Recent Blog Posts
Plainfield Estate Planning Lawyer: Estate Planning Strategies that Provide Peace of Mind
Regardless of age, it is essential to think ahead regarding estate planning. In addition, it is crucial to ensure that your affairs are in order in the case of your passing or incapacity. There are several aspects to effective estate planning, including A living trust, a pour-over will, property/healthcare power of attorney, and designated beneficiaries. This article will cover the basics of effective estate planning in Plainfield, Illinois.
Living Trust
A living trust, also called a revocable living trust, is an essential document in estate planning. A living trust is like a will in that it states where your assets will be distributed after your passing; however, it provides far more benefits to you than a will. By drafting a living trust, your beneficiaries will avoid probate court. A probate court is a type of court that distributes your assets after your passing; it is legally required if you decide to draft a will. Probate can be extremely lengthy, costly, and overall unpleasant. A living trust will also administer your assets immediately upon your death/incapacity, making it very timely. A living trust also protects your assets against creditor claims meaning your loved ones will receive the exact amount you intended. Unlike a will, a living trust not only takes effect upon one's passing but will also be put into effect in the case of one’s incapacity. A living trust can be referred to as "revocable" because one may change their mind about certain aspects of the trust and amend it in their lifetime.
Basics About the Purchase & Sale of a Franchise
Oswego Letter of Intent Attorney
A letter of intent outlines a proposed franchise transaction's basic terms and conditions. Generally, the letter of intent should contain the following terms:
- Parties Involved. The franchise purchase or sale parties are in Oswego, Illinois, and Kendall County or nearby areas.
- Earnest Money Deposit. The earnest money deposit is generally given upon the signing of the purchase agreement. The earnest money is a good faith down payment to show a franchise seller that the buyer is serious about purchasing the franchise.
- Purchase Price. The purchase price shall describe the total amount of the purchase price to purchase the franchise.
- Financing Terms. The financing terms may be seller financings, such as providing a promissory note or a combination of cash and a bank loan or alternative financing.
- Due Diligence Period. The due diligence period is the period to investigate the franchise's operations and financials, such as profit and loss statements and business tax returns.
Use of Holding & Subsidiary Companies for the Ownership of Real Estate
Kendall County Real Estate Lawyers: Asset Protection & Real Estate Transactions Law
What is an LLC?
An LLC is a limited liability company owned by one or more "members." There are numerous benefits to forming an LLC. If a company is included as an LLC, liability for the managers and members is limited. The managers and owners are not personally liable for any possible debts or liabilities from the company. The members are not personally or individually responsible if debts or lawsuits occur. LLCs are vital if you want to protect your assets, as they will not be at risk if the company faces liability. Also, forming an LLC will prevent your company from being taxed twice through double taxation. Other corporations are likely to be subject to double taxation because the company pays taxes on the income and the owners of the company tax on the dividend income. LLCs avoid this double taxation. If the LLC is profitable, the profits go directly to the members, and these profits are only taxed once.
Estate Planning When You Have A Disabled Adult Child
Yorkville Special Needs Estate Planning Attorney
Estate planning for parents of a minor or adult disabled child who receive government aid programs must consider designing an estate plan with their disabled adult in mind. Special needs trusts are a type of trust aimed at distributing one's assets, such as life insurance, real estate, retirement assets, bank accounts, and other accounts, smoothly and efficiently.
Special Needs Trust and Planning
Working with an estate planning lawyer is essential because a special needs estate planning lawyer will assist you in anticipating family conflicts and problems before they arise. Family conflicts arise upon one's death often because family conflicts are not considered, such as an adult disabled child receiving an inheritance, which will disqualify them from receiving their government aid benefits, such as social security disability income.
Crest Hill Quit Claim Deed Lawyer: Reasons for a Quit Claim Deed
In Illinois, a quitclaim deed is a legal document that transfers real estate ownership from one party to another. Moving a property interest in a former marital residence is a significant reason for a quit claim deed. Often, the divorce decree requires one party to transfer their former marital interest in real property to their former spouse. In addition, the marriage settlement agreement may need one spouse to transfer away their legal claim to the other spouse. Often, a former spouse cannot obtain a new mortgage with their name connected to a former residence's mortgage and legal title.
Second, at Gateville Law Firm, our attorneys and support staff specialize in real estate and quit claim deed law. Unlike most real estate lawyers, our team comprises former title insurance employees and attorneys concentrating on real estate and estate planning law. Second, transferring property ownership often involves family members as well. For example, a quit claim deed frequently transfers property ownership among family members. Alternatively, a quit claim deed is used when one party deceases, and the property passes from one joint owner to the surviving owner. Often, the parties want to clean up the property's legal title in such situations.
Montgomery Real Estate LLC Lawyer: Assisting Real Estate Investors & Commercial Property
This article will discuss business entities for real estate investors, landlords, and commercial property owners. The most popular business entity is a limited liability company, an "LLC." The LLC is a method to insulate a business owner's assets from business creditor concerns. The LLC provides limited liability protection for its owners by limiting a business creditor's reach to business assets versus the personal business assets of its owners. Business owners are concerned about limited liability protection and protecting their assets from a creditor's lawsuit.
