Davenport Lawyers Who Can Help With Setting Up a Trust
Trusts are highly effective estate planning tools. Understanding the benefits they offer and being able to take advantage of those benefits requires an experienced guide. The Davenport and Rock Island attorneys at our firm have more than 40 years of combined experience helping people build efficient and flexible estate plans.
The Benefits of Setting Up a Trust
Some of the benefits that trusts may provide include:
- Avoiding probate
- Avoiding or minimizing unnecessary tax burdens (Illinois residents must plan for their state estate tax)
- Maintaining privacy
- Ability to plan for the needs of minor or disabled family members
- Reducing the risk of creditor claims against your beneficiaries
- Delaying benefits for certain heirs, while others may receive immediate gifts
Knowledgeable Legal Counsel for All Trust-Related Issues
We are able to offer our clients knowledgeable counsel regarding all types of trusts and trust-related issues, including:
Living/revocable trusts — These trusts offer effective estate planning for individuals who are seeking to avoid probate, maintain their privacy and avoid or minimize unnecessary tax burdens and other costs.
High net worth tax avoidance planning — There are a variety of strategies that we can employ to assist high net worth individuals and families such as irrevocable life insurance trusts, generation-skipping trusts, family LLCs, and charitable trusts.
Trust administration — We provide experienced assistance to clients facing such trust-related issues as tax return preparation, re-titling of assets and the proper handling of distributions.
Testamentary trusts — Wills can be used to create a trust at death. These are commonly known as testamentary trusts. Testamentary trusts provide the ability to delay distribution to heirs, in order to protect property from both heirs and their creditors.
Special needs trusts — This form of trust allows a person to provide for a loved one with a disability, without hindering the loved one’s ability to receive public and private assistance for necessary benefits, upon which he or she may be dependent.
Experienced Representation Focused On Effective Use of Trusts In Estate Planning
At Schnell & Hancock, P.C., we have extensive experience counseling clients on trusts and their management. We are skilled at working with our clients to clearly identify their estate planning goals. Our experience in serving the needs of clients in Illinois and Iowa gives us a depth of knowledge on all applicable state laws and allows us to craft effective estate plans to achieve our clients’ estate planning goals.
For Help With Living Trusts and Other Types of Trusts, Contact Our Attorneys
When you are ready to educate yourself about trusts and take advantage of the benefits they can offer, the lawyers of Schnell & Hancock, P.C., can help. To schedule an initial consultation, call 563-359-7112 or contact us online.