DuPage County Trust Preparation Attorney
Elmhurst, IL Trust Preparation Lawyer
A trust is an agreement in which a trustee holds legal title to assets for a person known as the beneficiary. Your 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 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 or 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 is 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. Federal estate taxes only affect estates worth more than $5 million. Therefore, if your estate is worth more than that amount, 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 the needs you have for your trust are extremely individualized. We understand you may want to ensure 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 a 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, therefore not subject to asset division during a divorce.
If you need to ensure 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.
DuPage County Estate Planning Lawyers
Lawyers at the Farooqui & Husain Law Office are extremely experienced in the preparation of whatever type of trust you require according to your specific circumstances. Attorneys Ausaf Farooqi and Naveed S. Husain understand you may be concerned about the cost of having your trust document prepared. We are always willing to work with our clients financially, creating billing structures which most closely fit your individual financial situation. Our Oakbrook Terrace trust preparation attorneys are skilled at communicating with our clients, and are extremely responsive to the needs of clients—in most cases we will return your call or email with 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.