Trusts & Estate Planning In Frankfort

A comprehensive estate plan starts with putting a will in place, but there are a number of valuable estate planning tools, including trusts, that can protect your interests and ensure that your wishes are carried out. At Massari Law, LLC, we help clients in the Chicago Metro Area create trusts that are tailored to their needs.

In short, trusts are an arrangement in which the person planning the estate, or the "settlor," authorizes another individual, the "trustee," to  manage the assets for the benefit of the beneficiaries. While many think trusts are only for the wealthy, trusts can help anyone achieve a number of objectives such as planning for long term care, transferring assets to beneficiaries and avoiding probate.

Trusts are also effective estate tax planning tool. Currently, the exemption from federal estate taxes is $5.45 million which means that each individual can transfer up to $5.45 million in assets without owing federal estate taxes. In addition, Illinois has an estate tax that applies to estates with a value greater than $4 million.

Because probating a will in Cook, Dupage, Lake and Will Counties can be a lengthy and expensive process, many of our clients are well served by establishing a revocable living trust. This estate planning tool takes title to your property while allowing you to continue managing your affairs during your lifetime, which is why it is referred to as a living trust. At the same time, you can make changes to the trust at any time as your financial situation and life circumstances change.

A trust is similar to a will in that it allows you to pass your assets to beneficiaries, but the difference is that you avoid the expense and delays associated with probating a will.  A well designed revocable living trust can also enable you to plan for incapacity. Lastly, because a trust is not filed in probate court, it is a private document that will maintain your privacy.

An irrevocable trust is one that cannot be revoked, amended or modified during a person's lifetime.  Because the person establishing the trust no longer has legal ownership of the property, it is not subject to estate taxes. 

Irrevocable trusts are typically utilized by high net worth individuals in the Chicago Metro Area to minimize tax consequences, but they can also be used to help many individuals protect their assets from creditors, qualify for public benefits such as Medicaid, or provide for child with special needs. While there are different types of irrevocable trusts, some common ones include Bypass Trusts, Charitable Trusts, Life Insurance Trusts, Spendthrift Trusts and Special Needs Trusts.

Located in Frankfort, Massari Law is dedicated to providing clients in Cook, Dupage, Lake and Will Counties with comprehensive trust and estate planning services. Regardless of your financial status, establishing a trust can help you achieve a number of important objectives such as protecting your assets, providing for loved ones and ensuring your wishes are carried out. If you have questions about creating a trust or any estate planning matter, call our office today for a free consultation.