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Trusts: Weighing the advantages of each option in estate planning

Individuals in Illinois and elsewhere may put a great deal of thought into the process of planning for the future. With numerous crucial areas to cover, estate planning can be somewhat intimidating, but one may be able to overcome any hesitations by exploring the advantages of the available options, such as a trust. While trusts can provide a multitude of benefits, it may be advisable to speak with someone with extensive knowledge in estate planning before deciding upon a path.

One potential advantage of a trust lies in the ability to reduce the impact of federal taxes on one's estate, provided assets within the trust exceed a certain monetary threshold. An individual can also use a trust to provide for loved ones according to his or her wishes. A trust can also be used to protect one's assets and assist in charitable distributions.

There are numerous types of trusts, and the rules and regulations of each in turn may be subject to change. Whether a person has chosen to relocate, or a certain amount of time has passed, one might find it beneficial to review his or her trust and make any changes that are necessary. Over time, one may also wish to update or change the beneficiaries in the trust and ensuring that information stays updated could help avoid a potential disaster.

With a multitude of aspects to consider, planning for the future can appear overwhelming, prompting many to seek assistance in navigating the process. By speaking with an attorney with knowledge in all types of trusts, as well as every other aspect of estate planning, a client in Illinois could obtain guidance on each available option. An attorney can address a client's concerns and wishes and provide advice on making informed decisions regarding the future of his or her estate.

Source: mcall.com, "Financial Health with Laurie Siebert: Using trusts in estate planning", Laurie Siebert, Accessed on Oct. 2, 2017

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