Posted on March 07, 2023 in Estate Planning

Losing a loved one is a complex and emotional experience. The death of a loved one is made more difficult when their estate and financial assets are in disarray. If the deceased person had a will or other estate planning documents, their estate would likely go through the probate court. Unfortunately, most people are unaware that a will must be probated and go through a "probate court."

Probate is the legal process to identify a person that will supervise the administration of one's will through the court process called "probate." The probate court will determine and gather the decedent's assets, pay their debts and taxes, and distribute their property according to their will or Illinois state law. 

Intestate Succession in Illinois

Intestate succession distributes a deceased person's assets when they do not have a will. When a person dies without a will, the decedent dies "intestate." In Illinois, an intestate person's assets are governed by the Illinois Probate Act. Therefore, under Illinois law, a deceased person's assets are distributed consistently with the Illinois Probate Act. Intestate law will identify the surviving spouse, children, parents, or other relatives to determine the proper heir of a deceased person's estate. Illinois law assumes that a dead person would distribute their estate to their surviving spouse (50 percent) and any surviving children (50 percent). Therefore, the deceased person's children shall have 50 percent of the assets in equal shares. Without a surviving spouse, the entire estate will be distributed to their children per stirpes (in equal shares). If any children have deceased, the deceased person's children will inherit their parent's share of their estate. If no children exist, the surviving spouse will inherit the entire estate.

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 Posted on March 07, 2023 in Divorce and Family Law

Yorkville Divorce Lawyer: Basics About the Divorce Process

Contested vs. Uncontested Divorce

In Illinois, an uncontested divorce is also known as a "dissolution of marriage." When both spouses agree to the significant vital terms of a divorce, and neither spouse challenges the divorce, the divorce is uncontested. The key terms in a divorce that must be agreed upon include, among others, the issues of property, debts, children, and spousal support (also known as alimony). Specifically, this includes topics like the division of marital property and marital debts, child custody and parenting schedule, child support and medical insurance coverage for any children, and custody of pets shared during the marriage.

Do I Need to Attend Court Hearings for My Uncontested Divorce?

The spouse petitioning the court for the divorce (by filing the paperwork with the county) must make an appearance at the final hearing with the court. However, only that spouse is required to attend, so long as the other spouse has agreed to and signed all relevant documents (including the Marital Settlement Agreement, discussed in depth below). At the final hearing, the petitioning spouse must testify to the terms of the Marital Settlement Agreement and the identity of both parties. Further, the judge or the other spouse's attorney, if they are assisted by one, can ask questions that ensure the terms of the Marital Settlement Agreement are clearly understood before they are officially finalized by a court order.

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 Posted on March 06, 2023 in Real Estate

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.

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 Posted on March 03, 2023 in Divorce and Family Law

Kendall County Child Support 101

This article summarizes Illinois Child Support. Child support guidelines determine child support in Yorkville and Kendall County. See 750 ILCS 5/505. The income shares model is the child support enacted legislation, effective on January 1, 2019. The child support model calculates total household net income and computes each parent’s percentage of combined net income. Based upon the household’s net income and each parent’s percentage of net income towards the total household income is how Kendall County Child Support is calculated now. 750 ILCS 5/505(1).

Illinois child support aims to make child support obligations more equitable between the custodian and non-custodial parent. Thus, both parents' income shall be considered, and a parent not working may have their income attributed, meaning the Court can establish a baseline net income for that parent. 

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 Posted on March 01, 2023 in Estate Planning

Kendall County Probate Lawyer: Basics of Probate in Yorkville and Kendall County

Probate Court is used to handle a person's estate upon their death. It is recommended that an individual create a comprehensive estate plan with a Trust included to minimize the possibility of going through Probate. While a Will can be used to name intended beneficiaries, it will not avoid the Probate process. Probate can be time-consuming and expensive, so it is essential to find an attorney well-versed in the field. At Piece of Mind Asset Protection, LLC, the attorneys and staff have the knowledge and experience to handle your Probate matter effectively and efficiently, saving you time and money.

What is Probate?

Probate is the process of opening an estate for the deceased person (decedent). The point of Probate is to ensure that the assets held by the decedent are distributed to the persons named in the Will or to the next of kin. In addition, the process is also used to ensure that any debts held by the decedent get paid.

