trust administration. Our attorneys are skilled in drafting trust documents that create the type of legal protections you want and need.
Trusts can be created while you are alive or upon your death as specified by your will. They offer a number of legal benefits, and most notably, they allow assets to be transferred without going through the expensive and time-consuming probate process. In some cases, trusts can also help avoid costly estate taxes and gift taxes. We will work with you to determine if a trust is appropriate for your estate plan. Our attorneys are experienced in working with a variety of different types of trusts, including:
- Irrevocable trusts – These types of trusts cannot be changed or modified once they are created but can be a valuable planning tool.
- Revocable living trusts – during the grantor’s lifetime, these trusts can be changed at any time. These trusts typically become irrevocable upon the death of the grantor.
- Special needs trusts – Designed to help maintain the comfort of someone who has qualified for government benefits, a special needs trust is established to provide the individual with additional items and comforts that are not provided by the governmental programs while at the same time not disqualifying the individual from the governmental programs.
- Charitable trusts – These trusts are created in an estate plan to benefit a specific charity upon the death of the grantor.
- IRA trusts – These are a special type of revocable or living trust that are the beneficiary of an IRA. There are certain reasons to use these trusts and they require careful planning to ensure the grantor’s intended legal wishes are carried out.
To learn more about estate planning trusts, contact us at 630-875-0500 to schedule a free consultation. One of our attorneys will meet with you, answer your questions, and discuss if and how a trust could work in your estate plan. We are conveniently located in Itasca, IL and we work with clients throughout the Chicago area, including Cook County, DuPage County, and Kane County.