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
Monday, April 13, 2009
Asset Protection Article
The Family Limited Partnership > Ownership by Spouses
by RJ Mintz
I wanted to pass this article onto the general public because I believe it is an informative article speaking about Family Limited Partnerships. Sean L. Robertson, Esq. is a Wealth Preservation Attorney that concentrates in Wills, Trusts, Estate Planning, Probate, & Asset Protection laws. Sean Robertson may be reached at 312 498 6080 or RobertsonLawGroup@gmail.com.
by RJ Mintz
I wanted to pass this article onto the general public because I believe it is an informative article speaking about Family Limited Partnerships. Sean L. Robertson, Esq. is a Wealth Preservation Attorney that concentrates in Wills, Trusts, Estate Planning, Probate, & Asset Protection laws. Sean Robertson may be reached at 312 498 6080 or RobertsonLawGroup@gmail.com.
Ownership by Spouses
The first alternative is that H and W (or a single individual) hold all or most of the limited partnership interests. The apparent advantage of this arrangement is that it is attractive and convenient. Control is maintained through the General Partnership and equity is preserved through the ownership of the limited partnership interests. This arrangement is generally consistent with the goals of H and W not to part with assets in any meaningful way. The disadvantages of this format are that the interests retained by H and W are subject to a charging order or may be seized by a successful creditor, eliminating any intended asset protection benefits. This remedy is known as a foreclosure and may be particularly powerful in the hands of a knowledgeable plaintiff.
Foreclosure of FLP Interest
We have previously discussed the fact that a judgment creditor of a partner can obtain a charging order against the debtor’s partnership interest. The charging order gives the debtor a right to any distributions from the partnership to the debtor partner and remains in effect until the creditor has been paid in full or until the time limit for collecting the judgment has expired (usually 20 years)
In addition to the charging order remedy, most states allow a creditor to foreclose on the debtor partner's interest. (Hellman v. Anderson 233 Cal. App. 3d 840; California Corporations Code 17302 (Foreclosure of LLC interests)). A foreclosure means that the court allows a seizure and sale of the debtor's partnership interest. Although the purchaser of the partnership interest may be restricted in the exercise of any management rights, he would be entitled to the debtor's share of distributions without regard to the amount of the judgment.
For example, a Husband and Wife form an FLP with property worth $1 million. Some years later there is a judgment against the couple for $200,000. If the creditor's remedy is limited to a charging order, he would be entitled to distributions equal to the amount of the judgment. When and if he is paid this amount (plus interest) the creditor's judgment is satisfied. A creditor who is permitted to foreclose on the partnership interest gets more than that. He is legally entitled to distributions without regard to the amount of the judgment. He could ultimately get paid the full $1 million of value.
The timing and fact of any distributions will be subject to legal maneuvering and tactics, but the possibility of a potentially disastrous result must be carefully considered. Further, the mere existence of the foreclosure remedy dramatically increases the negotiating leverage of the plaintiff in any situation in which the value of FLP assets exceeds the amount of the judgment. The threat of a foreclosure by a knowledgeable plaintiff alters the relative bargaining position of the parties by raising the specter of a loss for the defendant beyond even the amount of the judgment. Pre-litigation and pre-trial negotiations would be impacted by the possibility of a remedy that could cost the defendant more than the amount of a potential judgment. The defendant in this situation would have to liquidate the FLP, if possible (unwinding the asset protection plan) or would be forced to settle on the most unfavorable terms.
In light of these potential problems, we can conclude that ownership of FLP interests (or LLC interests) in an unprotected form by an individual, Husband and Wife, or a living trust, creates significant danger and risk of foreclosure and loss. In some circumstance that amount of the loss may even exceed the amount of a potential judgment.
The crucial element of asset protection planning is creating the proper strategy to hold interests in an FLP, LLC, corporation or any other entity in the structure.
What Happens to Real Estate When One Spouse Dies?
Welcome to this Blog by Robertson Law Group, P.C., 9923 S. Ridgeland Avenue, Suite 99, Chicago Ridge, Illinois 60415, (312) 498-6080.
Today, I received a phone call from a widow because she received a payment of $800 as a refund. What is the problem? The refund check is in her husband's name, who is deceased. Her question was what do I do?
Probating Real Estate or Not?
When the first spouse dies, living spouses often times do not think about changing their real estate deeds to reflect that one spouse is deceased. In my prospect's example, her simple question about a $800 refund was really a question of whether we must establish a probate estate or will a simple small estate affidavit be sufficient? In her case, her and her husband's name were titled in both of their names as "Joint Tenants". In Illinois, Joint Tenants is a way of owning real estate with your spouse where as if one spouse deceases, the other spouse's one-half interest immediately transfers to the surviving spouse. Thus, in our example, my prospect must not undergo probate court because as a matter of law, she owns her home in her personal name only due to Joint Tenancy with Right of Survivorship. Therefore, automatically upon her husband's death, his interest was transferred to her.
What happens when Surviving Spouse dies?
The children, brothers, or sisters must probate the house and hire an attorney and undergo a legal process called probate court. Probate court is a court that hears inheritance issues such as who is the rightful owner of the parent's home when a will was not made. In Illinois, when one does not complete a will, the property must go through probate court and Illinois law assumes that the surviving spouse (if any) gets one-half of the property and the children will split the other one-half of property. If there is no surviving spouse like our example above, than all the children will split the profits equally.
How Much Does Probate Costs?
The answer depends on the complexity of the family relationships and whether the family gets along with one another. A typical probate estate may costs from $3,000 to $6,000 or more depending on the assets and nature of the probate estate case. The fees are generally around $600 to $1,000. Obviously, if any issue such as heirship is contested, a probate estate may costs in excess of $15,000 to $100,000s in attorney's fees and costs.
This Article is written by Sean L. Robertson, an attorney that concentrates in wills, trusts, probate, guardianship, corporate and asset protection law. Simply put, Sean is an estates and trusts and corporate attorney.
Sean L. Robertson, Esq.
RobertsonLawGroup
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312 498 6080
e) RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
Key words: Chicago Ridge, Chicago, Southside of Chicago, Joliet, Will County, Oak Lawn, Bridgeview, South Loop (Chicago), Homer Glen, New Lenox, Orland Park, Wills, Trusts, Probate, Power of Attorney (Property & Healthcare)
Today, I received a phone call from a widow because she received a payment of $800 as a refund. What is the problem? The refund check is in her husband's name, who is deceased. Her question was what do I do?
Probating Real Estate or Not?
