Trusts

Do you think you may need to create a trust to protect your estate? When thinking about your estate planning needs, one of the things you should ask yourself is whether you really need a trust to protect your estate. For many people, trusts are more difficult to use and are more costly to create than wills. Most people's needs may be best protected by creating a comprehensive will instead of a trust. At the Law Offices of David Blocher in Chicago we will create and fund trusts only for people who actually need them.

Trusts are not usually necessary for people who have an estate valued at less than $2 million. People with an estate valued over this amount may want to consider creating a trust to avoid estate tax.

Here are some additional reasons why people create and fund a trust:

• Privacy – terms of a trust are private, whereas a will is public
• Spendthrift protection – protect a loved one against bad financial decisions while maintaining a steady source of income
• Asset protection and tax planning – ensure your property is protected and the estate tax that your family must pay is minimized

Here are some of the disadvantages of creating a trust:

• Initial costs of creating and funding a trust
• Possible loss of some control of your property
• Another entity to manage

Learn more about the advantages and disadvantages of a living trust, spendthrift trust, QTIP trust or a special needs trust. With over 20 years of combined experience, our attorneys will help determine whether a trust is the right option for you and your family. Our firm will review your estate needs to determine which estate planning tool is right for you. To determine whether you need a trust, contact us to schedule a free initial consultation with an experienced attorney.