Pre-Nups and Divorce Estate Planning-Naperville

This morning, I spoke on Pre-Nups and Divorce Estate Planning. These were the critical points:
First, a pre-nup is important to protect one's assets in case of a divorce. Typically, upon a divorce, the spouse with more assets loses at least fifty (50) percent of those assets. With a pre-nup, you can protect your assets prior to marriage from the possibility of divorce. A key term is non-marital property and marital property. Non-marital property are assets owned prior to marriage and marital assets are assets earned during the marriage. In Illinois, both husband and wife may make their own definition of how to define their assets acquired during their marriage. It is important that you do not commingle your non-marital assets and marital assets with one another. Non-marital assets remain non-marital assets because you keep them seperate and divided from marital assets.

With an revocable living trust, a spendthrift provision enables parents to give their inheritance upon a death to their adult children and protect their adult children from divorce proceedings and alimony. This is important because a will does not contain a spendthrift provision. A spendthrift provision is a provision in a revocable living trust or otherwise known as "living trust" that protects the beneficiary(ies) from creditors such as divorcing spouses and alimony.

Sub-trusts are important for revocable living trust because you can require your adult children to maintain these trusts to keep their inheritance seperate from their marital assets. The topic of estate planning is crucial because seniors and middle class families should avoid family disputes and determine who is the best beneficiaries for their specific wills and trusts' needs.

Sean Robertson is an estate planning attorney concentrating in wills and trusts, advanced estate planning, and asset protection. Sean Robertson can be reached at (630) 364-2318 or (312) 498-6080. The Robertson Law Group, LLC is based in Naperville, Illinois and has a satellite office in Chicago, Illinois.

Wills and Trusts for Blended Families

I read an article last night that talked about how estate planning is difficult for married couples with blended families. I thought I would write quickly on this topic.

Wills for Blended Families

Wills are a way of distributing property, but often times, are not a good idea for married couples with blended families or step children. Wills are a bad idea because wills contribute to family disputes. Wills increase family disputes because probate court invites conflict. Probate court requires lawyers in Illinois to mail out certified mail notices to potential heirs notifying them of the case. With wills being public information, any attorney can scrutinize the will and find a challenge to the will. Any heir that receives a certified notice from an attorney automatically will be alarmed because of an official letter from an attorney. Most heirs or beneficiaries contact an attorney and ask their legal advice. This legal advice results in will contests and other disputes.

Living Trusts for Blended Families

In my opinion, living trusts are better than wills at avoiding family conflicts because living trusts do not involve court proceedings. Unlike wills, living trusts are a private document and it is between the beneficiaries and the Trustor or creator of the Trust. There is no requirement to mail out certified or any notices to disinherited heirs. This lessons the chance of any contest because the dispute or potential dispute is buried underneath the surface. A living trust also is a method of distributing your property quickly upon your death. A living trust is a flexible legal document and can provide for step children and the surviving spouse. A qualified estate planning attorney is important because inherit step parent and children conflicts can be properly managed if experienced guidance.

In conclusion, living trust are a great mechanism to transfer your assets upon death and avoid disputes with your blended family. Often times, there are normal conflicts with a blended family that can be minimized with proper and smart planning. A estate planning professional is important because we understand the natural conflicts, which occur especially after the married couple gives us background on their unique family dynamics.

Sean Robertson is an estate planning and asset protection attorney based in Naperville, Illinois. Sean Robertson has extensive experience counseling clients on their wills, living trusts, powers of attorney, living wills, and special needs' situations. Sean Robertson may be reached at (630) 364-2318 or (312) 498-6080.

Naperville Wills and Trusts

With the baby boomers getting older, seniors and elders need to pay more attention to wills and trusts. This weekend, I was speaking with my wife's grandma and grandpa and we were talking about wills and trusts. We were talking about all of the people and friends that they know that did not plan their estates correctly. In fact, grandma and grandpa stated that they attended several estate planning seminars and were surprised by living trusts were better than wills. Often times, the conventional wisdom is that wills are preferential to living trusts.

