She cuddles up to you every single night providing a level of companionship that's deeper than anything you've experienced with a human being. She knows when you need her support and you know when she needs yours. It just works: Your pet is the best friend you've ever had.
When an Illinois estate planner is worried that his or her heirs cannot handle receiving a large sum of money all at once, a spendthrift trust could be appropriate. A spendthrift trust will dole out your heirs' inheritances to them slowly over time -- perhaps in monthly distributions -- so that there's less danger of your heirs mismanaging the money and spending it irresponsibly on frivolous expenditures.
If you want to protect your heirs from incurring large capital gains taxes on an asset that has increased significantly in value -- or if you want to sell an asset and benefit from the profits without getting hit with the taxes -- a charitable trust could be the right choice for your needs.
Were you named as the executor or administrator of a deceased loved one's estate? The responsibility can easily feel overwhelming, especially if you've never had to undertake this kind of role before.
A spendthrift trust is a special kind of trust for estate planners who are worried about gifting a large sum of money to their heirs all at once. Perhaps you're concerned that a teenage heir is too immature to handle a big inheritance. Or, maybe you have a someone you want to give money to, but he or she has a history of bad financial decisions. A spendthrift trust can give you peace of mind in these situations.
Illinois residents have a lot of options when it comes to estate planning, giving away some of their money to charity and providing for their families. Charitable trusts offer an incredible amount of options when it comes to charitable contributions that can help you with tax management, saving you and your family money.
You have probably heard of the various types of trusts in Illinois, including irrevocable and revocable trusts, many of which are used in estate planning. Did you know that there are other types of trusts, some of which are created specifically by the courts? One example is constructive trusts.
How do Illinois residents who are looking to build an estate plan structure their asset distribution? Many people who are looking to complete their estate planning process feel ready to move forward, but they may not feel comfortable with information about trusts and other mechanisms that can help them preserve their estate. It does not have to be that way! Today, we explain the different types of trusts to help you with property distribution.