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 Posted on March 01, 2023 in Divorce and Family Law

Yorkville and Kendall County Child Support Modification Attorneys

Covid-19 has caused significant economic and emotional damage in 2020. Many people have faced reduced income, layoffs; and or a change of circumstances warranting a change in child support. In Illinois, child support may be modified when there is a "substantial change of circumstances" since the last court order. 750 ILCS 5-510(1).  The second reason for a change in child support is upon a showing of an inconsistency of income of at least twenty (20) percent. 750 ILCS 5-510(2).

Child Support Modification Petition

A Petition must be filed, which requests relief from a previous court order due to a substantial change in circumstances. A Petition is a legal motion that asks for a change in child support based upon a considerable shift in cases, a significant decrease or income in income, and the healthcare needs of the child or children requiring a change.

The notice must be given to the other side or the other attorney to provide them with a opportunity to respond. Typically, a financial affidavit will be required in the State of Illinois when a party wants child support modification. A financial affidavit is a summary of a person's income, expenses, and assets, which informs the court and the opposing side of the person's ability to pay.

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 Posted on February 27, 2023 in Estate Planning

Yorkville Estate Planning Lawyer: Providing Effective Estate Planning Management Tools

This article will discuss designated beneficiary designations and estate planning. A designated beneficiary is a person or entity named in financial accounts or legal documents to inherit specific assets. Generally, designated beneficiaries are expected for financial accounts such as life insurance policies, retirement accounts, bank accounts, and annuities.

An individual name a designated beneficiary, such as a person or entity, to receive assets or property upon death. A significant benefit of designated beneficiaries is they avoid the probate process and create a smooth transition upon death. The transition period minimizes the costs and provides a smooth administration process to transfer assets from one person or entity to another. 

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 Posted on February 23, 2023 in Estate Planning

Business Estate Planning is vital for households in Aurora and other nearby regions in Kendall County, Illinois, especially owners of small to medium-sized enterprises and their families. In addition, high-income and high-net-worth households typically need significant business estate planning.

Asset management and thorough estate planning will create a solid legal foundation for protection against death and incapacity. Furthermore, a robust asset management plan will place safeguards against a person's family and personal assets.

The most crucial asset management and business estate planning strategies for savvy business owners will be covered in this article.

Estate Planning Tips for Businessmen in Aurora

Performing a risk assessment is the preliminary step in proactive business estate planning when advising business owners and their families. A risk assessment examines an individual's assets and the legal threats that might affect a business's financial stability and retirement plans.

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 Posted on February 10, 2023 in Estate Planning

People with disabilities and their families in Oswego and other areas in Kendall County, Illinois, must understand what government benefits are available to them and how those benefits are affected by several other financial conditions, such as employment, for example. They must also plan for and preserve their loved one's care and assets in order to ensure their loved one's future is not in jeopardy.

A special needs trust is an excellent choice for individuals who want to assure the financial assistance of a loved one, and it ought to be included in everyone's will or trust. A special needs trust not only protects a loved one who is disabled at the stage the will or trust is executed, but it is also beneficial if a loved one who was not disabled at the time the will or trust was executed unfortunately becomes disabled later in life.

Having a legal professional by your side that properly knows the subtleties and legislation that affect people with special needs in Oswego and other areas in Kendall County and the benefits they may be eligible for can be critical to a successful special needs estate plan. Gateville Law Firm's special needs estate planning experts can assist you in creating a plan that will improve and encourage your children with special needs.

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 Posted on February 10, 2023 in Business Law

Business Purchase Attorney in Plainfield: Drafts the Written Agreements and Protects Your Financial and Business Interests

Methods of Acquiring a Business: Stock Purchase, Asset Purchase, or Merger 

As experienced business attorneys, we know that purchasing or selling a business can be a complex and overwhelming experience, both for the buyer and seller. The stakes are high for everyone involved, and both the buyer and seller want a good deal for themselves. Various aspects must be considered, as well as careful consideration and disclosure of all potential liabilities that may surface. It is crucial to ensure you know your rights and responsibilities in the buying and selling process and that they are clearly defined in a contractual agreement.

When buying or selling a business, there are several ways to go about the sale. However, the three most common ways of acquiring a company are a stock purchase, an asset purchase, or a merger. You must be aware of your options and what each entails to ensure the correct procedure is chosen and that it will benefit both the buyer and seller of the business to the fullest extent.

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