Is a trust beneficial?

The truth is a trust may be a useful estate planning tool for your family if you have a net worth of at least $100,000 and meet one of the following conditions:

1. A sizable amount of your assets is in real estate, a business or an art collection;
2. You want to leave your estate to your heirs in a way that is not directly and immediately payable to them upon your death. For example, you may want to stipulate that they receive their inheritance in three parts, or upon certain conditions being met, such as graduating from college;
3. You want to support your surviving spouse, but also want to ensure that the principal or remainder of your estate goes to your chosen heirs (e.g., your children from a first marriage) after your spouse dies;
4. You and your spouse want to maximize your estate-tax exemptions;
5. You have a disabled relative whom you would like to provide for without disqualifying him or her from Medicaid or other government assistance.

Original Source: CNN Money, Money Essentials

Bradford Miller Law, P.C. can prepare all your estate planning documents and keep them updated. 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. Visit our website for helpful information regarding Estate Planning and 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
312-238-9298
http://www.bradfordmillerlaw.com

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