Revocable Trusts

Modern estate planning goes far beyond writing a simple will. Today’s estate plans must take into consideration a variety of issues beyond asset disposition such as what happens to your estate if you become incapacitated and tax ramifications. At Kaufman Law Group, LLC, we have over 25 years of experience handling the challenging issues surrounding estate planning. In our view, one of the most useful estate planning tools is the revocable trust.

Without a solid estate plan, the government will use its own rulebook to determine how and to whom your assets are distributed according to the Illinois Probate Act. With our help using revocable trusts, you can write your own rulebook and make your own decisions regarding your estate.

Benefits of Revocable Trusts

A revocable trust (also called a living trust) is a trust set up during your lifetime. It holds some or all of your assets and can be changed or revoked at any time. Of the many estate planning tools, a revocable trust offers the most flexibility and is often used as a centerpiece for a comprehensive estate plan. A revocable trust can be setup individually or jointly for a husband & wife. Additionally, revocable trusts can offer asset protection features for a surviving spouse and other beneficiaries.

Revocable trusts offer several key benefits including the ability to avoid probate, the sometimes lengthy legal process of proving a will in court with witnesses and accompanying delays. A revocable trust can also be used as a tool to minimize estate and inheritance taxes, which can be up to nearly 50% depending on the value of your assets. Additionally, revocable trusts can make provisions for incapacity as well as death and can include provisions to assist in business succession planning.

Contact us today to discover how Kaufman Law Group, LLC, can help you incorporate a revocable trust into your estate plan.