Posted on March 14, 2023 in Estate Planning

Landlords are subject to significant risks in owning rental properties. For example, if a tenant falls and hurts themselves on the property, the Landlord can be sued, and all personal assets can be subject to the lawsuit. Creating a cohesive asset protection plan minimizes liability risks against landlords. Therefore, it is crucial to construct a coherent asset protection plan to ensure minimal risk to the Landlord should a case arise.

One of the best ways to limit the risk of a creditor accessing personal assets is for the Landlord to remove the rental properties from their name individually and place it into a separate entity, preferably either an LLC or a Land Trust. Doing so eliminates the Landlord as the owner of the property. It, therefore, protects their assets from a lawsuit because the tenant would have to sue the LLC or Land Trust as the property owner.

Creating an LLC

One way to protect a landlord's assets is to create an LLC, a Limited Liability Company. An LLC is an entity that can hold property and serve as a shield for the owner of the LLC. By making the LLC the rental property owner, the Landlord is protected from a lawsuit. In addition, his assets will be saved, as it is challenging to reach through the LLC to the Landlord and access those individual assets.

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 Posted on March 14, 2023 in Real Estate

Plano Commercial Real Estate Attorney Assisting Sellers & Buyers in the Kendall County areas, including Yorkville, Oswego, Newark, and Bristol

Real estate investing in large multi-unit buildings requires wisdom, precision, and patience. Smart real estate investors surround themselves with savvy, experienced business and legal advisors. This article will discuss real estate advice for purchasing and selling multi-unit buildings.

1. Surrounding Yourself with the Right Real Estate Professionals

Successful real estate investors and commercial property owners surround themselves with a solid real estate team of experienced and savvy advisors, including the following:

• Commercial Real Estate Brokers

• Financing Professionals, including retail, bank, and business lenders.

• Commercial Real Estate Lawyers

• Property Management Managers & Companies

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 Posted on March 14, 2023 in Divorce and Family Law

Yorkville Uncontested Divorce Attorney-Flat Fee Attorneys

Divorce is a difficult time and resolving your divorce in a cost-effective manner is a wise

decision. An uncontested divorce is a divorce, which resolves the major issues in an amicable

way. Uncontested divorce means that the spouses can negotiate and resolve their major

differences in an amicable way.

Why Hire a Non-Divorce Litigator in Yorkville and Kendall County?

Divorce lawyers are litigators who excel at arguing. Transactional lawyers are the opposite of

litigators because we promote compromise and win-win compromises. Win-win compromises

result in compromises where both parties win (and lose on some issues).

Unlike a litigator, a non-divorce attorney does not want complex cases, which do not produce

compromise. Litigators want to bill hours and run-up legal bills. Here at Gateville Law Firm, we

produce the following benefits:

 Resolve your divorce in approximately 30-days

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 Posted on March 13, 2023 in Estate Planning

Estate planning is a crucial step to take in one's adulthood. While it is an unpleasant thought, preparing your assets for your passing or incapacity is vital. Unfortunately, many people need to be more knowledgeable and informed about the best options when it comes to estate planning. Luckily, Peace of Mind Asset Protection, LLC has experienced attorneys who are thoroughly acquainted with estate planning and are ready to help you.

Essential Documents for Estate Planning

Estate planning consists of several vital components. A few of these components include a living trust, A Pour Over Will (formed in your trust), Financial Power of Attorney, and Healthcare Powers of Attorney. These are all essential documents in the case of any estate plan.

1. Revocable Living Trust

A revocable living trust is arguably the most important part of estate planning. Many may believe that a will and a trust are interchangeable; however, this is not the case. A will state where your assets will be distributed following your passing. In contrast, a revocable living trust performs the same purpose but with many more specifics to benefit you and ease the process. In a trust, one will name a trustee who will administer and monitor one’s financial assets following their death. This differs from a will as a will requires a probate court to distribute one's assets. Probate court is a lengthy and expensive process that most would rather avoid. A trust also protects your assets against creditors which does not apply to wills. By choosing a will, your loved ones may be subject to creditor claims on your assets, meaning your beneficiaries may not receive the intended amount you stated. In a trust, you can include spendthrift provisions which will protect your heirs from creditor claims. Another positive aspect of trust is the privacy it provides. A trust is private, meaning only you and your beneficiaries can access it; however, a will and your estate administrations will all be made public records. This is a significant concern for many people as privacy is an important right many would like to sustain even after passing. If privacy is a considerable concern, trust is the way to go.

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 Posted on March 13, 2023 in Estate Planning

Business estate planning is essential for families in Bristol and other adjacent areas of Kendall County, Illinois, especially for owners of small to medium-sized businesses and their families. In addition, families with high incomes and overall assets generally require extensive business estate planning.

A robust legal basis for protection against death and disability will be established by prudent asset management and detailed estate planning. Making a robust asset management strategy is even more critical since it will protect a person's and their family's business and personal assets from potential risks.

This article will discuss the essential business estate planning and asset management techniques for intelligent business owners.

Estate Planning Tips for Businessmen in Bristol

When advising business owners and their families about proactive business estate planning, doing a risk assessment is the first step. An assessment of a person's assets and the legal risks that might impact their financial security and retirement plans is known as a risk assessment.

