It’s only natural that you would want to provide for loved ones even after you die. One of the ways to accomplish that is to work with a trust attorney in Hinsdale to come up with the right type of fund structure. There are many different options with trust funds. As you consider what might be right in your situation, here are some questions to ask the attorney.
What’s the Difference Between a Revocable and Irrevocable Trust?
Revocable trusts allow you to make changes to the trust arrangement throughout your lifetime. It’s possible to add assets to the trust, make changes to the terms, and even dissolve the trust if necessary. In terms of being able to respond to changing life circumstances, this approach is one of the most flexible. As a bonus, the assets held in the trust typically do not have to go through the probate process.
By contrast, an irrevocable trust cannot be changed once it’s in place. It does function well as a secure way to protect certain types of assets, no matter what happens in the years ahead. Since the assets held in the trust are usually not subject to gift or estate taxes, this is one way to minimize the tax liability for the fund recipient.
Are There Any Benefits to a Marital Trust?
As a trust attorney in Hinsdale will explain, a marital trust ensures that the assets held in the trust go directly to the surviving spouse. This approach also makes it possible to avoid estate taxes on those assets. Depending on what type of trust your spouse structures, any heirs who receive the remainder of assets after he/she passes away could be assessed estate or gift taxes.
Why Would a Spendthrift Trust Be Right for Me?
You have a loved one and want to provide for that person after you die. The only thing is that you’re sure the loved one would go through the money quickly instead of managing it responsibly. A trust attorney in Hinsdale may recommend a spendthrift trust in this case.
With this type of trust, you get to limit the ways the money can be spent. It’s also possible to ensure that all disbursements are based on the interest or other returns generated on the principal. That ensures the recipient has a stable source of income for decades rather than using it all up in a short time.
Are you ready to set up one or more trusts? Now is the time to contact the team at Bielski Law Office, LTD and schedule a consultation. Call or visit us at and we’ll be happy to help. Once the trusts are in place, you can rest assured that your loved ones will be provided for after you pass away.
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