GUARDIANSHIP COURT & SENIORS
Guardianship court is a court that administers court proceedings for adult disabled persons that are incapacitated. Seniors are living longer and health difficulties such as dementia and Alzheimer’s disease are affecting are friends and family.
Incapacity is when one is unable to understand the consequences of making financial or healthcare decisions for oneself. When our loved ones fail to designate individuals to manage their healthcare and financial decisions, a court called Guardianship court must make those decisions for disabled adults.
First, Guardianship court must determine whether a person has the capacity to make his or her own decisions. Typically, Guardianship court requires a physician to give their professional recommendation on a court form, which ask the physician several questions regarding a person’s ability to make healthcare and financial decisions.
Too often, we hear stories about how somebody we know or in our family have been deceived out of their real estate or money. Often times, seniors rely on close relatives when they make important financial decisions. In several instances, our family members breach our trust. One of the purposes behind guardianship court is to find a responsible adult that will manage your loved one’s finances and healthcare decisions.
In many states, a guardian consists of two types of guardian: guardian of the person and guardian of the estate. Guardian of the person is responsible for making healthcare decisions. In contrasts, the guardian of the estate assumes responsibility for making financial decisions. Guardianship court manages Guardians and makes sure Guardians are accountable for their handling of a person’s finances and healthcare decisions.
Guardianship court involves a lot of emotion and often times family’s conflict against one another. There are several documents, which can reduce family conflict. First, a power of attorney for healthcare is one of these documents and it states a person’s desire regarding healthcare choices such as whether they want blood transfusions or want to be resuscitated.
More importantly, a person designates an agent, which acts when they lack the ability to make their own healthcare choices and informs the agent how they desire their healthcare decisions to be made. Often times, families want their agent to consult with the patient’s physician and family before making important healthcare decisions. The second important document is a power of attorney for property. A power of attorney for property chooses an agent (a person) that is responsible for managing their healthcare decisions.
In conclusion, a power of attorney for property and healthcare are important legal documents, which decrease the likelihood of family conflict and assist a senior.
Tuesday, September 22, 2009
Thursday, July 9, 2009
Estate Lessons of Michael Jackson
Estate Lessons From Michael Jackson's Death
“Estate Planning Lessons from Michael Jackson’s Death”
In this Article, we will discuss two important estate lessons learned by Michael Jackson’s death. The first estate lesson is your legal affairs must be planned prior to your death or incapacity.
A. Guardianship of Minor Children & Incapacity Planning
Michael Jackson’s death is an educational opportunity because seniors face similar issues to Michael Jackson. First, Michael Jackson (hereinafter referred to as “Jackson”) deceased with three minor children. Seniors are having children at later ages and are responsible for parenting their grandchildren. Unfortunately, death is a hard topic to grasp, but one that must be planned for.
Adult guardianship is a type of probate court, which administers an adult disabled person’s financial and health matters when they are incapacitated. Guardianship court also hears legal matters involving minor children who have either inherited money or need a guardian appointed. Jackson’s will preferred his mother, Katherine Jackson (hereinafter referred to as “Jackson’s Mother”), to be guardian over his children. A will gives the guardianship court clear direction of Jackson’s intent. Estate disputes costs heirs thousands to hundreds of thousands of dollars in attorney’s fees and costs and more importantly, your family may be destroyed over your estate matters. The key lesson is anticipating your potential family conflicts and have your proper legal paperwork prior to your death or incapacity.
B. Privacy as a Dispute Resolution Tool
Privacy is a vital tool in managing potential family estate conflicts. Michael Jackson’s will name his Family Trust as his estate’s beneficiary. A family trust or otherwise known as a “Living Trust” or “Revocable Living Trust” is a legal written document which distributes property upon your death or incapacity. Unlike a will, a family trust does not involve court procedures and is administered outside of court. Hence, in contrasts to probate court where a will is administered and is public information, a family trust has no requirement of mailing out notices to potential heirs including disinherited heirs. More importantly, a public document such as a will enables a will contest attorney to review the language and determine how to contest the validity of the will. In contrasts, a family trust is more difficult to attack because disinherited beneficiaries have no legal right to see the contents of the document. Therefore, the non-court involvement and privacy of a family trust is a powerful tool in managing potential family disputes.
