Bloomington, Illinois Trust Attorneys Here to Help in McLean County, IL and Nearby
At Stange Law Firm, PC, we can help protect the wealth and assets of our clients through properly executed estate planning documents. In some cases, an estate plan may involve revocable or irrevocable trusts.
There are essentially three types of trusts in estate planning:
Revocable trusts: Often referred to as living trusts, these trusts can help avoid probate at death and guardianship in the event of incapacity. Under a revocable trust, the person who creates the trust, known as the settlor or grantor, remains the owner of the assets named in the trust. Those assets are taxable to the settlor for income tax purposes and included in their estate for estate tax purposes.
Irrevocable trust: These trusts are often used to transfer assets out of the settlor or grantor’s estate to reduce the size of the estate for federal estate tax purposes. Under an irrevocable trust, the settlor gives up all control over the trust assets, and the assets are not considered part of the estate. Because the trust is irrevocable, a client must carefully choose a trustee.
Testamentary trusts: These trusts are created at death through a will or revocable trust. Testamentary trusts may separate marital assets (includable in the gross estate) from non-marital assets (not includable in the gross estate). Additionally, testamentary trusts are essential to protect children, grandchildren, and other family members from divorce, creditors, bankruptcy, and generation-skipping transfer taxes.
McLean County Estate Planning Lawyers Who Assist With Revocable and Irrevocable Trusts in Bloomington, Illinois
At Stange Law Firm, PC in Bloomington, Illinois, we can determine the right type of trust for your needs and objectives and select the type of trust that best protects your interests, including:
- Irrevocable Trusts, including Special Needs, Asset Protection, and Life Insurance;
- Revocable Trusts, including joint marital trusts or A-B Trusts; and
- Testamentary Trusts.
Contact a McLean County Trust Lawyer at Stange Law Firm, PC in Bloomington, IL Today to Schedule an Initial Consultation
To set up a consultation with Stange Law Firm, PC, please call 855-805-0595 or contact us online. We have offices throughout the Midwest.
McLean County (Bloomington), Illinois Office (309-807-4915) | 1012 Ekstam Drive, Suite 4, Bloomington, Illinois 61704