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How to Sell Real Estate After Death Without Probate Illinois?

 Posted on March 24, 2023 in Real Estate Transactions

Transferring Real Estate After Death: Yorkville and Kendall County Real Estate Transfer Attorneys

Transferring real estate after death is a complicated mixture of real estate, estate planning, and probate law. Covid-19 has changed the nature of business and emphasized the importance of estate planning and real estate. Baby boomers are the generation that was born after World War II. As a result, birth rates skyrocketed, referred to as "the baby boom.”

Baby boomers and their adult children are preparing and passing their real estate and wealth to their children and grandchildren. As a result, this period resulted in substantial wealth transferred from one generation to the next. 

Baby boomers and their families are ill-prepared to transfer their assets after death. There are eight types of property ownership in Illinois:

Small Business Estate Planning

 Posted on March 24, 2023 in Estate Planning

Yorkville Business Estate Planning Attorney

Yorkville Estate Planning Lawyer for Small Business Estate Planning

Owners of small to medium-sized enterprises and their families, especially those which generate high income and have a high net worth, need estate planning, known as Business Estate Planning. It is vital for households in Yorkville, Oswego, Plainfield and other nearby Kendall County, Illinois, regions.

Asset management and thorough estate planning create a solid legal foundation for protecting against death and incapacity and safeguarding personal and company assets against potential threats.

Estate Planning Factors for Yorkville Business Owners

Steps for planning 

Creating an estate plan for you as a business owner necessitates careful evaluation and preparation of various things, including assets, goals, and even your family structure, and how that may give rise to possible conflicts. Therefore, attorneys must examine multiple factors when creating an estate plan.

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Building Wealth for the African American Community in Plainfield, Illinois, via Commercial Real Estate

 Posted on March 24, 2023 in Real Estate

Commercial Real Estate Attorney in Plainfield

Commercial real estate is crucial to building wealth, especially since "going green" is the new way to advance. Wealth building, be it through commercial real estate or otherwise, is a financial empowerment. Today, where you grow up, and the quality of your education play a big part in your future success and job prospects. Despite the country's shortcomings, people succeed daily, although they are frequently the minority. The dollar has the same worth for everyone, regardless of skin complexion or race.

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Plainfield Estate Planning Lawyer: Estate Planning Strategies that Provide Peace of Mind

 Posted on March 24, 2023 in Estate Planning

"Plainfield,Regardless of age, it is essential to think ahead regarding estate planning. In addition, it is crucial to ensure that your affairs are in order in the case of your passing or incapacity. There are several aspects to effective estate planning, including A living trust, a pour-over will, property/healthcare power of attorney, and designated beneficiaries. This article will cover the basics of effective estate planning in Plainfield, Illinois. 

Living Trust

A living trust, also called a revocable living trust, is an essential document in estate planning. A living trust is like a will in that it states where your assets will be distributed after your passing; however, it provides far more benefits to you than a will. By drafting a living trust, your beneficiaries will avoid probate court. A probate court is a type of court that distributes your assets after your passing; it is legally required if you decide to draft a will. Probate can be extremely lengthy, costly, and overall unpleasant. A living trust will also administer your assets immediately upon your death/incapacity, making it very timely. A living trust also protects your assets against creditor claims meaning your loved ones will receive the exact amount you intended. Unlike a will, a living trust not only takes effect upon one's passing but will also be put into effect in the case of one’s incapacity. A living trust can be referred to as "revocable" because one may change their mind about certain aspects of the trust and amend it in their lifetime. 

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Basics About the Purchase & Sale of a Franchise

 Posted on March 23, 2023 in Business Law

"Yorkville,Oswego Letter of Intent Attorney

A letter of intent outlines a proposed franchise transaction's basic terms and conditions. Generally, the letter of intent should contain the following terms:

  • Parties Involved. The franchise purchase or sale parties are in Oswego, Illinois, and Kendall County or nearby areas.
  • Earnest Money Deposit. The earnest money deposit is generally given upon the signing of the purchase agreement. The earnest money is a good faith down payment to show a franchise seller that the buyer is serious about purchasing the franchise.
  • Purchase Price. The purchase price shall describe the total amount of the purchase price to purchase the franchise.
  • Financing Terms. The financing terms may be seller financings, such as providing a promissory note or a combination of cash and a bank loan or alternative financing.
  • Due Diligence Period. The due diligence period is the period to investigate the franchise's operations and financials, such as profit and loss statements and business tax returns. 

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Use of Holding & Subsidiary Companies for the Ownership of Real Estate

 Posted on March 23, 2023 in Real Estate

Kendall County Business and Real Estate Attorneys

Kendall County Real Estate Lawyers: Asset Protection & Real Estate Transactions Law

What is an LLC?