by Sean L. Robertson, Attorney at Law
Robertson Law Group, LLC, 9923 S. Ridgeland Avenue, Suite 99, Chicago Ridge, Illinois 60415, w) 312-498-6080 or RobertsonLawGroup@gmail.com
“Estate Planning Lessons from Michael Jackson’s Death”
In this Article, we will discuss two important estate lessons learned by Michael Jackson’s death. The first estate lesson is your legal affairs must be planned prior to your death or incapacity.
A. Guardianship of Minor Children & Incapacity Planning
Michael Jackson’s death is an educational opportunity because seniors face similar issues to Michael Jackson. First, Michael Jackson (hereinafter referred to as “Jackson”) deceased with three minor children. Seniors are having children at later ages and are responsible for parenting their grandchildren. Unfortunately, death is a hard topic to grasp, but one that must be planned for.
Adult guardianship is a type of probate court, which administers an adult disabled person’s financial and health matters when they are incapacitated. Guardianship court also hears legal matters involving minor children who have either inherited money or need a guardian appointed. Jackson’s will preferred his mother, Katherine Jackson (hereinafter referred to as “Jackson’s Mother”), to be guardian over his children. A will gives the guardianship court clear direction of Jackson’s intent. Estate disputes costs heirs thousands to hundreds of thousands of dollars in attorney’s fees and costs and more importantly, your family may be destroyed over your estate matters. The key lesson is anticipating your potential family conflicts and have your proper legal paperwork prior to your death or incapacity.
B. Privacy as a Dispute Resolution Tool
Privacy is a vital tool in managing potential family estate conflicts. Michael Jackson’s will name his Family Trust as his estate’s beneficiary. A family trust or otherwise known as a “Living Trust” or “Revocable Living Trust” is a legal written document which distributes property upon your death or incapacity. Unlike a will, a family trust does not involve court procedures and is administered outside of court. Hence, in contrasts to probate court where a will is administered and is public information, a family trust has no requirement of mailing out notices to potential heirs including disinherited heirs. More importantly, a public document such as a will enables a will contest attorney to review the language and determine how to contest the validity of the will. In contrasts, a family trust is more difficult to attack because disinherited beneficiaries have no legal right to see the contents of the document. Therefore, the non-court involvement and privacy of a family trust is a powerful tool in managing potential family disputes.
by Sean L. Robertson, Attorney at Law
Robertson Law Group, LLC, 9923 S. Ridgeland Avenue, Suite 99, Chicago Ridge, Illinois 60415, w) 312-498-6080 or RobertsonLawGroup@gmail.com
Basic Estate Planning for Elderly
“BASIC ESTATE PLANNING FOR SENIORS”
Will vs. Revocable Living Trust
A will is a legal document, which distributes your property upon your death. A will is simple and inexpensive. A Revocable Living Trust is a legal document, which acts similar to a Will in distributing your property with minimal hassle. Generally, a Will involves hassle.
Probate Court: Why Wills Do Not Avoid Probate Court?
A Will is public information and must be filed with a court. For example, Sam Smith aged 70 years old is deceased and left a Will. Sam Smith’s heirs must file Sam’s Will with Probate Court in the County where Sam lived. Unlike a Will, a Revocable Living Trust (hereinafter referred to as “Trust”) if planned correctly involves no court involvement and passes one’s assets quickly and easily upon death or incapacity. The second difference between a Will and a Trust is that a Trust plans for incapacity such as Alzheimers, dementia, and strokes. Seniors must be concerned about long-term care issues and incapacity planning is more vital now than planning for one’s transfer of assets upon death. An estimated fifty (50) percent or more Seniors are facing long-term care issues.
