Trust Lawyer Skokie, IL
If you’re weighing whether a trust belongs in your estate plan, the question worth asking isn’t whether trusts are useful in general. It’s whether one solves the specific problems your family is likely to face.
Our Skokie, IL trust attorney at Kravets Law Group drafts a variety of different types of trusts for individuals and families throughout Skokie and the surrounding Cook County area. Founding attorney Daniel Kravets has been practicing since 2016, opened the firm in 2020, and handles all trust matters personally. Flat-rate pricing applies to most trust documents, with clear guidance on scope and fees before work begins. Free consultations are available.
Why Choose Kravets Law Group for Trusts in Skokie, IL?
Drafting That Starts With the Right Questions
Not every trust accomplishes the same thing, and the differences are not minor. A revocable living trust keeps assets out of probate and preserves the grantor’s full control during their lifetime, but it provides no creditor protection and does not reduce the taxable estate. An irrevocable trust does both, at the cost of surrendering control over what’s transferred in. A special needs trust preserves government benefits for a disabled beneficiary while securing family resources for their long-term care. A dynasty trust is built to hold and distribute wealth across multiple generations.
Getting the structure right requires understanding what the plan needs to accomplish before anything is drafted. Daniel Kravets has spent close to a decade building trust plans for Illinois families across a wide range of asset levels and family circumstances, working through those questions with every client before a document is drafted. He is admitted in Illinois, Pennsylvania, and New Jersey, holds membership in the Chicago Bar Association, and earned his JD from Drexel University Law. He is completing a forthcoming estate planning book and speaks regularly at professional and community events throughout the Chicago area. His work as an estate planning lawyer in Skokie, IL and across the broader Cook County region informs how he approaches every trust case.
Funded Trusts, Not Just Signed Documents
A signed trust that hasn’t been funded provides no probate avoidance and no protection. Illinois real estate transfers into the trust by deed. Financial accounts require re-titling. Retirement accounts and life insurance designations pass based entirely on their own forms, not what the trust document says, and those need to align with the broader plan. We handle trust funding as part of every engagement, including preparation of deeds and account transfer instructions. The goal is a trust that actually works, not just one that exists on paper.
Flat-Rate Pricing for Most Trust Work
Trust documents at Kravets Law Group are priced at a flat rate for most engagements. Additional fees for deeds and transfer documents are explained before any work begins. Hourly and project-based rates apply to complex or contested matters. All fees are discussed upfront.
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“Daniel was extremely helpful in a tough situation. The communication was key and the explanation of processes were very thorough. Couldn’t recommend enough when looking for Will and Trust assistance.” — Jeremy Schwartz
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Types of Trust Cases We Handle in Skokie
Illinois trust planning covers several distinct structures, and the right one depends on what you own, who you’re providing for, and what the trust needs to accomplish over time. These are the primary trust matters we handle for Skokie families and individuals throughout Cook County.
- Revocable living trusts. The most widely used structure for Skokie families focused on keeping their estate out of Cook County probate. The grantor maintains full control and can amend or revoke at any time during their lifetime. Assets pass privately to beneficiaries at death without court involvement. We handle drafting, all funding documents including deeds and account transfers, and amendments as circumstances change.
- Irrevocable trusts. Once established, these generally cannot be changed without court or beneficiary approval. Assets transferred in are typically shielded from creditors and removed from the taxable estate. We draft these for clients with meaningful estate tax exposure or long-term asset protection priorities that a revocable trust cannot address.
- Special needs trusts. For Skokie families planning for a beneficiary with a disability, a correctly structured trust preserves SSI and Medicaid eligibility while securing family resources for long-term care. First-party, third-party, and pooled arrangements each apply in different circumstances. The accompanying wills need to be coordinated to prevent direct distributions that would trigger benefit disqualification.
- Dynasty trusts. Structured to hold and distribute wealth across multiple generations while limiting estate tax at each transfer. Illinois law permits trusts to remain in force for an extended period, making this a practical option for Skokie families with significant holdings and multi-generational preservation goals.
