Trust Preparation Attorneys in Wheaton, IL

DuPage County Attorneys for Estate Plan Matters

A trust assists families in managing their assets in a more intelligent fashion. You can maintain control of your property, both before and after your death, minimize tax liability, and help ensure a more orderly transition in what can be a very difficult time. In addition to drafting the documents, an estate planning attorney can give you trustworthy legal advice that takes full advantage of the available laws.

At the Law Offices of Salvatore C. Miglore & Associates, helping families is what we do best. Our law office was founded by working people for working people, so we understand your estate planning needs. We provide services in Polish, Spanish, Italian and English, to connect with you more effectively. We invite you to share your goals with us, so we can design a trust that fits your needs.

There are several different types of trusts, but they all have the same basic components. The settlor is the person who makes the trust. A trustee manages the corpus, or the assets in the trust, on behalf of a beneficiary. There is typically a fiduciary relationship between the trustee and beneficiary, which is the highest duty the law recognizes. Quite often, the settlor and trustee are the same person. The significant differenct, however is that when the settlor dies, the corpus is not part of the estate, so it is largely immune from probate.

Illinois does not use the Uniform Probate Code, so this process can be archaic and complicated. There is a streamlined process for estates under $100,000, but nearly all estates are over this limit, especially if there is a house or other real property. A trust can help you avoid probate altogether. Not only does an inter vivos ("living") trust title some or all of your assets in another name, it is quite easy to add to or subtract from the corpus while you are alive. 

Other trusts have tax advantages. An A&B Trust is actually two trusts in one. The "A" trust leaves property to your spouse, while the "B" trust leaves property to your children. The corpus in the "A" trust takes advantage of the martial deduction, and the corpus in the "B" trust are exempt from taxes when your spouse dies. This arrangement is often called a family trust. There are several variations; for example, a Q-Tip Trust limits the "A" trust to income only, further taking advantage of tax laws. A&B Trusts are a very good option for estates worth over $5 million.

In addition to the financial advantages, trusts can clarify the line of succession in a business or other entity. The trustee stays in control, regardless of what happens to the settlor, so vital day-to-day operations can continue uninterrupted.

A trust is an important part of your overall estate plan. Contact Quite often, the settlor and trustee are the same person. Contact the Law Offices of Salvatore C. Miglore & Associates at (630) 933-8400 for a free consultation, and start setting up your trust and other necessary documents. We prepare trusts and other important documents for clients in Wheaton and throughout DeKalb, McHenry, DuPage, Kane, Kendall, Will, Lake and Cook Counties.