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Quit Claim Deeds: What They Are and Why They Are Necessary

 Posted on March 22, 2023 in Uncategorized

Bolingbrook Will County Quit Claim Deed LawyerBolingbrook Quit Claim Deed Lawyer: What are Quit Claim Deeds

A quitclaim deed is a real estate tool that aids in changing the legal title to a property. A quitclaim deed is different from a warranty deed because a quitclaim deed does not accompany with it the warranties on interest, meaning that whatever interest the titleholder had is what is being conveyed, whether it be incorrect or encumbered. Additionally, because a quitclaim deed is only a transfer of title and no interest in being sold, the transfer is exempt from specific transfer taxes imposed by the city. There are many reasons why one might need a quit claim deed. At Gateville Law Firm, we will be able to explain whether a quitclaim deed is advisable and if so, can complete the deed to ensure there are no errors that would result in the deed being rejected by the county. 

Adding a Person to Title

A common reason for a quitclaim deed is to add an individual to the title. This could be because the title holder gained a roommate, married, or wants an additional individual on the title. Gateville Law Firm assists in advising any possible repercussions of adding the individual and delineating the type of ownership between the parties, whether it be a tenancy in common, joint tenancy with the right of survivorship, or a tenancy by the entirety. Each tenancy has different requirements and, without superior knowledge, can likely be done incorrectly.

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What is a Joint Venture, and Is It Appropriate for You?

 Posted on March 22, 2023 in Business Law

 

Yorkville Joint Venture Attorney

A joint venture is a business agreement where two or more persons enter a business relationship to invest in a real estate project or investment. The joint venture aims to make profits and losses on a project. The general idea of a joint venture is to reduce the parties' risks because the parties pool resources, expertise, and investment resources. One of the significant benefits of a joint venture is the ability to finance more significant real estate ventures and maximize one's resources by investing with other members or owners.

This article will discuss the different methods for forming a joint venture for real estate companies. The first way to create a joint venture agreement is through a limited liability company or an "LLC." An LLC is a new popular business entity because it possesses the corporation's limited liability feature and the partnership's flexibility. In addition, multi-member LLCs are taxed automatically as partnerships unless the members or "owners" choose a different tax classification.

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Aurora Real Estate Investor Lawyers: Business Structure and Asset Protection Strategies

 Posted on March 22, 2023 in Real Estate

Yorkville Real Estate Investor Attorneys

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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Why It Is Critical To Update Your Estate Plan

 Posted on March 22, 2023 in Estate Planning

Sugar Grove, Illinois, Estate Planning Attorneys

Yorkville Estate Planning Attorney: Why it is necessary to amend your estate planning documents

Creating an estate plan is essential in ensuring your assets will be distributed how you wish upon your death. However, more than simply creating an estate plan may be required. Whether you create your estate plan early in life or later in life, specific circumstances may make it necessary to update your estate planning documents. Therefore, it is recommended to review your estate plan every few years and amend it as required to account for life changes. At Peace of Mind Asset Protection, our attorneys assist in both creating estate plans and making amendments and codicils to those documents as necessary.

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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

 

Intestate Succession Attorney in Plano

The Covid-19 campaign has raised public awareness about wills and trusts. There seems to be a rise in the number of people close to death during the past few years. What transpires when you don't plan and don't have a will or trust in place will be covered in this article.

Designated Beneficiaries

The probate court may not be necessary if one has chosen beneficiaries on their various accounts. A person has the authority to specify the beneficiaries who will receive their assets following their passing.

  1. Bank Accounts

Payable-on-death accounts allow the account owner to designate a beneficiary to receive the funds following their death. Typically, you fill out a form the bank provides to choose who would welcome your account balance upon passing. For instance, Sally allows her daughter Peggy Sue to access her bank account. Sadly, many people need to remember to choose a beneficiary or change their preferences. In addition, a probate court may be necessary if a beneficiary is disabled or dies. Without a will or trust, essential estate planning can be done by naming a beneficiary.

