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
Thursday, December 29, 2011
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.
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.
Tuesday, December 27, 2011
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.
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.
Saturday, December 17, 2011
Estate Planning for 2012
The end of the year of 2011 is about ended. For many couples, business owners, and individuals, the Year 2012 is a fresh start and a opportunity to build a better financial and legal foundation for you and your family. I often year that most individuals and families delay their plans to update their will or revocable living trusts. Many others have simply failed to gather a will or a revocable living trust altogether.
What is a Revocable Living Trust or "Living Trust"?
A Revocable Living Trust is an estate planning document that creates a separate entity that is distinct and separate from you. Like a will, a Revocable Living Trust is a written agreement that explains how to distribute your assets upon your death. Unlike a will, a Revocable Living Trust does not have to undergo probate court because it is separate and distinct from you. Simply put, one must probate items that are in their personal name. If your house, bank accounts, and other assets are not in your personal name, the probate is unnecessary. The purpose of the Trust Agreement is to outline your wishes such as who should inherit key personal property items, your funeral wishes, and other important legal considerations.
Furthermore, a Revocable Living Trust offers several other benefits such as creditor protection for your beneficiaries and protection against incapacity. The reason behind the word "Living" is your Trust is a document that begins immediately after it is created unlike a will. The purpose of a will is for death purposes. On the contrary, a Revocable Living Trust is designed to create a smooth transition upon death and an incapacity. Thus, a Revocable Living Trust has language that automatically works with your power of attorney for property that designates a trustee to pay your bills and manage your financial matters when you are unable to manage those things. Often times, parents want their inheritance to go to their children and do not want their in-laws to access their inheritance for their children. Unlike a will, a Revocable Living Trust has a "spendthrift provision", which protects your beneficiaries inheritance from their creditors such as a divorcing spouse or a mortgage foreclosure.
In conclusion, a Revocable Living Trust is an excellent estate planning tool to begin your 2012 New Year! Sean Robertson is Managing Partner of Robertson Law Group, LLC, which concentrates in estate planning and asset protection law for business owners, professionals, and families. Robertson Law Group, LLC may be reached at (312)-854-7102. Our website is www.RobertsonLawGroup.com.
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What is a Revocable Living Trust or "Living Trust"?
A Revocable Living Trust is an estate planning document that creates a separate entity that is distinct and separate from you. Like a will, a Revocable Living Trust is a written agreement that explains how to distribute your assets upon your death. Unlike a will, a Revocable Living Trust does not have to undergo probate court because it is separate and distinct from you. Simply put, one must probate items that are in their personal name. If your house, bank accounts, and other assets are not in your personal name, the probate is unnecessary. The purpose of the Trust Agreement is to outline your wishes such as who should inherit key personal property items, your funeral wishes, and other important legal considerations.
Furthermore, a Revocable Living Trust offers several other benefits such as creditor protection for your beneficiaries and protection against incapacity. The reason behind the word "Living" is your Trust is a document that begins immediately after it is created unlike a will. The purpose of a will is for death purposes. On the contrary, a Revocable Living Trust is designed to create a smooth transition upon death and an incapacity. Thus, a Revocable Living Trust has language that automatically works with your power of attorney for property that designates a trustee to pay your bills and manage your financial matters when you are unable to manage those things. Often times, parents want their inheritance to go to their children and do not want their in-laws to access their inheritance for their children. Unlike a will, a Revocable Living Trust has a "spendthrift provision", which protects your beneficiaries inheritance from their creditors such as a divorcing spouse or a mortgage foreclosure.
In conclusion, a Revocable Living Trust is an excellent estate planning tool to begin your 2012 New Year! Sean Robertson is Managing Partner of Robertson Law Group, LLC, which concentrates in estate planning and asset protection law for business owners, professionals, and families. Robertson Law Group, LLC may be reached at (312)-854-7102. Our website is www.RobertsonLawGroup.com.
Keywords: Will 2012 Chicago, Will Attorney 2012, Will lawyer 2012 Chicago, Cook County Will lawyer, Naperville will lawyer, estate planning attorney Chicago, estate planning attorney Naperville, estates & trusts lawyer Chicago, estates & trusts lawyer Naperville, power of attorney property attorney, Chicago power of attorney lawyer, spendthrift provision trust attorney, asset protection attorney Chicago
Saturday, December 3, 2011
Living Trusts for Baby Boomers
Baby boomers are facing difficult choices when it comes to determining the appropriate estate planning strategy. Most baby boomers first priority is a will because it is the most common estate planning tool. To the surprise of many baby boomers, the will may not be the best choice. A will is inexpensive to create, but often times, the pain of probate court is a consequence of a will. In contrasts, a Revocable Living Trust is an alternative estate planning tool for baby boomers. Unlike the will, a properly eliminated revocable living trust avoids court processes such as "probate court".
There is a common assumption that a Trust or otherwise known as a "Living Trust" or "Revocable Living Trust" is an estate planning tool for the wealthy. This stereotype is false because a living trust is simply an estate planning tool to distribute your assets upon your death to your loved ones. Thus, a Revocable Living Trust is simply a written document that is distinct and different from you similar to a Corporation. This Trust Agreement or otherwise known as "Declaration of Trust" is a written guideline for how you want your estate to be distributed upon your death. A Living Trust differs with a will because it is alive and well and anticipated to be effective while you are alive. For example, your living trust becomes effective as soon as you fund it and is a great estate planning strategy in case of an incapacity. Thus, your assets will be managed by a trustee that you chose if you become disabled and incapacitated. Typically, this provision is only applicable if you cannot make financial decisions for yourself. A Living Trust works in combination with a Power of Attorney for Property and Healthcare. The purpose of a will is to distribute your assets upon your death. Hence, the Living Trust is a powerful tool and one that creates contingencies for tax planning and creating different outcomes depending on your preference. For instance, a Living Trust can set up a special trust for your children if they are special needs or have a spending or drug problem. Many parents face shame because they are not proud of all of their children and need to plan their estates in a manner to protect their children from themselves. Special attention also should be paid to protect children from fighting with one another over money. You should see a qualified estate planninng attorney for specific directions on your Trust documents.
Sean Robertson is an estate planning and wealth preservation lawyer based in downtown Chicago. Sean Robertson is Managing Partner of Robertson Law Group, LLC. Sean has extensive experience in representing seniors, retirees, and baby boomers with regards to their estate and wealth goals. Sean Robertson may be reached at (312)-954-7102. Our website is www.RobertsonLawGroup.com.
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There is a common assumption that a Trust or otherwise known as a "Living Trust" or "Revocable Living Trust" is an estate planning tool for the wealthy. This stereotype is false because a living trust is simply an estate planning tool to distribute your assets upon your death to your loved ones. Thus, a Revocable Living Trust is simply a written document that is distinct and different from you similar to a Corporation. This Trust Agreement or otherwise known as "Declaration of Trust" is a written guideline for how you want your estate to be distributed upon your death. A Living Trust differs with a will because it is alive and well and anticipated to be effective while you are alive. For example, your living trust becomes effective as soon as you fund it and is a great estate planning strategy in case of an incapacity. Thus, your assets will be managed by a trustee that you chose if you become disabled and incapacitated. Typically, this provision is only applicable if you cannot make financial decisions for yourself. A Living Trust works in combination with a Power of Attorney for Property and Healthcare. The purpose of a will is to distribute your assets upon your death. Hence, the Living Trust is a powerful tool and one that creates contingencies for tax planning and creating different outcomes depending on your preference. For instance, a Living Trust can set up a special trust for your children if they are special needs or have a spending or drug problem. Many parents face shame because they are not proud of all of their children and need to plan their estates in a manner to protect their children from themselves. Special attention also should be paid to protect children from fighting with one another over money. You should see a qualified estate planninng attorney for specific directions on your Trust documents.
