Keeping Control With a Living Trust

When we lose control temporarily (illness, accident) or permanently (incapacity, death) two questions we all must answer in a properly designed estate plan: Who do we want to be in control of our wealth and for whose benefit do we want our wealth applied (while minimizing (or avoiding) taxes and administrative expenses, especially probate).

First steps and initial meeting preparation. The initial meeting is scheduled about two weeks out, unless there is a health reason to make it sooner. Here are the issues you should be thinking about.

  • Who do you want to be in control at the various stages—if you become incapacitated, and when you die? Questions such as, should you pick a family member or a professional to be trustee? Can you appoint more than one serve together as Cotrustees? We will help you through this process.
  • How do you want your wealth protected from future events after you die? Questions such as, If a child goes through a divorce do you want to make sure the judge can’t touch the assets you left to your child? Also, upon the eventual death of a child, do you want your wealth to pass to your grandchildren or to your child’s spouse?

When the initial consultation is set we immediately send you a Confidential Personal Information Form (by email if you prefer) which will guide you through taking an inventory of everything you may own such as cash accounts, home, life insurance, IRAs, and investments. It will also have a check-the-box list of potential goals you can select from.

Call our office for a consultation. 847-674-0200. The fee for the initial consultation is $450. It typically takes about 1 to 1 ½ hours. The $450 is waived if you decide to go forward with your planning. The fee for the planning will depend on what you need and will be quoted at the consultation. It will be a fixed fee, not an hourly rate.