Lincoln Park Wills & Trust Attorneys

Lincoln Park Wills & Trust Attorneys

Navigate through the complexities of will and trust issues with our skillful Lincoln Park trust attorneys. Be prepared for what comes next with our guided expertise.

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Lincoln Park Trust Attorneys

Provide Excellent Service in:

Our Lincoln Park Trust Lawyers Can Assist you with All Of Your Estate planning Needs:

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You Don't Have to Leave Your Home For Your

Wills & Trusts

Matter

In this video, attorney Kevin O'Flaherty describes ways you can receive legal services from the comfort of home.

Take the Next Step: Schedule a Free Consultation With Our

Lincoln Park Trust Attorneys

What to Expect From a Consultation

The purpose of a free consultation is to determine whether our firm is a good fit for your legal needs. Although we often discuss expected results and costs, our attorneys do not give legal advice unless and until you choose to retain us. Although most consultations are complimentary, some may carry a charge depending on the type of matter and meeting location.

Please contact our friendly

Lincoln Park Trust Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Chicago

1941 N. Elston Ave., Ste. A Chicago, Illinois 60642

Phone:

(312) 736-1384

E-Mail:

chicago@oflaherty-law.com

Hours: 9 am - 7 pm Monday - Friday 11 am - 3pm Saturday 11 am - 2 pm Sunday

See below for our other locations. If our office locations are not convenient for you, we are happy to speak with you by phone.  ​​​

Some of Our Accomplishments

Naperville attorney
DuPage County Probate Attorney
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will and trust lawyers Lincoln Park

Lincoln Park Trust Attorneys

Kevin O'Flaherty oversees all legal matters and is actively involved in making sure every client's case, big or small, is handled with excellence and attention to detail. He is available to contact through phone and email and his rates are available upon request.

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Lincoln Park Trust Attorneys

Lincoln Park Wills & Trust Attorneys

Or Continue Scrolling Below to Browse some of our Most Helpful Articles

How to Create a Will in Lincoln Park

In this article, our Lincoln Park will attorneys reveal the process of creating a will that identifies the creator's wishes when they pass. A will is a legal document that sets forth the wishes of its creator (known as a “testator”) in the event of death. The purpose of a will is to be recognized by a probate court as the governing document for the management of the testator’s estate. Your will should provide for how you would like your assets distributed when you pass away.  Be sure to account for contingencies, such as what happens if one of your named beneficiaries predeceases you.Your will should name an executor who will be responsible for collecting your assets and distributing them to creditors and beneficiaries according to the terms of your will. If you have minor children, be sure to name a guardian or a married couple to jointly serve as guardians should you be unable to care for your children due to disability or death.

In this video, Lincoln Park will attorney Kevin O'Flaherty discusses how to create an effective will in Lincoln Park.

Trust Reformation in Lincoln Park Estate Plans

In this article, our Lincoln Park trust lawyers share how to modify a Chicago trust. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways to specify exactly how and when the assets need to pass to the beneficiaries. Because trusts usually avoid probate, your beneficiaries may gain access to those assets more quickly than they might to assets that are transferred using a will. A trust reformation is the modification of an irrevocable trust to address unanticipated changes that have occurred since its establishment or to clarify the language of the trust instrument for the benefit of trustees and beneficiaries. While it is possible to reform a trust for various reasons, trustees and beneficiaries do not have the power to change an irrevocable trust simply because they want to. There are several reasons why one would consider a trust reformation. In order to modify an irrevocable trust, one would typically initiate a court procedure to request approval of the change or modification. There are three kinds of trust reformation: Modify by consent, modification with court approval, and decanting to modify irrevocable trusts.

In this video, Lincoln Park trust attorney Kevin O'Flaherty explains how to use trust reformations to modify Lincoln Park trusts.

Using Trusts in Lincoln Park To Avoid or Minimize Estate Tax

In this article, our Lincoln Park trust attorneys delve into the ways that trusts can be utilized to minimize or eliminate Illinois and federal estate taxes. In addition to the taxes that you pay during your lifetime, both the federal and the Illinois state governments require your estate to pay a tax before passing to your heirs.  The good news is that both the federal and state estate taxes are subject to exemptions.  If the value of your estate is less than the applicable exemption the estate tax in question will not apply.  Only amounts over and above the applicable exemption are taxable. Luckily, we have several relatively inexpensive tools that we can use to legally avoid much or all of the estate tax that would otherwise be imposed on your estate. These tools would be: AB trusts, irrevocable life insurance trust, GRITs, GRATs, GRUTS, gifting strategies, and generation skipping trusts.

In this video, Lincoln Park trust attorney Kevin O'Flaherty explains how to use trust reformations to modify Lincoln Park trusts.

Our Lincoln Park trust lawyers are happy to meet with you in Chicago or any other location convenient to you.

Further Reading From Our 

Lincoln Park Trust Attorneys