Sean Robertson is an estate planning and wealth preservation lawyer based in downtown Chicago. Sean Robertson is Managing Partner of Robertson Law Group, LLC. Sean has extensive experience in representing seniors, retirees, and baby boomers with regards to their estate and wealth goals. Sean Robertson may be reached at (312)-954-7102. Our website is www.RobertsonLawGroup.com.
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Wills, Trusts, Estate Planning, & Asset Protection Law
Robertson Law Group, LLC is a boutique law firm comprised of four (4) attorneys with different areas of concentration. We can assist you with a variety of legal needs from wills and trusts to advanced estate and asset protection to setting up and structuring a new or established business venture to assisting you with your family law matters. Our main office is downtown Chicago at 35 East Wacker Drive, Suite 935, Chicago, Illinois 60601 and our Naperville private meeting location is near 75th and Washington. The Managing Partner Sean Robertson resides in Naperville, Illinois and we serve the Dupage, Will, Kane, Cook, and Kendall Counties because there are a lot of people that live in the suburbs and have Cook County cases and the Western Suburbs is a huge market place.
Sean Robertson has over seven (7) years of legal experience and is a graduate of DePaul University College of Law and University of Illinois at Urbana-Champaign. Sean Robertson may be reached at (312)-854-7102 and our website is www.RobertsonLawGroup.com.
We provide the following legal services:
--Wills, Trusts, Powers of Attorney, Estate Planning, & Asset Protection Planning;
--Setting up Corporate and LLC structure including contract drafting and reviewing;
--Family law including divorce, child support and custody, vistitation rights, paternity suits, and pre- & ante-nupitial agreements;
--Civil, Contract, & Commercial Litigation including breach of contract, partnership and business disputes, and fraud claims;
--Motions to Vacate Default Judgments;
--Citations to Discover Asset's and Chapter 7 & 13 Bankruptcies.
Sean Robertson may be reached at (312)-854-7102. Our website is www.RobertsonLawGroup.com.
Sean Robertson has over seven (7) years of legal experience and is a graduate of DePaul University College of Law and University of Illinois at Urbana-Champaign. Sean Robertson may be reached at (312)-854-7102 and our website is www.RobertsonLawGroup.com.
We provide the following legal services:
--Wills, Trusts, Powers of Attorney, Estate Planning, & Asset Protection Planning;
--Setting up Corporate and LLC structure including contract drafting and reviewing;
--Family law including divorce, child support and custody, vistitation rights, paternity suits, and pre- & ante-nupitial agreements;
--Civil, Contract, & Commercial Litigation including breach of contract, partnership and business disputes, and fraud claims;
--Motions to Vacate Default Judgments;
--Citations to Discover Asset's and Chapter 7 & 13 Bankruptcies.
Sean Robertson may be reached at (312)-854-7102. Our website is www.RobertsonLawGroup.com.
Thursday, December 1, 2011
Business Succession Planning and Business Owners
Today, I met with a father and son regarding transferring their business to the son. The son has managed the business for the last 3 years and the father wants to limit his liability. His father is a successful business person and person because the company is a multi-million revenue company. Furthermore, the father already had a trust or otherwise known as "Revocable Living Trust" or "Living Trust".
The goal of the father and son team was to have a smooth transition now. Furthermore, we will help the son with a business transfer strategy for his life that is realistic. We are also assisting the son with developing an effective estate plan for him and his wife. They have three (3) children and guardianship are important matters for his children.
There are two (2) primary ways to purchase a business. A stock purchase agreement or an asset purchase agreement. A stock purchase agreement is where a person purchases the stock of a company. In contrasts, an asset purchase agreement is the purchase of assets. A stock purchase agreement is a good strategy in this case because the son understands the company's liabilities. The son has managed the business for over three (3) years. Second, the father and son want to keep things simple with minimum legal expense. We also will help the son with asset protection of his home. Every business owner should have an asset purchase strategy designed to defeat a personal guarantee. Most vendors will require a business owner to guarantee their debt by having the business owner sign in their personal name. In this example, the only true asset that the son has is a house and retirement accounts. In Illinois, retirement accounts such as 401(k) and IRAs are protected against creditor claims. In Illinois,each spouse gets a homestead exemption of $15,000 to protect their home against creditors. Unfortunately, most business owners at a minimum should protect their home in advance against the claims of creditors or vendors. This is important because in the father and son's example, the son has around $40,000 of equity. Thus, the son and his wife have only $10,000 of equity that is exposed to creditor claims. However, the key issue is if the son gets a judgment against him, the creditor may place a lien against the son's house. Simply put, this means that the son cannot sell his residence without paying off the lien. If the son has creditor problems after 45 years of age, the son may desire to have the option of not paying off the creditor. Realistically, every business owner and person is responsible for their own financial well-being. Retirement is a critical issue and if paying off one's judgment threatens your retirement and financial well-being, possibly it is not a good idea. Thus, placing a house into a private land trust protects against a lien being placed against a house. This means that you can sell your house without ever paying off the lien because the house is not in your personal name. The Trust has legal ownership of the Private Land Trust. In Illinois, Private Land Trust are powerful tools.
Sean Robertson is an asset protection and wealth preservation attorney concentrating in business planning, estate planning, and business transfer planning. Sean Robertson is Managing Partner of Robertson Law Group, LLC. Sean Robertson may be reached at (312)-854-7102 or www.RobertsonLawGroup.com.
Keywords: business succession planning, father and son business transfer attorney, business transfer attorney, asset purchase agreement attorney, stock purchase agreement attorney, estate tax planning attorney sale of business, wealth preservation attorney Chicago, living trust attorney Chicago
The goal of the father and son team was to have a smooth transition now. Furthermore, we will help the son with a business transfer strategy for his life that is realistic. We are also assisting the son with developing an effective estate plan for him and his wife. They have three (3) children and guardianship are important matters for his children.
There are two (2) primary ways to purchase a business. A stock purchase agreement or an asset purchase agreement. A stock purchase agreement is where a person purchases the stock of a company. In contrasts, an asset purchase agreement is the purchase of assets. A stock purchase agreement is a good strategy in this case because the son understands the company's liabilities. The son has managed the business for over three (3) years. Second, the father and son want to keep things simple with minimum legal expense. We also will help the son with asset protection of his home. Every business owner should have an asset purchase strategy designed to defeat a personal guarantee. Most vendors will require a business owner to guarantee their debt by having the business owner sign in their personal name. In this example, the only true asset that the son has is a house and retirement accounts. In Illinois, retirement accounts such as 401(k) and IRAs are protected against creditor claims. In Illinois,each spouse gets a homestead exemption of $15,000 to protect their home against creditors. Unfortunately, most business owners at a minimum should protect their home in advance against the claims of creditors or vendors. This is important because in the father and son's example, the son has around $40,000 of equity. Thus, the son and his wife have only $10,000 of equity that is exposed to creditor claims. However, the key issue is if the son gets a judgment against him, the creditor may place a lien against the son's house. Simply put, this means that the son cannot sell his residence without paying off the lien. If the son has creditor problems after 45 years of age, the son may desire to have the option of not paying off the creditor. Realistically, every business owner and person is responsible for their own financial well-being. Retirement is a critical issue and if paying off one's judgment threatens your retirement and financial well-being, possibly it is not a good idea. Thus, placing a house into a private land trust protects against a lien being placed against a house. This means that you can sell your house without ever paying off the lien because the house is not in your personal name. The Trust has legal ownership of the Private Land Trust. In Illinois, Private Land Trust are powerful tools.