Unlike a Will, a Trust plans for incapacity and death. For instance, Sam Smith has a stroke and is unable to manage his healthcare concerns and finances. In this example, Sam Smith’s family members must either have a valid power of attorney (healthcare and property) or face Guardianship Court. Additionally, your loved one’s must undergo a probate or court procedure in every state where you own real estate. This creates a burden upon your family and is expensive and time consuming. Generally, a probate proceeding takes a minimum of nine (9) months to several years. More importantly, court involvement creates family conflict because of Will contests. Attorneys and Executors must mail notices to potential heirs involving Probate Court unlike a Trust. A Trust is private and is typically a secret document with only beneficiaries knowing the Trust’s contents and assets.
Guardianship Court & Incapacity Planning
Guardianship Court is a type of court that determines whether disabled adults are incapacitated and administers a process in choosing a Guardian to manage their financial matters and healthcare concerns. With a Trust, one’s assets such as their primary home, checking/savings accounts, certificate of deposits and any other assets are titled in their Trust’s name. Many people add relatives to their accounts or house deed, but this is ineffective because their relatives may have lawsuits and other legal matters that could jeopardize a senior’s assets. In this financial crisis, lawsuits, judgments, and bankruptcy are major concerns. Second, relatives and friends die and complicate a senior’s life.
Powers of Attorney for Property & Healthcare
There are two types of Powers of Attorney: Property & Healthcare. A Power of Attorney for Property appoints an agent or successor agent(s) to manage one’s finances in case of incapacity. It is highly recommended to have multiple agents in case your original agent is unavailable, deceased, or incapacitated. An Agent is empowered to make financial decisions for the incapacitated adult. The second type of Power of Attorney is a Power of Attorney for Healthcare. In a Power of Attorney for Healthcare, you state your wishes in case you are unable to make healthcare decisions.
POWER OF ATTORNEY VS. LIVING WILL
A living will is an advanced healthcare directive informing your doctor how you want them to proceed in case of an emergency. A Power of Attorney is much broader than a Living Will and it instructs your physician how to proceed in a medical emergency and appoints an Agent (your loved one) to make healthcare decisions for you. Thus, unlike a living will, you appoint an Agent to consult with your physicians and family members and make healthcare decisions as you have instructed them to do.
Conclusion
In general, a will is sufficient for somebody that does not own any real estate and have limited assets. In contrasts, a Revocable Living Trust is generally better for Seniors with a house and modest to large assets. At a minimum, Seniors should have a Power of Attorney for Property & Healthcare in combination with a Will and/or Revocable Living Trust.
Sean Robertson is Principal of Robertson Law Group, LLC and he concentrates in Elder, Wills & Trusts, Probate & Guardianship, and Asset Protection for Seniors & Adult Disabled persons. Sean can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com. Sean has a nationwide Elder law, Estate Planning, & Asset Protection law practice. Sean has his website at www.robertsonlawgroup.com.
Will vs. Revocable Living Trust
A will is a legal document, which distributes your property upon your death. A will is simple and inexpensive. A Revocable Living Trust is a legal document, which acts similar to a Will in distributing your property with minimal hassle. Generally, a Will involves hassle.
Probate Court: Why Wills Do Not Avoid Probate Court?
A Will is public information and must be filed with a court. For example, Sam Smith aged 70 years old is deceased and left a Will. Sam Smith’s heirs must file Sam’s Will with Probate Court in the County where Sam lived. Unlike a Will, a Revocable Living Trust (hereinafter referred to as “Trust”) if planned correctly involves no court involvement and passes one’s assets quickly and easily upon death or incapacity. The second difference between a Will and a Trust is that a Trust plans for incapacity such as Alzheimers, dementia, and strokes. Seniors must be concerned about long-term care issues and incapacity planning is more vital now than planning for one’s transfer of assets upon death. An estimated fifty (50) percent or more Seniors are facing long-term care issues.
Unlike a Will, a Trust plans for incapacity and death. For instance, Sam Smith has a stroke and is unable to manage his healthcare concerns and finances. In this example, Sam Smith’s family members must either have a valid power of attorney (healthcare and property) or face Guardianship Court. Additionally, your loved one’s must undergo a probate or court procedure in every state where you own real estate. This creates a burden upon your family and is expensive and time consuming. Generally, a probate proceeding takes a minimum of nine (9) months to several years. More importantly, court involvement creates family conflict because of Will contests. Attorneys and Executors must mail notices to potential heirs involving Probate Court unlike a Trust. A Trust is private and is typically a secret document with only beneficiaries knowing the Trust’s contents and assets.
