Posted on January 24, 2023 in Business Law

Plano, Illinois Purchase and Sale of Business Attorney

Many considerations need to be made before choosing the best method for the purchase or sale of a business. Both parties want to make sure they have as few headaches as possible. To make this happen, it is crucial to know the make-up of the business and whether the Buyer is looking to purchase the whole business or only particular assets. Based on these answers, the Buyer and Seller can choose the best method to ensure the sale goes through smoothly. Three different methods can be used for the purchase and sale of a business. These three methods are a Merger, an Asset Purchase, and a Stock Purchase. Here, at Gateville Law Firm, we are Plano Il LLC and Business Attorneys assisting entrepreneurs, business owners, and franchise owners with their legal needs.

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 Posted on January 24, 2023 in Asset Protection & Wealth Preservation

The prenuptial agreement is frequently known as a "prenup" because provides two individuals to enter into marriage a predictable agreement. A prenup is a legal contract, which includes provisions concerning property division, spousal maintenance, and other financial agreements in case of a divorce. The prenup is intended to protect asset protection in case of a divorce or separation, which will minimize the financial pain and drama typically caused by divorces.

In Illinois, prenuptial agreements are often considered for middle-aged to older couples or otherwise known as "gray divorce" couples. Prenuptial agreements provide clarity and define each person's roles and responsibilities in case of a divorce. The prenuptial agreement outlines each person's assets, liabilities, and division in case of a divorce. The prenuptial agreement also should define what is non-marital and marital property and define how retirement security, real estate, real estate investments, and other financial assets will be divided in case of a divorce.

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 Posted on January 23, 2023 in Estate Planning

Yorkville Living Trust Lawyer: What is Needed to Sell Property in a Trust?

The process of selling property held in a living trust is the same as selling real estate in your personal name, with a few exceptions. The trustee of the living trust is selling property versus the living trust. A living trust is also referred to as a “revocable living trust” because it may be amended or revoked during the settlor or trustor’s lifetime. A settlor or trustor is a person or couple (or entity) that created a living trust. The trustor or settlor appoints a Trustee (or Co-Trustee) to administer and supervise the administration of the trust. While a person is alive and able to make their own decisions, the trustee or co-trustee is normally the person or couple that created the living trust. Upon the death or incapacity of the trustee, then a successor trustee will be named and appointed to spearhead the administration of the living trust.

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 Posted on January 23, 2023 in Business Law

What is the First Step in the Sale and Purchase of a Franchise?

The purchase or sale of a franchise is a major investment transaction. The process is complex and requires varying different legal documents. Documents prepared involved in the purchase or sale of a franchise require meticulous preparation.

Letter of Intent

Creation of the letter of intent is the first step in the purchase or sale process involving a franchise. The first step is creating the letter of intent (also known as “LOI”). The letter of intent declares the buyer’s intention to purchase a seller’s franchise. It summarizes several aspects of the deal including the parties involved in the transaction, the deposit amount, and the purchase price, and specifies key terms such as how the deal is going to be financed and determining a buyer due diligence period. 

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 Posted on January 23, 2023 in Business Law

When it comes to buying or selling a business, the seller and the buyer are both subject to a potentially complicated experience if the right method is not selected. To ensure minimal complications and less of a hassle for all parties involved, the buyer and seller must be aware of the different methods that can be used to buy or sell a business and select the method that best works for the situation at hand. In this instance, there are three different options to consider, an Asset Purchase, a Stock Purchase, and a Merger. Each has its advantages and disadvantages that may help make or break a deal. At Gateville Law Firm, we are Joliet Purchase and Franchise Business Attorneys serving Plainfield, Shorewood, Joliet, Crest Hill, and surrounding areas.

Asset Purchase Agreement in Joliet, Illinois

The first method to consider is an Asset Purchase Agreement. This type of agreement allows more freedom for the buyer side. This is because the Buyer can choose which assets, they want to buy out of the selling business, whether it be a few or the entire business. However, the Buyer must keep in mind that, whatever assets are being purchased out of the selling business will be accompanied by all liabilities associated with that particular asset. If the buyer does not purchase the entirety of the business, then any unsold assets and liabilities must be taken into consideration when the business is in the winding down phase of dissolution.

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 Posted on January 20, 2023 in Estate Planning

This article will discuss what happens if your spouse dies and the real estate title was solely in their name. In Illinois, couples often reside together in real estate where one spouse's name was not on the legal title. Mortgages are secured every day when one spouse's name was placed on a legal title because they had good credit and a high enough income to qualify for a mortgage. 