Sean Robertson is an asset protection and wealth preservation attorney concentrating in business planning, estate planning, and business transfer planning. Sean Robertson is Managing Partner of Robertson Law Group, LLC. Sean Robertson may be reached at (312)-854-7102 or www.RobertsonLawGroup.com.
Keywords: business succession planning, father and son business transfer attorney, business transfer attorney, asset purchase agreement attorney, stock purchase agreement attorney, estate tax planning attorney sale of business, wealth preservation attorney Chicago, living trust attorney Chicago
Protection of Inheritance Money and Estate Planning
This blog today will be brief because I am in a hurry this morning. This week I had a person come into my office that has a creditor concern and she is inheriting money from her deceased parent. She has a foreclosure out of Illinois and she wants to protect her inheritance money from a creditor concern.
A Revocable Living Trust has a spendthrift provision, which protects a beneficiaries money from creditor concerns such as a divorce spouse and foreclosure matter. Where as, receiving a direct inheritance from life insurance or a will provides no meaningful asset protection. In the above example, this prospect has to consider planning with the money she receives from inheritance. Possibly, this money will be protected because it is a life insurance inheritance, but at this moment, I am unsure without additional research.
Sean Robertson is an Estate and Asset Protection attorney based in downtown Chicago and Naperville, Illinois. Our main office is 35 East Wacker Drive, Suite 935, Chicago, Illinois 60601.
Key words: Revocable Living Trust attorney, Living Trust attorney, Living Trust lawyer Chicago, inheritance planning attorney, Asset Protection Attorney, Creditor Protection Life Insurance, Cook County Asset Protection Attorney
A Revocable Living Trust has a spendthrift provision, which protects a beneficiaries money from creditor concerns such as a divorce spouse and foreclosure matter. Where as, receiving a direct inheritance from life insurance or a will provides no meaningful asset protection. In the above example, this prospect has to consider planning with the money she receives from inheritance. Possibly, this money will be protected because it is a life insurance inheritance, but at this moment, I am unsure without additional research.
Sean Robertson is an Estate and Asset Protection attorney based in downtown Chicago and Naperville, Illinois. Our main office is 35 East Wacker Drive, Suite 935, Chicago, Illinois 60601.
Key words: Revocable Living Trust attorney, Living Trust attorney, Living Trust lawyer Chicago, inheritance planning attorney, Asset Protection Attorney, Creditor Protection Life Insurance, Cook County Asset Protection Attorney
Sunday, November 27, 2011
Cancer and Estate Planning
Lately, I have encountered a lot of people that are facing estate planning issues when they have cancer. The best time to complete an estate plan is prior to an illness. However, I understand estate planning or drafting your will is oftentimes not a priority. Most people are surprised that a will does not avoid probate court. There is a new strategy in Illinois in 2012 called a "Transfer on Death" device, which is essentially a Quit Claim Deed where you designate a beneficiary. Unlike a will, this device will avoid probate court if your designated beneficiary is alive and well. Setting up your Revocable Living Trust is a better alternative simply because you can have a good contingency plan in place. Unfortunately, a lot of times our best plans are theory and not realistic.
Sunday, August 14, 2011
What is a Revocable Living Trust?
A Revocable Living Trust is a written agreement that creates legal entity that is distinct from you. A Revocable Living Trust is a seperate entity from you similar to a Corporation or LLC. Thus, a Revocable Living Trust may have its' own federal tax identification number similar to a social security number. A Revocable Living Trust is often times called a "Living Trust" because it is a legal document that is alive and relevant while you are alive. In case of an incapacity, your Living Trust provides a successor Trustee to manage your financial affairs.
Moreover, a Living Trust avoids probate court unlike a will. A will simply distributes your property upon your death. Similarly, a Living Trust distributes your assets upon your death, but can impose restrictions unlike a will. For instance, a Living Trust may instruct your successor Trustee to distribute a certain percentage of assets at age 30 to your son or daughter. Thus, a Living Trust may restrict how your beneficiary's inheritance may be spent to protect their interests against youth. Another advantage of a Living Trust is your beneficiaries are protected against divorce and creditor concerns because a spendthrift provision in the Living Trust prevents a creditor (or in-laws) from attaching your hard earned dollars.
In conclusion, a Living Trust creates a smooth transition upon your death and avoids the pain of probate court. Furthermore, a Living Trust protects your beneficiaries from divorce and creditor claims. In conclusion, a Living Trust is a powerful estate planning tool.
Sean Robertson is an estate and asset protection attorney in downtown Chicago at 35 East Wacker Drive, Suite 935, Chicago, Illinois 60601. Sean Robertson may be reached at (312) 498-6080.
Moreover, a Living Trust avoids probate court unlike a will. A will simply distributes your property upon your death. Similarly, a Living Trust distributes your assets upon your death, but can impose restrictions unlike a will. For instance, a Living Trust may instruct your successor Trustee to distribute a certain percentage of assets at age 30 to your son or daughter. Thus, a Living Trust may restrict how your beneficiary's inheritance may be spent to protect their interests against youth. Another advantage of a Living Trust is your beneficiaries are protected against divorce and creditor concerns because a spendthrift provision in the Living Trust prevents a creditor (or in-laws) from attaching your hard earned dollars.
In conclusion, a Living Trust creates a smooth transition upon your death and avoids the pain of probate court. Furthermore, a Living Trust protects your beneficiaries from divorce and creditor claims. In conclusion, a Living Trust is a powerful estate planning tool.
Sean Robertson is an estate and asset protection attorney in downtown Chicago at 35 East Wacker Drive, Suite 935, Chicago, Illinois 60601. Sean Robertson may be reached at (312) 498-6080.
Saturday, March 12, 2011
What is an Estate Planning Lawyer?
Sean Robertson is an estate planning lawyer in downtown Chicago. An estate plan lawyer is an attorney that concentrates in wills and trusts and assists Clients with planning on they want to plan their estates. Simply put, an estate planning attorney is a person that assists a couple or a person plan what their legacy will be after their death.
Sean Robertson is an estate planning lawyer who concentrates in wills and trusts, estate planning, elder law, and medicaid and asset protection planning. Sean Robertson may be reached at (312) 498-6080. Check out our website at www.RobertsonLawGroup.com.
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Sean Robertson is an estate planning lawyer who concentrates in wills and trusts, estate planning, elder law, and medicaid and asset protection planning. Sean Robertson may be reached at (312) 498-6080. Check out our website at www.RobertsonLawGroup.com.
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What are your vital estate planning documents?
Your vital estate planning documents are either a will or a living trust, power of attorney (property and healthcare), and a pour over will (if you have a living trust).
Most people think about estate planning and they think about a will. Unfortunately, a will has many weaknesses and does not avoid probate court. Probate court is a court which hears claims in Cook County, Illinois that addresses inheritance issues such as who shall inherit your assets. With a will, your loved ones must still undergo the probate court process, which suprises many people. Unfortunately, there are many occassions where it is not cost-effective to go through probate court. With probate court, one must usually hire an attorney, pay court costs, and wait a long time before the court process is complete. Generally, it takes one year to one and half years to complete the probate process.
