Wills and trusts are extremely effective tools for managing your assets both while you are alive and after your death. However, setting up a trust is more complicated than it appears on the surface. Just as there are a myriad of reasons for wanting to set up a trust, there are many different kinds of trusts, each offering specific advantages over the other types. Thomas Lageotakes, a Naperville estate planning lawyer, can help you sort through these differences and set up a trust that helps you achieve your goals.
Our estate planning attorney in Naperville works with three primary types of trusts. The primary differences between these types of trusts are:
1. The tax consequences for the donor and
2. The degree of control the donor has over the assets held in trust.
Both revocable and irrevocable trusts can have positive tax consequences, minimizing or deferring taxes on your assets. A revocable trust gives you, the donor, more control over your assets in the trust, but in exchange it offers less favorable tax treatment. An irrevocable trust gives control to trustees in exchange for more favorable tax considerations.
Among the goals that a trust can accomplish:
If you are considering a trust as part of your estate plan or tax plan, contact Naperville estate planning lawyer Thomas Lageotakes at the Lageotakes Law Firm in Naperville, Illinois. Thomas Lageotakes will be able to explain how each type of trust works, and which trust is right for you.
The immediate distribution of significant assets is not always in the best interest of beneficiaries, particularly those who are quite young or those with physical or emotional impairments. Thomas Lageotakes can help you determine if a trust is right for you and which type will benefit you and your beneficiaries the most.
To learn more about how a trust may work to meet your goals, contact Thomas Lageotakes, an estate planning attorney in Naperville, at the Lageotakes Law Firm for skilled legal help. Call (630) 753-8035 to discuss your situation.
Lageotakes Law Firm
Thomas Lageotakes, Attorney & CPA
1699 E Woodfield Rd Suite 400
Schaumburg, IL 60173
111 E Jefferson Ave
Naperville, IL 60540
Chicago office by appointment only: Coming soon
15974 TRESTLE DR
WESTFIELD, IN, 46074
Phone: 224 324-4400
Phone: 630 753-8035 630 753-8035
From our office in Schaumburg and Naperville, Illinois, we handle matters in areas of DuPage County, Cook county, Will County, and Kane County including Aurora, Barrington, Bartlett, Carol Stream, Hoffman Estates, Naperville, Oak Brook, Roselle, Schaumburg and Streamwood.
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