Estate Planning Requires Reliable Information

Planning what to do with the assets of an estate takes a great deal
of legal knowledge and the proper kind of information to ensure that
the will accurately reflects the wishes of its creator.

Never try to write a will without the assistance of an attorney.
There are far too many legal loopholes that may arise and cause untold
havoc later. In addition, tax laws and other legal rules that affect
estate planning tend to change fairly regularly. Being up-to-date and
totally legal when drafting a will is for the benefit of the client who
wants to ensure their assets are distributed as they wish – legally and
without any hassles.

If there is a provision for a charitable trust in the will, keep in
mind that charitable trusts have serious tax incentives. However,
having said that, they are not just a tax shelter. They are perhaps the
best way possible to make provisions for a charity of the deceased's
choice.

A trust works by primarily transferring assets from one entity to
another. Although that may sound easy, there are other considerations
that have to be met, e.g. the transfer must be done in an efficient and
timely manner. This works by allowing the person to have a stream of
income from the trust holdings.

When that person dies the remaining assets in the trust transfer
directly to the named charity. While it may sound simple, it isn't and
this is only just the tip of the iceberg. This is why consulting with a
well-qualified attorney like The Law Office of Jay F. Fortier, P.C., in
Chicago, Illinois, will ensure the trust is set up according to the
required rules of law.

Living trusts are another area that Fortier uses in the estate
planning process. "A living trust lets clients be remembered in the way
they wish to be recalled," explained Fortier. A living trust may go to
a favorite charity or a much-loved heir.

Simply put, a living trust is a legal method of transferring assets
from one entity to another. That means the person who places the funds
in the trust is the trustor, the person who manages the trust is the
trustee, and the person who lives on the trust is the beneficiary.

If estate planning is in the future, make sure to contact a
reputable attorney such as The Law Office of Jay F. Fortier, P.C., in
Chicago, Illinois. Fortier's gift of the ability to explain complex
situations to clients is superb.

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