Unlike a will, a living trust avoids the costs and expense of probate court. A living trust is a private document unlike a will. A living trust is essentially a written document that expresses your wishes upon your death. In contrasts to a will, a living trust is similar to creating a fictional person that owns your assets. Practically speaking, your living trust is very similar to you own your own assets because you can revoke the living trust. Thus, you have control over the assets and can do anything you could do prior to having a living trust. The difference is with a living trust, you are the trustee and your assets should be owned by your living trust. Thus, your house should be transferred to your living trust. This way your living trust upon your death distributes your property without a court process and minimum interruption.
The second fundamental documents other than a will and living trust are a power of attorney. In Illinois, there are two types of powers of attorney. A power of attorney for healthcare and a power of attorney for property. With a power of attorney, you appoint an agent to make decisions for you in case of a disability. Having powers of attorney are critical because otherwise, you or your loved ones may have to undergo a guardianship proceeding if your loved one becomes incapacitated without having a power of attorney.
The third fundamental document is a pour over will if you have a living trust. A pour over will is a will that transfers all of your assets to your living trust. The purpose of the pour over will is to transfer any assets that you own to your living trust in case you did not properly title these assets while you were living.
Sean Robertson is an estate planning and elder law attorney in downtown Chicago. Sean Robertson may be reached at (312) 498-6080. Our website is www.RobertsonLawGroup.com.
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Most people think about estate planning and they think about a will. Unfortunately, a will has many weaknesses and does not avoid probate court. Probate court is a court which hears claims in Cook County, Illinois that addresses inheritance issues such as who shall inherit your assets. With a will, your loved ones must still undergo the probate court process, which suprises many people. Unfortunately, there are many occassions where it is not cost-effective to go through probate court. With probate court, one must usually hire an attorney, pay court costs, and wait a long time before the court process is complete. Generally, it takes one year to one and half years to complete the probate process.
Unlike a will, a living trust avoids the costs and expense of probate court. A living trust is a private document unlike a will. A living trust is essentially a written document that expresses your wishes upon your death. In contrasts to a will, a living trust is similar to creating a fictional person that owns your assets. Practically speaking, your living trust is very similar to you own your own assets because you can revoke the living trust. Thus, you have control over the assets and can do anything you could do prior to having a living trust. The difference is with a living trust, you are the trustee and your assets should be owned by your living trust. Thus, your house should be transferred to your living trust. This way your living trust upon your death distributes your property without a court process and minimum interruption.
The second fundamental documents other than a will and living trust are a power of attorney. In Illinois, there are two types of powers of attorney. A power of attorney for healthcare and a power of attorney for property. With a power of attorney, you appoint an agent to make decisions for you in case of a disability. Having powers of attorney are critical because otherwise, you or your loved ones may have to undergo a guardianship proceeding if your loved one becomes incapacitated without having a power of attorney.
The third fundamental document is a pour over will if you have a living trust. A pour over will is a will that transfers all of your assets to your living trust. The purpose of the pour over will is to transfer any assets that you own to your living trust in case you did not properly title these assets while you were living.
Sean Robertson is an estate planning and elder law attorney in downtown Chicago. Sean Robertson may be reached at (312) 498-6080. Our website is www.RobertsonLawGroup.com.
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Friday, March 11, 2011
Nursing Homes and Widowed Spouses
In Illinois, I had a daughter of an elderly person that asked me about elder law and medicaid planning. Essentially, the daughter asked me about what happens when a parent does not have capacity and there is no power of attorney. In Illinois, this often means that a guardianship proceeding is necessary. I do a good amount of guardianship in Circuit Court of Cook County. A Guardianship proceeding is for disabled adults who lack the ability to make financial and healthcare decisions for themselves. There are two (2) types of Guardians. The first Guardian is a Guardian of the Person, which means that this Guardian makes healthcare and personal decisions for the elderly person. The second type of Guardian is a Guardian of the Estate. A Guardian of the Estate is a person that manages an elderly person's finances. In Illinois, there are two (2) types of guardianship powers. Temporary and plenary. Temporary guardianship is an appointment of a guardian for up to 30 to 60 days. Basically, a guardian for a short period of time until the Circuit Court of Cook County can make a permanent decision for a guardian or otherwise called a "plenary guardian".
For single widowed seniors to qualify for medicaid, they must have $4,000 or less in assets. If they own a home, they must either intend to return home, or have a disabled sibling or child. Medicaid still can place a lien against the home and file a recovery lawsuit upon the elderly medicaid recipient's death.
Sean Robertson is an estate planning and elder law attorney. Sean Robertson may be reached at (312) 498-6080.
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For single widowed seniors to qualify for medicaid, they must have $4,000 or less in assets. If they own a home, they must either intend to return home, or have a disabled sibling or child. Medicaid still can place a lien against the home and file a recovery lawsuit upon the elderly medicaid recipient's death.
Sean Robertson is an estate planning and elder law attorney. Sean Robertson may be reached at (312) 498-6080.
Key words: Guardianship Cook County Circuit Court, Temporary Guardianship Disabled Adults Chicago, Cook County Disabled Adults Options, Guardianship Attorney Cook County, Guardianship Attorney Chicago, Nursing Home Widowed Spouse, Incapacited Elderly Chicago
Friday, March 4, 2011
What is Your Legacy?
Death and immortality is a difficult concept to think about, but unfortunately, everybody including young people have a certain period of time in their life. The key estate planning question is how do you plan your legacy. A legacy is a memory or a contribution after your death where your money can have a lasting impact on your family for generations. Many people are not aware of who their great grandparent(s) are because most people do not leave a legacy behind that empowers their children and their childrens' children for generations.
One of the goals of estate planning is to assist you develop what is your life about and how do you want to reward or incentivize your children or your beneficiaries. In most cases, seniors and the elderly and married couples do not plan for the unexpected. With diseases, car accidents, and many other events, we must plan for murphy's law, which is the worst is always coming at the wrong time.
Part of any legacy plan is a Revocable Living Trust or otherwise known as "Living Trust". A Living Trust is an estates and trusts strategy where you write down who shall inherit your wealth and who shall manage your estate in case of your incapacity or death. An estate planning lawyer should listen to your goals and customize your estate plan to meet your goals and your personal beliefs. From many people, it is important to encourage their children or grandchildren to attend college. Your estate plan can detail whether your children or grandchildren's college education will be paid for and who will manage the money. Most of us assume that our loved ones would provide for our future generations, but this is often times a myth, which is found out after one's death.
In conclusion, an estate planning lawyer is important because we help you and your spouse or partner avoid the common pitfalls most people make when planning their life plan or legacy. An estate planning attorney must listen to you and understand how you think and know your family and their problems. Trust is critical in developing any effective attorney and counselor relationship.
Sean Robertson is an estate planning and asset protection attorney that has extensive experience representing seniors, married couples and business owners on planning their legacy and succession plan. Sean Robertson may be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
Keywords: wills trusts attorney, living trusts attorney, Chicago estate planning attorney, Chicago estate planning lawyer, asset protection for business owners, asset preservation basics, legacy planning lawyer, legacy plan attorney Chicago
One of the goals of estate planning is to assist you develop what is your life about and how do you want to reward or incentivize your children or your beneficiaries. In most cases, seniors and the elderly and married couples do not plan for the unexpected. With diseases, car accidents, and many other events, we must plan for murphy's law, which is the worst is always coming at the wrong time.