Living trusts are another method of distributing your estate similar to a will. Unlike a will, living trust do not go through probate court and are private documents. This weekend, grandma was talking about how she witnessed a neighbors will by going to the local courthouse. This surprised me because I did not think many seniors or elderly were aware that wills are public information. With a living trust, your neighbor or neighbors cannot view your will. Estate planning is critical because tomorrow is never promised or guaranteed.

In conclusion, Robertson Law Group, LLC is a wealth preservation law firm concentrating in wills and trusts, estate planning, advanced planning, and asset protection planning. We are based in Naperville and downtown Chicago and give Western Suburbs' residents expert legal advice at a reasonable costs. We also have the ability to travel to our senior and elderly clients. Sean Robertson is Principal and Attorney for Robertson Law Group, LLC. Sean Robertson may be reached at 312-498-6080 or 630-364-2318.

How to hire a wills and trusts attorney?

There are several factors to consider when you hire an estate planning or wills and trusts attorney. The first factor is experience. You want an attorney with sufficient legal experience in wills and trusts. Experience is important because it informs you of potential conflicts and whether an estate plan is realistic. With many lawyers, simple is not in our language. With estate planning, simple is important because most estate planning attorneys use too much legalese and their documents are too complex and long. Too complex and long means that you or your loved ones are more likely to litigate the definition of "is" instead of transferring your estate to your intended loved ones.

The second factor is costs. Obviously, experience is great but the typical middle class family wants somebody that is affordable. In today's economy, affordable is becoming increasingly important. In my experience, wills start around $350 and run as high as $750. A living trust along with powers of attorney typically start around $1,500 for a single person. For a married couple, a living trust along with powers of attorney ranges from $1,800 to $3,000. At our law firm, we provide trust documents for a single person for $500 and a couple is $700. This is comparable to the costs of the document assembly competitors online. Why charge so little even though we have experience? We have no overhead and we can make more profit by making our products and services to middle America.

The third factor is trust. Trust is essential in any attorney-client relationship. You must have somebody that you can trust to complete the job on time and as promised. The fourth factor is a common trait. This may be you live in the same city or from similar fraternities or sororities or same a similar educational institution as an alma mater. The fifth factor is customer service. Customer service is vital because will the attorney return phone calls promptly, complete the documents in a short time frame, or even respond to your concerns. Nowadays, many attorneys simply have their secretary or law clerk practicing law and a client never speaks with their attorney. This is unacceptable.

In conclusion, these five (5)factors determine who should be the best attorney or law firm for you. My name is Sean Robertson and we would be honored to assist you with your wills, trusts, and estate planning legal needs. We are experienced, customer service oriented, and cost-effective among many other traits.

We can be reached at 312-498-6080 or 630-364-2318.

Why Estate Planning Applies To Everybody and Not Just Seniors?

Estate planning is a topic that often gets ignored and delayed. A common obstacle is estate planning is not a priority. Unfortunately, in many cases, estate planning becomes important when your situation calls for it. Often times, estate planning is inadequate during these times.

If you pass away without a will or trust, the State of Illinois will decide who gets your assets. In Illinois, intestate succession is the state law that determines who will be your rightful beneficiaries of your assets. In Illinois, if you die without a will, your beneficiaries must undergo a court process called "probate". Probate is a court which determines who is the rightful beneficiaries of a deceased person's estate or assets. If you or your loved one dies without a will, probate court is frustrating because it is slow and expensive. Attorney's fees and costs add up along with surety bond fees, court fees, and many other fees. Often times, probate court involves family disputes because different beneficiaries may not like the outcome of the court proceedings.

There is a simple way to avoid probate court. No, it is not through a will. A will must undergo probate court and is subject to court supervision. In contrasts, a revocable living trust or otherwise, known as a "living trust" is a written agreement that distributes your property without court supervision. A living trust is cost-effective and may be set-up within one (1) to two (2) weeks. Your living trust will distribute your assets, provide assistance in case of an incapacity, and avoid real estate going through probate court.

Sean Robertson is an estate planning and estate and gift tax attorney concentrating in estate and advanced planning. Sean graduated from DePaul University College of Law in 2003 and University of Illinois at Urbana-Champaign in 1997. Sean may be reached at 312-498-6080 or 630-364-2318 or via email at RobertsonLawGroup@gmail.com.