- Life insurance trusts. An irrevocable life insurance trust holds a policy outside the taxable estate so proceeds pass to beneficiaries without federal estate tax at death. We draft ILITs and walk clients through the ongoing administration requirements that determine whether the favorable tax treatment holds over time.
- Charitable trusts. For clients incorporating giving into their broader estate plan, we draft charitable remainder trusts and charitable lead trusts, coordinating with financial and tax advisors on structure and implementation.
Illinois Legal Requirements for Trusts
Illinois trusts are governed by the Illinois Trust Code, 760 ILCS 3, in effect since January 1, 2020. The Trust Code replaced prior Illinois trust law and established updated standards for trustee duties, distribution obligations, modification procedures, and beneficiary rights to accountings and information. A trust executed before 2020 may not fully reflect current requirements, and older documents are worth reviewing before being relied upon.
For a revocable trust to accomplish its purpose, it must be funded. Illinois real estate transfers into the trust by deed, recorded with the Cook County Recorder of Deeds. Financial accounts require re-titling. Assets that remain individually titled at death still pass through the Illinois Probate Act, 755 ILCS 5, through Cook County probate court, regardless of what the trust document says. For Skokie families committed to avoiding probate, the answer almost always starts with funding rather than drafting.
The Illinois estate tax applies to estates over $4 million, administered by the Illinois Attorney General’s Office. At the federal level, estate and gift tax rules govern transfers from larger estates, with separate filing deadlines and thresholds. Irrevocable trust structures can reduce exposure to both when properly designed and funded at the right time.
Important Aspects of a Skokie Trust Case
Choosing the Correct Structure at the Outset
The decision between a revocable and irrevocable trust isn’t a matter of preference. It’s a function of what the trust needs to accomplish. A revocable trust solves probate avoidance and privacy. An irrevocable trust addresses creditor protection and estate tax reduction.
Many Skokie families with significant assets need both, with a revocable trust handling the bulk of the estate and specific irrevocable structures addressing targeted goals. The advantages of properly structured trusts at that level extend considerably beyond what either document accomplishes on its own. We work through these questions before any drafting begins, because changing course after an irrevocable trust is funded is neither simple nor inexpensive.
Trustee Selection
The trustee carries genuine fiduciary responsibility: managing assets according to the trust’s terms, maintaining records, making distributions correctly, and responding to beneficiary inquiries. For a revocable living trust, the grantor typically serves as their own trustee during their lifetime. The successor trustee matters considerably more. They take over at death or incapacity and manage everything that follows. Choosing someone who can handle both the administrative demands and the family dynamics surrounding the trust is one of the more consequential decisions in the planning process. For larger trusts or those with complex long-term distribution requirements, a professional co-trustee alongside a family member is sometimes the better arrangement.
What the Trust Controls and What It Doesn’t
A trust governs only what’s inside it. Retirement accounts, life insurance, and accounts with transfer-on-death designations all pass based entirely on their own designation forms. A pour-over will handles assets that fall outside the trust at death, and both documents need to be built together rather than separately. When setting up a trust for the first time, many Skokie families are surprised by how many assets need to be handled outside the trust entirely. We work through every asset category as part of the engagement so nothing is left to chance.
Keeping Trust Documents Current
A revocable trust is built to evolve. A new beneficiary, a divorce, a significant property acquisition, or a change in a named trustee’s circumstances each warrant a formal amendment. When modifications are substantial, a full restatement is usually the cleaner approach. Beyond the trust document itself, beneficiary designations on outside accounts and insurance policies need to keep pace with life changes. As recent high-profile estate situations have illustrated, even careful planning offers limited protection when surrounding documents and designations no longer reflect current reality.
Contact Kravets Law Group
A trust built around the right structure and properly funded gives your family privacy, a clear path forward, and a transition that doesn’t run through Cook County probate court. At Kravets Law Group, we work through every stage from structure selection through drafting, funding, and ongoing amendments. Contact us to schedule a free consultation.