Planning what to do with the assets of an estate takes a great deal of legal knowledge and the proper kind of information to ensure that the will accurately reflects the wishes of its creator.
Never try to write a will without the assistance of an attorney. There are far too many legal loopholes that may arise and cause untold havoc later. In addition, tax laws and other legal rules that affect estate planning tend to change fairly regularly. Being up-to-date and totally legal when drafting a will is for the benefit of the client who wants to ensure their assets are distributed as they wish – legally and without any hassles.
If there is a provision for a charitable trust in the will, keep in mind that charitable trusts have serious tax incentives. However, having said that, they are not just a tax shelter. They are perhaps the best way possible to make provisions for a charity of the deceased’s choice.
A trust works by primarily transferring assets from one entity to another. Although that may sound easy, there are other considerations that have to be met, e.g. the transfer must be done in an efficient and timely manner. This works by allowing the person to have a stream of income from the trust holdings.
When that person dies the remaining assets in the trust transfer directly to the named charity. While it may sound simple, it isn’t and this is only just the tip of the iceberg. This is why consulting with a well-qualified attorney like The Law Office of Jay F. Fortier, P.C., in Chicago, Illinois, will ensure the trust is set up according to the required rules of law.
Living trusts are another area that Fortier uses in the estate planning process. “A living trust lets clients be remembered in the way they wish to be recalled,” explained Fortier. A living trust may go to a favorite charity or a much-loved heir.
Simply put, a living trust is a legal method of transferring assets from one entity to another. That means the person who places the funds in the trust is the trustor, the person who manages the trust is the trustee, and the person who lives on the trust is the beneficiary.
If estate planning is in the future, make sure to contact a reputable attorney such as The Law Office of Jay F. Fortier, P.C., in Chicago, Illinois. Fortier’s gift of the ability to explain complex situations to clients is superb.