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.
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
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.
Keywords: Baby boomers estate planning, baby boomers wills Chicago attorney, baby boomers trust Chicago, living trusts attorney seniors, living trust attorney retirees, power of attorney for property, power of attorney for healthcare Illinois, Illinois estate planning attorney, Illinois estate planning lawyer, asset protection attorney baby boomers
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.
Keywords: Baby boomers estate planning, baby boomers wills Chicago attorney, baby boomers trust Chicago, living trusts attorney seniors, living trust attorney retirees, power of attorney for property, power of attorney for healthcare Illinois, Illinois estate planning attorney, Illinois estate planning lawyer, asset protection attorney baby boomers
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
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