When the first spouse dies, living spouses often times do not think about changing their real estate deeds to reflect that one spouse is deceased. In my prospect's example, her simple question about a $800 refund was really a question of whether we must establish a probate estate or will a simple small estate affidavit be sufficient? In her case, her and her husband's name were titled in both of their names as "Joint Tenants". In Illinois, Joint Tenants is a way of owning real estate with your spouse where as if one spouse deceases, the other spouse's one-half interest immediately transfers to the surviving spouse. Thus, in our example, my prospect must not undergo probate court because as a matter of law, she owns her home in her personal name only due to Joint Tenancy with Right of Survivorship. Therefore, automatically upon her husband's death, his interest was transferred to her.
What happens when Surviving Spouse dies?
The children, brothers, or sisters must probate the house and hire an attorney and undergo a legal process called probate court. Probate court is a court that hears inheritance issues such as who is the rightful owner of the parent's home when a will was not made. In Illinois, when one does not complete a will, the property must go through probate court and Illinois law assumes that the surviving spouse (if any) gets one-half of the property and the children will split the other one-half of property. If there is no surviving spouse like our example above, than all the children will split the profits equally.
How Much Does Probate Costs?
The answer depends on the complexity of the family relationships and whether the family gets along with one another. A typical probate estate may costs from $3,000 to $6,000 or more depending on the assets and nature of the probate estate case. The fees are generally around $600 to $1,000. Obviously, if any issue such as heirship is contested, a probate estate may costs in excess of $15,000 to $100,000s in attorney's fees and costs.
This Article is written by Sean L. Robertson, an attorney that concentrates in wills, trusts, probate, guardianship, corporate and asset protection law. Simply put, Sean is an estates and trusts and corporate attorney.
Sean L. Robertson, Esq.
RobertsonLawGroup
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312 498 6080
e) RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
Key words: Chicago Ridge, Chicago, Southside of Chicago, Joliet, Will County, Oak Lawn, Bridgeview, South Loop (Chicago), Homer Glen, New Lenox, Orland Park, Wills, Trusts, Probate, Power of Attorney (Property & Healthcare)
Tuesday, April 7, 2009
Asset Protection Lessons From Financial Crisis
In today's economy, we are witnessing one unit of a company taking the other units onto the brink of bankruptcy. For example, AIG is a prime example of one or several divisions of a company can bring other profitable divisions on the brink of bankruptcy.
Why Asset Protection?
Asset Protection is vital because it protects your other valuable assets. Simply stated, in the AIG situation above, Asset Protection insulates the profitable divisions from the losses of the unprofitable divisions. This is important because many times business owners set up a satellite location and assume that that location will be profitable like their main location. Hence, unfortunately, location, luck, and many other factors play a considerable role in determining business success. Often times, business owners must have a strategy to mitigate their losses.
Who Are Good Candidates for Asset Protection?
Business Owners, Doctors, Dentists, Self Employed Individuals, and High Net Worth Families or Individuals are excellent candidates for Asset Protection. Mostly because society assumes these individuals have money and often times, clients perceive injuries to have occured against them and want to sue to regain what they have lost.
For more information on Wills, Trusts, Asset Protection, & Estate Planning, please call Sean Robertson at 312 498 6080 or RobertsonLawGroup@gmail.com.
Robertson Law Group
9923 S. Ridgeland Avenue, Suite 99
Chicago Ridge, IL 60415
w) 312 498 6080 f) 312 377 2480
e) RobertsonLawGroup@gmail.com
Why Asset Protection?
Asset Protection is vital because it protects your other valuable assets. Simply stated, in the AIG situation above, Asset Protection insulates the profitable divisions from the losses of the unprofitable divisions. This is important because many times business owners set up a satellite location and assume that that location will be profitable like their main location. Hence, unfortunately, location, luck, and many other factors play a considerable role in determining business success. Often times, business owners must have a strategy to mitigate their losses.
Who Are Good Candidates for Asset Protection?
Business Owners, Doctors, Dentists, Self Employed Individuals, and High Net Worth Families or Individuals are excellent candidates for Asset Protection. Mostly because society assumes these individuals have money and often times, clients perceive injuries to have occured against them and want to sue to regain what they have lost.
For more information on Wills, Trusts, Asset Protection, & Estate Planning, please call Sean Robertson at 312 498 6080 or RobertsonLawGroup@gmail.com.
Robertson Law Group
9923 S. Ridgeland Avenue, Suite 99
Chicago Ridge, IL 60415
w) 312 498 6080 f) 312 377 2480
e) RobertsonLawGroup@gmail.com
Saturday, March 28, 2009
How to Hire An Estate Planning Attorney?
Wills & Trusts Attorney
Hiring an experienced wills and trusts attorney is important. Attorneys specialize in many different areas of law. Real estate attorneys navigate the real estate industry while civil litigation attorneys are experienced in civil litigation and trial work. A wills and trust attorney concentrates in assisting seniors, couples, and professionals plan their estates in ways that are practical. When I first started practicing wills & trusts, I drafted complex and complicated documents that clients could not understand. Quite frankly, the industry standard in wills & trusts is to develop complex and complicated documents that clients do not understand. In reality, this is a major problem because it ignores the reality that Client's beneficiaries will not understand these documents and often times go without legal counsel or go to legal counsel that do not specialize in estates & trusts.
Thus, an experienced wills and trusts attorney understands that KISS (keeping it simple stupid) makes sense for estate planning. Second, experienced estate planning attorneys understand how tax law affect your goals. Many estate planning and non-estate planning attorneys lack a tax background and therefore, do not understand when a simple gift to your children can have tremendous tax consequences. In estate and gift taxation, a mistake costs a 50 percent tax burden, which is excessive.
Fourth, experienced estate planning attorneys understand the unique issues facing seniors such as how most seniors do not want to loose control over their money. For example, many estate planning attorneys will recommend legal solutions that are complex and make sense from a legal standpoint, but do not understand many other factors contribute to a person or family make decisions. Experienced estate planning attorneys at least are aware of the inherit conflicts that surround estate planning, which cause families to be destroyed and legal fees and costs to be excessive. Therefore, experienced estate planning attorneys are better equipped to provide you good results and assist you to minimize family conflicts or feuds.
Sean L. Robertson, Attorney at Law
Robertson Law Group, P.C.
