Living trusts serve a variety of functions, and a Carpentersville trust and estates lawyer can help you determine which type of trust best suits your needs. Basically, if you are looking to protect your heirs from an onerous tax burden, an irrevocable trust is often the right choice. If it is not assets that are the issue, but instead mental capacity, a revocable trust will likely be recommended.
Understanding Which Trust is Best for Your Needs
If you want to set up a trust to protect your assets and heirs from a substantial tax burden, you may wonder if a revocable trust or non-revocable trust is the best fit for your needs. A Carpentersville trust and estates lawyer can help to guide you through the process of establishing a trust to protect your assets at the time of your death.
Revocable trusts can be changed and modified as deemed necessary, and can even dissolve at the time of death. A revocable trust is mainly used to protect the assets of a person whose mental capacity is likely to fade due to Alzheimer’s or other ailments. On the other hand, the primary purpose of an irrevocable trust is to offer protection from estate taxes.
The Benefits of Establishing a Living Trust
If your family has a history of Alzheimer’s or other mentally incapacitating conditions, a revocable trust can ensure that your wishes are followed even in the event that you are no longer able to carry them out. This is an option taken primarily by those people that do not have significant tax issues to deal with. A Carpentersville trust and estates lawyer can guide you through the process and ensure that your assets and wishes are protected.
Irrevocable trusts are the type that most regularly comes to mind when thinking about trusts. Irrevocable trusts are typically enacted as part of an overall estate planning strategy and are established well before illness and old age set in.
The Jackson Abdalla Law Group, P.C., is a full-service Illinois law firm serving the greater Chicago area. With attorneys specializing in Real Estate, Business, and Estate Planning, the firm is well-equipped to serve its clients throughout the Chicagoland area and all of Illinois.
