WVON and Estate Planning

This morning, I was on a panel discussion on WVON on the Southside of Chicago. During this discussion, we talked about why a Quit Claim Deed to your adult child is a bad idea. During this discussion, we talked about how a lot of African-American clients and people in general believe that quit claiming their home to add one or more of their children's names will prevent a court process called probate court. Generally speaking, probate court is a court process that is required after the last spouse of a married couple is deceased or a person deceases without a husband and only children. A probate of the estate of the deceased person is necessary because legal title cannot transfer solely by a quit claim deed in Chicago or Illinois. A Quit Claim Deed is a legal way of transferring ownership of real estate to another person. Legally speaking the person that got the Quit Claim Deed is a part owner of the real estate for legal purposes. However, their ownership is not recognized by the mortgage company (if there is a mortgage) because the mortgage is between the financial institution and the borrower. The reason a Quit Claim Deed is not effective is because legal title only can be transferred upon the person having the mortgage transferring good title. Generally, a Quit Claim Deed only passes the buck onto the adult children decease because one cannot sell or refinance real estate in Cook County unless they have good title. Robertson Law Group, LLC is a boutique business and family law firm concentrating in estate planning, estate and gift tax planning, elder law, and wills and living trusts. Robertson Law Group, LLC is based in downtown Chicago and North Aurora. Our downtown Chicago phone number is 312-854-7102. Our Western Suburbs phone number is 630-637-1053. Our website is www.RobertsonLawGroup.com.

Wealth Preservation for Healthcare Professionals

Wealth Preservation for Healthcare Professionals By: Mildred I. Herrera, Esq., LLM (Tax) A comprehensive wealth plan preserves your assets and provides a smooth transition upon your death, incapacity, and/or beyond your life. A wealth preservation plan combines Trusts, Family Limited Partnerships, Limited Liability Companies, and Real Estate Preservation Trust, to name a few, to enhance your estate and asset protection and decrease your tax liabilities. Preserving your assets against malpractice suits, divorce, business interests, or risky investments requires the same type of individualization that a healthcare professional considers in prescribing a health regime. Divorce, business partnership disputes, failed business ventures, and breach of contract litigation are the most likely liability risks that threaten personal assets. Oftentimes, a Corporation or LLC does not protect against partnership, divorce, or business conflicts. These liability risks surprise physicians and threaten their and their family’s financial security. Generally, a general liability or malpractice policy does not cover these types of risks and these risks are generally ignored by most attorneys and healthcare professionals. Additionally, asset protection must plan for your beneficiary’s divorce and creditor concerns because most families and individuals hate their in-laws walking away with their hard earned assets. For high-risk professionals like healthcare providers, attorneys, business owners, and anybody with businesses or investments, putting all your eggs in one basket is too risky. The creative use of asset protection tools like Trusts, Family Limited Partnerships and Limited Liability Companies, to name a few, can be used to create a comprehensive asset and wealth preservation plan. Done properly, the loss of a risky investment should protect your other hard-earned assets and income. Healthcare professionals must act now to take advantage of economic uncertainty and possible claims. A solid asset protection plan must be implemented prior to a possible lawsuit or any attempts to shield your assets could be considered a fraudulent transfer. Also, consider how looming tax changes will affect your wealth and estate plan. A conservative yet creative estate plan must provide flexibility and protection. We rely on healthcare professionals to preserve our health, let a competent attorney assist in preserving your assets and legacy. You have worked too hard to allow a liability risk jeopardizes your retirement and one lawsuit could threaten your life’s dream and family’s security. Mildred I. Herrera is an Illinois licensed attorney with a Masters in Taxation (LLM (Tax)) with the Robertson Law Group, a boutique businesses and family law firm. The emphasis of her practice combines business, estate and tax planning. She can be reached at (312) 854-7102. Our website is www.RobertsonLawGroup.com. The information contained in this article should not be construed as personalized legal or tax advice. Key words: Physician Asset Protection, Illinois Asset Protection, Estate Planning Attorney for Physicians, Physician Estate Planning Chicago lawyer, Physician Asset Protection Attorney Chicago, Chicago Medical Doctor Estate Planning Lawyer, Asset Protection Lawyer Illinois, Doctor Estate Planning Attorney

Estate Planning Basics for Baby Boomers

Baby boomers are facing difficult choices when it comes to determining the appropriate estate planning strategy. Most baby boomers first priority is a will because it is the most common estate planning tool. To the surprise of many baby boomers, the will may not be the best choice. A will is inexpensive to create, but often times, the pain of probate court is a consequence of a will. In contrasts, a Revocable Living Trust is an alternative estate planning tool for baby boomers. Unlike the will, a properly eliminated revocable living trust avoids court processes such as "probate court".

