Trusts Archives - Ross Law Firm Ltd.

Step-up in basis at death might go away

03/08/2022 by Report from Counsel

The Sensible Taxation and Equity Promotion (STEP) Act would get rid of what’s known as the step-up in basis to tax the unrealized gains of certain estates at death.

Step-up in basis refers to the way the value of an asset is readjusted for tax purposes upon inheritance.

Don’t forget to fund your trust!

11/05/202010/19/2020 by Report from Counsel

Many people who have an estate plan have created a living trust (also known as a declaration of trust). But one thing many people forget is rather important: funding their trusts.

Is It a Gift or a Loan? Common Mistakes Parents Should Avoid

11/05/202009/21/2020 by Report from Counsel

Parents and grandparents often give children and grandchildren financial help to purchase a home or to carry them through hard times. It can be a wonderful, generous gesture with a lasting impact across generations of family members. But it can also create strife and intra-family conflict if parents fail to properly document the transfer as a loan. 

Which Assets should I retitle into my Living Trust?

06/28/202109/14/2020 by Report from Counsel

Estate planning attorney Robert Ross explains which assets you may wish to retitle into your living Trust.

Who should I name as my Trustee?

06/28/202109/14/2020 by Report from Counsel

When creating a Trust as part of your Estate Plan, choosing your Trustee can present difficulty. Ross Law Firm Ltd. Attorney Robert J Ross discusses the roles a trustee will play and present some tools that may help guide you in that decision.

Estate planning for taxpayers without kids

09/23/202008/20/2019 by Report from Counsel

If you’re single with no kids, or married without kids, you have some unique estate planning needs. You’ll require special strategies for health care, emergencies and division of your estate.

Should you amend or rewrite your revocable trust?

09/23/202004/03/2017 by Report from Counsel

It’s important to review a revocable trust regularly to see if any amendments are needed, such as when something changes in your life. Some examples are: you have had or adopted a child; your spouse or other beneficiaries have died; you have remarried; the value of your assets, including life insurance death benefits in most cases, will exceed your available estate tax exemption amount (under Illinois or federal law); or the law changes.

The Danger of Waiting Too Long to do Estate Planning

09/23/202012/22/2016 by Report from Counsel

Some people never get around to retaining a lawyer to prepare their will, living trust and other important estate planning documents. Here are some of the reasons we hear and our responses:

1. “I don’t need estate planning documents.”

Not having estate planning documents can result in your family, friends or charities being left out of your intended plan (or result in your property going to people who you did not intend to receive it). It can also result in additional taxes, fees, delays and disputes. The cost of the probate process can greatly exceed the cost of a comprehensive estate plan.