A living trust (also called a “revocable living trust” or “declaration of trust”) is a foundational estate planning document that enables people to manage their assets in the event of an incapacity or death. Simply put, a living trust efficiently distributes assets and avoids probate.
Illinois has its own estate tax, and the federal estate tax exemption is $13.99 million. An exemption is a specific amount of money or value that is excluded from taxation. In the context of estate taxes, an estate tax exemption allows a certain portion of an individual’s estate to pass tax-free before any tax on the estate applies. Call our Illinois estate planning attorney for more information about estate planning and how a living trust could help you.