Yesterday I had a client that lives in Illinois tell me that her broker recently told her to take the assets out of her Living Trust because “she did not have a million dollars, so she does not need a trust”
This broker is wrong! He is likely confusing the 2011 estate tax exclusion amount (which will be $1 million) with the amount that triggers a need to probate an estate.
In Illinois assets over $100,000 or ANY value of real estate will reuqire a probate to clear title.
Be sure to get your legal advice from knowledgeable sources or you may get bad advice.
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