Posted on December 13, 2022 in Estate Planning

Estate planning is an important aspect of financial planning that involves arranging for the management and distribution of your assets in the event of your death or incapacitation. By creating an estate plan, you can ensure that your wishes are conducted and that your loved ones are provided for after you are gone.

Key Elements of Estate Planning

There are several key elements to estate planning, including creating a will, setting up trusts, and making plans for healthcare and end-of-life decisions. By taking the time to understand these concepts and create a plan, you can provide peace of mind for yourself and your loved ones.

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 Posted on December 13, 2022 in Estate Planning

Special needs estate planning is a type of legal planning that focuses on providing for the future care and support of individuals with disabilities. This type of planning is important because it helps ensure that the individual with special needs will be taken care of and have access to the resources, they need to live a comfortable and fulfilling life.

Key Elements of Special Needs Planning is Creating a Special Needs Trust

One of the key elements of special needs estate planning is the creation of a special needs trust. This is a legal document that allows parents or other loved ones to set aside money or other assets for the benefit of the individual with special needs, without affecting their eligibility for government benefits such as Medicaid or Supplement Security Income (SSI). The Trust is managed by a trustee who is responsible for using the funds in the trust to pay for the individual’s care and support.

In addition to a special needs trust, special needs estate planning involves other legal instruments such as the following:

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 Posted on December 12, 2022 in Estate Planning

What is a Living Trust?

A Living Trust is created by a person or couple to hold title to certain property and distribute things upon death or incapacity consistently with the trust agreement. The creator of a trust is called a "grantor" or "trustor". The grantor or trust creates a trust with the specific purpose of providing a smooth and effective transition upon death or incapacity.

Another name for a trust is a family trust or revocable living trust or grantor trust. 

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 Posted on December 12, 2022 in Estate Planning

Estate planning is a form of financial and retirement planning designed to facilitate the transfer of assets upon one’s death or incapacity. Estate planning distributes one’s assets to one’s loved ones without hassle nor conflict. Estate planning is honorable because one’s legacy provides peace of mind. Estate planning is a love language because wealth planning is family oriented.

Kendall County Estate Planning Attorney: Estate Planning Foundation of Success

A basic estate plan consists of four main elements:

• Living Trust and Planning to avoid probate court. A Living Trust or otherwise called a “Revocable Living Trust” or “Trust” is a legal document, which is created by a person, couple, or entity that administers and managers property such as financial accounts, life insurance, real estate assets, and business assets in a cost-effective manner. A Living Trust avoids probate court, which differs from a will. A will must undergo the probate process and is not effective unless probate court admits the will into probate court. A Living Trust promotes privacy because a trust agreement is a private document. There is no recording of it nor filing the Living Trust in at the local courthouse. Spendthrift protection protects your beneficiary’s financial accounts and assets from creditors such as a divorcing spouse.

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 Posted on December 12, 2022 in Business Law

Kendall County Letter of Intent Attorney

The first step in the purchase and sale of a franchise is the letter of intent. The letter of intent is a letter that outlines the details involved in a potential sale. Second, the letter of intent is a formal declaration of a buyer's seriousness in purchasing a seller's franchise. The letter of intent describes the details of the proposed franchise purchase agreement such as the following:

• The earnest money tendered by the buyer

• The financing terms of the deal (cash or a loan)

• Whether the transaction will be an asset purchase agreement or a stock purchase agreement

• The exclusive bargaining writes for the buyer

• The deal will be non-binding until a written purchase and sale agreement is drafted

• Proposed closing date and terms

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 Posted on December 11, 2022 in Business Law

Oswego and Kendall County Franchise Business Attorneys

The purchase or sale of a franchise is a major investment transaction. The process is complex and requires varying different legal documents, which require precision and understanding. The first step in the sale and purchase of a franchise is the letter of intent. 

Letter of Intent Attorney in Kendall County and Nearby Areas

The Letter of intent or “LOI” is necessary for several reasons:

• The Letter of Intent guarantees the franchise will be sold to the agreed buyer even if other potential buyers appear in the future. Thus, the LOI restricts the business deal between the buyer and seller.

• The Letter of Intent shows seriousness by the Buyer and usually will include earnest money or a down payment evidencing their seriousness.

• The Letter of Intent is the first step in consummating a business deal for the franchise purchase or sale.

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 Posted on December 09, 2022 in Estate Planning

Estate planning is critical to parents who have a minor or adult disabled child that receives government aid programs. The purpose of estate planning is to distribute one's assets smoothly and cost-effectively. Generally, assets include real estate, life insurance, retirement assets, bank, and savings accounts among other things

One of the key roles of an estate planning lawyer is to assist you and your family to anticipate issues, which may arise because of your death or incapacity. Estate planning is more important for parents who have one or more children, which receive government benefits such as social security disability income.

TWO TYPES OF DISABILITY INCOME

According to the Social Security Administration, The Social Security Administration or otherwise known as “SSA” administers two types of disability programs

FIRST TYPE OF DISABILITY PROGRAM: SOCIAL SECURITY DISABILITY INSURANCE

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 Posted on December 09, 2022 in Estate Planning

 Special needs trusts are designed to financially provide for disabled loved ones without impacting the disabled person’s eligibility for governmental assistance programs. There are two types of special needs trusts and the type of trust that you create will determine a number of key factors related to the disabled person receiving the benefits of the trust.

Testamentary Special Needs Trust v. Stand-Alone Special Needs Trust

The first type of special needs trust is called a testamentary special needs trust. This type of trust is created by including certain language in the creator’s will or trust. A testamentary special needs trust does not go into effect until the creator of the will or trust dies. 

Alternatively, there is a stand-alone special needs trust. A stand-alone special needs trust (also called a free-standing special need trust) is effective as soon as it is created.

Important Factors to Consider When Determining the Right Special Needs Trust for You

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 Posted on December 08, 2022 in Estate Planning

Kendall County Gun Trust Lawyers: Serving Plainfield, Yorkville, Oswego, Plano and Surrounding Areas

What is a Gun Trust?

A gun trust (also called an NFA trust) is a type of trust designed to take title of your firearms and certain firearm accessories. As creator of the trust, you will name a person as trustee that will manage the firearms in the trust. If you name yourself as trustee, you will also name a successor trustee that will manage the firearms should you become incapacitated or at your death. Gun trusts can be revocable or amended by you, the creator, which is specified in the terms of the trust.

Firearms that are covered under the National Firearms Act and Gun Control Act of 1968 qualify for this type of trust. Types of firearms covered include fully automatic firearms, short-barrel shotguns, short-barrel rifles, and any other weapon or device that a person can hide on their body that discharged an explosive. Along with those firearms, the qualifying firearm accessories include sound suppressors and destructive devices (for example, grenades or bombs). A gun trust provides a number of benefits for gun owners interested in protecting not only their firearms, but also those who they wish to inherit their firearms after their death.

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 Posted on December 07, 2022 in Estate Planning

Naming Guardians for Your Children in Your Last Will and Testament

Any experienced estate planning attorney will emphasize the importance of naming guardians for any current or future minor children when drafting your will. It is important to make sure the person (or people) you want to take care of your children in the event that you pass while they are still minors (under the age of 18) so that your wishes are followed. If no legal guardian is specified in your will, this huge decision is left up to strangers (the court).

It is custom that if one parent passes and there is a surviving parent, the surviving parent has the legal right to custody of the children. If possible, it is ideal that both parents are in agreeance of custody of the children should one or both pass while the children our minors. However, it is sometimes the case that both parents cannot agree. In any event, your wishes should be clearly stated in your will, so the court is clear on your wishes.   

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