There is a common assumption that a Trust or otherwise known as a "Living Trust" or "Revocable Living Trust" is an estate planning tool for the wealthy. This stereotype is false because a living trust is simply an estate planning tool to distribute your assets upon your death to your loved ones. Thus, a Revocable Living Trust is simply a written document that is distinct and different from you similar to a Corporation. This Trust Agreement or otherwise known as "Declaration of Trust" is a written guideline for how you want your estate to be distributed upon your death. A Living Trust differs with a will because it is alive and well and anticipated to be effective while you are alive. For example, your living trust becomes effective as soon as you fund it and is a great estate planning strategy in case of an incapacity. Thus, your assets will be managed by a trustee that you chose if you become disabled and incapacitated. Typically, this provision is only applicable if you cannot make financial decisions for yourself. A Living Trust works in combination with a Power of Attorney for Property and Healthcare. The purpose of a will is to distribute your assets upon your death. Hence, the Living Trust is a powerful tool and one that creates contingencies for tax planning and creating different outcomes depending on your preference. For instance, a Living Trust can set up a special trust for your children if they are special needs or have a spending or drug problem. Many parents face shame because they are not proud of all of their children and need to plan their estates in a manner to protect their children from themselves. Special attention also should be paid to protect children from fighting with one another over money. You should see a qualified estate planninng attorney for specific directions on your Trust documents.

Sean Robertson is an estate planning and wealth preservation lawyer based in downtown Chicago. Sean Robertson is Managing Partner of Robertson Law Group, LLC. Sean has extensive experience in representing seniors, retirees, and baby boomers with regards to their estate and wealth goals. Sean Robertson may be reached at (312)-954-7102. Our website is www.RobertsonLawGroup.com.


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Small Estate Affidavit and Small Estates

In Illinois, a small estate affidavit is used when a deceased person's family has less than $100,000 in personal assets such as a bank account, checking account, or certificate of deposit. A small estate affidavit makes a deceased person's estate easy to manage.

Please note that if you or your loved one owns real estate, the small estate affidavit is most likely irrelevant. If the small estate affidavit is not relevant, than one must undergo a probate court process.

Probate court is the court in Illinois, which is responsible for determining who are the rightful owners of the decedent's assets. Unfortunately, many people assume that a will is a good way to avoid probate court in Cook County, Illinois. A will is almost worthless and a court process is still required. A better alternative is a Revocable Living Trust or otherwise, known as a "Living Trust". A Living Trust is a wills and trusts strategy that is designed to appoint a trustee and designate beneficiaries. A Living Trust is a private document unlike a will, which is public information. Furthermore, a Living Trust avoids the long-court process that is required by probate court. With a Living Trust, the estate administration process should take less than 30 thirty days. The key thing with a Living Trust is to draft a Trustee's deed for your personal and investment properties. This is important because it is vital to fund your estate plan and therefore, avoid the necessity and costs of probate court. If you die without a will or Living Trust in Illinois, this process is called "intestate succession". Intestate succession means that the State of Illinois law assumes that your surviving spouse (if any) and your children are the desired beneficiaries of your estate.

Sean Robertson is an estates and trusts and probate attorney in Cook County, Illinois. Sean Robertson is based in downtown Chicago and can be reached at 312-498-6080 or Sean@RobertsonLawGroup.com.

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Why Estate Planning For Seniors is Important?