Part of any legacy plan is a Revocable Living Trust or otherwise known as "Living Trust". A Living Trust is an estates and trusts strategy where you write down who shall inherit your wealth and who shall manage your estate in case of your incapacity or death. An estate planning lawyer should listen to your goals and customize your estate plan to meet your goals and your personal beliefs. From many people, it is important to encourage their children or grandchildren to attend college. Your estate plan can detail whether your children or grandchildren's college education will be paid for and who will manage the money. Most of us assume that our loved ones would provide for our future generations, but this is often times a myth, which is found out after one's death.
In conclusion, an estate planning lawyer is important because we help you and your spouse or partner avoid the common pitfalls most people make when planning their life plan or legacy. An estate planning attorney must listen to you and understand how you think and know your family and their problems. Trust is critical in developing any effective attorney and counselor relationship.
Sean Robertson is an estate planning and asset protection attorney that has extensive experience representing seniors, married couples and business owners on planning their legacy and succession plan. Sean Robertson may be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
Keywords: wills trusts attorney, living trusts attorney, Chicago estate planning attorney, Chicago estate planning lawyer, asset protection for business owners, asset preservation basics, legacy planning lawyer, legacy plan attorney Chicago
Tuesday, March 1, 2011
Home Ownership and Probate Court: Wills and Trusts
The most common reason most families have to deal with probate court is because of the ownership of their home or real estate. Probate is a court, which hears claims by descedents to determine who is the rightful owner of real estate or property.
A small estate affidavit cannot address the ownership of real estate. A family of a deceased love one must undergo a court process called "probate court". Generally, a will is not sufficient to avoid probate court although most families believe so. A will may outline who is the proposed executor but a will does not bypass probate court.
In contrasts, a revocable living trust is an alternative to a will and it does avoid probate court. A revocable living trust is amendable and it is intended to be effective during your lifetime to battle incapacity issues. Thus, a revocable living trust has a provision(s) which enable a trustee to be appointed to manage the assets of the trustor (creator of the trust).
The way to avoid a probate proceeding is to re-title your ownership of real estate into your trust's name. Your trust will designate who your Trustee is and who are your beneficiaries. A living trust or otherwise known as a revocable living trust is a great way to avoid the pain and costs of probate court.
Sean Robertson is an estate planning, estate and gift taxation, and asset protection attorney. Sean Robertson is Managing Partner of Robertson Law Group, LLC, which is based downtown Chicago. Sean Robertson can be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
A small estate affidavit cannot address the ownership of real estate. A family of a deceased love one must undergo a court process called "probate court". Generally, a will is not sufficient to avoid probate court although most families believe so. A will may outline who is the proposed executor but a will does not bypass probate court.
In contrasts, a revocable living trust is an alternative to a will and it does avoid probate court. A revocable living trust is amendable and it is intended to be effective during your lifetime to battle incapacity issues. Thus, a revocable living trust has a provision(s) which enable a trustee to be appointed to manage the assets of the trustor (creator of the trust).
The way to avoid a probate proceeding is to re-title your ownership of real estate into your trust's name. Your trust will designate who your Trustee is and who are your beneficiaries. A living trust or otherwise known as a revocable living trust is a great way to avoid the pain and costs of probate court.
Sean Robertson is an estate planning, estate and gift taxation, and asset protection attorney. Sean Robertson is Managing Partner of Robertson Law Group, LLC, which is based downtown Chicago. Sean Robertson can be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
Friday, February 25, 2011
Good Estate Planning Article for Married Couples: Estate Taxation in 2011
Here is the online post: http://press.rocketlawyer.com/married-couples-planning-for-2011-estate-tax-changes-91054
I find this an interesting read for married couples that are interested in estate taxation legal advice in 2011 and beyond.
Sean Robertson, Estate Planning Attorney
(312) 498-6080 or Sean@RobertsonLawGroup.com
I find this an interesting read for married couples that are interested in estate taxation legal advice in 2011 and beyond.
Sean Robertson, Estate Planning Attorney
(312) 498-6080 or Sean@RobertsonLawGroup.com
Good Estate Planning Article for Married Couples: Estate Taxation in 2011
Why Estate Planning For Seniors is Important?
Estate planning is a field of law that prepares wills, powers of attorney, and trusts for seniors upon their incapacity or death. Simply put, estate planning is making sure your legal affairs are in order if something serious happens to you. One of my client’s passed away within the past two (2) weeks and his family affairs are complex and a mess.
Seniors and people often have complex family situations, which make the inheritance of assets an interesting story. Furthermore, family members and friends state that their family or friends promised them an inheritance and often times, this promise or believed promise does not occur. Despite any oral or written promises, the only way to guarantee that your legal affairs are in order is to follow the proper laws.
In the area of estate planning, wills and living trusts and powers of attorney are the key documents, which distribute your assets upon a death or incapacity. At a minimum, every senior should have a will, power of attorney for property, and power of attorney for healthcare. A will is a written device, which explains your legal wishes and often times, is notarized and witnessed by at least two (2) impartial witnesses. A power of attorney is a document where a senior grants another person the power to make decisions in case of their incapacity. A power of attorney is effective for the duration of one’s life or only during a brief period of time. There are two (2) types of powers of attorney: property and healthcare.
There are critical differences between a will and a living trust. Often times, a living trust is called a “Revocable Living Trust” because it may be amended and it serves its’ purpose during your life. Unlike a will, a living trust is equipped to deal with your property while you are alive. A will is a document that distributes your property upon your death. A living trust is a powerful legal tool because it avoids the pain of a court proceeding called probate court. Probate court is a court that hears claims brought by family, friends, and creditors of a deceased person. A living trust is also a private document unlike a will, which is public information.
In conclusion, the topic of estate planning is a difficult but necessary topic. In most families, families are complex and have step parents, step children, disabled children, and many other complex situations that make senior’s estate planning more complex than most seniors realize.
Seniors and people often have complex family situations, which make the inheritance of assets an interesting story. Furthermore, family members and friends state that their family or friends promised them an inheritance and often times, this promise or believed promise does not occur. Despite any oral or written promises, the only way to guarantee that your legal affairs are in order is to follow the proper laws.
In the area of estate planning, wills and living trusts and powers of attorney are the key documents, which distribute your assets upon a death or incapacity. At a minimum, every senior should have a will, power of attorney for property, and power of attorney for healthcare. A will is a written device, which explains your legal wishes and often times, is notarized and witnessed by at least two (2) impartial witnesses. A power of attorney is a document where a senior grants another person the power to make decisions in case of their incapacity. A power of attorney is effective for the duration of one’s life or only during a brief period of time. There are two (2) types of powers of attorney: property and healthcare.
There are critical differences between a will and a living trust. Often times, a living trust is called a “Revocable Living Trust” because it may be amended and it serves its’ purpose during your life. Unlike a will, a living trust is equipped to deal with your property while you are alive. A will is a document that distributes your property upon your death. A living trust is a powerful legal tool because it avoids the pain of a court proceeding called probate court. Probate court is a court that hears claims brought by family, friends, and creditors of a deceased person. A living trust is also a private document unlike a will, which is public information.
In conclusion, the topic of estate planning is a difficult but necessary topic. In most families, families are complex and have step parents, step children, disabled children, and many other complex situations that make senior’s estate planning more complex than most seniors realize.
