Preserving Assets With Wheaton Trust Attorneys
A trust is a legal arrangement where a person(grantor) places their assets, such as money, real estate or investments, in the hands of a fiduciary (trustees) for the benefit of one or more beneficiaries. Trusts are versatile and powerful tools, especially for high-asset individuals who are looking to protect their assets. As a result, professionals, business owners and individuals with significant assets often use trusts to safeguard familial wealth.
Serving Illinois since 1980, Huck Bouma is a client-centered and relationship-based firm that understands estate planning dynamics. With extensive experience handling real estate matters in Wheaton, the firm’s team of lawyers can help you make prudent decisions regarding trusts to avoid estate disputes.
The Benefits Of Trusts In Illinois
For high net worth individuals in Illinois, trusts are invaluable because they:
- Reduce liability: Trusts can help protect assets from various risks like business-related liabilities, lawsuits and creditors.
- Reduce taxes: Certain types of trusts can provide tax-efficient strategies to minimize estate taxes and income taxes, making them an effective tool for wealth preservation.
- Planning for incapacity: If a trustor is incapacitated, a trust can include provisions for managing the assets, helping ensure the financial affairs are handled according to the creator’s wishes.
- Ensuring wishes are fulfilled: A trust can specify how assets should be distributed among beneficiaries or include instructions for charitable giving, enforcing the creator’s wishes.
- Protecting money for heirs: Instead of outrightly distributing assets, a trust fund can be designed to provide income or support to beneficiaries while preserving the principle for future generations.
- Planning gifts: Individuals can make gifts to loved ones while maintaining control over how and when those gifts are distributed.
- Protecting business assets: For business owners, a trust can shield assets from creditors, ensuring their hard-earned wealth is not at risk in case of a lawsuit or bankruptcy.
Consulting with a trust attorney in Wheaton can help high-asset individuals or businesses understand the technicalities of trust law and create a trust plan that meets specific needs and goals.
Common Trusts That Protect Your Assets
In Illinois, businesses or individuals can use several types of trusts to shield their assets.
A revocable or living trust allows the creator to make changes to the trust or revoke it entirely during their lifetime. This type of trust can help avoid probate and ensure assets are distributed according to the creator’s wishes.
An irrevocable trust cannot be changed or revoked once it is established. This type of trust offers more robust asset protection and tax benefits but requires careful planning and consideration.
Trusts can also be categorized as simple or complex.
- Simple trusts: They have straightforward distribution requirements and are taxed differently.
- Complex trusts: They may have more detailed provisions and can provide more flexibility and control over the assets.
Among the many types of trusts used for asset protection, there are dynasty trusts, special needs trusts, life insurance trusts, spendthrift trusts, charitable lead and charitable remainder trusts and more. Our wealth preservation attorneys in Wheaton can provide legal guidance on the best type of trust, depending on your current needs, goals and expectations.
Contact Our Wealth Preservation Attorneys In Wheaton
You can count on Huck Bouma for personalized legal solutions in Wheaton, Illinois, including estate planning and estate administration. Call 630-395-7809 today or contact us online for help with all your estate planning and trust needs.