Category: Trusts

Trusts

Choosing the Right Trust for Your Estate Plan
Trusts
Posted June 10, 2020

Establishing a trust is one of the most effective methods of managing one’s assets, while also shielding property from creditors and excessive taxation. However, there are a number of different types of trusts, each of which comes with its own benefits and drawbacks, so if you are planning your estate and have questions about whether […]

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Notice and Accounting Changes to Illinois Trust Law
Contested Estates Attorney
Posted April 16, 2020

This year, Illinois lawmakers made a series of important changes to the Illinois Trust Code, which could have a significant impact on the rights of beneficiaries when it comes to notice and accounting rights, while also giving individuals the ability to customize their trusts and avoid conflicts at a later date. To learn more about […]

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The Important Differences Between Self-Settled and Third-Party Special Needs Trusts
Special Needs Trusts
Posted July 23, 2018

Many Illinois residents who have children or other relatives with disabilities choose to create third-party special needs trusts for those individuals, which ensures that they will have the means to cover certain expenses. However, creating this type of trust can disqualify disabled individuals from need-based government assistance. Fortunately, when trusts are set up correctly, disabled […]

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Parents & Grandparents: A Trust May Be the Best Option for Asset Distribution
Estate Planning
Posted December 06, 2017

How to Plan for Minor Children – Part 2 Parents & Grandparents: A Trust May Be the Best Option for Asset Distribution Last month we looked at guardianship, the first of two issues that affect planning for minor children. This month we will look at some ideas for leaving money to minor children. We start […]

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Who Should I Choose as Trustees of My Trust?
Estate Planning Attorney
Posted August 24, 2017

We often are asked for advice regarding choice of trustees. Of course every situation is different, but here are some points to consider. You can select an individual as a Trustee, such as a close friend or family member; or a professional can be selected, such as an attorney or CPA; or you may choose […]

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Creating an Irrevocable Trust
Estate Planning Attorney
Posted August 17, 2017

Those looking to avoid liability for estate taxes or who want to ensure that a trust’s property and assets are protected should consider creating an irrevocable trust. These types of trusts cannot be changed without the permission of the beneficiaries. This is true even if the grantor himself wishes to change the terms of the […]

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Establishing an Incentive Trust
Estate Planning Attorney
Posted July 26, 2017

When an elderly parent or grandparent plans their estate, they may be apprehensive about leaving substantial sums of money to teenagers or young adults, who may misspend or waste the funds. Some parents and grandparents attempt to avoid this by setting up a trust that distributes funds at certain ages. For instance, a grandchild could […]

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Establishing a Special Needs Trust
Estate Planning Attorney
Posted June 08, 2017

In an effort to ensure that their assets and possessions go to certain family members or charities, many people create estate plans by establishing a trust or writing a will. Wills and trusts can also be used for other purposes, including establishing guardianship over a minor child or designating someone to hold power of attorney […]

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Changing a Will or Trust
Posted January 05, 2017

In many cases, testators think that their job is done once they have created a will. However, the reality is that our lives are constantly changing and there’s a good chance that by the time of a person’s death, he or she will not be in the same circumstances that he or she was in […]

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Joliet Alumnus Establishes Charitable Trust
Posted July 09, 2015

Joliet Alumnus Establishes Charitable Trust Provided By: Alan G. Orlowsky The Joliet Township High School Alumni Association named Gary Lichtenwalter as its 2015 Distinguished Alumnus at the district’s Salute to Service Partnership Recognition event in May. As an alumnus, Mr. Lichtenwalter has established a charitable remainder trust aimed at providing Joliet high school students the […]

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