Saturday, February 19, 2011
Estate Planning and Divorce
After a couple has been married and divorce, it is vital to change your estate plans. Often times, your Living Trust or wills must be modified after a serious life event such as a divorce.
Your estate planning should consider re-titling your home and any real estate investment properties along with your accounts such as mutual funds, cds, and possibly even bank and checking accounts.
After a divorce, your estate plan may become more complicated especially if you have young children. Choosing a guardian for your child is extremely important because in many cases, one spouse does not trust the other spouse with money. Thus, it may be important to appoint a Trustee that can manage your children's inheritance for them. In many cases, a professional trustee may be warranted because of their expertise and experience.
In picking a guardian, there are two (2) types of guardians. Guardian of the estate is responsible for managing the financial aspects for a child. A guardian of the person is a person that is appointed to make healthcare and school decisions for your child(ren). In my expertise, it is important to have the experience of counsel that is familiar with estates and trusts issues.
Sean Robertson is an estate planning, estate and gift taxation, and asset protection attorney. Sean Robertson may be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
Your estate planning should consider re-titling your home and any real estate investment properties along with your accounts such as mutual funds, cds, and possibly even bank and checking accounts.
After a divorce, your estate plan may become more complicated especially if you have young children. Choosing a guardian for your child is extremely important because in many cases, one spouse does not trust the other spouse with money. Thus, it may be important to appoint a Trustee that can manage your children's inheritance for them. In many cases, a professional trustee may be warranted because of their expertise and experience.
In picking a guardian, there are two (2) types of guardians. Guardian of the estate is responsible for managing the financial aspects for a child. A guardian of the person is a person that is appointed to make healthcare and school decisions for your child(ren). In my expertise, it is important to have the experience of counsel that is familiar with estates and trusts issues.
Sean Robertson is an estate planning, estate and gift taxation, and asset protection attorney. Sean Robertson may be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
Friday, February 18, 2011
What is a AB Trust?
An AB Trust is a type of Trust for married couples that utilizes Federal Estate Tax Law to shelter assets from federal and state estate taxation. The theory is two Trusts are created within each husband and wife's living trust. The first trust is tied to the federal estate taxation exemption that is authorized by the IRS (i.e. $3 million). The purpose of the first Trust is to use up to the maximum amount of amount that is sheltered against estate taxation. The goal is to use these assets and monies last because this Trust and pot of assets are exempt from estate taxation. The second type of trust is considered the "B Trust". The purpose of this Trust is assets greater than the federal estate taxation exemption amount go into this B Trust. This can be looked at like a supplemental trust meaning that any assets over the IRS allowed estate taxation exemption amount goes into this B Trust. The purpose of the B Trust is for the surviving husband or wife to spend these assets prior to the A Trust.
Sean Robertson is an estate planning, estate and gift taxation, and wills and trusts attorney. Sean Robertson can be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
Sean Robertson is an estate planning, estate and gift taxation, and wills and trusts attorney. Sean Robertson can be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
Thursday, February 17, 2011
Basic Family Estate Planning 101
Today's blog is focused on basic family estate planning for married couples. There are several essential documents that are critical for married couples. The first document is a Revocable Living Trust or otherwise known as a "Living Trust". A Living Trust is an estate planning document, which distributes your property upon your incapacity or death. The key to a Living Trust is to properly fund and transfer your assets into your trust such as your home, bank accounts, mutual funds, and cds. Pretty much everything except retirement accounts.
The second critical document for married couples is a power of attorney for property. A power of attorney for property is a legal instrument that grants your spouse or another person permission to make financial decisions for you in case of an incapacity. A power of attorney for property is critical because it will assist you avoid a guardianship court proceeding, which is a big hassle.
The third critical document for married couples is a power of attorney for healthcare. A power of attorney for healthcare is a legal document that grants permission to your agent (typically your spouse) to make healthcare decisions for you when you are unable to make your own decisions.
The fourth critical document is a pour over will. A pour over will is combined with the Living Trust in case you forget to transfer all of your assets into your Living Trust. The pour over will transfers all of your assets to your Living Trust.
In conclusion, estate planning for married couples is crucial because accidents and life has a way of sneaking up on us. It is important to be financially prepared for an incapacity or death even amongst young couples.
Sean Robertson is an estate planning and asset protection attorney with expertise representing married couples. Sean Robertson can be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
The second critical document for married couples is a power of attorney for property. A power of attorney for property is a legal instrument that grants your spouse or another person permission to make financial decisions for you in case of an incapacity. A power of attorney for property is critical because it will assist you avoid a guardianship court proceeding, which is a big hassle.
The third critical document for married couples is a power of attorney for healthcare. A power of attorney for healthcare is a legal document that grants permission to your agent (typically your spouse) to make healthcare decisions for you when you are unable to make your own decisions.
The fourth critical document is a pour over will. A pour over will is combined with the Living Trust in case you forget to transfer all of your assets into your Living Trust. The pour over will transfers all of your assets to your Living Trust.
In conclusion, estate planning for married couples is crucial because accidents and life has a way of sneaking up on us. It is important to be financially prepared for an incapacity or death even amongst young couples.
Sean Robertson is an estate planning and asset protection attorney with expertise representing married couples. Sean Robertson can be reached at (312) 498-6080 or Sean@RobertsonLawGroup.com.
Tuesday, February 8, 2011
Estate planning and Funeral Wishes
Today I have a client that passed away and they are wondering about funeral arrangments. One of the important things is to include your funeral wishes into your will or Living Trust document.
In our estate planning documents, we include funeral arrangements because often times, a loved one is unsure of what wishes the deceased peron wants or desires. Death is a difficult topic to discuss with your spouse or loved ones.
Generally, funeral arrangements vary from a funeral to cremation and whether the deceased person wants to donate their organs. These are difficult and often neglected questions that may be answered by your estate plan.
Sean Robertson is an estate planning, elder law, and asset protection attorney based in downtown Chicago. Sean Robertson can be reached at 312-498-6080 or Sean@RobertsonLawGroup.com.
In our estate planning documents, we include funeral arrangements because often times, a loved one is unsure of what wishes the deceased peron wants or desires. Death is a difficult topic to discuss with your spouse or loved ones.
Generally, funeral arrangements vary from a funeral to cremation and whether the deceased person wants to donate their organs. These are difficult and often neglected questions that may be answered by your estate plan.
Sean Robertson is an estate planning, elder law, and asset protection attorney based in downtown Chicago. Sean Robertson can be reached at 312-498-6080 or Sean@RobertsonLawGroup.com.
Monday, February 7, 2011
Estate Planning and Children
One of the major goals are to minimize conflict of the children upon a death or incapacity and to set up an estate plan that is realistic and easy to administer. One of the main benefits of a Revocable Living Trust or otherwise known as "Living Trust" is probate avoidance. Probate avoidance is avoiding the pain and agony of the court upon a death called "Probate court". Probate court is the court where family disputes and inheritance matters are heard and resolved. One myth is wills are a way to avoid probate court. This is not true and a Living Trust is a more responsible estate plan to avoid probate court. A Living Trust also assists your children avoid the pain of a family fight because unlike a will, a Living Trust does not require the beneficiaries of an estate to notify the non-family beneficiaries.
The second goal of estate planning is creating an easy transition period upon one's death. As explained above, a will must undergo probate court, which is an expensive and time consuming process. On the contrary, a Living Trust is a estate planning tool that avoids the pain and agony of probate court. A Living Trust is a private document, which transfers real estate and other assets outside of probate court. Thus, a Living Trust may be administered within a period of thirty (30) days or less.
