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
Friday, February 25, 2011
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.
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