Kane County Revocable Living Trusts Lawyer
Let Us Use Our Knowledge & Resources to Protect Your Assets
When it comes to estate planning, one size does not fit all. That is why Hipple Law P.C. takes great pride in providing compassionate and effective legal guidance to help clients across Kane county achieve their estate planning goals. We are here to help you explore every avenue for creating a sound and effective estate plan that will ensure your hard-earned assets and wealth are passed on to the next generation.
Why Do I Need a Revocable Living Trust?
In Illinois, if the net value of specific assets in your estate is greater than $100,000, then you will need more than a will to avoid probate. With a properly funded trust, you can minimize taxes, organize and maintain control of your estate, and help your loved ones avoid the hassle of probate.
Retirement accounts, life insurance, and any assets held in the name of a Revocable Living Trust are excluded in the calculation of the net value of your estate for probate purposes. However, all other assets, whether owned individually or jointly, are included. Therefore, a Revocable Living Trust may be necessary – even for a simple.
How Does a Revocable Living Trust Work?
A trust is a legal agreement where the party who creates the trust (the grantor) identifies a person who manages property that is put into the trust (the trustee) for the benefit of you if you are incapacitated and for third parties who will receive your estate after death (the beneficiaries). When you create a revocable trust for your estate, you can name yourself as the initial trustee, while your family members and other loved ones can be named as successor trustees.
You can transfer assets to the trust throughout your life while still maintaining control of your estate. This means you can buy, sell, transfer, invest, or gift the assets in the trust the same as property held in your name.
A Revocable Living Trust can be revoked and amended at any time, so you can change your beneficiaries and successor trustees if there are major life events or if you simply change your mind. After your death, the trust can distribute all assets or continue to help protect assets for children.
Hipple Law P.C. has extensive estate planning experience working with non-taxable Revocable Living Trusts. We are here to help you find a workable solution. For more information, please contact us today at (847) 787-7179 to schedule a phone, video, or office appointment to discuss your options with an attorney!
