What is a Irrevocable Trust?
Irrevocable trusts created during your lifetime are generally created to remove assets from your estate, placing them beyond your control. This can be done for protection of the assets and/or for estate tax reasons. One of the most common uses of irrevocable trust is to own large life insurance policies whose proceeds may be subjected to estate tax if they are not placed outside of your estate.
If you own life insurance at your death, it is includable in your estate when calculating estate taxes. In other words, if your taxable estate exceeds the applicable exclusion amount, any insurance could be depleted by almost half. You can transfer ownership of policies to individuals, such as your children, who will make decisions regarding the policies, such as continuation of premium payments and use of dividends during your lifetime as well as the distribution of proceeds upon your death. Or you can establish an irrevocable life insurance trust, also commonly referred to as an “ILIT,” which you can structure to accomplish your control goals while minimizing or eliminating estate taxes on the death payout. An irrevocable life insurance trust can also be structured to protect insurance payouts from creditors of both the insured and the beneficiaries.
If you have life insurance contact our Chicago trust attorneys for a consultation to determine if you require this type of trust.
Types of Trusts We Establish:
- Chicago Trusts Attorney
- Revocable Trust
- Irrevocable Trust
- Supplemental Special Needs Trust
- Charitable Trusts
- Credit Shelter/Applicable Exclusion Amount Shelter Trust
- Generation Skipping Trust
- Pet Trust
- Estate Freeze Trust
- Qualified Personal Residence Trust (QPRT)
- Qualified Domestic Trust (QDT)
- Trusts for LGBT and other Life Partners
What Our Clients Are Saying About Us:
Thank you very much Johannah and Lee. I can't tell you how much you helped make a difficult situation a bit more bearable. Prior to hiring you, I was at my wit's end. Having you in my corner was a total game changer. Thank you very, very much.
Dear Eric, I just want you to know how much I appreciate everything you've done for me and the thoroughness with which you did it. You are indeed a most impressive will-maker, including the the serendipitous coverage your "compulsivity" supplies. You truly lift the experience from the quotidian to an art-form. In addition, you are a real mensch, in its best sense: open, warm, caring, understanding and honest. Again, my thanks to you and your staff for your help. With best wishes, S.B
Eric and Julie: On behalf of the Edgebrook Women's Club would like to thank you and express our gratitude for your wonderfully informative presentation to our group. As was evident from the many questions your information was needed, very well received and your situational examples registered with many in the audience. Thank you again for providing a much needed and informative presentation.
"Eric, Thanks again for helping me get this signed and completed. It's a big comfort knowing that my will and estate is in order. Thank you again for your generosity and friendship. I really appreciate being able to get this taken care of and with a certain level of confidence. I trust you and feel really comfortable with your advice. I've already referred some friends to you. I will continue to be your advocate and biggest fan!"
"We felt very comfortable with both attorneys. We would feel comfortable if we had to call to have questions answered. The atmosphere with Mr. Matlin was great, and we left the office feeling positive about something that is so important to us."
New Partner Announcement
We are pleased to announce that Attorney Ryan S. Smith and Attorney Jeffery Ramirez have become Partners at the firm! Both Ryan and
New Attorney Spotlight
At Matlin Law Group, we are committed to providing quality legal services to our clients, as well as building on our success and
A Baker’s Dozen of Why People Procrastinate About Their Estate Plan
Do any sound familiar to you? Most people don’t like to think about death or money. Wills and Trusts force you to
Estate Planning Spring Cleaning Checklist
It is officially spring, time to awaken from our unusually long COVID winter hibernation/nightmare, just in time for annual spring cleaning, the perfect
Remote Estate Planning Team Work
As a provider of legal services, Matlin Law Group is an essential business, and we are allowed to remain open. However, for the
Safe No Contact or Virtual Estate Planning and Estate Administration
Click below for a featured article in the Northbrook Patch showing Matlin Law Group's resilience and proactive approach to safely serving our clients
College and Covid-19
In this unprecedented time with a pandemic virus affecting many, it is understandable that parents are concerned about their college-bound children. While many
Power of Attorney for Health Care and HIPAA Authorization for Clients with College-Bound Children
While many parents are covering dependent insurance of their adult children until the age of 26, many of these parents are unaware that
COVID 19 Update: Matlin Law Group Remains Open as Essential Business
Clients & Friends of Matlin Law Group: As you are probably aware, Governor Pritzker issued a “Stay at Home” Order for the State of
Should I Stay or Should I Go…Seeking a Warmer Tax Climate?
