Kane County Trusts Lawyers
Attorneys for Living and Special Needs Trusts in Aurora, IL
Trusts are useful estate planning tools that give individuals with substantial assets and more complex estates greater control over the distribution of property while minimizing tax liability. Trusts are also frequently used to ensure privacy and bypass the probate process. Living trusts and special needs trusts are two of the most common documents used in planning more complicated estates. There are also several other types of trusts used to accomplish specific objectives depending on the client’s circumstance. If you are considering setting up a trust, it is important to have skilled legal guidance to ensure that the correct documents are created to accomplish your goals.
The lawyers at Kinnally Flaherty Krentz Loran Hodge & Masur P.C. have over a century of combined experience providing innovative and practical solutions for Illinois families with estates of all levels of complexity. Our attorneys have in-depth knowledge of all aspects of estate planning, and we work collaboratively with our clients to provide a comprehensive solution that effectively addresses their needs and achieves their goals. We have extensive experience with living trusts, special needs trusts and more complex trusts to address specific circumstances. We also provide skilled business succession planning for estates with family-owned or closely-held businesses.
What is a Trust?
Trusts are legal documents consisting of a grantor, trustee and beneficiary (or beneficiaries). The grantor (the creator of the trust), is the owner of the assets transferred into the trust. The trustee is appointed by the grantor to oversee the assets and manage their distribution. In some cases, the grantor and the trustee may be the same person. The beneficiaries are the recipients of the assets and property within the trust (according to the specific terms and conditions within).
Living trusts are common in estates with substantial assets. They allow the grantor to control the management and distribution of the assets within the estate without the need for probate. A living trust also remains private upon the death of the grantor; as opposed to a will, which is filed publicly with the court. In addition, since there is no probate, the terms and conditions of the trust can be executed immediately upon the death of the grantor.
Living trusts can be revocable or irrevocable. Revocable living trusts may be altered during the life of the grantor, while irrevocable living trusts cannot. Though the grantor has the flexibility to alter a revocable living trust, it may be also subject to estate taxes while irrevocable living trusts typically are not.
Special Needs Trusts
Special needs trusts are set up specifically for the benefit of special needs children or adults with disabilities. Often, persons with disabilities are physically or mentally incapable of managing their affairs and rely on government assistance to take care of their basic needs. Should the disabled individual inherit significant assets from an estate, it could jeopardize their eligibility for such assistance and quickly drain their inheritance. With a special needs trust, the grantor may appoint a trustee to manage the assets on behalf of the disabled person, and the trust can be set up specifically to ensure that the disabled person continues to receive the care and government benefits they need.
Living trusts and special needs trusts are complicated legal documents that must be worded carefully to ensure they accomplish the wishes of the grantor. This requires attorneys with in-depth experience creating these instruments. At Kinnally Flaherty Krentz Loran Hodge & Masur P.C., we put our experience to work to understand the needs of our clients fully and set up the right tools to address their needs. Contact us today at 630-907-0909 for a personal consultation. From our offices in Aurora, IL, we assist clients with trusts and other types of estate planning in Naperville, Oswego, Montgomery, Sugar Grove, Kane County, Kendall County, Will County, DuPage County, Cook County, Chicago, and all Central and Northern Illinois communities.