Trusts
ILLINOIS TRUSTS ATTORNEY
Special Needs Trusts – Revocable Living Trusts - AB Trusts - Life Insurance Trusts - Q-TIP Trusts - Chartable Remainder Trusts - OBRA Trusts
A trust is one of our most effective asset management tools during our lifetimes and after death. There are many different kinds of trusts and everyone's circumstances are different. Your lawyer needs to look at your specific circumstances to select the type of trust that will best accomplish your goals.
At the Law Office of Daniel Parsons, we offer expert guidance in all types of trusts, such as:
- Special needs trusts (sometimes known as OBRA trusts), are important and effective tools for taking care of disabled loved ones. The special needs trust ensures that your loved one will be provided for and someone will be there to manage the assets, without interfering with eligibility for government benefits.
- Revocable living trusts are the most common type of trusts.
- AB Trusts or by-pass trusts are often used to minimize or eliminate estate taxes (also known as "death taxes").
- QTIP trusts (Qualified Terminal Interest Trusts) allow a surviving spouse to benefit from the trust assets for the remainder of the survivor's life. Estate taxes are deferred until the surviving spouse dies.
- Irrevocable Life Insurance Trusts are used to keep the value of life insurance policies out of the estate for estate-tax purposes.
- Charitable Remainder Trusts are effective for charitable gifts and provide both income and estate tax benefits.