In Illinois, estate owners explore options and strategies to protect their assets. These opportunities include methods of lower tax liabilities and preventing seizure through the state or by creditors. The following are details about these strategies used by a trust lawyers in Cicero to provide asset protection.
What is an Irrevocable Trust?
An irrevocable trust is set up by the estate owner. This trust is utilized to transfer certain assets outside of the estate. The purpose of these transfers is to lower the total value of the estate. However, once the property is transferred into the trust it is no longer owned by the estate owner. They maintain control over the assets, but they cannot sell them unless they transfer them out of the trust.
What Can Estate Owners Transfer into these Trusts?
They can transfer any assets of their choosing into the trust. The trust lawyers in Cicero helps them review what assets are the most valuable beyond their primary property. They transfer all assets they prefer into the estate and make selections for the trust for after they die. Typically, a successor is chosen to acquire the full trust once the estate owner dies. This could be a spouse or a trusted family member.
How Does the Trust Affect the Estate?
The trust is not owned by the estate owner. Therefore, it is not a part of their estate. The trust isn’t included in properties that are sent through probate. This prevents creditors from applying a lien against any assets or trying to seize them once the estate enters probate.
Who acquires the Trust After the Estate Owner’s Death?
The successor who is assigned ownership of the trust acquires the trust after the owner dies. However, a spouse could contest the assignment and acquire the full trust. The outcome of the dispute determines who acquires the trust after a court date.Koch & Associates P.C. Attorneys at Law
In Illinois, estate owners explore asset protection strategies to lower risks after they die. These opportunities prevent their family from losing assets and wealth through probate. Estate owners who need this level of assistance hire a trust lawyers in Cicero through Koch & Associates P.C. Attorneys at Law today.