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Quit Claim Deed Lawyers in Romeoville and Bolingbrook

 Posted on March 21, 2023 in Real Estate Transactions

Woodridge Quit Claim Deed AttorneysA quitclaim deed in Illinois is a legal document that transfers real estate ownership of property from one party to the next party. A significant reason for using a quitclaim deed is when transferring property interest in a former marital residence, which may be required by a divorce decree or a marriage settlement agreement. Additionally, quitclaim deeds are often used to transfer property ownership among family members or to remove someone from real property.

To properly prepare a quitclaim deed properly, it is crucial to work with experienced real estate attorneys specializing in quitclaim deed preparations. We work with you over the telephone and obtain a copy of your deed and you simply return your original paperwork back to our office. An office visit is unnecessary. 

At Gateville Law Firm, our real estate team specializes in real estate and quitclaim deed law. We have prepared thousands of quitclaim deeds in the past several years. Our team consists of former title insurance employees who have extensive experience in handling real estate and quitclaim deed transactions. Our staff understand the potential challenges that may arise from an improperly prepared quitclaim deed. Generally, the title insurance company discovers the problem, which complicates refinances and sales of homes.

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

 Posted on March 21, 2023 in Real Estate

 

At Gateville Law Firm, Montgomery Commercial Real Estate Lawyers assist sellers and buyers in the Kendall and Kane County areas. We help real estate investors and commercial property owners with their legal strategy when they invest in multi-unit apartment complexes and other real estate investments. Real estate investing requires patience and wisdom. This article will discuss real estate advice for purchasing and selling multi-unit buildings.

Real estate investors must surround themselves with the right team of real estate professionals, including the following:

  • Property Managers & Companies

  • Commercial Real Estate Brokers

  • Banking Professionals

  • Electricians and Plumbers

  • Accountants and Tax Professionals

  • Attorneys and Law Firms

Commercial real estate professionals must provide timely and responsive services. Experienced real estate attorneys offer insight based on their legal expertise, knowledge, and specific experience from other real estate transactions. Additionally, the lawyers at Gateville Law Firm have corporate, estate, and income tax experience, which assists their clients in understanding the best way to oversee their real estate transactions, including the following:

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Oswego Estate Planning Lawyer: Providing Asset Protection & Wealth Preservation

 Posted on March 21, 2023 in Estate Planning

 

"Montgomery,Securing one's wealth and assets provide economic stability. Economic stability is critical in estate planning. A well-crafted estate plan protects assets from lawsuits and other liability concerns and creates a smooth transfer upon death. However, one case can easily dismantle a lifetime of planning and sound decision-making. This is where asset protection comes into play. Asset protection involves strategically arranging assets to minimize potential legal risks while maximizing economic security.

Asset protection encompasses estate planning, lawsuit planning, and business planning. Advanced estate planning strategies employ trusts, business entities, and other liability protection strategies. The area of estate planning and business planning is a complex area of law. Intelligent asset protection and estate planning involve planning and do not involve fraudulent activities. Advanced planning is critical, as any plan to interfere with a pending lawsuit may not be valid.

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

 Posted on March 21, 2023 in Real Estate

 

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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How Do You, as A Real Estate Investor, Coordinate Your Estate Planning With Your Real Estate Properties?

 Posted on March 20, 2023 in Real Estate

"kendallHow Do You, as A Real Estate Investor, Coordinate Your Estate Planning With Your Real Estate Properties?

Real Estate Legacy Planning coordinates asset protection, estate planning, and real estate transaction experience to meet the needs of real estate investors. Whether you are a real estate investor or owner of vacation properties, estate planning, and asset protection, the law can provide effective legal strategies to protect your wealth. Unfortunately, most real estate attorneys need help understanding the multi-disciplinary approach required to serve real estate investors’ legal needs effectively.

Gateville Law Firm specializes in assisting real estate investors and property owners with their coordinated business structure, estate planning, and asset protection goals. Additionally, most estate planning attorneys fail to grasp real estate law in serving the legal needs of the real estate community. Real estate legacy planning is the legal strategy that meets the needs of property owners and real estate investors.

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