What is a Living Revocable Trust?

Today's blog will be short and simple because I am expecting a phone call. A Revocable Living Trust or otherwise known as Living Revocable Trust is a Trust that may be changed or amended. Simply put, an Living Trust is a living and breathing document while you are alive unlike a will. A Living Trust is a fictional person similar to a business or corporation. The benefit of a Living Trust is it is designed to avoid probate court unlike a will. In Illinois, when one has real estate, generally one must plan in advance to avoid the court called "probate court". Probate court is a court which hears inheritance issues when somebody has deceased with a will or without a will. Sean Robertson is an estate and wealth preservation attorney based in North Aurora and Downtown Chicago, Illinois. Sean Robertson may be reached at 630-800-2033 or 312-854-7102. Our website is www.RobertsonLawGroup.com.

Physician Employment and Independent Contractor Contracts

Today's topic is Physician Independent Contractor Agreements. An independent contractor agreement is a legal agreement between a Physician or otherwise known as a "Doctor" with a medical practice or hospital. When we represent Physicians or a Medical Group, there are key terms that we want to keep in the independent contractor agreement or watch out for to protect our client. Generally, an independent contractor agreement is an written agreement where a medical practice does not want to assume the payroll taxes of a physician. Thus, control is the ultimate issue that the Internal Revenue Service evaluates to determine whether the agreement is truly an independent relationship or an employer or medical provider's way of avoiding the responsibility of paying payroll, fica, and social security taxes. Robertson Law Group, LLC generally handles physician independent contractor agreements or employment agreements in downtown Chicago, North Aurora, and Naperville, Illinois. When we review these legal agreements, these agreements should highlight who is responsible for payment of payroll, fica, and social security taxes. Ultimately, an independent contractor is legally responsible for making annual or quarterly payroll taxes. In our experience, it is easy for an independent contractor to develop problem with IRS, payroll, or income taxes. We have a bi-lingual and tax attorney that concentrates in assisting physicians and doctors with state and federal payroll, employment, and income tax related problems. Generally, an employment agreement will require the employer or the medical practice to be responsible for payment of the employment-related payroll taxes. It is a great idea for a hospital, small medical practice, or a solo medical practioner should strongly consider using a payroll tax service such as ADP, paychex or paycore. In my experience, this is an excellent idea if you live in the Western Suburbs of Chicago or in the downtown Chicago region. An independent contractor contract should highlight whether a non-compete agreement exists and limit the time and geographic scope. In my experience limiting a physician or healthcare specialists geographic restriction greater than twenty (20) miles is too broad for most independent contractor agreements. As a rule, an appropriate time restriction is one (1) or two (2) years with my preference being one (1) year. I prefer a one year covenant not to compete for physicians and dentists in downtown Chicago, North Aurora, or Naperville because most courts will be less concerned that it is too burdensome to a physican, dentists, or doctor. One mistake most independent contractor agreements or physician employment agreements make are making them too broad. Another consideration for employment or independent contractor agreement is the jurisdiction in case of a dispute. Often times, a physician independent contractor agreement or an employment agreement will state the jurisdiction is where the principal place of business exists for a small medical practice, a healthcare institution, or hospital. For example, let us assume that you are a doctor or physician in Aurora, Illinois, in the County of Dupage. Your healthcare provider or physician office will likely have the Circuit Court of Dupage County be the jurisdiction for disputes. Often times, either the loser of the dispute or the independent contractor or employee will be responsible for payment of their employer's legal fees and costs in case of a dispute. In my experience, another consideration that most physician want to consider is whether outside employment or consulting is allowed. Most employers or physician practice groups will allow it, but it will require pre-approval before the employer will grant you, the doctor or physician, the approval to make outside consulting agreements or participate in healthcare fairs or act as a physician in a pro-bono capacity. Another consideration is whether your malpractice insurance for the patients you saw during your stay at the hospital or medical practice group will expire upon your termination of employment or independent contractor agreement. You may want to get notice of any termination of coverage in case of a malpractice or professional lawsuit especially if you are a surgeon, emergency room physician, or a ob-gyn physician. Often times, in my experience, I notice that surgeons, emergency room physicians, and ob-gyn face a greater liklihood of malpractice exposure. Physicians also should consider incorporating as an S corporation or Medical Corporation. This is important because a physician or doctor wants to limit their personal liability exposure in case of a breach of contract dispute. This rule also applies to doctors and chiropractors. In my experience, most physicians or doctors around the western suburbs of Chicago or Dupage County area or Cook County (Chicago) do not incorporate. Instead, most physicians or doctors practice as a physician in their personal name. This means that employees and your employer may sue you in your personal name. Incorporating could limit the suits against you as a physician or doctor. In conclusion, Robertson Law Group, LLC specializes in physician asset protection, wealth preservation law for physicians and medical practice groups, surgeons, ob-gyn doctors, and emergency room physicians. Robertson Law Group, LLC services the counties of Cook County, Dupage County, Will County, Kane County, & Kendall County for physicians, doctors, medical practice groups, and hospitals. Unlike most law firms, our attorneys and team have a significant amount of experience representing physicians and doctors with respect to independent contractor agreements, employment agreements, consulting agreements, non-compete agreements, non-disclosure agreements, and many other physician or dentist related medical or legal agreements. Sean Robertson is Managing Partner of Robertson Law Group, LLC. Sean Robertson resides in Naperville, Illinois and has significant expertise and experience in negotiating, drafting, and revising independent contractor agreements, employment agreements, and the purchase and sale of a business especially a medical practice group, dermatologist group, or other solo medical practioner practice. Sean Robertson may be reached at 312-854-7102 or 630-637-1053. Our website is www.RobertsonLawGroup.com. 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WVON Radio Interview & Estate Planning Law

