If you want greater peace of mind knowing your family is protected, creating a living trust may be the security your loved ones deserve.
A living trust avoids Probate
Keeping your assets out of probate is the key reason to establish a living trust. A funded living trust will keep your assets out of the expensive court-supervised Probate process. Probate requires a court to locate and determine the value of your assets. The court will then use your estate assets to pay off any remaining bills and taxes. Finally, if there’s any value left, the court distributes the remaining assets of the estate to your beneficiaries.
Problems, like a contested will or an inability to locate records of all of the your assets, bills, and tax records, can keep your loved ones from gaining ownership of your assets. Also, probate proceedings go into the public record. When your estate is reviewed during this process, every aspect is public. Create a living trust today with the assistance of our estate planning attorney and avoid the costly, lengthy, and possibly embarrassing probate process.
A living trust can reduce your tax burden
In addition to avoiding probate, creating a living trust can also provide you with tax savings, especially if your estate is subject to death taxes, (also known estate and gift taxes). Estate taxes are imposed on property transferred in a will. In Illinois these state taxes are levied against the estate of Illinois residents whose gross estate exceeds $4,000,000.00. Federally this amount is taxed for estates that exceed $5.49 million. It is possible to avoid certain estate taxes with a living trust.
Our attorney can help you with your living trust
From a greater need for privacy, to tax benefits, and avoiding probate, a living trust allows you to choose how your assets will pass on to future generations after your passing. Learn more about how a living trust can keep your assets out of probate and reduce tax costs. Get more details on wills, revocable trusts, and irrevocable trusts by contacting the team at LaCava Law Firm, LLC in Geneva, IL for a free consultation.
Disclaimer: This blog post is provided by LaCava Law Law, LLC for informational purposes only and should not be construed as legal advice. You should consult with a local attorney regarding your specific situation.