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Benefits of Setting up a Trust

Setting up a trust may seem like a walk in the park, but when it really comes down to all of the complexities of the law, there really is no other way to go about it other than to find the best estate planning attorney in your area to do so. It never hurts to be educated however in how a trust can truly benefit you and your family. There are several trusts that you can set up depending on your needs and what you are aiming to accomplish. With a trust, you don't have to wait until you pass away for it to go into effect. It can distribute property at any time during its life cycle. Some of the added benefits can include:

  • Tax evasion. One of the most daunting things about estate administration are all of the taxes that go into your assets. If you set up an irrevocable life insurance trust for example, you and your family can avoid all of the taxes that are associated with a life insurance policy. That policy money can just go right back into your estate!
  • Probate be gone! Any chance to avoid probate, take it. By setting up a trust you are keeping certain property out of your estate and can avoid a lot of the troubles and worries that come with probate.
  • Protect your estate. You can set the conditions of how the money in a trust is dispersed, such as money only being taken out and distributed on a monthly, yearly or even event based criterion. This allows for even more control over your wealth.
  • Benefit education or charities. If you want your wealth to benefit a certain charity or organization, you can set those conditions on the onset of developing your trust to insure that the proper organizations get ahold of the funds.

With all of the complex, time consuming work that goes into a trust, it is important to retain a seasoned Chicago estate planning attorney. At Ferris, Thompson & Zweig, our attorneys are dedicated to helping your family. Don't hesitate to contact one of our estate planning attorneys today!

Categories: Trusts
Ferris, Thompson & Zweig, Ltd. - Chicago Estate Planning Attorney
Located at 211 West Wacker Dr. 5th Floor,
Chicago, IL 60606.
Phone: (312) 836-0777.
Website: .
Probate.com

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.

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