As a general rule, the LLC provides liability protection, which limits a creditor's remedies to the business assets of the LLC. Plaintiff's lawyers understand the benefits of an LLC's limited liability protection and make their living finding a strategy to go after a business's owner's assets.
There are several strategies that creditor rights lawyers seek to recover losses for their clients. The Illinois Consumer Fraud and Deceptive Business Practice Act ("Act"), 815 ILCS 505/1, et seq., is legislation, which is intended to protect individuals, consumers, and businessmen against fraud, unfair methods of competition, and unfair or deceptive practices in the conduct of a trade or business. This legislation is used broadly by creditor's attorneys to go after a business owner's assets in case of a judgment. The threat of litigation will often result in a settlement in a creditor's favor. In addition, this legislation grants punitive damages, reasonable attorney's fees, and court costs as damages that a Plaintiff can seek.
Death and Intestate Succession: What Happens if You Die Without a Will in Plano, Illinois?
Covid-19 has created an awareness about wills and trusts. Unfortunately, over the last several years, the number of individuals facing death seems to be increasing. This article will discuss what happens when you fail to plan and have no Will or trust.
Designated Beneficiaries
The probate court may only be necessary if one has designated beneficiaries on their varying accounts. A person can direct beneficiary designations to inherit their assets upon death.
1. Bank Accounts
Bank accounts have accounts called "payable on death accounts, " meaning that the account's creator can specify who shall inherit the account upon their death. Generally, the bank has a designated form that you fill out to dictate who shall inherit your account balance upon your death. For instance, Sally gives her bank account to her daughter, Peggy Sue. Unfortunately, many people need help to designate a beneficiary or update their preferences. If a beneficiary has a disability or decreases, then there is a possibility of probate court. Designating a beneficiary is a form of essential estate planning without a will or trust.
Quit Claim Deeds: What They Are and Why They Are Necessary
Bolingbrook Quit Claim Deed Lawyer: What are Quit Claim Deeds
A quitclaim deed is a real estate tool that aids in changing the legal title to a property. A quitclaim deed is different from a warranty deed because a quitclaim deed does not accompany with it the warranties on interest, meaning that whatever interest the titleholder had is what is being conveyed, whether it be incorrect or encumbered. Additionally, because a quitclaim deed is only a transfer of title and no interest in being sold, the transfer is exempt from specific transfer taxes imposed by the city. There are many reasons why one might need a quit claim deed. At Gateville Law Firm, we will be able to explain whether a quitclaim deed is advisable and if so, can complete the deed to ensure there are no errors that would result in the deed being rejected by the county.
Adding a Person to Title
A common reason for a quitclaim deed is to add an individual to the title. This could be because the title holder gained a roommate, married, or wants an additional individual on the title. Gateville Law Firm assists in advising any possible repercussions of adding the individual and delineating the type of ownership between the parties, whether it be a tenancy in common, joint tenancy with the right of survivorship, or a tenancy by the entirety. Each tenancy has different requirements and, without superior knowledge, can likely be done incorrectly.
What is a Joint Venture, and Is It Appropriate for You?
Yorkville Joint Venture Attorney
A joint venture is a business agreement where two or more persons enter a business relationship to invest in a real estate project or investment. The joint venture aims to make profits and losses on a project. The general idea of a joint venture is to reduce the parties' risks because the parties pool resources, expertise, and investment resources. One of the significant benefits of a joint venture is the ability to finance more significant real estate ventures and maximize one's resources by investing with other members or owners.
This article will discuss the different methods for forming a joint venture for real estate companies. The first way to create a joint venture agreement is through a limited liability company or an "LLC." An LLC is a new popular business entity because it possesses the corporation's limited liability feature and the partnership's flexibility. In addition, multi-member LLCs are taxed automatically as partnerships unless the members or "owners" choose a different tax classification.
Aurora Real Estate Investor Lawyers: Business Structure and Asset Protection Strategies
Gateville Law Firm provides advanced business structure planning strategies for real estate investors, landlords, and commercial property owners to maximize asset protection. One of the most popular business entities for such individuals is a limited liability company or an "LLC." The LLC provides flexibility and limited liability protection for business owners and investors. It limits business creditors' reach to the LLC's assets rather than its owners' personal assets.
Plaintiff's lawyers understand the benefits of an LLC's limited liability protection. They often use the Illinois Consumer Fraud and Deceptive Business Practices Act to go after a business owner's assets in case of a judgment. This makes it crucial for business owners and investors to set up an LLC and incorporate their business or real estate holdings. Combining their business holdings and real estate investments makes it more difficult for Plaintiff's lawyers to collect on their judgments.
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201 East Veterans Parkway, Suite 14,
Yorkville, IL 60560
630-780-1034