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312 377 2480 f) 312 377 2480
e) RobertsonLawGroup@gmail.com
Serving Cook County, Will County, & DuPage County
Hiring an experienced wills and trusts attorney is important. Attorneys specialize in many different areas of law. Real estate attorneys navigate the real estate industry while civil litigation attorneys are experienced in civil litigation and trial work. A wills and trust attorney concentrates in assisting seniors, couples, and professionals plan their estates in ways that are practical. When I first started practicing wills & trusts, I drafted complex and complicated documents that clients could not understand. Quite frankly, the industry standard in wills & trusts is to develop complex and complicated documents that clients do not understand. In reality, this is a major problem because it ignores the reality that Client's beneficiaries will not understand these documents and often times go without legal counsel or go to legal counsel that do not specialize in estates & trusts.
Thus, an experienced wills and trusts attorney understands that KISS (keeping it simple stupid) makes sense for estate planning. Second, experienced estate planning attorneys understand how tax law affect your goals. Many estate planning and non-estate planning attorneys lack a tax background and therefore, do not understand when a simple gift to your children can have tremendous tax consequences. In estate and gift taxation, a mistake costs a 50 percent tax burden, which is excessive.
Fourth, experienced estate planning attorneys understand the unique issues facing seniors such as how most seniors do not want to loose control over their money. For example, many estate planning attorneys will recommend legal solutions that are complex and make sense from a legal standpoint, but do not understand many other factors contribute to a person or family make decisions. Experienced estate planning attorneys at least are aware of the inherit conflicts that surround estate planning, which cause families to be destroyed and legal fees and costs to be excessive. Therefore, experienced estate planning attorneys are better equipped to provide you good results and assist you to minimize family conflicts or feuds.
Sean L. Robertson, Attorney at Law
Robertson Law Group, P.C.
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312 377 2480 f) 312 377 2480
e) RobertsonLawGroup@gmail.com
Serving Cook County, Will County, & DuPage County
Saturday, March 21, 2009
What is Probate & What is the Probate Process?
Probate
Probate is a court that determines who is the rightful owner of a deceased person. Typically, a case gets to probate court if someone dies without a will or a person dies with a will. If you pass away without a will, the State of Illinois has a statute called "intestate succession". Intestate succession is a statute that says that the surviving spouse gets 1/2 of the deceased person's assets and the surviving children get 1/2 of the assets. If the spouse is deceased, than the surviving children split the inheritance equally.
Will Must Be Probated
A will is a way of distributing assets upon death. It is simple and inexpensive. One misunderstood thing is a will must undergo probate court.
Probate Court Process: Circuit Court of Cook County, Circuit Court DuPage County, & Circuit Court of Will County
Essentially, one person mails out a petition requesting the probate court to grant them the right to administer the deceased person's estate. The notice must go out at least 30 days in advance of the court hearing or get a signed waiver from all the interested heirs that states that they do not oppose the appointment of the person looking to be independent executor. Typically, it takes 45 to 60 days to open up a probate estate. Again, you must mail out a 30 day notice and it takes awhile for the court to schedule a first court hearing. Upon the first court hearing (if not contested), the court issues a "court order", which means that the court grants authority to the person seeking to become the independent administrator.
Independent Administrator or Executor-Probate in Cook, Will, & DuPage County
An independent administrator or executor are the same person. They are responsible for paying any debts (of deceased), publishing a notice to creditors (in newspaper), working with the attorney, and distributing all of the assets to the appropriate beneficiaries. Typically, a big job of the independent administrator is selling real estate and working with a realtor.
An independent administrator has broad powers such as transferring and selling real estate, negotiating with mortgage companies, and paying debts from the decedent's checking and savings accounts.
Final Closing of Decedent's Probate Estate
Within 14 months after opening a decedent's probate estate, the independent executor must submit a final accounting. An accounting should detail the expenses and have signed releases from the heirs stating that they received their inheritance. You also must present proof that you allowed creditors to file any claims within 6 months after death (or after publishing notice to creditors). The surety bond must be paid as well because almost all estates are required to pay annual premiums for surety bonds. A surety bond is a form of insurance in case the independent administrator misappropriates the decedent's estate funds. With all of these things being complete, it is time for the independent administrator to finalize their accounting and get released from additional job duties.
Wills, Trusts, Guardianship, Probate, Estate Planning, & Estate & Gift Tax Planning
For probate, guardianship, wills, living trusts, estate planning, estate and gift tax planning, business entity selection, and asset protection legal advice, Sean L. Robertson is happy to assist you. Sean can be reached at 312 498 6080.
We have two locations:
1. Chicago (Southside)
Robertson Law Group, P.C.
122 East 35th Street, Suite 50, Chicago, Illinois 60616
w) 312 498 6080 f) 312 377 2480
This Office serves South Loop, Downtown Chicago, Southside of Chicago, & West Loop areas of Chicago. We can travel to your office, home, or business location.
2. Chicago Ridge or Southwest Suburbs Location
Robertson Law Group, P.C.
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312 498 6080
e) RobertsonLawGroup@gmail.com
This Office serves Will County, Southwest Cook County, Chicago Ridge, Worth, Palos, Orland Park, Oak Lawn, New Lenox, Frankfort, Mokena, Joliet, DuPage County & other surrounding communities.
Key Words: Probate, Independent Administrator, Wills, Living Trusts, Trusts, Estates & Trusts, Executor, Intestate Succession, Circuit Court of DuPage County, Circuit Court of Will County, & Circuit Court of Cook County.
Probate is a court that determines who is the rightful owner of a deceased person. Typically, a case gets to probate court if someone dies without a will or a person dies with a will. If you pass away without a will, the State of Illinois has a statute called "intestate succession". Intestate succession is a statute that says that the surviving spouse gets 1/2 of the deceased person's assets and the surviving children get 1/2 of the assets. If the spouse is deceased, than the surviving children split the inheritance equally.
Will Must Be Probated
A will is a way of distributing assets upon death. It is simple and inexpensive. One misunderstood thing is a will must undergo probate court.
Probate Court Process: Circuit Court of Cook County, Circuit Court DuPage County, & Circuit Court of Will County
Essentially, one person mails out a petition requesting the probate court to grant them the right to administer the deceased person's estate. The notice must go out at least 30 days in advance of the court hearing or get a signed waiver from all the interested heirs that states that they do not oppose the appointment of the person looking to be independent executor. Typically, it takes 45 to 60 days to open up a probate estate. Again, you must mail out a 30 day notice and it takes awhile for the court to schedule a first court hearing. Upon the first court hearing (if not contested), the court issues a "court order", which means that the court grants authority to the person seeking to become the independent administrator.
