One of the other questions I get is, what types of trusts are there? Well, there's a whole different variety of trusts with a bunch of different names, but the main ones that we'll be talking about are the revocable trust and irrevocable trust, special needs trust, and asset protection trusts.
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Can I avoid creditors by placing all of my assets into a trust? Generally, the answer is no. Once again, talking about the standard revocable living trust, that instrument in and of itself does not provide any protection from creditors. Potentially, an irrevocable trust could, but only in certain circumstances. In
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So how do I know which trust is the right trust for me in my situation? Well, that's when you call me, because I can take a look at your situation and adapt a trust to the specifics of your life. That way we can put together a game plan
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Do I need a trust if I have a modest estate? Well, that depends on the individual person. So if you have a modest estate, again, let's say something under $4 million here in Illinois, you're not going to have to worry about estate taxes. But one of the questions
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I also get asked, do I need a will if I have a trust? Well, yes, you do. Simply put, with every estate plan that we put together, we have some sort of will. When you're talking about a will that accompanies a living trust it's called a pour over will.
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One of the other questions I get asked is whether you can avoid paying any kind of taxes if you have a trust. Well here in Illinois we have an estate tax, basically a tax that's placed upon the estate of a deceased person that is around the $4 million
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What are some of the benefits of forming an Illinois trust? Well, here I'm going to limit it specifically to revocable living trusts or RLTs. The revocable living trust has some benefits in that the person putting their property into the trust upon their passing, first and foremost avoids probate.
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First off, what is a trust? Well, a trust is a document that makes a legal arrangement between you as the settlor, or you'll hear people refer to it as a grantor, where you basically put things into the trust for the benefit of another party. That party can be
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