This morning, I was on a panel discussion on WVON on the Southside of Chicago. During this discussion, we talked about why a Quit Claim Deed to your adult child is a bad idea. During this discussion, we talked about how a lot of African-American clients and people in general believe that quit claiming their home to add one or more of their children's names will prevent a court process called probate court. Generally speaking, probate court is a court process that is required after the last spouse of a married couple is deceased or a person deceases without a husband and only children. A probate of the estate of the deceased person is necessary because legal title cannot transfer solely by a quit claim deed in Chicago or Illinois. A Quit Claim Deed is a legal way of transferring ownership of real estate to another person. Legally speaking the person that got the Quit Claim Deed is a part owner of the real estate for legal purposes. However, their ownership is not recognized by the mortgage company (if there is a mortgage) because the mortgage is between the financial institution and the borrower. The reason a Quit Claim Deed is not effective is because legal title only can be transferred upon the person having the mortgage transferring good title. Generally, a Quit Claim Deed only passes the buck onto the adult children decease because one cannot sell or refinance real estate in Cook County unless they have good title. Robertson Law Group, LLC is a boutique business and family law firm concentrating in estate planning, estate and gift tax planning, elder law, and wills and living trusts. Robertson Law Group, LLC is based in downtown Chicago and North Aurora. Our downtown Chicago phone number is 312-854-7102. Our Western Suburbs phone number is 630-637-1053. Our website is www.RobertsonLawGroup.com. Keywords: African American Estate Planning Attorney Chicago, Southside Estate Planning Attorney Chicago, Quit Claim Deed Attorney Chicago, Quit Claim Deed Cook County, Quit Claim Deed Naperville, Cook County Quit Claim Deed, probate attorney Chicago, probate attorney Cook County, intestate succession probate lawyer Daley Center, Daley Center probate law firm, Daley Center probate lawyer, asset protection attorney Chicago, wills and trusts attorney Chicago, WVON Lawyer

Wealth Preservation for Healthcare Professionals

Wealth Preservation for Healthcare Professionals By: Mildred I. Herrera, Esq., LLM (Tax) A comprehensive wealth plan preserves your assets and provides a smooth transition upon your death, incapacity, and/or beyond your life. A wealth preservation plan combines Trusts, Family Limited Partnerships, Limited Liability Companies, and Real Estate Preservation Trust, to name a few, to enhance your estate and asset protection and decrease your tax liabilities. Preserving your assets against malpractice suits, divorce, business interests, or risky investments requires the same type of individualization that a healthcare professional considers in prescribing a health regime. Divorce, business partnership disputes, failed business ventures, and breach of contract litigation are the most likely liability risks that threaten personal assets. Oftentimes, a Corporation or LLC does not protect against partnership, divorce, or business conflicts. These liability risks surprise physicians and threaten their and their family’s financial security. Generally, a general liability or malpractice policy does not cover these types of risks and these risks are generally ignored by most attorneys and healthcare professionals. Additionally, asset protection must plan for your beneficiary’s divorce and creditor concerns because most families and individuals hate their in-laws walking away with their hard earned assets. For high-risk professionals like healthcare providers, attorneys, business owners, and anybody with businesses or investments, putting all your eggs in one basket is too risky. The creative use of asset protection tools like Trusts, Family Limited Partnerships and Limited Liability Companies, to name a few, can be used to create a comprehensive asset and wealth preservation plan. Done properly, the loss of a risky investment should protect your other hard-earned assets and income. Healthcare professionals must act now to take advantage of economic uncertainty and possible claims. A solid asset protection plan must be implemented prior to a possible lawsuit or any attempts to shield your assets could be considered a fraudulent transfer. Also, consider how looming tax changes will affect your wealth and estate plan. A conservative yet creative estate plan must provide flexibility and protection. We rely on healthcare professionals to preserve our health, let a competent attorney assist in preserving your assets and legacy. You have worked too hard to allow a liability risk jeopardizes your retirement and one lawsuit could threaten your life’s dream and family’s security. Mildred I. Herrera is an Illinois licensed attorney with a Masters in Taxation (LLM (Tax)) with the Robertson Law Group, a boutique businesses and family law firm. The emphasis of her practice combines business, estate and tax planning. She can be reached at (312) 854-7102. Our website is www.RobertsonLawGroup.com. The information contained in this article should not be construed as personalized legal or tax advice. Key words: Physician Asset Protection, Illinois Asset Protection, Estate Planning Attorney for Physicians, Physician Estate Planning Chicago lawyer, Physician Asset Protection Attorney Chicago, Chicago Medical Doctor Estate Planning Lawyer, Asset Protection Lawyer Illinois, Doctor Estate Planning Attorney