Independent Administrator or Executor-Probate in Cook, Will, & DuPage County
An independent administrator or executor are the same person. They are responsible for paying any debts (of deceased), publishing a notice to creditors (in newspaper), working with the attorney, and distributing all of the assets to the appropriate beneficiaries. Typically, a big job of the independent administrator is selling real estate and working with a realtor.
An independent administrator has broad powers such as transferring and selling real estate, negotiating with mortgage companies, and paying debts from the decedent's checking and savings accounts.
Final Closing of Decedent's Probate Estate
Within 14 months after opening a decedent's probate estate, the independent executor must submit a final accounting. An accounting should detail the expenses and have signed releases from the heirs stating that they received their inheritance. You also must present proof that you allowed creditors to file any claims within 6 months after death (or after publishing notice to creditors). The surety bond must be paid as well because almost all estates are required to pay annual premiums for surety bonds. A surety bond is a form of insurance in case the independent administrator misappropriates the decedent's estate funds. With all of these things being complete, it is time for the independent administrator to finalize their accounting and get released from additional job duties.
Wills, Trusts, Guardianship, Probate, Estate Planning, & Estate & Gift Tax Planning
For probate, guardianship, wills, living trusts, estate planning, estate and gift tax planning, business entity selection, and asset protection legal advice, Sean L. Robertson is happy to assist you. Sean can be reached at 312 498 6080.
We have two locations:
1. Chicago (Southside)
Robertson Law Group, P.C.
122 East 35th Street, Suite 50, Chicago, Illinois 60616
w) 312 498 6080 f) 312 377 2480
This Office serves South Loop, Downtown Chicago, Southside of Chicago, & West Loop areas of Chicago. We can travel to your office, home, or business location.
2. Chicago Ridge or Southwest Suburbs Location
Robertson Law Group, P.C.
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312 498 6080
e) RobertsonLawGroup@gmail.com
This Office serves Will County, Southwest Cook County, Chicago Ridge, Worth, Palos, Orland Park, Oak Lawn, New Lenox, Frankfort, Mokena, Joliet, DuPage County & other surrounding communities.
Key Words: Probate, Independent Administrator, Wills, Living Trusts, Trusts, Estates & Trusts, Executor, Intestate Succession, Circuit Court of DuPage County, Circuit Court of Will County, & Circuit Court of Cook County.
Friday, March 20, 2009
Breach of Contract, Litigation, Commercial Litigation
Breach of Contract, Civil Litigation, & Commercial Litigation
A breach of contract case is when two parties enter into a contract and one party does not fulfill their obligation under the contract. Often times, the non-breaching party considers suing or filing a civil suit against the breaching party. When filing a breach of contract action, the breaching party often hires an attorney to draft a lawsuit or a complaint. The attorney files a copy of the complaint with the Circuit Court such as Cook County Circuit Court, Will County Circuit Court, or DuPage County Circuit Court and pays a filing fee. Then, the attorney either has the Sheriff's Office or a Private Process Server personally deliver a copy of the lawsuit or complaint with the Defendant or alleged breaching party. The Defendant or alleged breaching party has 30 days to file an Answer. An answer is a Defendant's response to the allegations set forth in the lawsuit or complaint. Typically, a Defendant will deny the allegations set forth in the Plaintiff's complaint.
Civil Litigation, Commercial Litigation, Court Room, Civil Procedure, & Trial
Civil litigation is when two individuals sue one another as described above. Commercial litigation is when a business is either sued or being sued. For example, a real estate developer sues a private homeowner for failing to pay for landscaping services. Often times, a plaintiff is surprised when the Defendant counter sues the Plaintiff. A counter suit is when the Defendant sues or files a complaint against the Plaintiff. For example, in the above example, a home owner is sued by a landscape contractor for failure to pay for landscaping services. Many times a family or person fails to pay a contractor because they were not satisifed with the services of the contractor. In the above example, the home owner sues the contractor for negligence. Negligence is a claim against the contractor for failure to construct a patio or porch according to the industry standard. Thus, the homeowner paid another contractor to finish the job of the 1st contractor. A court room is where this litigation occurs. Often times, there is what is called a "status date", which means that it is the Judge's intent to hear the status of the case and thrive to move the case to completion. Civil procedure is the court has certain rules and procedures that must be followed. Rules and procedures are very important and attorneys typically are aware of these rules or know how to research the appropriate rules or manipulate these rules. A trial is the final stage in litigation where two parties present their evidence, witnesses, and facts and explain how the law is applicable to their situation.
Offices in Chicago and Chicago Ridge:
Chicago Office-Southside, South Loop, Downtown, & Northside of Chicago
Sean L. Robertson, Esq.
Robertson Law Group or formerly Law Office of Sean L. Robertson, P.C.
122 East 35th Street, Suite 50
Chicago, Illinois 60616
w) 312 498 6080 f) 312 377 2480
e) RobertsonLawGroup@gmail.com
Chicago Ridge Office-Chicago Ridge, Palos Hills, Palos Heights, Oak Lawn, Frankfort, New Lenox, Mokena, Evergreen Park, Worth, Joliet, Plainfield, Orland Park, & Will County
Sean L. Robertson, Esq.
Robertson Law Group, P.C., or formerly Law Office of Sean L. Robertson, P.C.
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312 498 6080 f) 312 377 2480
e) RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com/blog.htm
Key Words: Litigation, Civil Litigation, Breach of Contract, Answer, Complaint, Orland Park, Plaintiff, Defendant, Commercial Litigation Attorney, Civil Litigation Attorney, Foreclosure, Real Estate Litigation
A breach of contract case is when two parties enter into a contract and one party does not fulfill their obligation under the contract. Often times, the non-breaching party considers suing or filing a civil suit against the breaching party. When filing a breach of contract action, the breaching party often hires an attorney to draft a lawsuit or a complaint. The attorney files a copy of the complaint with the Circuit Court such as Cook County Circuit Court, Will County Circuit Court, or DuPage County Circuit Court and pays a filing fee. Then, the attorney either has the Sheriff's Office or a Private Process Server personally deliver a copy of the lawsuit or complaint with the Defendant or alleged breaching party. The Defendant or alleged breaching party has 30 days to file an Answer. An answer is a Defendant's response to the allegations set forth in the lawsuit or complaint. Typically, a Defendant will deny the allegations set forth in the Plaintiff's complaint.