Why is a Power of Attorney Important?

There are two (2) types of powers of attorney in Illinois. The first power of attorney is a power of attorney for property ("POA"). A POA for Property is a type of power of attorney where you appoint an Attorney-in-Fact to make financial decisions when you are unable to make your own financial decisions. Examples of circumstances where you might need a POA property. A car crash victim or a senior that is experiencing memory lapses or old age.

The second (2) type of power of attorney is power of attorney for healthcare. A power of attorney for healthcare is otherwise known as "POA Healthcare". A POA Healthcare is a legal document where you designate an agent to make health care choices for you in case of an incapacity. Without a POA Healthcare, your family, friends, or partner may not make healthcare choices for you in case of an emergency. More importantly, a POA for Healthcare describes whether you want feeding tubes or a DNR in your medical chart. A POA for Healthcare is a good idea because it also assists your agent to understand how you want your own healthcare choices made.

Sean Robertson is an tax attorney that concentrates in estate planning, estate and gift tax planning, asset protection law, and corporate law. Sean Robertson can be reached at (312) 498-6080 or (630) 364-2318 or RobertsonLawGroup@gmail.com.

Estate planning and Divorce

Divorce is unfortunately a popular topic when fifty (50) percent of all new marriages end up in a divorce. The next question is how do you design your estate plan in a manner that protect you or your loved ones from a divorcing spouse.

Estate Planning and Divorce
Divorcing spouses should amend their estate planning their estate planning documents. This is important because your assets will otherwise, go directly to your ex-spouse. Most ex-spouses (deceased that is) would not like this. In most cases, guardians should be chosen in case you or your spouse are deceased. A key question is who should manage any inheritance that your minor children or young adult would receive. Typically, some divorcing spouses are hesitant to allow their ex-spouse to assume control over their children's inheritance. Some adults are good with money and some adults are poor at financial management. Unfortunately, many people falsely assume that an inheritance will go to their children as planned. In most cases, a multi-year pay out of an inheritance will unlikely make it to its' beneficiary. A way to prevent this is to set up a trust and have a trusted friend or family member assume management over the trust funds. A trust is simply a written agreement created under law that outlines how the trust should be managed. For example, we instruct the trustee to select a reputable financial company upon a death of a person and create an annuity. Most annuities are flexible and payouts of principal or income can be arranged as often as you desire or in a restrictive manner (25 years old, 35 years old, 45 years old).

Estate Planning and Divorce

The second concern for divorcing spouses or parents of divorcing spouses is inheritance. An inheritance such as a gift through a will is subject to alimony and a divorcing spouses. A will cannot have a spendthrift provision. A spendthrift provision is a provision, which protects a divorcing spouse's inheritance from claims advanced by their ex-spouses. In contrasts, a living trusts or otherwise known as a "revocable living trust" cannot be touched by a divorcing spouse. A living trust has a unique feature called a spendthrift provision. This spendthrift provision states clearly that an inheritance is not subject to alimony or divorcing spouse's claims. Spendthrift provisions are routinely upheld.

In conclusion, any divorcing spouse should amend and update their estate plan. Sean Robertson is an tax attorney that concentrates in estate planning, estate and gift tax planning, asset protection, and probate law. Sean Robertson can be reached at (312) 498-6080 or (630) 364-2318 or RobertsonLawGroup@gmail.com.

Sean Robertson graduated from University of Illinois at Urbana-Champaign in 1997 and DePaul University College of Law in 2003. Sean Robertson has over six (6) years of legal experience representing husband and wives and divorcing spouses in their unique estate planning options.

Family LLC and Liabilty Protection

A Family, LLC is an excellent asset protection vehicle in today's recession economy. I understand that we are hearing news of a better economy. Unfortunately, families, business owners, and real estate owners are facing an economy that is worsening.

Many are wondering how to resolve their credit issues and save themselves from bankruptcy. Unfortunately, many people do not want bankruptcy because they have worked hard to accumulate assets such as a personal residence, investment real estate, and certificate of deposits and liquid cash.