Estate planning is a field of law that prepares wills, powers of attorney, and trusts for seniors upon their incapacity or death. Simply put, estate planning is making sure your legal affairs are in order if something serious happens to you. One of my client’s passed away within the past two (2) weeks and his family affairs are complex and a mess.
Seniors and people often have complex family situations, which make the inheritance of assets an interesting story. Furthermore, family members and friends state that their family or friends promised them an inheritance and often times, this promise or believed promise does not occur. Despite any oral or written promises, the only way to guarantee that your legal affairs are in order is to follow the proper laws.
In the area of estate planning, wills and living trusts and powers of attorney are the key documents, which distribute your assets upon a death or incapacity. At a minimum, every senior should have a will, power of attorney for property, and power of attorney for healthcare. A will is a written device, which explains your legal wishes and often times, is notarized and witnessed by at least two (2) impartial witnesses. A power of attorney is a document where a senior grants another person the power to make decisions in case of their incapacity. A power of attorney is effective for the duration of one’s life or only during a brief period of time. There are two (2) types of powers of attorney: property and healthcare.
There are critical differences between a will and a living trust. Often times, a living trust is called a “Revocable Living Trust” because it may be amended and it serves its’ purpose during your life. Unlike a will, a living trust is equipped to deal with your property while you are alive. A will is a document that distributes your property upon your death. A living trust is a powerful legal tool because it avoids the pain of a court proceeding called probate court. Probate court is a court that hears claims brought by family, friends, and creditors of a deceased person. A living trust is also a private document unlike a will, which is public information.
In conclusion, the topic of estate planning is a difficult but necessary topic. In most families, families are complex and have step parents, step children, disabled children, and many other complex situations that make senior’s estate planning more complex than most seniors realize.

Estate Planning for Married Couples

I just got down speaking with a married couple regarding estate planning. Typically, a typical estate planning meeting is broken into two parts. The first meeting is to gain basic information such as address, phone number, and who both spouses want to be their Trustee in case of an incapacity or death. Additionally, at the first meeting, we explain the differences between a will and a living trust. Generally, the major differences are a living trust avoids probate court, provides for a smooth transition upon a death or incapacity, and provides privacy protection. Privacy protection is important because often times, a married couple does not want their neighbors snooping into their business. Moreover, a living trust is a private document where as a will is a public document, which means that anybody can look up the contents of your will. A living trust is a private document because only the beneficiaries have a legal right to know the contents of your living trust. The first meeting also considers how your Living Trust should be set up. For example, today's married couple has a underage child that is ten (10) years old. The key question was who should be the guardian of their son in case both parent's decease. Who is an alternative guardian in case your first guardian is not available. Often times, couples put restrictions on their money such as that their child can obtain 1/3 of his inheritance after he completes his four year college degree and receive the rest of his inheritance at ages 30 (1/3), and 35 years old. Part of the estate planning attorney's role is guiding the married couple and giving them options. At the end of the first meeting, generally, we have the basic formula for the estate plan.

The purpose of the second visit is to explain the documents and sign the documents. Additionally, we talk about the importance of transferring one's assets into their living trust. In Illinois, a notary is required to witness the signing of a couple's living trust and supporting documents. At the end of the second meeting, we have a living trust that is signed and all of the major assets are titled in the living trust's name.

Sean Robertson is an estate planning and asset protection attorney. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318.

Why hire an Estate Planning Attorney?

I received a phone call yesterday from another attorney and she had questions about her estate plan. Her father lives with her and she is wondering how she should structure her estate plan upon her death. She is afraid of having her life insurance money go directly to her father because it would make in ineligible for medicaid.

One of the important lessons of the attorney's phone call was that in a lot of estate planning scenarios drafting the documents is not the important part. The important part of the job is recognizing potential conflicts and problems that could occur with an estate plan. The benefit of an estate planning attorney is experience and knowledge. One of her other questions was about who should be the trustee of my father's special need's trust? In her case, she does not have anybody that she trusts to manage her trusts. I recommended another attorney that owns a trust company because of their experience and cost-effectiveness. Her siblings would be bad trustees because of their lack of legal knowledge and questionable financial skills. Often times, a family member trustee will fail in their position and it will costs the estate more money than just hiring a non-biased, professional trustee.

Sean Robertson is an estate planning and asset protection attorney. Sean Robertson can be reached at either (312) 498-6080 or (630) 364-2318.