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DuPage County Trust Preparation Attorney

Elmhurst living trust attorneys

Elmhurst, IL Trust Preparation Lawyer Serving DuPage County and Cook County

A trust is an agreement in which a trustee holds legal title to assets for a person known as the beneficiary. A living trust allows you to be named trustee over the trust, thereby maintaining complete control over your assets until your death. The primary advantage of constructing a living trust, with help from qualified Oakbrook Terrace trust preparation attorneys, is to spare your family from having to endure the financial expense and time of probate court brings. Bear in mind that a trust does not replace a will; your will provides a backup plan of sorts for any property not addressed in your trust. Once your trust is set up, new property you acquire does not automatically go into the trust. Therefore, a will can name a person to inherit property you have not disposed of in your living trust, as well as individual household items.

Trusts for Your Financial Situation

While a living trust will have little effect on federal estate taxes, a more complicated living trust—such as an AB trust—can reduce the federal estate tax, and it may be a viable option if you have a significant amount of assets. An AB trust is created when each spouse places assets into a trust. On the death of one spouse, the trust will split into two; the spouses will have named a beneficiary other than their spouse to receive their half of the assets.

In recent years, federal estate taxes have only affected estates worth more than $5 million. The Tax Cuts and Jobs Act of 2017 doubled the estate tax exemption, and currently, federal estate taxes will only apply to estates worth more than $12 million. However, this law is scheduled to sunset in 2026, and after that, the estate tax exemption will revert to $5 million (adjusted for inflation). Therefore, if your estate is worth more than $5 million, you need to discuss the options with your trust attorney. Other types of trusts include revocable trusts, irrevocable trusts, special needs trusts, pooled trusts, family access trusts, charitable giving trusts, and testamentary trusts.

Oakbrook Terrace Trust Preparation

The attorneys at the Farooqi & Husain Law Office know that the needs you have for your trust are extremely individualized. We understand you may want to ensure that you are protected while helping others in need. A charitable giving trust might be just the strategy you require.

Some research indicates that a significant number of trusts are drafted to shelter the inheritance of an adult child in the event that they go through a divorce. These trusts, known as family access trusts, keep the adult child's inheritance segregated and therefore are not subject to asset division during a divorce.

If you need to ensure that a disabled spouse or child is properly protected after your death, especially when you must protect assets from Medicaid payback provisions, then a special needs trust may be applicable in your situation. Tightly drawn directives leave little wiggle room for heirs or trustees to challenge the trust, which is why a highly experienced trust attorney is necessary.

Contact Our DuPage County Trust Lawyers

The lawyers at Farooqi & Husain Law Office are highly experienced in the preparation of whatever type of trust you require according to your specific circumstances. Attorneys Ausaf Farooqi and Naveed S. Husain understand that you may be concerned about the cost of having your trust documents prepared. We are always willing to work with our clients financially, creating billing structures that most closely fit your individual financial situation. Our Oakbrook Terrace trust preparation attorneys are skilled at communicating with our clients, and we are extremely responsive to the needs of clients—in most cases, we will return your call or email within 24 hours. Our firm is closely tied to our community, and we believe our past results tell you what you need to know about our attorneys. Contact our office today at 630-909-9114. We represent clients in DuPage County, Cook County, Will County, and Kane County.

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