Sean Robertson is an estate planning and asset protection attorney concentrating in estate planning, elder law, and asset protection. Sean Robertson may be reached at either (312) 498-6080 or (630) 364-2318.
The second goal of estate planning is creating an easy transition period upon one's death. As explained above, a will must undergo probate court, which is an expensive and time consuming process. On the contrary, a Living Trust is a estate planning tool that avoids the pain and agony of probate court. A Living Trust is a private document, which transfers real estate and other assets outside of probate court. Thus, a Living Trust may be administered within a period of thirty (30) days or less.
Sean Robertson is an estate planning and asset protection attorney concentrating in estate planning, elder law, and asset protection. Sean Robertson may be reached at either (312) 498-6080 or (630) 364-2318.
Thursday, February 3, 2011
Life Insurance Trust
A Life Insurance Trust is a form of irrevocable trust or otherwise called an Irrevocable Life Insurance Trust ("ILIT") that is designed for the ownership of life insurance. The purpose of an ILIT is to shelter life insurance proceeds from the federal or state estate tax.
Estate tax planning is a critical part of estate planning for high networth families. Estate taxes are taxed at a very high rate and therefore, planning against the estate tax is a legitimate goal for married couples.
Sean Robertson is an estate planning and estate taxation attorney based in downtown Chicago and Naperville, Illinois. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318. Sean Robertson is Managing Partner of Robertson Law Group, LLC.
Estate tax planning is a critical part of estate planning for high networth families. Estate taxes are taxed at a very high rate and therefore, planning against the estate tax is a legitimate goal for married couples.
Sean Robertson is an estate planning and estate taxation attorney based in downtown Chicago and Naperville, Illinois. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318. Sean Robertson is Managing Partner of Robertson Law Group, LLC.
Wednesday, February 2, 2011
What is a Quit Claim Deed in Trust?
A Quit Claim Deed in Trust is a way to title real estate in the State of Illinois. A Quit Claim Deed means that a grantor (person selling property or gifting property) is giving their interest to the grantee (the person receiving property) without guaranting or insuring good title.
Unlike a Warranty Deed, a Quit Claim Deed in Trust is a type of Quit Claim Deed that is transferred to as Trust such as a Living Trust or Revocable Living Trust. A Warranty Deed is a transfer of deed that warrants to the purchaser that they have good title.
When performing your estate planning goals, an attorney will transfer your home or other properties via a Quit Claim Deed in Trust in Illinois.
Sean Robertson is an estate planning and asset protection attorney. Sean Robertson has a downtown Chicago and Naperville, Illinois. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318.
Unlike a Warranty Deed, a Quit Claim Deed in Trust is a type of Quit Claim Deed that is transferred to as Trust such as a Living Trust or Revocable Living Trust. A Warranty Deed is a transfer of deed that warrants to the purchaser that they have good title.
When performing your estate planning goals, an attorney will transfer your home or other properties via a Quit Claim Deed in Trust in Illinois.
Sean Robertson is an estate planning and asset protection attorney. Sean Robertson has a downtown Chicago and Naperville, Illinois. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318.
Guardianship Court and Probate
Guardianship court is a type of probate court, which hears claims of those that are disabled adults and minor child. A guardianship court hears issues such as whether an adult person is disabled and uncapable of managing their financial and health care affairs.
Generally, a Petition for Guardianship is required. There are two (2) types of Guardianship. Temporary guardianship and plenary guardianship. Temporary guardianship is typically a guardianship that is temporary in nature and for around 30 days. Plenary guardianship is permanent guardianship where a guardian is appointed to make healthcare and financial decisions for the disabled adult.
With a Petition for Guardianship, a doctor's report is required, which answers questions such as whether the alleged disabled adult is partially able or unable to make any financial and healthcare decisions for themselves. This doctor's report is critical because the guardianship court only has jurisdiction over persons that are incapable of managing their own decisions.
Sean Robertson is an estate planning and guardianship court. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318. Sean Robertson practices in the areas of Cook, Will, and Dupage County. Robertson Law Group, LLC has offices in downtown Chicago and Naperville, Illinois.
Generally, a Petition for Guardianship is required. There are two (2) types of Guardianship. Temporary guardianship and plenary guardianship. Temporary guardianship is typically a guardianship that is temporary in nature and for around 30 days. Plenary guardianship is permanent guardianship where a guardian is appointed to make healthcare and financial decisions for the disabled adult.
With a Petition for Guardianship, a doctor's report is required, which answers questions such as whether the alleged disabled adult is partially able or unable to make any financial and healthcare decisions for themselves. This doctor's report is critical because the guardianship court only has jurisdiction over persons that are incapable of managing their own decisions.
Sean Robertson is an estate planning and guardianship court. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318. Sean Robertson practices in the areas of Cook, Will, and Dupage County. Robertson Law Group, LLC has offices in downtown Chicago and Naperville, Illinois.
Monday, January 31, 2011
Probate and Foreclosure
There have been several people that have asked about what happens when your mother or father passes away and there is no will? Probate court is required when one passes away without a will and they own real estate. In today's economy, the real estate often times has a mortgage on the property and sometimes the mortgage is greater than the property value.
For many families, the question is whether it is cost-effective and worth it to pay the attorney's fees and costs for the probating of the real estate property. Generally, attorney's fees and costs range from $1,500 to $3,000 for a simple probate matter in Circuit Court of Cook County, Illinois.
Probate court is a court that hears matters of inheritance issues such as who should inherit a piece of property or the decedent's assets upon their death. In conclusion, probate court is required and often times, a family member or loved one must have an attorney to assist with the passing of a deceased relative.
Sean Robertson is an estates and trusts attorney with his office in downtown Chicago and Naperville, Illinois. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318.
For many families, the question is whether it is cost-effective and worth it to pay the attorney's fees and costs for the probating of the real estate property. Generally, attorney's fees and costs range from $1,500 to $3,000 for a simple probate matter in Circuit Court of Cook County, Illinois.
Probate court is a court that hears matters of inheritance issues such as who should inherit a piece of property or the decedent's assets upon their death. In conclusion, probate court is required and often times, a family member or loved one must have an attorney to assist with the passing of a deceased relative.
Sean Robertson is an estates and trusts attorney with his office in downtown Chicago and Naperville, Illinois. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318.
Thursday, January 27, 2011
Estate Planning for Elderly and Seniors
Estate planning for the elderly and Seniors is critical because ill planning creates family conflicts and costs a lot of money. In today's economy, many heirs are finding that it is simply unaffordable to spend the money to probate their parent's estates. This is true because many homes in Chicago and the Suburbs have little equity and many have mortgages that exceed the net worth of the home.
When an a senior passes away without a will, a process called intestate succession is necessary in Illinois. Intestate succession is the State law that governs who shall inherit when there is no will. When there is a will, probate court is still necessary. Probate court is the court which determines who shall be the executor of a deceased person's estate or who shall inherit the assets of an estate.
One way to avoid probate court is by having a revocable living trust. A revocable living trust is an alternative to a will, which avoids probate court. Like a will, a living trust is a document that explains who you want to be the executor or trustee of your will or trust and how you want your assets to be distributed upon your death or incapacity.
Seniors are now facing greater concerns over guardianship. Guardianship is when a senior or elderly person lacks the ability to make their own decisions and a court process called Guardianship is required. Guardianship often times requires a lawyer or attorney and is expensive and time-consuming. An alternative to guardianship is a power of attorney for property and healthcare and a revocable living trust. The purpose of the power of attorney is to designate a person to make financial or health care decisions for you when you are unable to assist yourself or when it is unwise.
