Profile cover photo
Profile photo
Prime Law Group, LLC
4 followers
4 followers
About
Prime Law Group, LLC's posts

Post has attachment
McHenry County Estate Planning Attorneys 

What is a Living Trust?

Many clients have heard about living trusts but have questions about what purpose a living trust serves as part of an estate plan.
A trust is a legal document naming a trustee to hold legal title to property and requiring the trustee to manage the property according to the terms of the document.  

A revocable living trust is an agreement you make during your lifetime and that can be revoked.  These trusts are often referred to as “grantor trusts” and “inter vivos trusts.”  If you create a trust, you can act as trustee and manage the assets in the trust for your own benefit.  In the trust document, you can name a trustee who will serve as a successor trustee if you become incapacitated, and a successor trustee who will serve upon your death.

A trust typically provides instructions for the distribution of your assets, like a will would; however, if you have legally transferred property to the trust during your life, that property is not subject to the probate process.  The trust, rather than you individually, is considered the owner of the property.

In addition to avoiding probate, trusts are often used as tools for minimizing estate tax liability.  With Illinois and federal estate tax exemptions higher in 2013 than they have been in many years, many estates do not face estate tax liability; however, it is important to seek professional advice about whether estate tax planning is appropriate for you.  At Prime Law Group, we’re here to give that advice. Give us a call today at 815-338-2040 to set up a consultation. or visit us at www.primelawgroup.com

Prime Law Group, LLC located in Woodstock, Illinois, in McHenry County
Photo

Post has attachment
Prime Law Group -  The Shield ~ Lawyers, Attorneys, Law Firm
Photo

Post has attachment

Post has attachment
McHenry County Lawyers ~ Prime Law Group, LLC
Attorneys Providing Solutions

Post has attachment
Prime Law Group ~ Attorneys Providing Solutions
Wait while more posts are being loaded