1001 Warrenville Rd, Suite 224, Lisle, IL 60532
Carol A. Nolan, Attorney at Law



Lisle Tax Planning Attorney

Tax Planning

Large estates — those worth millions — may be subject to extensive taxation upon the death of its contributors. With effective tax planning, however, you can avoid many of the negative effects of estate taxes (also called the death tax) and preserve your assets for generations to come.

At the law firm of Carol A. Nolan, Attorney at Law in Wheaton, Illinois, Ms. Nolan provides effective tax planning advice to clients throughout the western suburbs of Chicago. She thoroughly reviews a couple's financial situation and develops solutions that fit their unique needs. To discuss your tax planning options with an experienced lawyer, contact Ms. Nolan today.

Credit Shelter Trusts

One option to protect and preserve assets is through the establishment of a credit shelter trust (also known as an AB trust or family trust). Upon the death of one spouse, a certain amount of assets (the applicable federal exclusion amount) are passed into the credit shelter trust where they are allowed to grow, rather than be taxed. The living spouse has access to both the trust income and the trust principal. After the death of the surviving spouse, the assets are distributed to the children. These trust assets are not considered part of the surviving spouse's taxable estate.

There are many different purposes for credit shelters, and often, a variety of trusts are used. There are family trusts, generation-skipping trusts, life insurance trusts, and qualified personal residence trusts, for example. Whichever is the best kind of trust for sheltering assets and income depends completely on a family's individual circumstances. Ms. Nolan has extensive knowledge and experience in preparing a large variety of trusts depending on the financial needs of her clients.

Attorney Carol A. Nolan will explain legal options in plain English, not legalese. She will make appropriate recommendations for your situation in order to maximize your tax planning benefits.

Contact Carol A. Nolan, Attorney at Law

If you have questions regarding tax planning, contact Illinois estate planning lawyer Carol A. Nolan today to arrange a consultation at 630-668-6600.

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Please schedule an appointment with me to review your Medicaid application. Applications are confusing and when reviewed by an attorney, may be approved sooner.

expertise AVVO Illinois State Bar Association National Academy of Elder Law Attorneys Super Lawyers DuPage County Bar Association Martindale-Hubbell Martindale-Hubbell Client Champion Martindale-Hubbell Client Champion Gold
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