Practice Areas

Irrevocable Trusts

Wheaton Irrevocable Trusts Attorney

When you establish a trust, your attorney should guide you toward the appropriate type of trust given your assets, beneficiaries and life circumstances. With more than 15 years of experience, Wheaton irrevocable trusts lawyer Carol A. Nolan can effectively guide you toward the appropriate type of trust.

Unlike a revocable trust, an irrevocable trust is permanent — the terms of the trust cannot be changed. The decision to establish an irrevocable trust is therefore a very important decision. Ms. Nolan can talk to you about your options, guide you through the decision-making process and help you explore if an irrevocable trust is advisable for your situation. Contact Naperville beneficiary lawyer Carol Nolan for a consultation.

An Irrevocable Trust Can Serve You in Several Ways

Trusts can be the main part of your comprehensive estate planning package, or they can serve as tools to manage certain situations. An irrevocable trust may be advisable for a person with family members who are demanding or financially abusive. By establishing an irrevocable trust, assets can be safeguarded from family members with ill intent. An irrevocable trust may be advisable if:

  • A family member is pressuring you to give them money
  • You are being or have been financially victimized
  • You do not have a family member you can trust to handle your financial affairs if you become incapacitated

Additionally, an irrevocable trust can minimize estate taxes and aid in the avoidance of probate.

Irrevocable Life Insurance Trusts

An irrevocable life insurance trust (ILIT) is an irrevocable trust that can be created to ensure death benefits paid will be excluded from the gross estate of the decedent (insured person). An ILIT can also be established in a manner that provides for benefits to be paid to the surviving spouse with exclusion from the surviving spouse's gross estate. In other words, life insurance proceeds from an ILIT are not taxed.

Contact a Naperville Beneficiary Lawyer

At the law firm of Carol A. Nolan, Attorney at Law, clients receive one-on-one attention regarding irrevocable trusts from an experienced lawyer. To schedule your confidential consultation, please call Carol Nolan at 630-668-6600 or contact her online.