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Chicago Irrevocable Trust Attorneys

Des Plaines Irrevocable Trusts Attorney

Estate Lawyers Serving Niles, Skokie, and Norridge

As you approach the process of estate planning, it is easy to become overwhelmed by the number of tools and instruments that are available to help you protect your assets and provide for the future of your family. At Otte & Czajkowska, LLC, we realize that it can be challenging to choose the right ones for your unique situation. Our experienced attorneys can assist you in creating wills, powers of attorney, and advance medical directives, as well as all types of trusts.

There are many different kinds of trusts, each with its advantages and potential drawbacks, including revocable living trusts, special needs trusts, and land trusts. In some cases, an irrevocable trust may be appropriate, and we will help you determine if such a trust is necessary for your comprehensive estate plan.

Understanding Irrevocable Trusts in Illinois

The distinguishing feature of an irrevocable trust is that it cannot be changed once the trust is established, as its name implies. Unlike a revocable living trust, which can be amended or revoked at any time during the creator's lifetime, an irrevocable trust becomes permanent when it is signed. The permanence of an irrevocable trust is what can make it an appropriate option for:

  • Reducing or eliminating estate tax liabilities.
  • Providing financial security for future generations.
  • Protecting assets and property from creditors.
  • Addressing any special needs of named beneficiaries.

An irrevocable trust can also be a critical component of Medicaid planning for elderly and disabled individuals. Assets transferred into an irrevocable trust are not considered to be under the ownership of the creator, which could be important in maintaining eligibility for government programs like Medicaid.

Trusted Elmwood Park Counsel for Irrevocable Trusts

At Otte & Czajkowska, LLC, we recognize the importance of customizing an estate plan to meet the individual needs of each client. Our experienced lawyers take the time to get to know you and to gain a full understanding of your current financial situation, as well as your long-term goals. Doing so allows us to help you decide which tools should be included in your estate plan.

We also understand that an irrevocable trust must be drafted properly to ensure that you and your family realize all of the potential benefits. With our knowledge of state and federal trust laws, we are equipped to create legally sound trusts that offer financial security and peace of mind.

Also Serving Polish-Speaking Individuals and Families

Attorneys Michael A. Otte and Izabela Czajkowska took over the law firm of Chester M. Przybylo & Associates with the goal of continuing to serve clients in Jefferson Park and the surrounding areas. We are proud to be one of very few firms in the region to offer Polish language legal services. Our team knows that legal matters can be complex, and language barriers only make things more difficult.

To learn more about our firm and how we can help you with irrevocable trusts, contact our office. Call 773-631-7100 to schedule a confidential consultation today. Otte & Czajkowska, LLC serves clients in Jefferson Park, Elmwood Park, Morton Grove, Niles, Norridge, Harwood Heights, Edgebrook, Glenview, Lincolnwood, and throughout Chicago's northwest side.

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