An LLC is a limited liability company owned by one or more "members." There are numerous benefits to forming an LLC. If a company is included as an LLC, liability for the managers and members is limited. The managers and owners are not personally liable for any possible debts or liabilities from the company. The members are not personally or individually responsible if debts or lawsuits occur. LLCs are vital if you want to protect your assets, as they will not be at risk if the company faces liability. Also, forming an LLC will prevent your company from being taxed twice through double taxation. Other corporations are likely to be subject to double taxation because the company pays taxes on the income and the owners of the company tax on the dividend income. LLCs avoid this double taxation. If the LLC is profitable, the profits go directly to the members, and these profits are only taxed once. 

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Estate Planning When You Have A Disabled Adult Child

 Posted on March 23, 2023 in Estate Planning

Oswego Special Needs Trust Lawyer

Yorkville Special Needs Estate Planning Attorney

Estate planning for parents of a minor or adult disabled child who receive government aid programs must consider designing an estate plan with their disabled adult in mind. Special needs trusts are a type of trust aimed at distributing one's assets, such as life insurance, real estate, retirement assets, bank accounts, and other accounts, smoothly and efficiently. 

Special Needs Trust and Planning

Working with an estate planning lawyer is essential because a special needs estate planning lawyer will assist you in anticipating family conflicts and problems before they arise. Family conflicts arise upon one's death often because family conflicts are not considered, such as an adult disabled child receiving an inheritance, which will disqualify them from receiving their government aid benefits, such as social security disability income.

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Crest Hill Quit Claim Deed Lawyer: Reasons for a Quit Claim Deed

 Posted on March 23, 2023 in Real Estate Transactions

Joliet Quit Claim Deed LawyerIn Illinois, a quitclaim deed is a legal document that transfers real estate ownership from one party to another. Moving a property interest in a former marital residence is a significant reason for a quit claim deed. Often, the divorce decree requires one party to transfer their former marital interest in real property to their former spouse. In addition, the marriage settlement agreement may need one spouse to transfer away their legal claim to the other spouse. Often, a former spouse cannot obtain a new mortgage with their name connected to a former residence's mortgage and legal title. 

Second, at Gateville Law Firm, our attorneys and support staff specialize in real estate and quit claim deed law. Unlike most real estate lawyers, our team comprises former title insurance employees and attorneys concentrating on real estate and estate planning law. Second, transferring property ownership often involves family members as well. For example, a quit claim deed frequently transfers property ownership among family members. Alternatively, a quit claim deed is used when one party deceases, and the property passes from one joint owner to the surviving owner. Often, the parties want to clean up the property's legal title in such situations. 

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Montgomery Real Estate LLC Lawyer: Assisting Real Estate Investors & Commercial Property 

 Posted on March 23, 2023 in Real Estate

Montgomery Real Estate LLC Attorney

This article will discuss business entities for real estate investors, landlords, and commercial property owners. The most popular business entity is a limited liability company, an "LLC." The LLC is a method to insulate a business owner's assets from business creditor concerns. The LLC provides limited liability protection for its owners by limiting a business creditor's reach to business assets versus the personal business assets of its owners. Business owners are concerned about limited liability protection and protecting their assets from a creditor's lawsuit.

As a general rule, the LLC provides liability protection, which limits a creditor's remedies to the business assets of the LLC. Plaintiff's lawyers understand the benefits of an LLC's limited liability protection and make their living finding a strategy to go after a business's owner's assets.

There are several strategies that creditor rights lawyers seek to recover losses for their clients. The Illinois Consumer Fraud and Deceptive Business Practice Act ("Act"), 815 ILCS 505/1, et seq., is legislation, which is intended to protect individuals, consumers, and businessmen against fraud, unfair methods of competition, and unfair or deceptive practices in the conduct of a trade or business. This legislation is used broadly by creditor's attorneys to go after a business owner's assets in case of a judgment. The threat of litigation will often result in a settlement in a creditor's favor. In addition, this legislation grants punitive damages, reasonable attorney's fees, and court costs as damages that a Plaintiff can seek.

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Death and Intestate Succession: What Happens if You Die Without a Will in Plano, Illinois?

 Posted on March 22, 2023 in Estate Planning

Covid-19 has created an awareness about wills and trusts. Unfortunately, over the last several years, the number of individuals facing death seems to be increasing. This article will discuss what happens when you fail to plan and have no Will or trust.

Designated Beneficiaries

The probate court may only be necessary if one has designated beneficiaries on their varying accounts. A person can direct beneficiary designations to inherit their assets upon death.

1. Bank Accounts

Bank accounts have accounts called "payable on death accounts, " meaning that the account's creator can specify who shall inherit the account upon their death. Generally, the bank has a designated form that you fill out to dictate who shall inherit your account balance upon your death. For instance, Sally gives her bank account to her daughter, Peggy Sue. Unfortunately, many people need help to designate a beneficiary or update their preferences. If a beneficiary has a disability or decreases, then there is a possibility of probate court. Designating a beneficiary is a form of essential estate planning without a will or trust.

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