If you are an Illinois snowbird looking for tax relief in the Sunshine State while maintaining homes in Illinois and Florida, you may
Matlin Law Group, P.C. Remains Open (Working Remotely) to Serve Our Clients
Clients, Friends and Family of Matlin Law Group: As the global effect of the Coronavirus or COVID-19 (COrona VIrus Disease 2019) continues to
Power of Attorney for Health Care and HIPAA Can Help When You Receive the Dreaded 3am Call
Some estate-plan documents have nothing to do with money or what happens to our estate after we die. If you are outraged-or at
A Guide to Estate Planning for Young Families
Every legal adult needs an estate plan, powers of attorney and HIPAA authorization at the very least, but the scope of planning may
How Much Does Estate Planning Cost in Illinois?
Estate planning is an important milestone in an adult’s life. Regardless of wealth and status, everyone benefits from estate planning, to ensure that
Estate Planning Checklist: 5 Essential Steps to Protect Your Future
When tragedy strikes, it reminds us that life is precious. Recently, friends of clients of mine lost their 17-year-old son to a skiing
Will Planning Guide: How to Make a Legal Will in Illinois
Making a Will can be a daunting task. You know it’s important to plan for what will happen to your property, dependents and
When Do You Need Estate Planning? How to Start at Any Age
When do you need estate planning? At every stage of adult life! Estate planning isn’t just something older people with great wealth do.
Non-traditional relationships also need estate planning.
If you have an important non-traditional relationship other than marriage, it is especially imperative that your legal affairs are in order. Sometimes the
"Be Kind; Everyone You Meet is Fighting a Hard Battle"
“Everyone you meet is fighting a battle you know nothing about. Be kind. Always.” Each year, nearly 45,000 Americans commit suicide, and that’s
Estate planning attorney Eric Matlin pleads guilty to entertaining readers
Attorney Eric G. Matlin was recently featured in a weekly Sunday Breakfast article in the North Shore Weekend by JWC Media, written by
Barbara Bush’s Comfort Care Decision at End of Life – Rest in Peace
At the end of life, families are often faced with decisions about whether to continue to treat health conditions facing a loved one
Should Your Executor Be Your Eldest Child?
When we meet with our estate planning clients to talk about who might act for them in the event of disability or death,
Local author pens estate planning book
Alan P. Henry, Freelance Reporter 12:59 am CDT March 28, 2018 The challenge, as Eric Matlin saw it, was to write a
Being a trustee or executor is stressful. Become de-stressed.
You have been chosen by a family member or friend to act for them or on behalf of their family in times of
How to Contest a Will in Illinois
When a person passes away with a will, that will is submitted to probate. Probate is the process by which the directives in
Should I agree to serve as executor?
Have you been appointed as the executor of an estate? Carrying out your duties can feel overwhelming and sometimes like a second job.
Do you need a health care power of attorney? The answer might surprise you.
Let’s back up a little bit and talk first about what a health care power of attorney is. A health care power of
DO “DINKS” NEED ESTATE PLANNING?
We often hear the from our married clients who have double income and no kids: "We do not have any kids so we only
In re Estate of Marion Young Tait 2017 IL App (3d) 150834
In the recently decided appellate case, In re Estate of Marion Young Tait, the third district of the Appellate Court of Illinois was faced with
Living Without a Will
A recent Gallup Poll has indicated that at least 56% of U.S. citizens do not have a will in place. Taking a closer
Should You Use A “Do-It-Yourself” Estate Planning Service?
QUESTION: Should You Use A “Do-It-Yourself” Estate Planning Service? Many people ask whether it is a good idea to use a DIY estate planning service to
DO YOU KNOW WHO YOUR HEALTHCARE AGENT SHOULD BE? TAKE THIS QUIZ TO FIND OUT.
QUIZ for HOW TO PICK A HEALTH CARE AGENT OR PROXY Sophie was laying in her bed feeling feverish and a little bit lost.
Electronic Records and end-of-life plans
Planning for the future of your health care doesn’t stop when you ink your name at the bottom of a Power of Attorney,
Spring Cleaning – Getting Your Documents Organized for Your Estate plan
It is officially spring! When many of us awaken from our long winter hibernation just in time for annual spring cleaning, the perfect
Top 12 Reasons People Delay Estate Planning
January is as good a time as any to contemplate your goals for the new year and begin to fulfill new (or old
Are You Covering Your Children’s Health Insurance Costs Without Any Access to Their Medical Information?
The Affordable Care Act requires plans that offer dependent coverage to make the dependent coverage available until the adult child reaches the age
WHAT IS CAPACITY, AND WHY DOES IT MATTER?
Mom is 78 years old, living alone after the death of Dad. She was recently diagnosed with the early stages of Alzheimer’s. Mom
October is Breast Cancer Awareness Month
October is Breast Cancer Awareness month. All of us probably know somebody who has been affected by breast cancer. According to Cancer.org, breast