Posted on January 09,2023 in Real Estate

Lawyer in Oswego and Kendal County Helping Real Estate Investors with LLCs

Forming a limited liability company or otherwise known as an “LLC” is a useful strategy to hold real estate investments. An LLC provides limited liability protection for the owners. The owners of an LLC are called “members” of the LLC. This means that if the LLC is sued or incurs debts, the personal assets of the members such as their homes or personal bank accounts generally should not be at risk. Consulting a Yorkville Real Estate LLC Lawyer is a wise decision because there are circumstances where a Real Estate LLC fails to properly protect one’s personal assets.

An LLC is a useful tool for managing one’s liability risks. Titling the real estate investment property into an LLC is a way to reduce one’s liability exposure to creditor concerns and lawsuits. Our economy is facing increasing risks associated with the pending recession and advanced planning is critical to properly protect one’s wealth and financial assets.

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 Posted on January 06,2023 in Estate Planning

A primary benefit of estate planning is building a solid structure and creating an estate plan that passes one’s assets in a cost-effective and smooth manner. One lawsuit can destroy a lifetime of planning and good decisions. Asset protection is the process of arranging one’s assets to minimize liability vulnerabilities and maximize economic security.

Asset protection is a combination of estate planning, lawsuit planning, and business planning combined into one specialty. Smart asset protection is forward planning and does not involve fraud or fraudulent transfers. Advanced planning is vital because one’s assets may not be protected if one device a plan to protect their assets to protect against an existing or pending lawsuit. Planning anticipates liability risks that may arise. 

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 Posted on January 05,2023 in Estate Planning

Oswego Living Trust Lawyers

Every person requires a proper estate plan, but this need is especially crucial for single mothers. Single mothers are some of the most hardworking individuals, and they are tasked with dual responsibility as caregivers and providers. If something were to happen to a single mother, she would want to ensure that her children will have a proper guardian to continue to care for them, as well as guarantee that her children will be financially prepared by providing them with the best inheritance possible.

Establishing a Proper Caregiver

One of the benefits of an estate plan is that a mother can designate who she would like to take over as guardian of her minor children. Without this designation, it is most likely that the other parent will be given full guardianship over the minor children. However, this designation is not always in the best interest of the children for many reasons. Whether there is a lack of relationship, lack of parental responsibility, or distance that would severely hinder the children's permanency, a single mother is tasked with the responsibility of making this decision. It is imperative that the minor children are placed with someone who is familiar and will be able to provide for them both financially and emotionally. By creating an estate plan, the single mother can make her primary guardian designation, as well as contingent guardians, should the primary guardian be unable to care for the children.

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 Posted on January 04,2023 in Estate Planning

Bristol Living Trust Lawyers

Estate planning is a legal specialty that assists people and families plan their legal future. There are key legal documents, which are essential in a well-planned and executed estate plan. Estate planning is designed to provide peace of mind and provide financial security. Estate planning is a crucial step in providing for one’s retirement planning goals. 

There are four (4) major documents, which are the foundation of estate planning. These documents include the following:

• Living Trust or otherwise known as a “Revocable Living Trust” or “Family Trust”

• Illinois Short Form Statutory Attorney for Finances

• Illinois Short Form Statutory Attorney for Healthcare

• Pour Over Will

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 Posted on January 04,2023 in Real Estate

Lawyer in Plano, Illinois Helping Real Estate Investors with LLCs

Gateville Law Firm assists real estate investors and property owners from limited liability companies (“LLCs”) in Plano, Illinois, and nearby areas. Setting up an LLC is an asset protection strategy to limit one’s liability concerning property and lawsuits that occur because of investment properties. A benefit of an LLC is limited liability protection. The owners of an LLC are called “members.” Members are the owners of an LLC.

An LLC is a strong tool to limit one’s liability concerns. In Illinois, there are two types of LLCs formed. The first type of LLC is a member-managed LLC. A member-managed LLC is when the members of the LLC manage the day-to-day operations of the LLC. Any member may bind the LLC into contractual obligations and assist in managing the day-to-day affairs of the LLC. 