Guardianship Court & Incapacity Planning
Guardianship Court is a type of court that determines whether disabled adults are incapacitated and administers a process in choosing a Guardian to manage their financial matters and healthcare concerns. With a Trust, one’s assets such as their primary home, checking/savings accounts, certificate of deposits and any other assets are titled in their Trust’s name. Many people add relatives to their accounts or house deed, but this is ineffective because their relatives may have lawsuits and other legal matters that could jeopardize a senior’s assets. In this financial crisis, lawsuits, judgments, and bankruptcy are major concerns. Second, relatives and friends die and complicate a senior’s life.
Powers of Attorney for Property & Healthcare
There are two types of Powers of Attorney: Property & Healthcare. A Power of Attorney for Property appoints an agent or successor agent(s) to manage one’s finances in case of incapacity. It is highly recommended to have multiple agents in case your original agent is unavailable, deceased, or incapacitated. An Agent is empowered to make financial decisions for the incapacitated adult. The second type of Power of Attorney is a Power of Attorney for Healthcare. In a Power of Attorney for Healthcare, you state your wishes in case you are unable to make healthcare decisions.
POWER OF ATTORNEY VS. LIVING WILL
A living will is an advanced healthcare directive informing your doctor how you want them to proceed in case of an emergency. A Power of Attorney is much broader than a Living Will and it instructs your physician how to proceed in a medical emergency and appoints an Agent (your loved one) to make healthcare decisions for you. Thus, unlike a living will, you appoint an Agent to consult with your physicians and family members and make healthcare decisions as you have instructed them to do.
Conclusion
In general, a will is sufficient for somebody that does not own any real estate and have limited assets. In contrasts, a Revocable Living Trust is generally better for Seniors with a house and modest to large assets. At a minimum, Seniors should have a Power of Attorney for Property & Healthcare in combination with a Will and/or Revocable Living Trust.
Sean Robertson is Principal of Robertson Law Group, LLC and he concentrates in Elder, Wills & Trusts, Probate & Guardianship, and Asset Protection for Seniors & Adult Disabled persons. Sean can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com. Sean has a nationwide Elder law, Estate Planning, & Asset Protection law practice. Sean has his website at www.robertsonlawgroup.com.
Sunday, June 7, 2009
Top 15 Legal Tips for Starting A Business
TOP 15 LEGAL TIPS FOR STARTING A BUSINESS
1. Prepare written contracts for customers to sign. Any contract over $500 must be in writing. The contract should explain your company’s duties and your client’s responsibilities.
2. Choose the correct business structure. Make sure your structure is good for tax purposes and limits your personal liability. Generally, Accountants like S corporations and Attorneys like Limited Liability Corporations (LLCs). To find out which is the best entity for you, please consult a business lawyer with a tax expertise.
3. Do not commingle your personal and business finances. Operate your business like a business. Do not commingle your personal and business finances. Otherwise, the personal liability protection provided by a corporation and/or LLC or relevant business entity will be jeopardized.
4. Have a written agreement between you and your partners. You and your business partner or partners should have a written agreement that outlines your management responsibilities, your capital contributions, the procedure for admitting new partners or shareholders, and whether additional cash or property contributions are required. You should consult a business attorney to help you draft a well-written partnership or business agreement.
5. Prepare for the possibility of death, disability, and the likelihood that one partner or shareholder wants to be bought out. A buy/sell agreement should be drafted to address the possibility of death, disability, and/or one person wanting their interest to be bought out. As a business owner, you do not want to enter business with your partner’s family members. Upon any of the above contingencies, your business must have a written contract explaining the process for buying out your partner’s interest. This ensures a smooth business transition period.
6. Watch Out for Oral Contracts. As a small business owner, you or your partners can create an oral contract without realizing it. If another party believes there is a contract, there may be a valid contract. Follow the advice on #1.