There are multiple reasons why someone may obtain a mortgage without their spouse being on legal title. The first reason is the person qualifying for a mortgage was the sole (or main) financial contributor in the household. Mothers often stay home and sacrifice their career options to take care of young children. Mothers (and fathers) also tend to work part-time or have flexible work arrangements, so they can cater to their children's extracurricular activities and school schedules. The cost of childcare also is a major consideration for parents. However, these family sacrifices can result in legal challenges, which are costly and harm families. People also may have inferior credit, mortgage foreclosures, or bankruptcy histories, all of which make it difficult to obtain mortgages as well.

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 Posted on January 19, 2023 in Estate Planning

Yorkville and Kendall County Pre-Marital and Post-Marital Agreement Lawyers

One usually hears about prenuptial agreements in magazines or pop culture news when celebrities plan to get married. This may lead people to think that you need a lot to protect (like the millions of dollars or valuables that celebrities accrue) to think about prenuptial agreements. This is not the case. In fact, prenuptial agreements can be a helpful tool, as both soon-to-be spouses are amicable and agreeable, to create a fallback plan in case the marriage does not go as planned. Illinois has adopted the Uniform Premarital Agreement Act (750 ILCS 10/1), and some key points to the creation and enforcement of a prenuptial agreement are as follows.

What can someone put in the agreement?

Prenuptial agreements are contracts that bring up issues prior to the marriage that the parties agree to. These issues can be in regards to almost anything; from characterizing property as either marital property (defined as (1) any tangible property acquired during the marriage by any party or (2) any nonmarital property that has been commingled with marital property to the point where there is no difference between the two) or nonmarital property (defined as any tangible property (1) acquired prior to the marriage by any party, (2) acquired by gift, legacy, or decent, or (3) acquired after a judgment of legal separation), determining how property is treated during the marriage, determining who gets what property, setting a maintenance amount limit, etc. In fact, couples can attempt to make a provision about almost any matter.

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 Posted on January 18, 2023 in Estate Planning

Estate planning is critical for families, particularly owners of small to medium-sized businesses owners and their families. High-net-worth and high-income families have complex estate planning needs. This article will discuss the core estate planning and asset protection strategies for successful businesspeople. Effective estate planning and asset protection will build a solid legal foundation to protect against incapacity and death. More importantly, building a solid asset protection plan will place roadblocks to shield a person's and family’s business and personal assets from liability concerns that threaten one’s wealth.

ESTATE PLANNING TIPS FOR CLOSELY HELD BUSINESS OWNERS AND THEIR FAMILIES

The first step in advanced planning in representing business owners and their families is conducting a risk assessment. A risk assessment is a review of a person’s assets and the legal risks that could jeopardize a business owner’s financial security and retirement goals. As Yorkville Living Trust attorneys, we interview the client and their families and identify their concerns such as things that keep them up at night. A business asset protection planning attorney can help clients conduct a comprehensive and thorough investigation and risk assessment to identify potential threats to their assets, such as lawsuits, creditor concerns, or economic downturns.

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 Posted on January 18, 2023 in Real Estate

Aurora African-American Commercial Real Estate Attorney

Building wealth is financial empowerment. Building wealth through commercial real estate is important because green is the new strategy for upward mobility. The Martin Luther King Jr. holiday recently passed, and it is a federal holiday celebrating the life and legacy of the late Dr. Martin Luther King Jr. Dr. King had a dream of inclusion for all people regardless of skin color, or ethnicity. Different people celebrate Dr. King’s holiday in diverse ways. One significant shortcoming of the civil rights movement was a lack of focus on financial empowerment.

Nowadays growing up in the right area and attending good schools will have a major factor in your future success and employment opportunities. Individuals become successful everyday despite shortcomings in this country, but those individuals are often in the minority. Regardless of skin color or ethnicity, the value of the dollar remains the same for everyone. For example, $100 will only go so far regardless of your skin color or ethnicity. The new civils rights era must involve economic and financial empowerment tools because wealth and access to wealth is a major tool in providing for your family. Providing for one’s family provides educational and economic opportunities, which changes generations. Traditionally, African American families have lacked access and there has been a significant wealth gap in American. 

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 Posted on January 17, 2023 in Estate Planning

Kendall County Premarital Agreement Attorney

The term “Grey Divorce” is also known as “late-life divorce” or “silver divorce” because a person has decided to get divorced over the age of fifty. Grey divorces have increased and have increasingly become common with the divorce rate of couples increasing in population. The issue of premarital planning and post-nuptial planning is increasingly in popularity because spouses have experienced the divorce process and desire to provide a predictable process in the event of a divorce. 

Prenuptial agreements are also known as “prenups” and post-nups, which are legal agreements entered into couples either before or post-marriage designed to protect one’s prior financial assets and create a smooth process in case of a divorce. Pre-nuptial agreements should cover the following topics:

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