Part 2: Five standard forms of trusts

As previously discussed, there are five standard forms of trusts. Each type has advantages and disadvantages, which you should discuss with your estate-planning attorney. The second type is as follows:

Generation-skipping trust: A generation-skipping trust (also called a dynasty trust) allows you to transfer a substantial amount of money tax-free to beneficiaries who are at least two generations your junior, typically your grandchildren.

You may specify that your children may receive income from the trust and even use its principal for almost anything that would benefit your grandchildren, including health care, housing or tuition bills.  Be advised that if you leave more than the exemption amount, the bequest will be subject to a generation-skipping transfer tax. This tax is separate from estate taxes, and is designed to stop wealthy seniors from funneling all their money to their grandchildren.

Original Source: CNN Money, Money Essentials

Bradford Miller Law, P.C. can prepare all your legal estate planning documents. We will offer advice, and keep your estate plan current with the laws governing estate planning. And, you have the satisfaction of knowing that your affairs are in order, per your wishes. At www.bradfordmillerlaw.com you can find helpful information regarding Estate Planning and information about our firm. Give us a call at 312-238-9298 for a FREE 15-minute consultation.

Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law and Estate Planning
134 N. LaSalle Street, Suite 1040
Chicago, Il 60602

Offering free legal representation to homeowners seeking a short sale

Key words: Chicago short sale attorney, Chicago landlord tenant law attorney, Chicago estate planning attorney, Estate Planning Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago eviction attorney, Chicago Leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.