7. Be careful when you hire independent contractors versus employees. Small business owners do not want to pay payroll taxes and hire independent contractors to avoid this responsibility. In contrast, IRS and State of Illinois may treat your independent contractor as an employee. Therefore, IRS & Department of Revenue (State of IL) will assess interest and penalties for back owed taxes. Speak with an Attorney or CPA before hiring independent contractors or employees.
8. Be careful about choosing to break contracts. Small business owners will enter contracts and choose to break them. A lot of times small business owners do not obtain the level of service and expertise that vendors promise them. Consequently, small business owners stop paying their vendors. Small business owners must maintain records and specific examples and correspondence with their vendors before breaching the contract. Evidence strengthens an attorney’s negotiating power when defending your company for breach of contract. The power of a written word is more powerful than oral communications.
9. Hiring and Firing Employees should be carefully done. Many small business owners do not provide their employees an employee handbook. An employee handbook should be carefully drafted by an HR consultant or an Attorney to ensure that costly litigation does not force your small business out of business. Small business owners should be careful to document why an employee was fired. Fired employees sue their former employers.
10. Do not infringe another company’s trademark. Small business owners especially high tech companies should be careful that they do not violate another company’s trademark. A trademark is a logo/symbol that represents another company’s good will such as a logo, name, and/or symbol. For a more thorough analysis, you should consult an Intellectual Property Attorney.
11. Follow Federal & State Securities Laws when you raise money from investors. Small business owners must comply with Securities Act of 1933 & 1934 and state securities law. A private placement memorandum (PPM) is required. A PPM is similar to a business plan. A PPM should address relevant legal issues and make full disclosures to investors. A PPM is necessary to enable an investor to evaluate the soundness of a business investment. When raising money from family and friends, make sure you comply with Federal and State Securities Regulations.
Sean L. Robertson (Sean) is Principal and Wealth Preservation Attorney at Robertson Law Group, LLC. Sean concentrates in commercial transactions, wills and trusts, asset protection for business owners. Sean can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com.
1. Prepare written contracts for customers to sign. Any contract over $500 must be in writing. The contract should explain your company’s duties and your client’s responsibilities.
2. Choose the correct business structure. Make sure your structure is good for tax purposes and limits your personal liability. Generally, Accountants like S corporations and Attorneys like Limited Liability Corporations (LLCs). To find out which is the best entity for you, please consult a business lawyer with a tax expertise.
3. Do not commingle your personal and business finances. Operate your business like a business. Do not commingle your personal and business finances. Otherwise, the personal liability protection provided by a corporation and/or LLC or relevant business entity will be jeopardized.
4. Have a written agreement between you and your partners. You and your business partner or partners should have a written agreement that outlines your management responsibilities, your capital contributions, the procedure for admitting new partners or shareholders, and whether additional cash or property contributions are required. You should consult a business attorney to help you draft a well-written partnership or business agreement.
5. Prepare for the possibility of death, disability, and the likelihood that one partner or shareholder wants to be bought out. A buy/sell agreement should be drafted to address the possibility of death, disability, and/or one person wanting their interest to be bought out. As a business owner, you do not want to enter business with your partner’s family members. Upon any of the above contingencies, your business must have a written contract explaining the process for buying out your partner’s interest. This ensures a smooth business transition period.
6. Watch Out for Oral Contracts. As a small business owner, you or your partners can create an oral contract without realizing it. If another party believes there is a contract, there may be a valid contract. Follow the advice on #1.
7. Be careful when you hire independent contractors versus employees. Small business owners do not want to pay payroll taxes and hire independent contractors to avoid this responsibility. In contrast, IRS and State of Illinois may treat your independent contractor as an employee. Therefore, IRS & Department of Revenue (State of IL) will assess interest and penalties for back owed taxes. Speak with an Attorney or CPA before hiring independent contractors or employees.
8. Be careful about choosing to break contracts. Small business owners will enter contracts and choose to break them. A lot of times small business owners do not obtain the level of service and expertise that vendors promise them. Consequently, small business owners stop paying their vendors. Small business owners must maintain records and specific examples and correspondence with their vendors before breaching the contract. Evidence strengthens an attorney’s negotiating power when defending your company for breach of contract. The power of a written word is more powerful than oral communications.
