Whether you’ve got more years behind than ahead or simply want greater peace of mind knowing your family is protected, creating a living trust provides the security your loved ones deserve.
From a greater need for privacy, to tax benefits and avoiding probate, estate planning allows you to choose how your assets will pass on to future generations after your passing. A living trust offers much greater protection than a will. Learn more about how a living trust can keep your assets out of probate and reduce tax costs below. Then, get more details on wills, revocable trusts, and irrevocable trusts by contacting the team at LaCava Law Firm, LLC in St. Charles, IL for a free consultation.
How to avoid probate with a living trust
Keeping your assets out of probate is the key reason to establish a living trust. A funded living trust will keep your assets out of the expensive court-supervised process. Probate requires a court to locate and determine the value of your assets. The court will then use your estate assets to pay off any remaining bills and taxes. Finally, if there’s any value left, the court distributes the remaining assets of the estate to your beneficiaries.
Problems, like a contested will or an inability to locate records of all of the your assets, bills, and tax records, can keep your loved ones from gaining ownership of your assets. Also, probate proceedings go into the public record. When your estate is reviewed during this process, every aspect is public. Create a living trust today with the assistance of our estate planning attorney and avoid the costly, lengthy, and possibly embarrassing probate process.
Can I reduce my tax burden with a living trust?
In addition to avoiding probate, creating a living trust can also provide you with tax savings, especially if your estate is subject to death taxes, (also known estate and gift taxes). Estate taxes are imposed on property transferred in a will. In Illinois these state taxes are levied against the estate of Illinois residents whose gross estate exceeds $4,000,000.00. Federally this amount is taxed for estates that exceed $5.49 million. It is possible to avoid certain estate taxes with a living trust. Contact Michael at LaCava Law Firm, LLC to gain a greater understanding of the tax savings that are possible with a living trust.
How can I find an attorney to help with a living trust?
If you’re ready to protect your loved ones, keep your assets out of probate, and reduce your tax burden, get in touch with the team at LaCava Law Firm, LLC to establish a living trust. You can call (630) 444-7504 or use our contact form to schedule a free consultation today. Don’t rely on just a will to protect your assets, and don’t go it alone. The team at LaCava Law Firm in St. Charles, IL is ready to assist in planning your estate with a living trust.