There are sophisticated plans that can reduce an individual’s taxable estate. Some involve charitable giving. Some of our most frugal clients with the most modest estates are the individuals that are the most charitable. We can help you strategize how to maximize your charitable giving, and even assist in the creation of a charitable foundation.
Perhaps your closely-held business is the primary asset in your estate. We can help you create Buy-Sell Agreements and assist you with business succession planning. We can also help you stay compliant with Illinois law by tracking and filing your annual reports, preparing annual minutes and other annual corporate documents, and drafting corporate by-laws and LLC Operating Agreements.
An alternative to the Revocable Trust (and recording a Quit Claim Deed) and the Transfer on Death Instrument is the creation of a Land Trust. For a relatively small annual fee, a trust company becomes the Trustee. You nominate who the beneficiaries are after you die, so the interest in the real estate passes outside of probate. One benefit to a Land Trust is the beneficiaries identities are completely private, so even though a deed is recorded, the beneficial owner of the property is no longer public record.