Recent Blog Posts
Why Seniors and Retirees Need a Living Trust, Not Just a Will
As a firm with a trusted Oswego estate planning attorney for seniors, retirees, and their families, we often meet people who think a will is all they need to protect their assets. But for older adults, a will may not be enough, especially when it comes to planning for long-term care, avoiding probate, and making sure your family is taken care of.
A Living Trust offers more control, more privacy, and better protection than a basic will. In this article, we will explain how a Living Trust works and why it is a smart choice for seniors and families in Plainfield and Will County.
What is the Difference Between a Will and Living Trust?
A Last Will and Testament is a legal document that outlines who should receive your assets after you pass away. But a will:
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Must go through probate, which is a public and potentially expensive court process.
Should I Add My Child to My Deed to Avoid Probate Court?
If you are a homeowner in Montgomery, Illinois, you may have heard the following advice: "Just add your child to the deed, and the house will not go through probate!" For many families, the goal of doing this is to avoid the delays and expenses of probate court with what seems like a simple, low-cost solution.
However, while this strategy may appear straightforward, it can lead to unintended legal and financial consequences, making it far less cost-effective in the long run. To give your valuable assets airtight protection, talk to our Montgomery estate planning attorney.
What is the Goal Behind Adding a Child to the Deed?
Most parents who add a child to their deed do so to avoid the probate process after death. In Illinois, probate is a court-supervised process that can take six to 18 months, delay the transfer of property, and result in additional court costs and legal fees. Understandably, many families want to avoid it. However, adding a child to your deed is not the ideal solution.
Wills vs. Trusts: What Families Need to Know About Estate Planning
Nearly everyone has heard the terms "will" and "trust," but not everyone knows what these two important estate planning documents can do for them. In this blog, we will discuss the real difference between wills and trusts. For further help evaluating whether a will, a trust, or both working together would be best for you and your family, contact our Plainfield, IL estate planning attorney.
What is a Will?
A Last Will and Testament (also just called a "will") serves two primary purposes. First, your will outlines who inherits your property when you pass away, ensuring your assets are distributed according to your wishes. Second, your will allows you to name a guardian for your minor children. A guardian is an individual or couple you trust to care for your children and manage their inheritance if you pass away. These two functions form the foundation of what a will is designed to accomplish.
Estate Planning for Healthcare Professionals and Physicians in Illinois
As a physician, nurse, or other medical professional, you have worked hard to build a life that reflects your dedication and success. Between years of schooling, long hours, and a demanding profession, you have accumulated assets such as real estate, retirement accounts, and ownership in practice.
However, with success comes risk. Malpractice claims, business disputes, and other liabilities can threaten your financial future. That is why an effective estate plan, tailored to your profession and lifestyle, is not optional — it is essential. Our Plainfield, IL estate planning lawyer works closely with surgeons, chiropractors, physicians, and other healthcare professionals to protect their hard-earned estates.
Why Medical Professionals Need Advanced Estate Planning
Medical professionals face unique legal and financial risks that make comprehensive estate planning a necessity. Medical malpractice and professional liability lawsuits can expose personal assets. Business or partnership disputes that involve ownership of a medical practice or shared real estate can threaten asset ownership decades in the making. Incapacity, whether due to illness or injury, can make it impossible to continue earning or to make a solid estate plan once disaster strikes.
Assets vs. Stock Purchase when Buying or Selling a Business in Illinois
Whether you are looking to buy or sell a business, one of the most important decisions you will face is how the transaction will be structured. Business sales are typically completed using one of two legal strategies: an Asset Purchase Agreement or a Stock (or Membership Interest) Purchase Agreement.
At Gateville Law Firm, our Kendall County, Illinois business law attorney helps business owners and entrepreneurs navigate these complex legal and tax decisions to ensure a smooth, profitable transition.
What Is an Asset Purchase Agreement?
An Asset Purchase Agreement (APA) is a legal contract in which the buyer purchases specific assets of the business rather than buying the company as a whole.
Assets typically involved in a business sale include equipment and other inventory, real estate, customer lists, intellectual property, goodwill, and contracts. The buyer usually does not assume liabilities unless they are specifically included in the agreement. This gives buyers more control over what they are acquiring.
Tips for Selling Real Estate and Buying Another Property
The decision to put your current home up for sale while buying a new home is a major financial consideration. Whether you are upgrading, downsizing, or relocating, this process is an emotional time and one of transition. Hiring the appropriate legal team can help minimize the sense of overwhelm and provide a solid strategy with sound legal guidance.
Here are practical tips from our Kendall County, IL residential real estate attorneys to assist you in planning for a smooth transition.
Understand Your Goals
Before making any moves, the following questions should be considered:
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Are you relocating for work?
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Are you downsizing for retirement or due to a health crisis?
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Do you need to sell your current home before buying?
Speaking with an experienced mortgage professional is a wise decision because they have financial instruments to help ease the burden and transition.
Guardianship and Incapacity Issues: How a Living Trust Solves These Problems
A guardianship matter is a legal matter where a court appoints a person called a "guardian" to make decisions for someone who lacks the capacity to make their own decisions. In this article, we are discussing what happens when a guardian is appointed for a disabled adult. Incapacity generally means a person lacks the ability to make informed decisions about their finances, health, and daily decisions. If you are dealing with these types of issues, speak with a qualified Illinois estate planning lawyer to learn more about your options.
What Are Incapacity Issues?
Generally, incapacity and guardianship occur due to the following:
· Stroke or brain injury
· Mental illness
How a Family Trust and Marital Trust Work with a Living Trust in Illinois
A living trust (also called a "revocable living trust" or "declaration of trust") is a foundational estate planning document that enables people to manage their assets in the event of an incapacity or death. Simply put, a living trust efficiently distributes assets and avoids probate.
Illinois has its own estate tax, and the federal estate tax exemption is $13.99 million. An exemption is a specific amount of money or value that is excluded from taxation. In the context of estate taxes, an estate tax exemption allows a certain portion of an individual’s estate to pass tax-free before any tax on the estate applies. Call our Illinois estate planning attorney for more information about estate planning and how a living trust could help you.
The Risk of Beneficiary Designations and Paid on Death Accounts
When crafting your estate planning, you should not only consider how you wish your assets to be distributed, but also the ideal way to do so to minimize the burden on your estate and beneficiaries. Many people believe that simply designating beneficiaries on their financial accounts, life insurance policies, and retirement plans is sufficient to transfer their assets smoothly to their heirs.
However, relying on naming beneficiary designations creates significant probate risks, including unintended consequences, probate complications, and a lack of asset protection. A properly structured living trust can provide a comprehensive estate planning solution to mitigate probate risks. An experienced Plainfield, IL estate planning attorney can advise you on your estate planning options, such as a living trust or other estate planning instruments.
Tips for Selling a Home With Solar Panels
Solar panels can save homeowners a significant amount on energy bills, including through state tax incentives. When it comes time to sell a home, however, solar panels can be a double-edged sword. While they can raise property values, some potential buyers are skeptical of the benefits, which means it may be more difficult to find a buyer.
Solar panels can also complicate the real estate sale process. Sellers should ensure that the contract for the sale of the home properly addresses the solar panels, depending on the seller’s solar panel ownership or financing type. An experienced Yorkville, IL real estate attorney can help you avoid legal and financial pitfalls during your sale of a home with solar panels.
Questions?
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