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.
Key words: Estate Planning Law Firm Chicago, Estate Planning Attorney Chicago, Wills and Trusts Attorney Chicago, Estates & Trusts Attorney Chicago, Cook County Probate Lawyer, Elder Law Attorney Chicago, Senior Estate Planning Attorney, Living Trust Attorney, Living Trust Lawyer, Revocable Living Trust Attorney Chicago, Revocable Living Trust Lawyer, Revocable Living Trust Law Firm
Saturday, March 12, 2011
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.
Keywords: Estate Planning Attorney Chicago, Wills Trusts Attorney Chicago, Cook County Wills Trusts Attorney, Living Trust Attorney Chicago, Living Trust lawyer Chicago, Living Trust Law Firm Chicago, Cook County Probate Attorney, Cook County Probate Lawyer, Elder Law Attorney Chicago, Wills Attorney Chicago, Revocable Living Trust Attorney Chicago, Revocable Living Trust Lawyer Chicago, Benefits Living Trust Chicago, Executor Will Chicago, Probate Court Attorney Circuit Court Cook County
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.
Keywords: Estate Planning Attorney Chicago, Wills Trusts Attorney Chicago, Cook County Wills Trusts Attorney, Living Trust Attorney Chicago, Living Trust lawyer Chicago, Living Trust Law Firm Chicago, Cook County Probate Attorney, Cook County Probate Lawyer, Elder Law Attorney Chicago, Wills Attorney Chicago, Revocable Living Trust Attorney Chicago, Revocable Living Trust Lawyer Chicago, Benefits Living Trust Chicago, Executor Will Chicago, Probate Court Attorney Circuit Court Cook County
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.
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
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.
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