Importance of Accountings in Probate Court

Today we were in court at the Daley Center, Circuit Court of Cook County, in downtown Chicago, Illinois. Our client that we signed up today is facing multiple years of needing to account for the expenditures of estate funds over the past 10 years. The point of this brief article is the first lesson is to avoid the pain of probate court. Often times, your relatives get put into these positions of authority called "independent administrators" and they are either not up for the challenge or are simply the wrong person for the job. The second reason is if you are an independent administrator or trustee, you should keep good records.

You can avoid probate court by using a Revocable Living Trust or otherwise, known as a "Living Trust". A Living Trust is an estate planning strategy that avoids probate court by stating who shall inherit your wealth in case of your death or incapacity.

In conclusion, you should be careful about probate court. Probate court can be expensive, long, and drawn out. Sean Robertson is an estate planning and asset protection attorney that concentrates in estate planning, probate and business transfer planning. We can be reached at (312)-854-7102. Our website is www.RobertsonLawGroup.com.

Keywords: accountings probate court, probate Daley Center, Revocable Living Trust benefits, will vs. revocable living trust

Business Transfer and Succession Planning

Business transfer and succession planning is the process of transferring a business from one generation to the next generation. Often times, there are tax and asset protection liability concerns that must be addressed when representing a buyer or seller. First of all, a key concern for a father transferring a business to his son is liability concerns. For example, the father today was the sole owner of a $5 million revenue company and his son has run the company for the last three (3) years. The father's goal was to limit his liability because his son was technically running the corporation anyway. It is best to have the proper paperwork filled out and transfer the business in a legal and efficient manner.

In today's transaction, we completed a sale of the stock or otherwise, known as a stock purchase agreement. The stock purchase agreement highlighted the key issues such as purchase price, liability limitations, and when the transfer was effective. Furthermore, a Bill of Sale transfers the equipment and personal property items to the buyer. It is a good idea for the buyer to incorporate as an S corporation to own their shares of whatever business entity they desire to have such as an LLC. There also should be corporate resolutions authorizing the officers of the corporation and shareholders the authority to sell the company to the buyer.

In conclusion, transferring a business from one generation to the next generation is vital. Business succession planning does not have to be too expensive. Robertson Law Group, LLC is your estate planning and asset protection law firm concentrating in business counseling and transfer planning. Sean Robertson is Managing Partner and can be reached at (312)-854-7102. Our website is www.RobertsonLawGroup.com.

What is a Power of Attorney?

A Power of Attorney in Illinois is comprised of two (2) documents. The first document is a power of attorney for property, which appoints an agent to make financial decisions in case you cannot make those financial decisions yourself. Generally, a power of attorney for property helps you avoid guardianship issues such as an elderly person that has no legal documents and develops an incapacity issue. The second type of document is a power of attorney for healthcare. This document enables you to appoint a person to make healthcare decisions in case you cannot make your own decisions. Simply put, a power of attorney for healthcare describes how you want your agent to make healthcare decisions for you. In the power of attorney for healthcare, you inform your agent and the hospital how you want them to make critical healthcare decisions consistent with your beliefs and religious beliefs.

Sean Robertson is an estate planning attorney in downtown Chicago that can be reached at (312)-854-7102. Our website is www.RobertsonLawGroup.com. Our main office is 35 East Wacker Drive, Suite 935, Chicago, Illinois 60601.