Trusts and Estates – Why Trusts Are Important to Avoid Probate and Minimize Taxes
June 8, 2023
In this day and age, the old saying rings true that only two things are certain in life: Death and Taxes. However, proper estate planning can allow you to minimize the taxes and other issues that may arise after your death, while also ensuring that your wishes are carried out exactly as you intended.
One of the most effective ways to avoid probate is to set up a trust. This allows you to control how your assets are distributed, avoiding lengthy and expensive probate and potentially unnecessary taxation. A Chicago trust lawyer will help you draft a trust that fits your specific needs and provides peace of mind that your legacy is protected.
If you are looking for a trusted and experienced Chicago Wills & Trusts Attorney, our lawyers at Peck Ritchey, LLC can provide you with the legal representation you deserve. We have over 30 years of experience drafting trusts for individuals and families, and we understand how important it is to ensure that your family’s financial future is secure. Trusts can be used to protect and preserve your property, while still allowing you access to it during your lifetime.
In addition to establishing comprehensive estate plans, we also handle all aspects of probate and trust administration. Our clients include business owners, local elected officials, community leaders and newscasters as well as the families of professional athletes. Our attorneys are highly experienced and can assist you in determining whether or not probate is necessary.
When a loved one passes away without a valid will, the estate must go through the probate process to determine who receives their assets. This is a complicated legal process that requires the assistance of an experienced Chicago probate attorney.
Correa Law is a highly respected Chicago estate planning and trusts law firm founded by Mario Correa. Mario earned a Bachelor’s Degree in Economics from the University of Illinois and a Juris Doctor from Loyola University School of Law. As an AV-rated attorney by Martindale-Hubble, he is committed to providing excellent legal representation and client service.
We have helped many clients establish estate plans that avoid probate and minimize taxation. Our Chicago trusts and estate lawyers will review your assets and goals to develop a customized trust that meets your needs. We will also help you choose the right beneficiaries and trustees to manage your trust after your death.
The probate process is complex and time-consuming. It can cost heirs and beneficiaries money, and it can take up to a year to complete the process. Moreover, probate is open to the public and anyone can access private information about your estate. This could lead to expensive litigation and unnecessary delays in distributing your property. Our firm will work to get the probate process completed as quickly and efficiently as possible. We will also fight for your rights as a beneficiary or personal representative during the estate settlement process. Contact us for a free consultation.