Trusts Attorneys in Skokie, Illinois

A trust is more than just a document; it's a legal entity that holds assets on behalf of a beneficiary or multiple beneficiaries. Trusts are critical for several reasons. They offer a level of control and protection over your assets that other estate planning tools cannot.  

Whether you aim to minimize estate taxes, protect your estate from lawsuits and creditors, or simply ensure a smooth transition of your assets to your beneficiaries, trusts can provide these advantages. Setting up a trust can potentially avoid the often time-consuming and costly probate process, directly benefiting your loved ones. 

At Alexander | Grossman Attorneys at Law, we understand that the concept of a trust can seem involved and perhaps even intimidating. However, when established correctly, a trust is a powerful tool for managing and protecting your assets, both during your lifetime and for generations to come. Our commitment is to simplify this process, ensuring that your estate planning aligns with your personal goals and the legal requirements in Illinois. 

Types of Trusts You Can Establish

Understanding the variety of trusts available is essential in selecting the right one for your estate planning needs. At its core, trusts are categorized into two main types: Revocable Trusts and Irrevocable Trusts.  

Revocable Trusts, also known as living trusts, offer flexibility as the grantor retains the ability to alter or revoke the trust during their lifetime. This type is beneficial for those seeking to maintain control over their assets while still avoiding probate.  

On the other hand, Irrevocable Trusts cannot be easily changed once established. This rigidity is advantageous for asset protection and potential tax benefits, as the assets in the trust are no longer considered part of the grantor's estate. 

Specialized trusts, such as Charitable Trusts, Special Needs Trusts, and Spendthrift Trusts, accomplish specific objectives, including philanthropy, caring for a loved one with special needs, or controlling the beneficiary's access to the assets, respectively.  

Each type of trust serves unique purposes and comes with its own set of rules and benefits. At Alexander | Grossman Attorneys at Law, we can help you explore these options to find the best trust structure for your individual circumstances.

Key Trust Services We Offer

Our experienced attorneys, Brian E. Alexander and Jennifer S. Grossman, bring over 45 years of combined legal practice to the table. We treat our clients like family, dedicating ourselves to understanding your unique needs and objectives.  

From our office in Skokie, Illinois, we serve clients throughout Cook County, Lake County, and beyond, offering a comprehensive range of services related to trusts: 

• Trust Creation and Administration: Tailored to Illinois state laws, we offer personalized service in setting up various types of trusts, whether revocable or irrevocable, ensuring they serve your specific needs. 

• Trust Modification and Termination: Life changes, and so might your estate planning needs. We provide legal support for modifying or terminating trusts in accordance with your changing circumstances. 

• Estate Planning With Trusts: Our legal counsel extends to incorporating trusts into your broader estate plan to minimize taxes, protect assets, and ensure your legacy is preserved according to your wishes. 

• Trust Litigation: Should disputes arise, our skilled litigation team is prepared to represent your interests in court, defending the integrity of the trust and the wishes of the grantor. 

Benefits of Establishing a Trust

Creating a trust with Alexander | Grossman Attorneys at Law brings numerous benefits.

A trust can provide peace of mind by ensuring that your assets are distributed according to your wishes without public interference. It offers protection for your estate against creditors and legal judgments, while also providing a layer of privacy that the probate process does not offer.  

Importantly, for parents, trusts can secure the financial future of children or other dependents, offering provisions and protection until they are of age or meet specific conditions you’ve set forth. 

Common Pitfalls to Avoid

When establishing a trust, several common pitfalls need to be avoided to ensure its effectiveness. These include not properly titling assets in the trust’s name, failing to update the trust as life circumstances change, and neglecting to choose the right type of trust for your situation. As your estate planning lawyers, our role is to guide you through these potential issues, ensuring that your trust fulfills its intended purpose without unforeseen complications. 

Partnering With Alexander | Grossman Attorneys at Law

The decision to set up a trust is a significant step toward protecting your assets and ensuring the well-being of your loved ones. Our firm, Alexander | Grossman Attorneys at Law, is founded on the principles of trust, personal commitment, and legal excellence.  

We pride ourselves on offering one-on-one attention to each of our clients, ensuring we thoroughly understand your goals and concerns. By partnering with us, you gain not only our extensive estate planning knowledge and experience but also our unwavering dedication to securing your legacy exactly as you envision it. 

Trusts Attorneys Serving Skokie, Illinois

To learn more about how we can assist you with your trust and estate planning needs or to schedule your free consultation, contact Alexander | Grossman Attorneys at Law today. Located in Skokie, Illinois, and serving clients throughout Cook County and Lake County, we are your dedicated partners in all matters of trust creation, administration, and litigation.

Your goals are our goals, and together, we can ensure your legacy is protected for generations to come.