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.
P.S. We appreciate you following us and value your comments and input. Please provide your thoughts by using the comments section on our blog page.
You Can Also Find Us Online: Facebook | Twitter | LinkedIn
- Attorneys Want to Help - December 14, 2016
- Trusts and the Estate Tax - December 14, 2016
- What Is a Third Party Special Needs Trust? - December 14, 2016