Civil Litigation, Commercial Litigation, Court Room, Civil Procedure, & Trial
Civil litigation is when two individuals sue one another as described above. Commercial litigation is when a business is either sued or being sued. For example, a real estate developer sues a private homeowner for failing to pay for landscaping services. Often times, a plaintiff is surprised when the Defendant counter sues the Plaintiff. A counter suit is when the Defendant sues or files a complaint against the Plaintiff. For example, in the above example, a home owner is sued by a landscape contractor for failure to pay for landscaping services. Many times a family or person fails to pay a contractor because they were not satisifed with the services of the contractor. In the above example, the home owner sues the contractor for negligence. Negligence is a claim against the contractor for failure to construct a patio or porch according to the industry standard. Thus, the homeowner paid another contractor to finish the job of the 1st contractor. A court room is where this litigation occurs. Often times, there is what is called a "status date", which means that it is the Judge's intent to hear the status of the case and thrive to move the case to completion. Civil procedure is the court has certain rules and procedures that must be followed. Rules and procedures are very important and attorneys typically are aware of these rules or know how to research the appropriate rules or manipulate these rules. A trial is the final stage in litigation where two parties present their evidence, witnesses, and facts and explain how the law is applicable to their situation.
Offices in Chicago and Chicago Ridge:
Chicago Office-Southside, South Loop, Downtown, & Northside of Chicago
Sean L. Robertson, Esq.
Robertson Law Group or formerly Law Office of Sean L. Robertson, P.C.
122 East 35th Street, Suite 50
Chicago, Illinois 60616
w) 312 498 6080 f) 312 377 2480
e) RobertsonLawGroup@gmail.com
Chicago Ridge Office-Chicago Ridge, Palos Hills, Palos Heights, Oak Lawn, Frankfort, New Lenox, Mokena, Evergreen Park, Worth, Joliet, Plainfield, Orland Park, & Will County
Sean L. Robertson, Esq.
Robertson Law Group, P.C., or formerly Law Office of Sean L. Robertson, P.C.
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312 498 6080 f) 312 377 2480
e) RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com/blog.htm
Key Words: Litigation, Civil Litigation, Breach of Contract, Answer, Complaint, Orland Park, Plaintiff, Defendant, Commercial Litigation Attorney, Civil Litigation Attorney, Foreclosure, Real Estate Litigation
What is an LLC or Limited Liability Corporation?
An Limited Liability Corporation is also known as a "LLC". An LLC is a hybrid between a corporation and partnership. Typically, a corporation has the benefit of limited liability protection. Thus, business owners can start a corporation and keep their personal assets seperate from their business assets. Limited liability protection is a huge benefit to business owners and one that the LLC gives you as business owners. In contrast, a partnership has not limited liability protection but gives you a great deal of flexibility in running the business. For example, a partner can own 10 percent of a partnership and get 20 percent of the profits as long as there is a legitimate business purpose. This flexibility allows business owners to be creative and match the business reality with the business deal. Hence, an LLC has incorporated the flexibility that partnership have with the benefit of limited liability protection unlike partnerships. Therefore, an LLC is a combination between a corporation and partnership. For tax purposes, the LLC features the flexibility that is offered by a partnership while maintaining the limited liability status of a corporation. In contrasts, corporations offer limited liability protection, but have a very rigid corporate structure. For example, a 20 percent shareholder of a corporation must take 20 percent of the profits and losses of the corporation. Furthermore, the corporation has double taxation unless it is classified as an S corporation. In most cases, small business owners are S corporations. An S corporation is an election that is granted by the Internal Revenue Service that enables an S corporation to be treated like individual tax payers without a corporation. Therefore, an S corporation is a pass through entity, which means that you are taxed as an individual taxpayer. Thus, your profits and losses depend on your itemized deductions, your gross income, and your losses among other things. For real estate investment purposes, an LLC is the favorite choice of real estate investors. LLCs are more costly to create, but their tax benefits made it worthwhile to set up.
For further information, on LLCs, S corporations, Trusts, Wills, and Civil Litigation, please call Sean Robertson with the Robertson Law Group, P.C. at 312 498 6080 or RobertsonLawGroup.com.
Robertson Law Group, P.C.
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312 498 6080 f) 312 377 2480
e) RobertsonLawGroup.com
For further information, on LLCs, S corporations, Trusts, Wills, and Civil Litigation, please call Sean Robertson with the Robertson Law Group, P.C. at 312 498 6080 or RobertsonLawGroup.com.
Robertson Law Group, P.C.
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312 498 6080 f) 312 377 2480
e) RobertsonLawGroup.com
Thursday, March 19, 2009
Why Wills Are Worthless?
A question was asked to me yesterday while speaking at the Associated Business Network Breakfast meeting, "what is the difference between a will and trust?"
First, a will unlike a Revocable Living Trust or sometimes referred to as "Living Trust" or even "Trust" must go through probate court. Probate court is a court that determines who inherits your property. Second, a will is a written document that distributes your property upon your death. Unlike a will, a Living Trust is designed to work during your life. For example, many seniors are facing Strokes, Dementia, and Alzheimers and the risk of incapacity is a significant risk. Unlike a will, a Living Trust may have provisions, which avoid guardianship court by owning your property in a Living Trust. Thus, you will not personally own your property but your Living Trust will own your property. This simple difference avoids guardianship court and saves your loved ones a lot of costs and headaches associated with guardianship court. With a will, you can choose guardians but you must go through guardianship court. Guardianship court is a court that determines who is your guardian and supervises every dollar that is spent. Thus, you cannot spend any money without a court order. Third, a will is public information and must go through probate court where as a Living Trust is a private document and only the beneficiaries are entitled to know the details. Fourth, a will cannot reduce your estate tax liability. In contrast, a Living Trust is set up in a manner that minimizes your estate tax liability. Fifth, a Living Trust unlike a Will gives you options to impose limitations and strings on your loved one's inheritance. For example, a common concern among parents is having a minor child receive their inheritance when they are 18 years of age. With a Trust, you can allow your child to get part of their inheritance at age 25, 30 & 35. This protects the child from you and inexperience. Sixth, when you distribute property to your loved ones through a will, their inheritance is subject to their (your loved ones) creditors such as spouse, lawsuits, & collections. A Living Trust enables your beneficiaries to obtain spendthrift protection, which means that their inheritance is not subject to divorce, alimony, lawsuits, or any creditors.
In conclusion, a Living Trust is a very powerful tool. A will is literally worthless compared to a Living Trust. Words simply cannot express the power that Living Trust offer you unlike a will. Why do other attorneys create wills? Because these attorneys are not educated about estate planning and this is not their speciality. Thus, it is similar to a family doctor diagnosing and treating you for a heart condition. Attorneys understand wills a little bit but not much more than this. Many attorneys make a lot of money probating the wills they drafted during their life. I encourage you to research Living Trust and you will find out Living Trust are better than wills.