9. Hiring and Firing Employees should be carefully done. Many small business owners do not provide their employees an employee handbook. An employee handbook should be carefully drafted by an HR consultant or an Attorney to ensure that costly litigation does not force your small business out of business. Small business owners should be careful to document why an employee was fired. Fired employees sue their former employers.
10. Do not infringe another company’s trademark. Small business owners especially high tech companies should be careful that they do not violate another company’s trademark. A trademark is a logo/symbol that represents another company’s good will such as a logo, name, and/or symbol. For a more thorough analysis, you should consult an Intellectual Property Attorney.
11. Follow Federal & State Securities Laws when you raise money from investors. Small business owners must comply with Securities Act of 1933 & 1934 and state securities law. A private placement memorandum (PPM) is required. A PPM is similar to a business plan. A PPM should address relevant legal issues and make full disclosures to investors. A PPM is necessary to enable an investor to evaluate the soundness of a business investment. When raising money from family and friends, make sure you comply with Federal and State Securities Regulations.
Sean L. Robertson (Sean) is Principal and Wealth Preservation Attorney at Robertson Law Group, LLC. Sean concentrates in commercial transactions, wills and trusts, asset protection for business owners. Sean can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com.
Tuesday, April 14, 2009
Payroll Taxes & Asset Protection
I just read an article about many Americans particularly self-employed professionals are not able to make their quarterly estimated taxes. This has been a major problem over the last couple of years. Many self-employed professionals have been hit hard during this recession. Without adequate capital, many have failed to pay their fair share of employment or payroll taxes. The IRS is a jealous creditor and not a creditor that you want against you.
With advanced Asset Protection, you can protect your assets against potential liabilities such as IRS, Credit Card Companies, or Even Mortgage Companies. There is a law known as Fraudulent Convenyance, which means that you cannot hinder, delay, or defraud a creditor. Hence, the proper time to asset protection plan is prior to these potential litigation matters.
With the IRS, they have a huge leverage of you especially if you own a home. They can place a lien on your home and Levy your bank accounts or worse put your business into involuntarily bankruptcy. These are very serious matters where you will loose sleep over.
With proper Asset Protection, you can avoid liens being placed against your House & become judgment proof. For a free consultation, call Sean Robertson 312-498-6080 or RobertsonLawGroup@gmail.com.
With advanced Asset Protection, you can protect your assets against potential liabilities such as IRS, Credit Card Companies, or Even Mortgage Companies. There is a law known as Fraudulent Convenyance, which means that you cannot hinder, delay, or defraud a creditor. Hence, the proper time to asset protection plan is prior to these potential litigation matters.
With the IRS, they have a huge leverage of you especially if you own a home. They can place a lien on your home and Levy your bank accounts or worse put your business into involuntarily bankruptcy. These are very serious matters where you will loose sleep over.
With proper Asset Protection, you can avoid liens being placed against your House & become judgment proof. For a free consultation, call Sean Robertson 312-498-6080 or RobertsonLawGroup@gmail.com.
Vermont & Iowa Legalize Gay Marriage: No Federal Tax Relief
State Supreme Courts & State Legislatures are slowly legalizing civil unions and gay marriage. Recently, Vermont and Iowa legalized gay marriage and the key question is how does this impact you and your partner?
In Illinois, gay marriage is not recognized and therefore for estate purposes, you cannot inherit under intestate law. Intestate law is the law which says that your spouse gets half of your property and your children get half of your property if you die without a will. Your partner is not your spouse according to Illinois law and therefore, you have no rights under State of Illinois law.
What happens if you get married in Vermont or Iowa? Great idea since Iowa is close to Illinois. The Defense of Marriage Act enacted into law by President Bill Clinton says that each state has the right to make their own decisions regarding marriage. Thus, Illinois law does not assume that you and your partner are spouses or even have the privileges typically associated with spouses.