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 Posted on January 03,2023 in Real Estate

Oswego LLC Lawyer: Assisting Real Estate Investors and Commercial Property Owners

Creating a limited liability company or otherwise known as an “LLC” is a way to minimize a real estate owner’s liability concern. One of the multiple benefits of an LLC is limited liability protection for the owners. Limited liability protection insulates the owner's assets from the LLC's creditors and liability concerns. Simply put, this means that if the LLC has debts and a lawsuit is filed against it, the owners of the LLC generally do not have liability concerns. The owners of the LLC enjoy personal limited liability protection. There are circumstances where creating an LLC alone is insufficient limited protection. You should consult an Oswego Real Estate LLC Attorney about the best method to provide the maximum level of liability protection for you and your family.

It is a wise decision to set up an LLC for the purchase of investment real estate. It is also important to re-title the property interests into the LLC's name. Otherwise, the LLC's liability protection will not assist you. Doing It Yourself kits are cost-effective, but they are often faulty because of a person's lack of experience.

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 Posted on December 30,2022 in Estate Planning

The fundamentals of estate planning are the way to build financial security. An estate planning attorney assists clients anticipate future problems and develop a solution to these potential conflicts. Estate planning and asset protection combine to set-up roadblocks and prevent future liability concerns by setting up limited liability companies and other liability protection strategies devised to maximize asset protection.

Living Trust are Smart Estate Planning

A living trust is a legal instrument that appoints a trustee to over see and manage one’s financial assets. A person or couple create a written agreement called a “trust agreement” where they are appointed as co-trustees to manage their property interests. The goal of living trust is to create an easy transition of one’s assets upon a death or incapacity. A living trust differs from a last will and testament because it avoids probate processes and court procedures. Second, a living trust is a private document, which is shielded from the public view. 

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 Posted on December 19,2022 in Estate Planning

What is a Special Needs Trust?

A third-party special needs trust is a commonly used tool that helps provide for disabled loved ones and really should be included in every person’s will or trust. A special needs trust provides financial support for a designated beneficiary that is disabled or has special needs with the bonus that the income from the trust will not impact the beneficiary’s eligibility for government assistance programs (such as Medicare or Social Security)

Funds from a special needs trust are used for expenses such as medical bills, payments for treatments or caretakers, and transportation costs. Generally, government assistance programs are run on an income contingency and as a result, if a disabled person makes over a certain amount of money, they can be disqualified from receiving those benefits. However, a special needs trust avoids this issue completely.

A special needs trust will not only finically protect a loved one that is disabled at the time the will or trust is executed, but it also is effective if a loved one, who was not disabled at the time it was executed, later becomes disabled.

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 Posted on December 19,2022 in Estate Planning

Transferring your house to your Revocable Living Trust is a crucial step to avoid probate court. Preparing an estate plan is a crucial step to avoid court procedures. A Quit Claim Deed in Trust is the type of quit claim deed used to transfer your house into your revocable living trust. A Revocable Living Trust may also be known as a “Living Trust.” A Quit Claim Deed in Trust conveys real estate into your trust’s name. 

Unlike a warranty deed, a quit claim deed transfer does not guarantee that the title being transferred is without liens or problems. A Quit Claim Deed transfers the exact title and interest a person has at the time of transfer. 

The main benefit of a Quit Claim Deed in Trust is re-titling your house into your living trust’s name. When a family transfers real estate into the living trust’s name the living trust owns the house. Re-titling the house into the living trust's name ensures that the trust agreement will be followed upon death or incapacity.

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 Posted on December 15,2022 in Estate Planning

Durable Power of Attorney in Kendall County

There are two major types of durable power of attorney in Illinois. The first type of power of attorney is a “Medical Power of Attorney” otherwise called "Illinois Statutory Short Form Power of Attorney for Healthcare." The Illinois Statutory Short Form Power of Attorney for Healthcare is also called "Statutory Healthcare Power.” See 755 ILCS 45/4-10.

The purpose of medical power of attorney is to give an individual the right to control all aspects of their medical treatment including the following:

• Ability to decline medical treatment

• The means to have medical treatment withdrawn even if this means that a person will die due to the decision to withhold medical treatment

The right of the individual to decide their care trumps the physician's obligation and the healthcare provider's ability to render care and preserve life and health. 

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