Sean Robertson is an estate planning and elder law attorney in downtown Chicago and Naperville, Illinois. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318.
When an a senior passes away without a will, a process called intestate succession is necessary in Illinois. Intestate succession is the State law that governs who shall inherit when there is no will. When there is a will, probate court is still necessary. Probate court is the court which determines who shall be the executor of a deceased person's estate or who shall inherit the assets of an estate.
One way to avoid probate court is by having a revocable living trust. A revocable living trust is an alternative to a will, which avoids probate court. Like a will, a living trust is a document that explains who you want to be the executor or trustee of your will or trust and how you want your assets to be distributed upon your death or incapacity.
Seniors are now facing greater concerns over guardianship. Guardianship is when a senior or elderly person lacks the ability to make their own decisions and a court process called Guardianship is required. Guardianship often times requires a lawyer or attorney and is expensive and time-consuming. An alternative to guardianship is a power of attorney for property and healthcare and a revocable living trust. The purpose of the power of attorney is to designate a person to make financial or health care decisions for you when you are unable to assist yourself or when it is unwise.
Sean Robertson is an estate planning and elder law attorney in downtown Chicago and Naperville, Illinois. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318.
Wednesday, January 26, 2011
Probate and Death: No Will
When a deceased person dies, they are called a decedent. In Illinois, if you die without a will, intestate succession laws govern the inheritance or distribution of their assets or estate. Intestate succession is an Illinois based law that makes an assumption on who should inherit a person's assets. Thus, in Illinois, Jane Smith who dies without a will, there is a state of Illinois law that governs who should inherit her assets such as her spouse or kids or adult children.
Probate court is a court that hears issues such as who should inherit upon death. Probate court also determines who should be an executor of the estate. How do you get your case heard in probate court in Cook County or Will County? You or an attorney simply files a Petition for Independent Administration, which is a form, which gives details about the decedent such as the property that they own, their date of death, and their decedents or heirs. There also must be a person that applies to get appointed as independent administator or executor of the estate.
The estate is considered the assets of the deceased person. An independent administor is a person that is responsible for managing the day to day affairs of the deceased person's estate such as filing taxes, working with heirs, working with the attorney, and selling any assets such as real estate, a business, etc.
Sean Robertson is an estate planning attorney concentrating in asset protection, wills and trusts, and probate administration in Cook County, Dupage County, and Will County. Sean Robertson can be reached at (312) 498-6080 or 630-364-2318 (Naperville).
Probate court is a court that hears issues such as who should inherit upon death. Probate court also determines who should be an executor of the estate. How do you get your case heard in probate court in Cook County or Will County? You or an attorney simply files a Petition for Independent Administration, which is a form, which gives details about the decedent such as the property that they own, their date of death, and their decedents or heirs. There also must be a person that applies to get appointed as independent administator or executor of the estate.
The estate is considered the assets of the deceased person. An independent administor is a person that is responsible for managing the day to day affairs of the deceased person's estate such as filing taxes, working with heirs, working with the attorney, and selling any assets such as real estate, a business, etc.
Sean Robertson is an estate planning attorney concentrating in asset protection, wills and trusts, and probate administration in Cook County, Dupage County, and Will County. Sean Robertson can be reached at (312) 498-6080 or 630-364-2318 (Naperville).
Friday, January 21, 2011
Estate Planning for Seniors
Estate planning is crucial for seniors that are getting older and keep ignoring their estate and asset protection legal needs. What is estate planning law?
Estate planning law is a concentration that utilizes wills, trusts, powers of attorney, and other legal strategies to smoothly transition one's assets to their loved ones. Unfortunately, most seniors are unprepared for this transition period. Many seniors and their families will lose a lot of money due to large attorney's fees and families will split up due to a lack of planning. Many families fight because a parent failed to understand the importance of preparing one's estate planning documents.
Often times, seniors believe that wills are the best strategy for inheritance issues. In my opinion, wills are problematic because wills must undergo a court procedure called "probate court". Probate court is a court process, which determines who are the appropriate heirs after a decedent has passed away.
Probate court is time consuming and long drawn out process. Furthermore, family members often conflict with one another, which drags out the estate planning process and pits family members battling against each other. In contrasts, a revocable living trust is a private documents and disposes of one's assets in a smooth manner with no court involvement.
A will is a public document which may be seen by anybody. On the contrary, a revocable living trust is a private document and a document that avoids the long drawn out court battle of probate court.
Sean Robertson is an estate and asset protection attorney based in Chicago and Naperville, Illinois. Sean can be reached at 312-498-6080 or Sean@RobertsonLawGroup.com.
Estate planning law is a concentration that utilizes wills, trusts, powers of attorney, and other legal strategies to smoothly transition one's assets to their loved ones. Unfortunately, most seniors are unprepared for this transition period. Many seniors and their families will lose a lot of money due to large attorney's fees and families will split up due to a lack of planning. Many families fight because a parent failed to understand the importance of preparing one's estate planning documents.
Often times, seniors believe that wills are the best strategy for inheritance issues. In my opinion, wills are problematic because wills must undergo a court procedure called "probate court". Probate court is a court process, which determines who are the appropriate heirs after a decedent has passed away.
Probate court is time consuming and long drawn out process. Furthermore, family members often conflict with one another, which drags out the estate planning process and pits family members battling against each other. In contrasts, a revocable living trust is a private documents and disposes of one's assets in a smooth manner with no court involvement.
A will is a public document which may be seen by anybody. On the contrary, a revocable living trust is a private document and a document that avoids the long drawn out court battle of probate court.
Sean Robertson is an estate and asset protection attorney based in Chicago and Naperville, Illinois. Sean can be reached at 312-498-6080 or Sean@RobertsonLawGroup.com.
Tuesday, January 18, 2011
Power of Attorney for Property vs. Living Will
A Power of Attorney for Property (hereinafter referred to as "POA") and a Living Will are distinctly different from one another. A POA is designed to designate a person that will handle one's finances if they are unable to manage their own finances such as a sister, daughter or son, or husband. For instance, Jackie Smith is 70 years old and is experiencing problems with mobilility and memory. Jackie Smith has her daughter, JoLynn, has her POA. JoLynn is responsible for paying the mortgage payment, real estate taxes, and other bills for Jackie Smith. Therefore, a POA is designed to empower your loved ones to pay your bills and without a power of attorney, one must petition a guardianship court to have a guardian chosen for you.
A living will is a healthcare document, which describes how you want healthcare decisions made for you. Unlike a power of attorney for healthcare, a living will does not designate another person to make healthcare decisions for you. A living will answers key questions such as whether you want a breathing tube, whether you want life support and what kind, and whether you want blood transfusions.
Sean Robertson is an estate planning and elder law attorney that can be reached at (630) 364-2318 or (312) 498-6080 or Sean@RobertsonLawGroup.com.
A living will is a healthcare document, which describes how you want healthcare decisions made for you. Unlike a power of attorney for healthcare, a living will does not designate another person to make healthcare decisions for you. A living will answers key questions such as whether you want a breathing tube, whether you want life support and what kind, and whether you want blood transfusions.
Sean Robertson is an estate planning and elder law attorney that can be reached at (630) 364-2318 or (312) 498-6080 or Sean@RobertsonLawGroup.com.
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