Posted on January 16, 2023 in Estate Planning

Yorkville Women’s Estate Planning Lawyer

Estate Planning takes into consideration your assets, debts, and wishes for distribution of those assets upon your death. If you die intestate (without a Will or Trust), your estate will have to go through Probate and will follow the intestacy statutes for distribution, which may not be in line with how you want your assets to be distributed when you pass. Having a proper estate plan will eliminate these potential issues and can even avoid Probate if created and funded the proper way. Simply put, estate planning is an essential step for everyone. However, women are at an increased need for a well-constructed estate plan for many reasons. Our Oswego Women’s Estate Planning Lawyer can provide information and assistance in the areas of wills and trusts, estates and trusts, and probate and guardianship law in and surrounding Kendall County.

Women Live Longer, But Make Less

Women tend to live longer than men on average. In estate planning, it is common for the husband or wife to leave their assets to the surviving spouse to inherit. Since women typically live longer than their male counterpart, it is likely that the woman would be the surviving spouse in the marriage and would then have more assets to be distributed upon her death. Additionally, if the husband dies before the wife, she will have to consider alternative beneficiaries to inherit her assets. This is a major decision to make, and without an estate plan, the woman’s estate would have to follow intestacy statutes over what her wishes might have been had she created an estate plan while she was alive.

Continue Reading ››

 Posted on January 13, 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.

Continue Reading ››

 Posted on January 12, 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.

Continue Reading ››

 Posted on January 11, 2023 in Estate Planning

Wealth preservation and estate planning are critical to providing peace of mind and creating a legacy. Estate planning is the process of setting up one’s assets in a manner that facilitates a smooth transition upon one’s death or incapacity. Estate planning assists in achieving the goals of enhancing financial security and protecting one’s family assets from taxes and liability risks such as lawsuits and other risks.

Sugar Grove Wealth Preservation Attorney

Protecting a family’s wealth is important because one lawsuit can threaten a lifetime of good decision-making. Creating an estate planning that fits your family circumstances is critical because it eliminates legal risks, which results in thousands of dollars in saved attorney’s fees and expenses. There are several legal instruments, which enhance a person and family’s economic security and assist to create a solid foundation with regard to estates and trusts.

Continue Reading ››

 Posted on January 10, 2023 in Business Law

Creating a new business start-up is an exciting opportunity and an opportunity filled with significant legal and business risks. Attorney Sean Robertson is a serial entrepreneur, business attorney, and tax-planning attorney that is enthusiastic about helping new businesses succeed and avoids unnecessary mistakes. Building a successful business often requires trial and error. Trial and error can be minimized by surrounding oneself with experienced business advisors and tax professionals. 

Yorkville Start-Up Business Lawyer to Assist New Entrepreneurs and Business Owners

Continue Reading ››

 Posted on January 10, 2023 in Estate Planning

Estate Planning is the process of planning one’s financial, retirement, and estate planning solutions to transfer one’s assets to their loved ones in a cost-effective and smooth manner. People often are concerned about their portfolio and how the market negatively effects their assets. 

Asset protection is a legal specialty, which combines diversifying one’s assets to maximize their protection from events that dissipate their assets. Asset protection involves advanced planning prior to lawsuits, taxes, and life events negatively impacting one’s economic security and wealth. Asset protection and estate planning together combine effective wealth management solutions to promote financial security.

Continue Reading ››

 Posted on January 09, 2023 in Real Estate

Lawyer in Plainfield and surrounding areas to help rental property owners with setting up limited liability companies

Setting up a limited liability company is a vital asset protection tool for rental property owners in Plainfield and the surrounding areas. An LLC is a powerful tool, which supplies limited liability protection for rental property investors. As a rental property investor, the LLC is the most popular business entity. An LLC has four major elements:

• Limited Liability Protection: A main benefit of an LLC is limited liability protection. Limited liability protection means that the owners (or members) of the LLC are generally at risk if the LLC is sued or incurs debts.

• Ease of Ownership: Creating an LLC is easy to set up and run because LLCs have fewer flexibilities in comparison to corporations. LLCs do not have to host annual meetings or keep formal minutes of minutes. Transferring ownership of an LLC is simple to do because transferring ownership of an LLC by transferring ownership of the LLC to another member (or owner).

  Continue Reading ››

 Posted on January 09, 2023 in Asset Protection & Wealth Preservation

Asset protection is a legal specialty, which is a combination of financial, retirement, and lawsuit planning to set up legal barriers to protect one’s family and business assets. A recession is coming, and lawsuits, taxes, and liability concerns will increase, which will threaten people’s family, individual, and business’s economic security. 

The best asset protection occurs prior to any incident or potential lawsuit has arisen. Advanced planning is not fraud and sets one’s assets up in a manner that maximizes asset protection. Asset protection is combined with estate planning strategies to help families and individuals achieve financial security. Middle-aged couples and individuals are increasingly aware of retirement planning. Smart retirement planning consists of asset protection and estate planning (when the situation meets the customer’s needs). 

How to Protect Your Assets Against Liability Concerns?

Continue Reading ››

 Posted on January 09, 2023 in Real Estate

Lawyer in Oswego and Kendal County Helping Real Estate Investors with LLCs

Forming a limited liability company or otherwise known as an “LLC” is a useful strategy to hold real estate investments. An LLC provides limited liability protection for the owners. The owners of an LLC are called “members” of the LLC. This means that if the LLC is sued or incurs debts, the personal assets of the members such as their homes or personal bank accounts generally should not be at risk. Consulting a Yorkville Real Estate LLC Lawyer is a wise decision because there are circumstances where a Real Estate LLC fails to properly protect one’s personal assets.

An LLC is a useful tool for managing one’s liability risks. Titling the real estate investment property into an LLC is a way to reduce one’s liability exposure to creditor concerns and lawsuits. Our economy is facing increasing risks associated with the pending recession and advanced planning is critical to properly protect one’s wealth and financial assets.

Continue Reading ››

 Posted on January 06, 2023 in Estate Planning

A primary benefit of estate planning is building a solid structure and creating an estate plan that passes one’s assets in a cost-effective and smooth manner. One lawsuit can destroy a lifetime of planning and good decisions. Asset protection is the process of arranging one’s assets to minimize liability vulnerabilities and maximize economic security.

Asset protection is a combination of estate planning, lawsuit planning, and business planning combined into one specialty. Smart asset protection is forward planning and does not involve fraud or fraudulent transfers. Advanced planning is vital because one’s assets may not be protected if one device a plan to protect their assets to protect against an existing or pending lawsuit. Planning anticipates liability risks that may arise. 

Continue Reading ››