What are the Differences Between Revocable and Irrevocable Trusts?
Establishing a trust offers a reliable method to handle your assets and provide for your family. Many individuals assume that drafting a simple will covers all necessary estate planning steps. However, trusts offer unique benefits that wills cannot match, such as avoiding the public probate process and offering specific parameters for asset distribution. When you …
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Sending an Annual Trust Accounting: Understanding Your Rights and Requirements
Establishing a trust is a fundamental step in protecting your family’s assets and ensuring your wishes are honored for generations to come. The Illinois Trust Code (ITC) serves as the foundation for trust creation, administration and beneficiary rights for families, setting clear guidelines and protections for all those involved. Understanding the rules under this code …
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What is an Incentive Trust?
An incentive trust is an estate planning tool that allows you to set specific conditions for beneficiaries to receive distributions from your trust. This approach enables you to maintain control over your assets even after death while encouraging positive behaviors and achievements among your heirs. A/Z Wilson Estate Planning & Elder Law can help you explore whether an incentive …
In Trustee We Trust: What New Trustees Need to Know
Being chosen as the trustee of a trust is a significant honor: it means someone has a great deal of confidence in your judgment and integrity. But with that honor comes important legal and ethical responsibilities. If you’re new to the role, the first step is understanding what’s expected of you so you can manage …
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Maximizing Your Philanthropic Impact with Charitable Trusts
Beneficence through Charitable Trusts – A Strategic Approach to Giving Philanthropy can reach new heights when coupled with astute planning. If you’re contemplating a significant contribution to a cause close to your heart, a charitable trust can be a powerful vehicle to meet your philanthropic goals. At A/Z Wilson Estate Planning & Elder Law Estate Planning & Elder Law …
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Charitably Inclined? Consider Pairing a Donor-Advised Fund with Your Estate Plan
If you are prioritizing charitable giving in your estate plan, you may want to consider using something called a donor-advised fund (DAF) which has become more popular in recent years. The value of DAF grants made to qualified charitable organizations increased 9% to $52.16 billion in 2022, and the number of accounts increased 2.9% to …
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Estate Planning Pitfall: You Didn’t Retitle Assets to be Included in a Trust
Using a trust as part of your estate plan can be beneficial in a number of ways, including maximizing tax code provisions to shield assets from gift and estate taxes, protecting assets from creditors or ex-spouses, or helping heirs be more responsible with their inheritance. Revocable living trusts can be a vital part of your …
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Estate Planning for Your Furry Friends (Part 2)
In the last post, I began writing about including care for your pet as part of your estate plan. One option for doing this is to establish a pet trust. A pet trust is a type of trust established for the care of one or more animals that outlive their owners. Pet trusts are recognized …
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Named As A Trustee And Wondering What To Do? Here Is A Checklist Of Duties To Get You Started
If someone close to you passes away and you receive the information that they had named you as trustee, you may find yourself feeling overwhelmed if you do not know what is needed to fulfill this role and if you have not served as a trustee before. Serving as a trustee isn’t an innate skill …
Estate Planning Essentials: How Smart Real Estate Titling Can Save You
How you title your real estate holdings is key to making sure your assets are transferred according to your wishes after you have passed away. In making decisions about how to title your assets, you’ll want to consider things such as avoiding probate, minimizing estate taxes, and liability protection. Avoiding Probate People often want to …
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