In Illinois, you and your partner should consult an estate planning attorney. If you create a Living Trust or a Will (in some cases), you can grant your Partner the legal authority to visit you in the hospital or inherit your wealth. Second, under Federal Law for Estate Tax Purposes, your Partner is not considered your Spouse. Therefore, gay couples and partners do not get favorable tax treated similar to married couples.
Sean L. Robertson is an Wealth Preservation Attorney concentrating in Wills, Trusts, Estate Planning, Elder, & Asset Protection law and can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com.
In Illinois, gay marriage is not recognized and therefore for estate purposes, you cannot inherit under intestate law. Intestate law is the law which says that your spouse gets half of your property and your children get half of your property if you die without a will. Your partner is not your spouse according to Illinois law and therefore, you have no rights under State of Illinois law.
What happens if you get married in Vermont or Iowa? Great idea since Iowa is close to Illinois. The Defense of Marriage Act enacted into law by President Bill Clinton says that each state has the right to make their own decisions regarding marriage. Thus, Illinois law does not assume that you and your partner are spouses or even have the privileges typically associated with spouses.
In Illinois, you and your partner should consult an estate planning attorney. If you create a Living Trust or a Will (in some cases), you can grant your Partner the legal authority to visit you in the hospital or inherit your wealth. Second, under Federal Law for Estate Tax Purposes, your Partner is not considered your Spouse. Therefore, gay couples and partners do not get favorable tax treated similar to married couples.
Sean L. Robertson is an Wealth Preservation Attorney concentrating in Wills, Trusts, Estate Planning, Elder, & Asset Protection law and can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com.
Estate Lessons: What Can The White House Dog "Bo" Can Teach Us?
You may be wondering what can the new White House Dog "Bo" teach us about estate planning. For many families, their dog(s) are part of their family and should be part of their estate plan. Pet Trusts are Trust designed for Pets such as "Bo". In Illinois, Pet Trusts are legal and a proper estate planning technique.
Obviously, if you are going to estate plan for your Pet, you should also plan for guardianship of your minor children. A guardian is a person that is legally responsible for your minor children such as paying school expenses, decided which school your children will attend, and the type of punishment or reward your children will have.
How Do You Pick an Executor or Trustee? An executor is in charge of implementing your Will and a Trustee is legally responsible for following your written wishes via your Revocable "Living" Trust. These are factors to consider:
1. Responsible with Money;
2. Similar Values as You or You Would Want;
3. School District & Neighborhood of Prospective Guardian;
4. Follows Rules;
5. Plays Well with Others;
6. Honest & Ethical;
7. Respected by Beneficiaries
Sean L. Robertson, Esq. (Tax) is a Wealth Preservation Attorney that concentrates in Wills, Trusts, Elder Law, Probate, & Asset Protection law. Sean Robertson can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com. Check out www.chicagoridgelaw.blogspot.com for more informational articles or www.RobertsonLawGroup.com/blog.htm.
Key Words: Pet Trusts, Elderly, Senior, Wills, Trusts, Executor, Trustee, & Probate
Obviously, if you are going to estate plan for your Pet, you should also plan for guardianship of your minor children. A guardian is a person that is legally responsible for your minor children such as paying school expenses, decided which school your children will attend, and the type of punishment or reward your children will have.
How Do You Pick an Executor or Trustee? An executor is in charge of implementing your Will and a Trustee is legally responsible for following your written wishes via your Revocable "Living" Trust. These are factors to consider:
1. Responsible with Money;
2. Similar Values as You or You Would Want;
3. School District & Neighborhood of Prospective Guardian;
4. Follows Rules;
5. Plays Well with Others;
6. Honest & Ethical;
7. Respected by Beneficiaries
Sean L. Robertson, Esq. (Tax) is a Wealth Preservation Attorney that concentrates in Wills, Trusts, Elder Law, Probate, & Asset Protection law. Sean Robertson can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com. Check out www.chicagoridgelaw.blogspot.com for more informational articles or www.RobertsonLawGroup.com/blog.htm.
Key Words: Pet Trusts, Elderly, Senior, Wills, Trusts, Executor, Trustee, & Probate
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