A Family, LLC is a business entity that is designed for two (2) purposes. The first purpose is asset protection. Asset protection is crucial because your assets are facing liability risks from unpaid mortgages, foreclosure(s), business creditors, and a variety of other liability concerns. A common question now is how do we protect our assets from liens and judgments. A family LLC combined with a personal land trust is a good way to protect your real estate from liens and judgments.

Often times, you can negotiate favorable settlements with your creditors if your assets are judgment proof. With a Family, LLC, a creditor has limited collection rights. Unlike a corporation, a Family, LLC cannot be foreclosed, which is important because your creditor has all the bargaining position. This forces you into settlements and financial distress. For many families, it also forces you into bankruptcy and even more severe times. If structured correctly, a creditor should not be able to penetrate your asset structure with a personal residence trust and Family LLC.

For more information, call Sean Robertson at (312) 498-6080 or (630) 364-2318.

Revocable Living Trusts and Privacy

Yesterday, a client of mine asked me whether a revocable living trust agreement (hereinafter referred to as "living trust agreement") must be recorded. The answer is "No" and I would recommend that a living trust agreement is not recorded. A revocable living trust or otherwise known as living trust (hereinafter "Living Trust") is a legal entity created under law, which authorizes an entity to be created that is distinct from its' creator. A living trust is revocable, may be altered, or amended. A living trust is similar to a will in some respects because it distributes your property upon your death or incapacity.

A living trust is a private document unlike a will. A will is public information and any and everybody may review it. A living trust is private and typically is kept in your safety deposit box. Privacy is important to eliminate fights because wills are fought against because an attorney can review the contents and destroy the will.

Sean Robertson, Esq.
Robertson Law Group, LLC
(312) 498-6080 or (630) 364-2318
RobertsonLawGroup@gmail.com

Successor Trustees and Succession Planning

This past week, a client asked an interesting question. I reviewed this other law firm's revocable living trust agreement and unfortunately, there was no provision for a second successor trustee. A successor trustee is a trustee position that begins after the grantor or the creator of the trust is deceased. For example, John creates a living trust and appoints himself as trustee. John dies and now the trust agreement informs us who is the successor trustee after his death or incapacity.

In this trust agreement, there is a successor trustee, but she is not doing her job. The next question is how do we remove her and who is the second successor trustee? In the trust agreement, there is no provision for a second successor trustee or language addressing the process for selecting a trustee when no trustee is available or appointed.

Under 760 ILCS 5/13, the Trusts and Trustees Act addresses the issue of vacancy of a successor trustee. This is what the statute says " (760 ILCS 5/13)

Sec. 13. Vacancy ‑ Successor Trustee. In the event of the death, resignation, refusal or inability to act of any trustee:
(1) the remaining trustee, if any, shall continue to act, with all the rights, powers and duties, of all of the trustees; or
(2) if there is no remaining trustee, a successor trustee may be appointed by a majority in interest of the beneficiaries then entitled to receive the income from the trust estate or, if the interests of the income beneficiaries are indefinite, by a majority in number of the beneficiaries then eligible to have the benefit of the income of the trust estate, by an instrument in writing delivered to the successor, who shall become a successor trustee upon written acceptance of the appointment, but no beneficiary who is appointed as a successor trustee shall have any discretion to determine the propriety or amount of any distribution of income or principal to himself or to any person to whom he is legally obligated.

Thus, 760 ILCS 5/13(2) says that a successor trustee may be appointed by a majority in interest of the beneficiaries to receive the income from the trust estate or by a majority of the beneficiaries. In my client's case, there are three beneficiaries who have a right to the inheritance or the right to live in the residence of the trust. Unfortunately, one of the beneficiaries is deceased and the other beneficiary cannot be located. Thus, there is no majority of beneficiaries because my client has one vote and his living brother has one vote, which equals fifty percent. Typically, the term majority means greater than fifty (50) percent.

In my client's case, there are several options, but I thought this was an interesting issue.

