Trusts are financial and legal tools. They transfer asset ownership from you, the grantor, to another party, the trustee. You may also establish terms for access to the assets. The people who have access are called beneficiaries.

Trusts are some of the most powerful and versatile financial instruments available. In our practice, we usually use them in estate planning for high-asset individuals or to meet the development goals of businesses. Some trusts are also well suited for particular strategies, such as family members with special needs.

The best way to decide whether you could benefit from this option is to get information specific to your case. Please call (630) 325-5557 to schedule a consultation with one of our trust lawyers. We operate across DuPage County and throughout Chicagoland.

Choose How You Want Your Wealth To Perform

Trusts are often a superior method for transferring and controlling wealth, especially in the context of estate planning. They outline specific duties for trustees, provide conditions for beneficiaries and can even form automatically when certain events occur.

You could choose, for example, to establish a trust that controls a portion of your real estate portfolio with you as the sole beneficiary. Upon your death, you could have the trust automatically name someone else as the beneficiary. This would essentially transfer ownership of the trust’s remaining assets.

Maintain the Correct Level of Control of Your Assets

Another advantage of establishing a trust is separating yourself from assets. This often provides a layer of protection, shielding the wealth in the trust from creditor action, civil liability and so on. Here are some examples, and how they could function to defend your interests and intentions:

  • Land trust: A land trust, potentially held by an LLC you operate, could make it more difficult for you to be held personally liable for damages awarded or settlements paid from slip-and-fall claims and similar actions.
  • Trusts as tax management: Trusts could potentially reduce your overall tax burden, but this is a complicated area of the law. An effective tax-reduction strategy must often consider other priorities — please contact us for a case-specific analysis.
  • Charitable or legacy trust: A trust in which you relinquish control of assets by making another party — a charitable organization or a grandchild, for example — the beneficiary could frustrate collection attempts.
  • Spendthrift trust: If you expect the beneficiary of your trust to also go into debt, you might be able to protect the trust assets from collection via a spendthrift provision (assuming the beneficiary is not you).

Control is important. If you as a natural person may benefit directly from a trust, it is possible that Illinois courts will determine that your creditors and those who bring claims against you may also benefit.

Conversely, you could establish a trust for the benefit of others. This could increase the chances of protecting your legacy from your personal debts and obligations.

Secure Your Future For Generations

With proper management and a sound foundational strategy, trusts have the potential to grow and develop over decades. Please contact us at (630) 325-5557 to discuss your long-term goals.

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    Westmont, IL 60559

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    (630) 325-5557

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