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Libertyville Irrevocable Trust Lawyers

Mundelein Irrevocable Trusts Attorneys

Attorneys for Estate Planning in Waukegan and Lake County, IL

The experienced lawyers at Newland & Newland, LLP are equipped to offer thoughtful guidance to assist you in making decisions regarding the types of trusts to include in your estate plan. One such option is an irrevocable trust. Our knowledgeable team will help you understand your options for using irrevocable trusts and work with you in protecting your family's long-term financial security.

The process of estate planning can be extremely complex and often overwhelming. For more than 20 years, our firm has been helping the residents of Lake County and the rest of Northern Illinois with their estate planning concerns. Let us put our knowledge and experience to work for you.

Experienced Illinois Lawyers Helping You Make Informed Irrevocable Trust Decisions

Regardless of what estate planning tools you might be considering, the attorneys at Newland & Newland, LLP will take the time to meet with you and to educate you regarding your available options. For example, you may be familiar with the concept of a trust, but you might be unsure as to how such a tool could help your situation. A trust is a financial instrument through which a person—the grantor—can transfer his or her assets and place them under the ownership of the trust. The trust and its owned assets are managed by a trustee. When trusts are used for estate planning, they provide instructions for distributing the assets to named beneficiaries after the grantor's death.

As with a revocable living trust, an irrevocable trust can go into effect immediately upon being established and funded. The terms of the trust apply even while the grantor is still alive. An irrevocable trust is different from a revocable trust in that the terms of an irrevocable trust cannot be changed or revoked once the trust agreement has been signed. Irrevocable trusts can be used to serve a variety of different purposes, including:

  • Reducing or eliminating obligations for estate taxes;
  • Providing long-term financial security for beneficiaries and heirs;
  • Protecting assets from creditors and claims; and
  • Addressing concerns related to beneficiaries with special needs.

Why Choose an Irrevocable Trust?

There are countless ways to create an estate plan, and it is often hard to choose the instruments that are best suited for your unique circumstances. The good news is that you do not need to make such decisions on your own. Our lawyers can assist you in understanding how an irrevocable trust might serve your needs. An irrevocable trust could help you resolve creditor issues before they arise, transfer assets to the trust to preserve your eligibility for government assistance programs, and minimize the negative effects of the probate process. The permanency of an irrevocable trust is intimidating for many people, but our lawyers can help you make the proper arrangements so that you and your family can have the peace of mind you deserve.

The team at Newland & Newland, LLP can also help you decide on the best person or entity to serve as trustee for your irrevocable trust. We will take the time to fully analyze your situation so that we can develop a clear understanding of your needs. From there, we will work with you in finding someone you can trust to administer the trust and protect your family's future.

Get the Help You Need Today

If you are thinking about including an irrevocable trust as part of your comprehensive estate plan, contact our office for guidance and advice. Call 847-549-0000 to schedule a free, no-obligation consultation and case review. We have five convenient office locations in Northern Illinois, and we serve clients in Libertyville, Waukegan, Mundelein, Vernon Hills, Grayslake, Lake Bluff, North Chicago, Arlington Heights, Lake County, and throughout the surrounding areas.

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