Which Assets should I retitle into my Living Trust?
Estate planning attorney Robert Ross explains which assets you may wish to retitle into your living Trust.
Estate Planning
Estate planning is more than making a will and trust. It is an investment in your personal security and the well-being of your loved ones. A current, properly drafted estate plan can save your loved ones from great expense of time, fees taxes and costs. Our goal is to help our clients make the process of estate planning simple and efficient.
We represent clients in Illinois estate planning matters:
Drafting trusts, wills, living wills and powers of attorney to deal efficiently with property rights upon disability or death
Helping clients understand and then create clear, enforceable plans to minimize:
- Future taxes
- Conflicts
- Professional Fees
- The need for probate
Call (847) 358-5757 or Contact Us to schedule an appointment.
Attorney Bob Ross explains the purpose of various estate planning tools such as Powers of Attorney for Property or Health care, and what might motivate one to draft an estate plan.
“Estate planning” means planning for the use and disposition of your assets upon your disability or death. It also includes planning for lifetime distributions using gifts, trusts, beneficiary designations and joint ownership.
A good estate plan has three primary goals:
- To document plans to care for you, your family, loved ones, and charities
- To minimize exposure of your assets to creditors and taxes
- To plan for the efficient distribution of your assets by a fiduciary who you choose in a manner you select
Our “Estate Planning Memo” addresses the following questions:
- Why create an estate plan?
- What happens if you die without a will?
- What are the components of an estate plan?
- How can you get started on your own estate plan?
Read the Estate Planing Memo
Get Started on Your Estate Plan
Our Estate planning questionnaire asks basic information necessary to create binding legal documents tailored to your intentions, information and wealth in order to minimize the burden of tax upon your heirs.
Download it today.
Instructions: please edit with Adobe Reader or Adobe Acrobat only. Other editors will allow you to edit, but not to save your changes.
Please print a copy before you finish.
Frequently Asked Questions
Gives you greater control over your assets (i.e., on disability or death), avoids probate, keeps matters private, avoids confusion and disputes, eliminates delay; can save substantial taxes, fees and costs; protects assets for beneficiaries
Yes,we recommend a will to name guardians for minors or disabled family members and to pour assets over into a living trust at death (if not done during lifetime)
Titling assets so that you own them as trustee of your trust.
Pick someone who is trustworthy, follows directions, seeks help with accounting, tax, legal and finance matters and is willing and able to share information with beneficiaries in the manner required.
In a declaration of trust you are the sole trustee of your living trust until you resign, become incapacitated or die. Then, the person or institution you name becomes trustee.
The trust protector is rarely used, but the provisions can be helpful if changes to the trust are needed to carry out your wishes during a time when you are unable to do so. You can name a person to serve, but many clients prefer to include a provision allowing the court to appoint a trust protector.
Yes, while you are competent and living, you can amend or revoke your living trust and other typical estate plan documents. However, documents which you specifically make “irrevocable” cannot typically be amended.
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Estate Planning Videos
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Attorney Bob Ross briefly explains the purpose of various estate planning tools such as Powers of Attorney for Property or Health care, and what might