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Montgomery Premarital Agreement Lawyer: Protecting Your Assets & Securing Your Future

 Posted on March 29, 2023 in Estate Planning

"YorkvilleOswego Premarital Agreement Attorney

The term "late-life divorce" is used because a person was divorced over the age of fifty. In addition to the word "late-life divorce," "Grey Divorce" and "Silver Divorce" are terms that describe a middle-aged person divorced beyond the age of 50. We have increasingly become familiar with the divorce rate of couples rising in population. As a result, divorces beyond 50 years of age have substantially increased in popularity, and a divorce significantly impacts one's familial status. In addition, premarital and post-nuptial planning are increasingly popular because spouses have experienced the divorce process and desire to protect their assets in case of a divorce. 

Prenuptial agreements are also known as "Prenups." Postnups are legal agreements entered by couples post-marriage designed to protect one's prior financial assets and create a smooth process in case of a divorce. Prenuptial agreements should cover the following topics:

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Plainfield Black Real Estate Lawyer: Real Estate Transactions and Black Wealth Transfer

 Posted on March 29, 2023 in Real Estate Transactions

Plainfield Black Real Estate LawyerLegal Help with the Sale and Purchase of Real Estate

Historically, Black families have been marginalized from the real estate market. Attorney Sean Robertson aims to increase Black families' access to the real estate market. Attorney Robertson is highly skilled and experienced in residential and commercial real estate transactions. Attorney Robertson is the founder of Gateville Law Firm, with over 50 years of real estate experience. Our support staff has worked for reputable title companies where they have processed multiple thousands of real estate transactions. Experience should matter to you because thousands of real estate transactions teach invaluable lessons which can benefit you. At Gateville Law Firm, our real estate attorneys and the team have established a top-notched real estate reputation. 

Real Estate Team for Real Estate Investors

Real estate transactions require precision and expertise. In addition, real estate investors need experience and asset protection knowledge. Attorney Robertson graduated from DePaul University College of Law, where he concentrated his legal studies in tax and wealth law. Attorney Robertson focused on tax law because it has a significant background in the following areas:

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How to Structure The Sale and Purchase of a Restaurant

 Posted on March 29, 2023 in Real Estate

"KendallYorkville Sale of Restaurant Attorney: Structuring The Commercial Purchase or Sale of a Restaurant in Kendall County

Structuring a purchase of a restaurant when you are purchasing the building and the business requires careful planning and consideration. There are two significant steps in the commercial purchase and sale process, along with legal concerns for the commercial real estate purchase of the building. The first step is negotiating a letter of intent. 

A letter of intent is a non-legally binding letter that summarizes the terms and conditions of the restaurant purchase. The purpose of a letter of intent is to describe the potential acquisition of the restaurant and commercial building and show a seller that the buyer is serious. Furthermore, the letter of intent secures the exclusive negotiations involving the proposed buyer and the seller. The letter of intent must summarize the rights and responsibilities of the buyer and seller. The letter of intent also will have an initial deposit of money that will be exchanged called "earnest money." The earnest money shows the buyer's seriousness in purchasing the business. 

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Yorkville Probate and Intestate Succession: What Happens If You Die Without a Will in Yorkville

 Posted on March 29, 2023 in Estate Planning

Intestate Succession Attorney

When someone dies without a will or trust in Yorkville and surrounding areas, the state's intestacy laws will determine the distribution of their assets. These laws dictate who will inherit the deceased person's assets based on their relationship to the dead person.

If the deceased person was married and had no children or other descendants, their spouse will inherit all their assets. If the dead person was married and had children or other descendants, their spouse will inherit half of their support, and the other half will be divided equally among their children or descendants. If the deceased person were unmarried and had no children or other descendants, their assets would be divided equally among their children or other descendants. If the dead person were available and had no children or other descendants, their assets would go to their parents or, if their parents are deceased, to their siblings, nieces, or nephews.

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What is a PLLC, and How Does It Relate To You?

 Posted on March 28, 2023 in Business Law

 

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Oswego Professional LLC Attorney

Limited Liability Company vs. Professional Limited Liability Company?

 

Limited Liability Company (LLC)

A Limited Liability Company is also known as an "LLC," a popular business entity that incorporates the flexibility and limited liability protection of a Corporation. Essentially, an LLC combines a partnership and a corporation, which includes the primary benefit of limited liability protection. A weakness of a partnership is it lacks limited liability protection. A drawback of a Corporation is its' rigid corporate structure. The LLC incorporates the best features of a Partnership and the best parts of a Corporation.

 

LLC Structure

The formation of an LLC is the most popular business entity and cost-effective in Illinois. The LLC provides limited liability protection meaning that the owners of an LLC are not responsible for the debts of the LLC. Owners of an LLC are called "members." Generally, an LLC member is not personally liable for the company's bills and liabilities. However, there are circumstances where a member may be personally responsible for the debts of an LLC. Seeking an experienced business counsel is vital to help you structure your business enterprise. An accountant is inexperienced in business law and is not suitably qualified to assist in legal matters. People falsely assume that the formation of an LLC is simple. The structure and formation of an LLC are simple, but other factors must be considered when forming an LLC for a client. An accountant is ill-equipped to understand these factors. These factors may include providing strategies to protect one's assets and house in case of a lawsuit. Business ownership is risky, and the legal perils are real. Similarly, an LLC benefits from limited liability protection like a Corporation. 

