When you have accumulated a sizable estate, you may want to safeguard as much of it as possible for the sake of your heirs. You do not want it to be reduced significantly with estate taxes after you die. You also do not want to chance anyone other than your beneficiaries laying claim to it.
Instead of hoping that your executor disperses your will to your satisfaction when you are no longer here, you can set up a fund that can keep most or all of your wealth safe. You can benefit from setting up and funding a pool trust in Chicago before you pass away.
Protecting Funds from Taxes
When you fund this kind of trust for your heirs, you may spare the money and assets that you place in it from being taxed. Estate taxes are pricey to pay and can take a significant toll on any funds that you leave behind. Your heirs might have to pay close to a quarter to half of the wealth that you leave behind in taxes.
By placing the money and assets in a trust, however, you and your heirs may avoid paying taxes on them while they are in that fund. You leave more of your estate to people that you want to benefit from it.
You can find out more about setting up and funding a pool trust in Chicago online. Reach out to Life’s Plan, Inc.
