Our Dupage County estate tax lawyers discuss the options available to transfer assets into a revocable living trust. We discuss types of estates that include:
Checking Savings Retirement accounts Insurance policies and real estate and how they must be titled to so your assets are preserved and your plan effective.
Read the full article by our Dupage County trust attorneys explaining the differences between wills and trusts.
There are many tools that our DuPage County estate tax lawyers use to help eliminate or minimize federal and Illinois estate taxes. In the article below our DuPage County estate tax attorneys explain some of the ways that are possible to navigate your estate through the complex rules and laws to minimize your estate's' tax debt once you pass.
Illinois has an estate tax exemption of $4 million which means that any monetary or physical property that is in your name above $4 million will be taxable after you pass. Our DuPage County estate tax lawyers use AB trusts that can raise that exemption to $8 million by allowing spouses to take advantage of another's estate and their exemptions.
Our DuPage County County estate tax attorneys have the knowledge and ability to use Irrevocable Life Insurance Trusts or (ILITS) to ensure that death benefits received from life insurance policies are removed from your taxable estate.
It is also possible for our experience DuPage County estate tax lawyers to help guide you through the use different methods to allow assets to grow in value over time with the benefit of not being valued as part of your taxable estate. This is possible by using our knowledge to navigate a variety of ways including, Grantor-Retained Interest Trusts, Grantor-Retained Unitrusts as well as Grantor-Retained Interest Trusts and Grantor-Retained Interest Trusts. We can also provide the knowledge to work with you to create a gifting strategy that will enable you to transfer assets to loved ones while removing them from your taxable estate.
Read the full article by our DuPage County trust attorneys about how to use trusts to accomplish your estate planning goals.