Independent Administration and Probate

What is independent administration and probate?
Cook County, Dupage County, Kane County & Will County Probate

Independent administration and Probate

Independent administration is a type of probate case that is not monitored by a judge until the end of the case. There are two types of probate administrations. The first type is called Independent administration. The executor is empowered to make financial decisions without the authorization of a judge. These decisions include selling a house, filing a lawsuit, and paying out inheritances or settling claims. The second type of administration is supervised administration. This type of administration occurs when one of the heirs at some point objects to independent administration. Typically, supervised administration is more costly because a judge must approve all financial decisions such as distributions of cash, sale of real estate, and settlement of claims.

The Robertson Law Group, LLC concentrates in probate and guardianship matters in Circuit Court of Cook County, Circuit Court of Dupage County, Circuit Court of Will County, and Circuit Court of Kane County.

We can be reached at 630-364-2318 or 312-498-6080 or RobertsonLawGroup@gmail.com

Buy Sell Partnership or Shareholder Agreement

A buy sell partnership or shareholder agreement is an agreement where business partners or shareholders have a written agreement to distribute their business assets upon an incapacity, death, or one partner's desire to sell the business. Two days ago, I met with two business owners and their business had about $1.5 million in sales and had been in business for six (6) years. Like many business owners, they did not have a written shareholder or partnership agreement. This was valuable for them and you because no spouses can be your partner upon a divorce or any heirs can be your partners upon death. Thus, a buy sell agreement restrict a spouse from being able to be a partner or shareholder. Many small business owners want a buy-sell agreement because they want to know their business partners/shareholders. Otherwise, their small businesses would be difficult to operate. It is important to speak with an attorney because often times, we see issues that either partner or a form on the internet will identify. Second, there are tax considerations to consider. In the above example, we must be sensitive to their tax considerations.

Sean Robertson, Attorney at Law
Robertson Law Group, LLC
(312) 498-6080 or (630) 364-2318
RobertsonLawGroup@gmail.com

Pre-Nupitial Agreement

In the last two (2) days, I have gotten two (2) phone calls regarding a pre-nupitial ("pre-nup") agreement or otherwise known as an antenuptial agreement. A pre-nup is essentially a written agreement between a husband and wife. Typically, a pre-nup divides assets that one spouse owns prior to marriage in a manner that protects those assets from his or her future spouse. A pre-nup often has includes provisions such as how the property will be divided upon a divorce or how a business will be split in case of a divorce. A pre-nup also has provisions, which address spousal support and briefly child support. In Illinois, child support is statutory, which means a father or mother pays depending on how many children they have. Typically, this is a percentage of the parent's income. Spousal support is tax deductible for the parent paying the spousal support while child support is not tax deductible. Sometimes, a pre-nup has a clause addressing adultery, which means that one spouse has to pay more money in this scenario.

The main advantage of a pre-nup is an orderly divorce. This is important because legal fees and costs become excessive and each side worries about a messy divorce. A pre-nup gives you piece of mind.

Sean Robertson, Attorney at Law
Robertson Law Group, LLC
(312) 498-6098 or (630) 364-2318

Locations in Naperville, downtown Chicago, and Chicago Ridge

Key words: Naperville pre-nup, Naperville pre-nupitial, Naperville antenuptial

Family Disputes & Wills

Within the last couple of days, I have discussed with clients about why wills contribute to family disputes. Wills contribute to family disputes because wills invite conflict. Wills invite conflict because an attorney must mail out certified notices to all heirs regardless of whethey they are inheriting. This causes disappointment and hurt especially when a loved one did not treat his or her family member's equal. This also leads to wills contest, which cause great family harm.

Where as, revocable living trusts or otherwise known as "living trusts" do not invite conflict. A revocable living trust is a private document. In contrasts, a will is a public document, which means that anybody and everybody has a right to see the will. This is not true with a revocable living trusts or living trusts. This privacy right lessons the chance of a family fight. There are no requirements that the trustee and beneficiaries mail notices to any relatives that did not inherit. In fact, this is strongly discouraged because a family fight is likely to occur.

A revocable living trust also creates a smooth process upon death or incapacity. A will must undergo a court process called probate court. Probate court is designed to hear inheritance matters and determine who are the rightful heirs of the deceased person. Often times, probate court requires a surety bond and court costs along with attorney's fees. Simply put, a revocable living trust is a simplier process and more cost effective. In many cases, the heirs must sell their real estate or other valuable assets to pay the attorney's fees and costs.