Sean L. Robertson, Attorney at Law
Robertson Law Group, P.C.
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312 498 6080 f) 312 377 2480
www.RobertsonLawGroup.com
Sean L. Robertson received his Juris Doctor (JD) from DePaul University College of Law with an emphasis in Tax/Wealth Law. Sean L. Robertson concentrates in Wills, Trusts, Powers of Attorney, Asset Protection, Corporate Law & Litigation law.
First, a will unlike a Revocable Living Trust or sometimes referred to as "Living Trust" or even "Trust" must go through probate court. Probate court is a court that determines who inherits your property. Second, a will is a written document that distributes your property upon your death. Unlike a will, a Living Trust is designed to work during your life. For example, many seniors are facing Strokes, Dementia, and Alzheimers and the risk of incapacity is a significant risk. Unlike a will, a Living Trust may have provisions, which avoid guardianship court by owning your property in a Living Trust. Thus, you will not personally own your property but your Living Trust will own your property. This simple difference avoids guardianship court and saves your loved ones a lot of costs and headaches associated with guardianship court. With a will, you can choose guardians but you must go through guardianship court. Guardianship court is a court that determines who is your guardian and supervises every dollar that is spent. Thus, you cannot spend any money without a court order. Third, a will is public information and must go through probate court where as a Living Trust is a private document and only the beneficiaries are entitled to know the details. Fourth, a will cannot reduce your estate tax liability. In contrast, a Living Trust is set up in a manner that minimizes your estate tax liability. Fifth, a Living Trust unlike a Will gives you options to impose limitations and strings on your loved one's inheritance. For example, a common concern among parents is having a minor child receive their inheritance when they are 18 years of age. With a Trust, you can allow your child to get part of their inheritance at age 25, 30 & 35. This protects the child from you and inexperience. Sixth, when you distribute property to your loved ones through a will, their inheritance is subject to their (your loved ones) creditors such as spouse, lawsuits, & collections. A Living Trust enables your beneficiaries to obtain spendthrift protection, which means that their inheritance is not subject to divorce, alimony, lawsuits, or any creditors.
In conclusion, a Living Trust is a very powerful tool. A will is literally worthless compared to a Living Trust. Words simply cannot express the power that Living Trust offer you unlike a will. Why do other attorneys create wills? Because these attorneys are not educated about estate planning and this is not their speciality. Thus, it is similar to a family doctor diagnosing and treating you for a heart condition. Attorneys understand wills a little bit but not much more than this. Many attorneys make a lot of money probating the wills they drafted during their life. I encourage you to research Living Trust and you will find out Living Trust are better than wills.
Sean L. Robertson, Attorney at Law
Robertson Law Group, P.C.
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
w) 312 498 6080 f) 312 377 2480
www.RobertsonLawGroup.com
Sean L. Robertson received his Juris Doctor (JD) from DePaul University College of Law with an emphasis in Tax/Wealth Law. Sean L. Robertson concentrates in Wills, Trusts, Powers of Attorney, Asset Protection, Corporate Law & Litigation law.
Wednesday, March 18, 2009
What happens when you die without a Will?
When you die without a will in the State of Illinois, there is a state law that determines who inherits your assets. The court that is responsible for administering these issues is probate court. If you die without a will, your spouse (if you have one) and your children each will inherit fifty (50) percent of your assets. For example, a Husband dies without a will and owns a home in Orland Park. Husband has a wife and three children. The wife will get 50 percent of Husband's assets and the three children will split 5fifty (50) percent of his assets. If there is no spouse, than the children will inherit and split all of their father's assets.
The law is called intestate succession. With probate court, one must open an estate, which must have an executor. An executor is responsible for distributing the deceased person's assets such as real estate, cds, checking, savings, and any other personal assets. In Illinois, there are two types of executors: independent administrators and supervised administration. Independent administrators simply complete the tasks of paying creditors and distributing assets and return no later than 14 months later and give an accounting to the probate court. Independent administrators work work without having to obtain court orders to sell real estate or distribute assets from accounts.
In contrast, Supervised Administrators must obtain court approval before distributing any assets or selling real estate. If one heir does not trust the other executor, they likely will ask for Supervised Administration. This is a very costly process and frustrating because often times simple tasks are made difficult due to obtaining court orders. Court rooms are not designed to expedite matters quickly.
Probate is a time consuming and costly proposition. Attorney's fees generally range from $3,500 (simple estates) to $50,000 in legal fees (complex and disputed estates). Costs range from $500 to $1,000 for fees such as surety bonds, court filing fees, photocopies, mail and certified mail, and yearly surety bonds fees.
In conclusion, Robertson Law Group can assist you with Probate, Guardianship, Wills, Living Trusts (or Revocable Living Trust), Estate Taxation Planning, and Powers of Attorney for Healthcare and Property. We can be reached at 312 498 6080 or RobertsonLawGroup.com. We serve the Southwest Suburbs, Cook County, Will County, & DuPage County.
The law is called intestate succession. With probate court, one must open an estate, which must have an executor. An executor is responsible for distributing the deceased person's assets such as real estate, cds, checking, savings, and any other personal assets. In Illinois, there are two types of executors: independent administrators and supervised administration. Independent administrators simply complete the tasks of paying creditors and distributing assets and return no later than 14 months later and give an accounting to the probate court. Independent administrators work work without having to obtain court orders to sell real estate or distribute assets from accounts.
In contrast, Supervised Administrators must obtain court approval before distributing any assets or selling real estate. If one heir does not trust the other executor, they likely will ask for Supervised Administration. This is a very costly process and frustrating because often times simple tasks are made difficult due to obtaining court orders. Court rooms are not designed to expedite matters quickly.
Probate is a time consuming and costly proposition. Attorney's fees generally range from $3,500 (simple estates) to $50,000 in legal fees (complex and disputed estates). Costs range from $500 to $1,000 for fees such as surety bonds, court filing fees, photocopies, mail and certified mail, and yearly surety bonds fees.
In conclusion, Robertson Law Group can assist you with Probate, Guardianship, Wills, Living Trusts (or Revocable Living Trust), Estate Taxation Planning, and Powers of Attorney for Healthcare and Property. We can be reached at 312 498 6080 or RobertsonLawGroup.com. We serve the Southwest Suburbs, Cook County, Will County, & DuPage County.
Tuesday, March 17, 2009
What is a Will and Power of Attorney?
What is a Will? A will is simply a written document that distributes your property upon your death. A will also may name a guardian for your child or children. Often times, people ask for a will and they do not exactly understand the benefits and weaknesses of a will.
