Sorling Northrup Attorneys at Law
  • SPRINGFIELD
  • CHICAGO

Trusts

Sorling Northrup Law Offices
Springfield

1 North Old State Capitol Plaza
Suite 200
P.O. Box 5131
Springfield, IL 62705

Phone 217.544.1144
Fax 217.522.3173

Chicago

22 West Washington Street
Suite 1500
Chicago, IL 60602

Phone 312.854.7963
Fax 312.854.8001

The use of trusts in estate and business planning has become increasingly popular. While not for every individual, revocable trusts, also known as living trusts, can play an important role in estate, business, and tax planning. A revocable trust can assist individuals with asset management in the event of incapacity, avoid probate, assist in maintaining a closely-held business within a family without the publicity of probate, and be a vehicle for implementing various estate, gift and generation-skipping transfer tax strategies.

Irrevocable trusts are an effective estate planning tool, especially in life insurance planning, educational planning, and charitable gifting. Whether a client desires to make educational gifts or charitable gifts in the most tax-effective manner, seek a vehicle to own life insurance to fund a buy-sell arrangement, provide liquidity to pay estate taxes upon death, or reduce the gross value of an estate for estate tax purposes, Sorling Northrup can prepare an irrevocable trust to accomplish these goals. These trusts, along with testamentary trusts and land trusts, involve complex income, estate and gift tax issues and generation-skipping transfer tax ramifications, and require specialized knowledge and skill. Experience with the preparation of these trusts, along with experience in the various administrative difficulties that may arise, permits Sorling Northrup attorneys to provide cost-effective counsel.


Sorling Northrup attorneys who practice in this area include:

Site design & hosting by HIP Advertising