The Robertson Law Group, LLC concentrates in wills and trusts planning, advanced estate planning, and asset protection. We advise and counsel you on inheritance matters and how to set up your estate plan in a manner that limits family disputes.

We can be reached for a free initial consultation at 630-364-2318 or 312-498-6080. We also are available via email at RobertsonLawGroup@gmail.com. Our website is www.RobertsonLawGroup.com.

Guardianship & Trust for Seniors & Disabled

Today, I had an appointment and we discussed that the trustee and payee for social security purposes were concerned about having problems with a family member of my disabled client. The disabled client is giving power of attorney to a friend and unfortunately, this person has a history of his own family financially exploiting him for money.

In a case like this, it is smart to use a revocable living trust versus a will or only a power of attorney (property and healthcare) because there is no guardianship court (if structured the assets the right way). Let's assume that we have a disabled person that is 65 years old with some history of medical problems. There is a good liklihood that this person may need long-term care in the future. The reality in this country is that the babyboomers are retiring and their parents are currently having long-term care issues. One of the biggest concerns for any senior over age fifty-nine (59) is the possibility of nursing home care. In a case similar to this, a trust is more powerful that a simple power of attorney. First, a trust will keep this disabled person from guardianship court, which likely will prevent a battle over guardianship over the disabled person. With guardianship court, an attorney has to notify all heirs via certified mail and this often times invites conflict. It invites conflict because any heir gets suspect when they receive anything official from an attorney. Unfortunately, many heirs get greedy and decide to challenge the guardianship papers. This is often what occurs with only a simple power of attorney. With a living trusts, the disabled person's house and bank accounts are titled in the living trust's name. Therefore, guardianship court is not required and a big court battle is avoided.

Sean Robertson, Esq.
Attorney at Law
Robertson Law Group, LLC
312-498-6080 or 630-364-2318
RobertsonLawGroup@gmail.com

What is a Living Trust and How Does It Work?

A living trust or otherwise known as a "Revocable Living Trust" is a written agreement that describes one's specific wishes regarding the distribution of property upon their incapacity or death. A living trust enables a person to create a fictional person, which was created under law. For example, Steve and Ann Smith draft a Living Trust, which distributes their property upon their death to their, four (4) children equally. Steve and Ann Smith own a home at 1234 Smith Circle, Naperville, Illinois 60605. Steve and Ann Smith draft a Quit Claim Deed, which transfers their home residence into the Living Trust of Steve Smith and Living Trust of Ann Smith (each have fifty (50) percent interest. Thus, this is an effective way to avoid probate court.

Sean Robertson, Attorney at Law
Robertson Law Group, LLC
312-498-6080 or 630-364-2318
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com

Power of Attorney and Seniors

This morning, I am meeting with a prospective client and his daughter and her husband. We are going to talk about a power of attorney. There are two (2) types of powers of attorney. The first type is a power of attorney for property or otherwise known as "POA Property". A POA Property is where the senior appoints a trusted person (likely daughter in this case) to be his power of attorney in case he has incapacity issues. Therefore, the daughter is empowered to make financial decisions for her dad such as payment of bills, real estate taxes, among many other bills. The second type of power of attorney is a power of attorney for healthcare or otherwise known as "POA Healthcare". A POA Healthcare is where the father appoints a trusted person (likely daughter again) to make healthcare decisions for him if he is unable to make these decisions.

Unfortunately, a power of attorney is often insufficient because if nursing home care (assisted living, etc.) is required, the nursing home will demand a guardianship hearing. The power of attorneys are relevant to any guardianship hearing, but a revocable living trust is really good option with the powers of attorney. Therefore, one can avoid the necessity of guardianship court. Guardianship court typically costs $1,500 in attorney's fees plus costs in a simple case. This is true for the Circuit Court of Cook County, Will County, and Dupage County.

