Chicago Area Trust Attorneys
At the Northbrook, Illinois, law firm of Addis, Greenberg & Schultz, L.L.C., our attorneys have tremendous experience in drawing up trust documents. We also provide the services needed to manage a trust. Trusts can be simple documents or they can be extremely complex. We are well equipped to handle both. For questions related to a trust, contact our Chicagoland-area lawyers. Call us at 847.412.1863.
Establishing a trust
A trust can be a part of a comprehensive estate plan. One attractive aspect of a trust is that a trustee does not have to submit it to the probate process. Trusts are often established to provide asset protection for heirs, avoid estate taxes, and pass along values.
Establishing a trust can be a difficult experience because there are so many different types of trusts. We can prepare the needed documents and make sure the trust is established in a way that will allow it to fulfill the grantor's (the person who set up the trust) wishes. Popular trusts include:
- Revocable living trusts. These are trusts that are in effect during the grantor's lifetime. These trusts are generally used to avoid the expense and time required by probate.
- Irrevocable living trusts. These usually have tax advantages that revocable living trusts do not. They can be used to achieve a number of financial and family goals. Unlike a revocable trust, an irrevocable trust requires the grantor to turn over the control of the assets to the trust. Examples include special needs trusts, bypass trusts and life insurance trusts.
- Qualified personal residence trusts. These allow the grantor to use the property for a specified period. It then passes to the heirs before death with a taxable value set at the time the trust was established. This avoids tax on the increase in value. A similar trust is a grantor retained annuity trust.
There are many variations on these basic types of trusts. We can advise you about the conditions that accompany each and which is best for you.
Administering a trust
Our law firm will act as a trustee, when requested by the grantor, or will represent named trustees. Our attorneys will deal with banks, investment houses, tax authorities and beneficiaries. If modifications need to be made to the trust, we can guide the process.
Contact our Chicago area office with any questions about setting up a trust or handling matters arising from an existing trust. Call Addis, Greenberg & Schultz at 847.412.1863.
For more information, visit our probate and estate administration FAQ.