Here are a couple benefits of a will. It is simple and inexpensive to create. It must be witnessed by two people that see you sign your name in their eyesight. Second, a will may name a guardian in case of your death. This is important because people's children are important to them. This likely will reduce the confusion of who should be the guardian of your child. Third, your loved one's get their inheritance supervised by a judge.
Here are the weaknesses of a will. First, a Revocable Living Trust can do the same things as a will and more. Second, a will does not avoid probate court. Probate court is a court that determines who is the rightful owner over your property such as people that die without a will or people that die with a will. Third, a will does not plan for any issues during your life unlike a Revocable Living Trust. For example, seniors are facing dimentia, strokes, and other ailments that make incapacity the biggest liability risks. A will does not plan for incapacity and a guardian court case must be established. Guardianship court is a court that hears claims of disabled people such as minors and adults lack capacity to make their own decisions. Guardianship court is expensive in terms of lawyers' fees and costs and often times, causes fights among family members. A Revocable Living Trust is planned to avoid the risks of guardianship court and have trust loved one's appointed as managers over one's finances and healthcare decisions before these events occur. Thus, there is no need for any court involvement. Fourth, many people love their in-laws but do not want their son-in-law or daughter-in-law to inherit their wealth. Thus, a Revocable Living Trust unlike a will can protect your child's inheritance from their spouses even in case of divorce. Fifth, a Revocable Living Trust is private and is not public information. A will is public information and must be filed at the court house. Many people do not desire for others to know their family's dirty secrets. Finally, a Revocable Living Trust or sometimes referred to as "Living Trust" may plan for possible tax concerns unlike a will. Estate taxes generally begin at 50 percent of your wealth.
What is a Power of Attorney? There are two types of powers of attorney. First, a power of attorney for property designates a trusted person to manage your finances in case you cannot manage them yourself. This is important because your mortgage payments, spending money, car payments, or any other payments cannot be done without a person that is legally empowered to manage your finances. If you do not have a power of attorney, than your family must go to guardianship court to get appointed as a guardian. A guardian is a person that is responsible for managing your finances and paying your bills. Second, a power of attorney for healthcare is a person that makes healthcare decisions for you when you cannot exercise this power for yourself. Typically, a power of attorney describes your wishes with regard to life support, any religious or other beliefs (that affect your healthcare decisions), or whether you want feeding tubes to keep you alive. Again, without a power of attorney, your loved ones must go to guardianship court to get a guardian appointed to make healthcare decisions for you. This is a trying process for your family members. Quite frankly, being a guardian is a hard and thankless job. It often times requires a lot of your time and money! Parents or whoever, please do not put your kids or your loved ones in this position. Your loved ones will thank you for planning ahead.
Sean L. Robertson, Attorney at Law
Robertson Law Group, P.C. (formerly known as Law Office of Sean L. Robertson, P.C.)
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
312 498 6080
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
Here are a couple benefits of a will. It is simple and inexpensive to create. It must be witnessed by two people that see you sign your name in their eyesight. Second, a will may name a guardian in case of your death. This is important because people's children are important to them. This likely will reduce the confusion of who should be the guardian of your child. Third, your loved one's get their inheritance supervised by a judge.
Here are the weaknesses of a will. First, a Revocable Living Trust can do the same things as a will and more. Second, a will does not avoid probate court. Probate court is a court that determines who is the rightful owner over your property such as people that die without a will or people that die with a will. Third, a will does not plan for any issues during your life unlike a Revocable Living Trust. For example, seniors are facing dimentia, strokes, and other ailments that make incapacity the biggest liability risks. A will does not plan for incapacity and a guardian court case must be established. Guardianship court is a court that hears claims of disabled people such as minors and adults lack capacity to make their own decisions. Guardianship court is expensive in terms of lawyers' fees and costs and often times, causes fights among family members. A Revocable Living Trust is planned to avoid the risks of guardianship court and have trust loved one's appointed as managers over one's finances and healthcare decisions before these events occur. Thus, there is no need for any court involvement. Fourth, many people love their in-laws but do not want their son-in-law or daughter-in-law to inherit their wealth. Thus, a Revocable Living Trust unlike a will can protect your child's inheritance from their spouses even in case of divorce. Fifth, a Revocable Living Trust is private and is not public information. A will is public information and must be filed at the court house. Many people do not desire for others to know their family's dirty secrets. Finally, a Revocable Living Trust or sometimes referred to as "Living Trust" may plan for possible tax concerns unlike a will. Estate taxes generally begin at 50 percent of your wealth.
What is a Power of Attorney? There are two types of powers of attorney. First, a power of attorney for property designates a trusted person to manage your finances in case you cannot manage them yourself. This is important because your mortgage payments, spending money, car payments, or any other payments cannot be done without a person that is legally empowered to manage your finances. If you do not have a power of attorney, than your family must go to guardianship court to get appointed as a guardian. A guardian is a person that is responsible for managing your finances and paying your bills. Second, a power of attorney for healthcare is a person that makes healthcare decisions for you when you cannot exercise this power for yourself. Typically, a power of attorney describes your wishes with regard to life support, any religious or other beliefs (that affect your healthcare decisions), or whether you want feeding tubes to keep you alive. Again, without a power of attorney, your loved ones must go to guardianship court to get a guardian appointed to make healthcare decisions for you. This is a trying process for your family members. Quite frankly, being a guardian is a hard and thankless job. It often times requires a lot of your time and money! Parents or whoever, please do not put your kids or your loved ones in this position. Your loved ones will thank you for planning ahead.
Sean L. Robertson, Attorney at Law
Robertson Law Group, P.C. (formerly known as Law Office of Sean L. Robertson, P.C.)
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
312 498 6080
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
We concentrate in Wills & Trusts, Estate Planning, Asset & Wealth Preservation, Business Organizations, & Litigation.
Monday, March 16, 2009
Asset Protection & Private Land Trust
Asset Protection is a legal strategy for structuring your assets such as real estate, business, savings, and investments in a way that minimizes their exposure to lawsuits, judgments, & creditors. Professionals such as Physicians, Chiropractors, Dentists, Attorneys, and Business Owners often face a high degree of risk from professional malpractice or business lawsuits. These business lawsuits may include breach of contract cases, IRS tax issues, employment discrimination, medical malpractice, legal malpractice, or partnership disputes among many other liability risks.