Sean Robertson, Attorney at Law
Robertson Law Group, LLC
312-498-6080 or 630-364-2318
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com

Breach of Contract and Asset Protection

Today, I met with a business owner and he may have a breach of contract lawsuit, which may get filed against him. Like many business owners, this business owner signed a contract in his personal name and business name. Thus, now, this contract may get litigated by one of the parties and unfortunately, this business owner has $200,000 in equity in his home. His wife and him own their own home worth around $400,000 with $200,000 in mortgage. Therefore, this business owner has $200,000 in equity.

If the plaintiff sues him and his business, the plaintiff will likely place a lien against his home and possibly, foreclose his home if the judgment is not paid. A key point to remember is that business owners should be concerned about asset protection prior to any lawsuits. In the above example, a private land trust titled as tenants by entirety with his spouse could prevent liens and judgments from attaching to their home.

The Robertson Law Group, LLC concentrates in representing business owners with their breach of contract litigation needs and asset protection needs. We can be reached at 312-498-6080 or 63-364-2318. Or, email us at RobertsonLawGroup@gmail.com or check out www.RobertsonLawGroup.com.

Key words: Breach of Contract, Contract Cook, Contract Will, Contract Dupage, Corporate Attorney, lawsuits asset protection, liens and asset protection, judgments and asset protection.

Personal Gurantees & Lawsuit Protection (Asset Protection)

In these difficult times, many individuals and families are facing increasing litigation risks, which threaten their retirement and economic security. Increasingly, I hear business owners and real estate owners that secured business or personal loans and they personally guaranteed the loans with the bank.

Many people are unaware that legitimate planning can occur to mitigate the risks that people face from foreclosure and business loans' litigation. At the Robertson Law Group, LLC, we have an asset protection niche law practice helping middle American and high net worth families protect themselves against litigation.

The fraudulent transfer doctrine must be well-understood and planned around. The best time to do planning is prior to any lawsuits or any possible lawsuits. If you are a person, family, or business facing lawsuits, contact us immediately at 312-498-6080 or 630-364-2318 or RobertsonLawGroup@gmail.com. Even if you have a current lawsuit against you, you can at least get a second (2) opinion and we will advise you of what the law currently is and whether you have any viable options.

Sean Robertson, Attorney at Law
Robertson Law Group, LLC
312-498-6080 or 630-364-2318
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com

What is Estate Planning-Naperville and downtown Chicago

What is Estate Planning?

Estate planning is simply a legal concentration that plans for incapacity and death. Typically, this planning involves wills, pour over wills, living trusts, and powers of attorney for healthcare and property.

A will is simply a written document that disposes of one's property upon your death. A will is a on-death document meaning that it does not have any affect during your life. A pour over will is a type of will that combines with a living trust to make probate a simple process. A pour over will becomes a catchall strategy to assist an estate avoid the complexities of probate. For example, Sue deceased and had a beneficiary that deceased on her bank account and did not designate a successor beneficiary. Thus, a pour over will instructs an asset without a proper beneficiary designation to be transferred into your living trust.

A living trusts is a written instrument that plans for your incapacity and death. A living trust is "living" because it works during your lifetime and upon death. A living trust is designed to avoid guardianship court and probate court. Guardianship court is a court that hears claims of disabled persons. These claims are relevant when a disabled adult loses their capacity to make decisions. Powers of attorney for healthcare and property are important, but to avoid guardianship court, your assets must be titled in your revocable living trust's name.

Essentially, estate planning is the process of working with an individual or family and assisting them with a smooth transfer upon death, avoidance of usual family conflicts, and the planning of incapacity and death. Estate planning also is giving advice on how to properly structure your assets to apply for medicaid or assist you and your family in helping your grandchildren or children remain eligible for medicaid (state public assistance). Many special needs children need the financial assistance of the state of Illinois because the expense of taking care of a special needs child.

In conclusion, estate planning is important because incapacity and death issues destroy many families. In my experience, there is a price that people will or will not pay for their families. If your children or loved ones will get destroyed by your lack of planning, estate planning is a family value.

Sean Robertson, Esq.
Robertson Law Group, LLC
312-498-6080 (all offices) or 630-364-2318 (Naperville)
Locations in Naperville, Chicago Ridge, and downtown Chicago
RobertsonLawGroup@gmail.com

Probate avoidance and Death without a Will

What is Probate?