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 Posted on March 11, 2023 in Divorce and Family Law

Oswego Uncontested Divorce Lawyer: What is an Uncontested Divorce?

What is an Uncontested Divorce?

If both spouses agree on all the significant matters concerning the divorce, they may obtain an uncontested divorce. Important issues in divorce include the division of assets, child custody and support, and spousal support.

Benefits of an Uncontested Divorce: Saving Time, Money, and Emotions

An uncontested divorce is the best-case scenario for two spouses seeking a divorce for several reasons. Not only does an uncontested divorce save the parties money in attorney and court fees, but it also minimizes the emotional stress on the entire family that results from obtaining a divorce because the process is taken care of as quickly and amicably as possible.

Uncontested divorces take much less time than traditional divorces because a conventional divorce is a long, drawn-out process. The longer this process takes, the more emotional burden is put on the former spouses and their families. In addition, a traditional divorce requires both opposing sides to go through a full court case. This includes service of process (hiring a professional to service the opposing party with a court summons at their home), production of documents by the parties, and both parties being required to meet strict deadlines. As a result, attorney fees, court costs, and outside fees for obtaining the necessary documents quickly add up and lead to a heavy financial burden. It is common for a traditional middle-class couple's divorce case to cost the parties tens of thousands of dollars.

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 Posted on March 09, 2023 in Estate Planning

Whether a couple purchases a home together and later gets divorced or individual purchases a house and later gets married, both instances are sufficient to warrant a change in title to the property. When changing the name on the title, a Quit Claim Deed can be drafted to add or remove individuals from the title. A Quit Claim Deed differs from a warranty deed because no warranty is attached to a quit claim deed. This means the grantor transfers whatever interest they have in the property to the grantee, with no special warranties protecting their interest. Therefore, when adding a spouse to the title, it is imperative to find an attorney that understands the different types of ownership classifications to ensure ease of transition upon the death of one of the spouses. At Peace of Mind Asset Protection, LLC (a division of Gateville Law Firm), our staff and attorneys are thoroughly trained in both real estate and estate planning, so our firm understands the interplay between the two areas of law and can effectively transfer title about the specific factual circumstances of the individuals.

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 Posted on March 09, 2023 in Divorce and Family Law

How is Spousal Support Calculated in Illinois

The divorce process can often be an emotionally draining, stressful, and trying time for all parties involved. One of the biggest concerns those going through a divorce have is how the divorce will impact their finances. This consists in paying spousal support (known as alimony or maintenance) to the ex-spouse.

What is Spousal Support?

Suppose a judge has determined that the circumstances of a divorce are appropriate to include spousal support. In that case, the judge will then order one ex-spouse to pay the other monthly payments, called spousal support, once the marriage has legally ended. In some instances, if there is a prenuptial or postnuptial agreement, the amount is determined through this agreement rather than by a judge.

What is the Purpose Behind Spousal Support?

A judge will typically order spousal support to be paid from one ex-spouse to the other to help the ex-spouse support themselves and live on their own following the divorce. Generally, people who are found to be able to work on their own are expected to find employment and support themselves. However, it is essential to note a judge is not required to order spousal support.

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 Posted on March 07, 2023 in Real Estate

Gateville Law Firm provides advanced business structure planning strategies for real estate investors, landlords, and commercial property owners to maximize asset protection. One of the most popular business entities for such individuals is a limited liability company or an "LLC." The LLC provides flexibility and limited liability protection for business owners and investors. It limits business creditors' reach to the LLC's assets rather than its owners' personal assets.

Plaintiff's lawyers understand the benefits of an LLC's limited liability protection. They often use the Illinois Consumer Fraud and Deceptive Business Practices Act to go after a business owner's assets in case of a judgment. This makes it crucial for business owners and investors to set up an LLC and incorporate their business or real estate holdings. Combining their business holdings and real estate investments makes it more difficult for Plaintiff's lawyers to collect on their judgments.

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 Posted on March 07, 2023 in Estate Planning

Losing a loved one is a complex and emotional experience. The death of a loved one is made more difficult when their estate and financial assets are in disarray. If the deceased person had a will or other estate planning documents, their estate would likely go through the probate court. Unfortunately, most people are unaware that a will must be probated and go through a "probate court."

Probate is the legal process to identify a person that will supervise the administration of one's will through the court process called "probate." The probate court will determine and gather the decedent's assets, pay their debts and taxes, and distribute their property according to their will or Illinois state law.

Intestate Succession in Illinois

Intestate succession distributes a deceased person's assets when they do not have a will. When a person dies without a will, the decedent dies "intestate." In Illinois, an intestate person's assets are governed by the Illinois Probate Act. Therefore, under Illinois law, a deceased person's assets are distributed consistently with the Illinois Probate Act. Intestate law will identify the surviving spouse, children, parents, or other relatives to determine the proper heir of a deceased person's estate. Illinois law assumes that a dead person would distribute their estate to their surviving spouse (50 percent) and any surviving children (50 percent). Therefore, the deceased person's children shall have 50 percent of the assets in equal shares. Without a surviving spouse, the entire estate will be distributed to their children per stirpes (in equal shares). If any children have deceased, the deceased person's children will inherit their parent's share of their estate. If no children exist, the surviving spouse will inherit the entire estate.

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