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Oswego Real Estate Lawyer: Tips for Real Estate Sellers in Kendall County

 Posted on March 28, 2023 in Real Estate Transactions

Oswego Real Estate LawyerKendall County Real Estate Lawyer

At Gateville Law Firm, we specialize in residential real estate transactions for sellers and buyers of real estate in Oswego, Plano, Newark, Leland, Boulder Hill, Aurora, and nearby areas of Kendall County. If you are considering selling or purchasing a home, this article will discuss the real estate closing process in Kendall County and the nearby regions. Three significant factors impact the home sale process in Illinois.

A. Attorney Review and Home Inspection Periods

The first factor involves the attorney review and home inspection periods. The attorney review and home inspection periods are significant during a residential closing. The attorney review period is established under the Multi-Board Residential Real Estate Contract 7.0 ("Purchase Agreement") and is the standard real estate contract used in Kendall County and surrounding Chicago suburbs. 

The Purchase Agreement outlines the typical real estate terms and conditions of selling residential property in Illinois. The commercial sales agreement utilizes a separate agreement. The Purchase Agreement includes the following provisions:

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Learn Basics About Probate in Kendall County, Yorkville

 Posted on March 27, 2023 in Estate Planning

Yorkville Probate Attorneys 

 

Yorkville Illinois Probate Attorney: Probate Primer in Kendall County, Illinois

Probate is the legal process, which happens after a person dies, and the family petitions the "probate court" to determine who is the appropriate beneficiary of one's inheritance upon their death. Probate can be an emotional process, especially when dealing with the end of a loved one and a complex court process. Probate distributes a person's assets upon their death according to their will or their following family members. The Probate court will also ensure the deceased person's debts are paid.

Unfortunately, many people are unaware that a last will must undergo a court process called "probate" to be effective. The last will be filed with the local courthouse where the person is deceased. People often need to be made aware that a last will must undergo probate court before a last will is effective and valid. Generally, a person names an executor in their will responsible for the court administration process. Alternative estate planning solutions can spare loved ones the hassle of dealing with probate court after one's passing. A Living Trust is an estate planning strategy that can assist people in avoiding the complexity of the court system. In addition, we have various articles on our blog that discuss varying estate planning strategies designed to avoid probate court.

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Lockport Quit Claim Deed Lawyer: Preparation of Quit Claim Deeds

 Posted on March 27, 2023 in Uncategorized

Will County Quit Claim Deed LawyersA quit claim deed is a legal instrument in Illinois that transfers real estate ownership from one party to another. The reasons for using a quit claim deed include transferring property interest in a former marital residence or between family members. Gateville Law Firm specializes in real estate and quit claim deed preparation, with attorneys and support staff with extensive experience in these areas.

One significant reason for using a quit claim deed is to transfer ownership in a former marital residence, often required by a divorce decree or marriage settlement agreement. Another reason is to transfer property ownership among family members or to remove someone from real property. Preparing a quit claim deed is a complicated process that requires precision and expertise.

At Gateville Law Firm, our attorneys and former title insurance employees have prepared thousands of quit claim deeds over the years. This experience gives us a breadth of knowledge and qualifications, which is uncustomary for real estate attorneys. We understand that ill-prepared quit claim deeds cause title issues, which are costly legal problems. Often, lay people mistakenly attempt to prepare their quitclaim deeds. This results in cases that may only be found later. At that point, these legal issues can be costly and much more challenging to fix. These title issues can impact one's ability to refinance or sell a property. People often find out about these decisions when attempting to refinance or sell their property. At Gateville Law Firm, our documents are accurate and prepared correctly.

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Yorkville Small Business Attorneys: LLC Formation Attorneys for Start-Ups and Business Owners

 Posted on March 27, 2023 in Asset Protection & Wealth Preservation

Yorkville Start-Up Attorney

LLCs and Series LLCs

An LLC, or limited liability company, is owned by one or more members. Forming an LLC provides a variety of benefits, including the following:

  • Limited Liability for Managers and Members (owners)

Simply put, this means that members are not personally liable. Additionally, forming an LLC prevents double taxation, which is common among other corporations such as C corporations. A Series LLC is a type of LLC that offers asset protection across all "series" within the LLC. Each series is protected from any liability that may arise from any of the other series. A holding company, on the other hand, is a company that segregates assets and minimizes weaknesses. Holding companies are used for oversight, supervision, and control of subsidiaries but not for day-to-day decisions.

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Plano Commercial Real Estate Lawyer: Legal Tips for Purchasing Multi-Unit Complexes 

 Posted on March 27, 2023 in Real Estate

Kendall County Commercial Real Estate Lawyers

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

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