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241 Golf Mill Professional Building Suite 800 Niles, IL 60714
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Trusts

Trusts are estate planning tools which can be used to assure an individual’s wishes are carried out properly.  A trust is a document in which one person (the settlor) directs another person (the trustee) to hold property for the benefit of a third person (the beneficiary).  However, it is possible for the trustee, the settlor and the beneficiary to be the same person, such as when someone creates a living trust.
 
Trusts can be used to select a guardian for minor children, prevent guardianship for disabled adults, avoid probate, minimize estate taxes, keep information private and deal with a multitude of other issues.  The most common trusts are briefly explained below, but there are a myriad of different strategies and trusts that may be implemented in addition to those listed.
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Living Trusts:

The most common type of trust. Used to select a guardian for minor children, avoid guardianship for disabled adults, avoid probate, and keep information private.

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Q-Tip Trusts:

Often used for second marriages. Used to allow a beneficiary (usually a spouse) to receive income during his or her life and distributes the remaining property to other beneficiaries.

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Special Needs Trusts:

Used for disabled individuals so they may receive funds in addition to government benefits.

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Credit Shelter Trusts/Family Trusts & Marital Trusts/A-B Trusts:

Used to minimize estate taxes for married couples.

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Irrevocable Trusts:

Used to remove rapidly appreciating property, such as life insurance, from an estate, minimize estate taxes and protect assets from creditors.

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Charitable Trusts:

Used to give funds to a charitable organization and receive favorable tax treatment.

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Bank Trusts/Payable on Death Accounts:

Used to transfer funds upon death by adding someone’s name to a bank account.

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Land Trusts:

Used to protect real estate from creditors and avoid probate.

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Generation Skipping Trusts (GST Trusts)

Generation skipping trusts (GST Trusts) are often used to primarily benefit a person’s children.

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