Often times, people are the most concerned about real estate interests such as their investment or personal residence. A Private Land Trust is a way of holding your real estate interests. These are few of the benefits that a Private Land Trust offer:
1. Protection against liens & judgments;
2. Privacy to combat identity theft & discourage lawsuits by lowering your risks profile;
3. Easy way of transferring interests (particularly investment properties);
4. Basic estate planning may avoid probate court (better than nothing but not without risk)
Why are these benefits important to you? Protection against liens and judgments are crucial to you because you can still sell your property with a lien or judgment against it if you have a Private Land Trust. Thus, you may want to never pay your creditor because it is simply unaffordable and against your interests. Second, privacy is crucial with the rise of identity theft and you may discourage a lawsuit from ever being filed against you. Paying a litigation attorney is expensive and they will likely bill at $250 per hour and up plus costs. Thus, a lawsuit simply being filed against you may destroy you financially. A Private Land Trust reduces your risk profile because you do not appear as though you own real estate. Therefore, Attorneys love to sue people with real estate because they have something to lose. Third, if you own an LLC, you and your partners may set up a Private Land Trust avoid the necessity of both partners showing up for your real estate closing. Hence, one partner may sign on behalf of the LLC unlike a regular real estate deed. Fourth, a Private Land Trust designates a primary and successor beneficiary. Probate court is expensive and time consuming. Most people have issues upon a death due to the ownership of real estate property(ies). Even a will will not keep you out of probate court. Probate court is a court that determines who is the rightful owner of assets such as real estate when the person has not created a Trust. Thus, with a Private Land Trust, you designate your primary and successor beneficiary. It is not the preferred method of estate planning, but it is better than nothing. For further information on Wills, Trusts, Asset Protection, Powers of Attorney, or Private Land Trust, call Sean Robertson, Esq. at 312 498 6080 or RobertsonLawGroup@gmail.com.
Robertson Law Group, P.C. otherwise previously known as
"Law Office of Sean L. Robertson"
9923 South Ridgeland Avenue
Suite 99
Chicago Ridge, Illinois 60415
Serving Chicago Ridge, Oak Lawn, Palos Heights, Palos Hills, Orland Park, Frankfort, New Lenox, Joliet, Chicago, Will County, Cook County & DuPage County.
Often times, people are the most concerned about real estate interests such as their investment or personal residence. A Private Land Trust is a way of holding your real estate interests. These are few of the benefits that a Private Land Trust offer:
1. Protection against liens & judgments;
2. Privacy to combat identity theft & discourage lawsuits by lowering your risks profile;
3. Easy way of transferring interests (particularly investment properties);
4. Basic estate planning may avoid probate court (better than nothing but not without risk)
Why are these benefits important to you? Protection against liens and judgments are crucial to you because you can still sell your property with a lien or judgment against it if you have a Private Land Trust. Thus, you may want to never pay your creditor because it is simply unaffordable and against your interests. Second, privacy is crucial with the rise of identity theft and you may discourage a lawsuit from ever being filed against you. Paying a litigation attorney is expensive and they will likely bill at $250 per hour and up plus costs. Thus, a lawsuit simply being filed against you may destroy you financially. A Private Land Trust reduces your risk profile because you do not appear as though you own real estate. Therefore, Attorneys love to sue people with real estate because they have something to lose. Third, if you own an LLC, you and your partners may set up a Private Land Trust avoid the necessity of both partners showing up for your real estate closing. Hence, one partner may sign on behalf of the LLC unlike a regular real estate deed. Fourth, a Private Land Trust designates a primary and successor beneficiary. Probate court is expensive and time consuming. Most people have issues upon a death due to the ownership of real estate property(ies). Even a will will not keep you out of probate court. Probate court is a court that determines who is the rightful owner of assets such as real estate when the person has not created a Trust. Thus, with a Private Land Trust, you designate your primary and successor beneficiary. It is not the preferred method of estate planning, but it is better than nothing. For further information on Wills, Trusts, Asset Protection, Powers of Attorney, or Private Land Trust, call Sean Robertson, Esq. at 312 498 6080 or RobertsonLawGroup@gmail.com.
Robertson Law Group, P.C. otherwise previously known as
"Law Office of Sean L. Robertson"
9923 South Ridgeland Avenue
Suite 99
Chicago Ridge, Illinois 60415
Serving Chicago Ridge, Oak Lawn, Palos Heights, Palos Hills, Orland Park, Frankfort, New Lenox, Joliet, Chicago, Will County, Cook County & DuPage County.
Sunday, March 15, 2009
"Asset Protection During a Recession" Seminar
My law firm is having a legal seminar on Tuesday, March 24th at 8 a.m. to 10 a.m. called "Asset Protection During a Recession". This Seminar will be held at Blueberry Hill in Homer Glen, Illinois in the conference room. For more information, call 312 498 6080 or RobertsonLawGroup.com.
With today's recession, litigation is very high. The need for Asset Protection was present before this recession, but this recession can teach us valuable lessons. One of the first lessons is to learn that you can spend a lifetime building your Wealth and lose it all with one lawsuit or judgment. Asset Protection is simply a legal speciality in structuring your Assets in a manner that discourages lawsuits being filed against you or protects your assets in case a judgment is entered against you. For those that have faced a judgment, the prospect of losing your home, personal savings, cds, investment properties, and cars is a daunting reality. At this legal seminar, you will learn about the litigation process such as how a lawsuit is filed, how to respond to a lawsuit, and what happens when a judgment is entered against you.
At the Robertson Law Group, P.C., Sean Robertson, Esq. and his staff works with individuals, businesses, and physicians in setting up Wills & Trusts, Powers of Attorney for Property/Healthcare, Corporate Structure & Formation Planning, & Civil and Commercial Litigation. We can be reached at 312 498 6080.
With today's recession, litigation is very high. The need for Asset Protection was present before this recession, but this recession can teach us valuable lessons. One of the first lessons is to learn that you can spend a lifetime building your Wealth and lose it all with one lawsuit or judgment. Asset Protection is simply a legal speciality in structuring your Assets in a manner that discourages lawsuits being filed against you or protects your assets in case a judgment is entered against you. For those that have faced a judgment, the prospect of losing your home, personal savings, cds, investment properties, and cars is a daunting reality. At this legal seminar, you will learn about the litigation process such as how a lawsuit is filed, how to respond to a lawsuit, and what happens when a judgment is entered against you.
At the Robertson Law Group, P.C., Sean Robertson, Esq. and his staff works with individuals, businesses, and physicians in setting up Wills & Trusts, Powers of Attorney for Property/Healthcare, Corporate Structure & Formation Planning, & Civil and Commercial Litigation. We can be reached at 312 498 6080.
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