A well-rounded estate plan can ensure that your loved ones are properly cared for when you’re no longer around. A key part of this is the creation of a trust, which allows you to name trustees and set out how you want specific assets held within that trust to be administered and distributed. This can help your family avoid the costly and time-consuming probate process. It can also reduce taxation of your accumulated wealth. Our Chicago trust lawyers will work with you to create an estate plan that best fits your unique circumstances.
Often, a trust will contain real property, such as your home or other real estate, that you wish to leave to family members or other beneficiaries upon your death. A revocable trust can give you the option to continue managing these assets during your life, while an irrevocable trust will immediately transfer control of those assets to a trustee upon your death. The legal team at Peck Ritchey, LLC will discuss the ramifications of each option with you so that you can make the decision that is right for your family.
In addition, trusts can be used for other purposes, such as reducing federal estate taxes and providing a stream of income for beneficiaries during your lifetime. Our lawyers can help you establish a trust that is tailored to your specific needs, whether it is to protect certain assets, avoid the probate process or provide for special needs individuals.
When you die, your family will need to deal with the distribution of your accumulated wealth, which can be challenging for even the most careful and experienced of individuals. If you don’t have a will, your family must go through the expensive and time-consuming process of probate to distribute your property. If you have valuable or complex assets, this can be even more complicated.
Our attorneys will draft a will that meets your needs, distributing your assets to the right heirs and ensuring that your wishes are carried out as you intended. They can also review existing trusts to ensure that they are in accordance with the law and your current circumstances.
An experienced Trusts & Estates Attorney can assist you with all types of probate and trust administration matters. This includes defending or prosecuting a will contest, pursuing or defending a surcharge action against trustees and addressing issues such as the validity of a trust or the alleged misappropriation of estate assets.
Our attorneys will help you preserve your wealth and make sure that your loved ones are taken care of after you’re gone. They will work closely with you to develop an estate plan that takes into account your objectives, family relationships, charitable inclinations and the relationship of federal and state estate tax, gift tax and generation skipping transfer tax laws to create a customized solution that is right for your family. Contact us today to schedule a consultation. We serve clients throughout the Chicago area.
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