Probate court is the court where heirs of a deceased person must undergo before they can obtain legal title to real estate, checks, and other items. When you do not have a will, one must go through probate court. Unfortunately, many people falsely assume that a will avoids the pain of probate court. This is not true.

A couple weeks back, I had a senior that had a consultation. Her husband had passed away and her home was titled in his name. Thus, legal title was only in her husband's name. Her husband died without a will. This husband and wife was also a product of a second marriage with the husband having two children from past relationships.

In this lady's situation, she could afford to purchase the home that she lived in. However, the probate fees and costs would be a minimal of $5,000 in Cook County. The probate fees and costs would be high because her estate was more than a simple estate. It was more than a simple estate because one adult child's whereabouts were unknown and the second child was a minor (under 18).

In this example, the mortgage was about equal to the fair market value of the house. However, the stepmother did not want to go through the hassle of a court proceeding and dealing with the complexities of court. The minor child would have an attorney appointed for it by the court called a guardian ad litem. Quickly, the stepmother could see that purchasing the house from the stepchildren was going to be difficult. First, the conflict between a stepmother and stepchildren was evident. Second, this stepmother did not want the headache of probate court and fees and costs. Third, probate court often times is not worth the costs and fees and therefore, like this lady, people would rather not bother.

The premise of this story is have your legal affairs in order prior to a disability or death. A will is oftentimes insufficient to avoid the pain of probate court. A revocable living trust or otherwise called a "living" trust is the best option. A living trust is similar to a will where it details your wishes upon death. However, if properly structured, your house and other assets would avoid probate because the living trust is a fictional person not subject to probate court. Thus, your living trust would designate beneficiaries and avoid the pain of probate court.

Sean Robertson, Attorney at Law
Robertson Law Group, LLC
312-498-6080 or 630-364-2318
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com

Special Needs Trust: Estate Planning for Disabled Child

A Special Needs Trust is a specific type of trust for adult disabled person that is designed to shelter assets in a manner that does not jeopardize government benefits of a disabled person.

In many cases, parents and grandparents will leave an inheritance either on purpose or by accident to a disabled adult. This inheritance threatens the government eligibility of the special need's disabled adult. For example, Sue and Bob have a grandson and provide a $10,000 gift upon their death to their grandson, Tyler. Tyler is fifteen (15) years of age and is physically disabled. In this case, Sue and Bob's $10,000 gift will make Tyler ineligible for government assistance. To qualify for government assistance, the government has a $2,000 or less asset threshold. Where as, with proper special needs trust planning, Sue and Bob should make their gift payable to a third party special needs trust for Tyler's benefit. In the second (2) example, the creation and funding of the special needs trust would not make Tyler ineligible for government assistance.

To speak with an experienced estate and special needs' attorney, please call Sean Robertson at 312-498-6080 or 630-364-2318 or RobertsonLawGroup@gmail.com.

We have offices in Naperville and downtown Chicago. We also can travel to your location if you are not mobile.

Key words; Special needs; Special needs estate planning; Special Needs Planning, Life insurance and Special needs, Aurora estate planning attorney.

Irrevocable Life Insurance Trusts and Life Insurance

An Irrevocable Live Insurance Trust (hereinafter called an "ILIT") is a type of trust that may not be altered, changed, or amended. In many people's estate, life insurance is the bulk of assets and therefore, the best option is to create an ILIT to shelter the life insurance proceeds from being counted in one's estate value. Thus, the purpose of an ILIT is estate tax avoidance. In 2009, the estate tax had a forty-five (45) percent highest tax rate. In 2010, the estate tax rate is zero because there is currently no estate tax. However, in 2011, the estate tax if unchanged will kick back to $1 million as the estate tax exemption with the highest tax rate at fifty-five (55) percent. There is an additional benefit to an ILIT. For asset protection purposes, the life insurance and cash value is untouchable by creditors unless it is considered a fraudulent transfer.

A fraudulent transfer is a transfer designed to deter, defraud, or delay the payment of a judgment owed to creditors. The best time to set up an ILIT is prior to any claims being imagined or filed against you.

Robertson Law Group, LLC
630-364-2318 or 312-498-6080
RobertsonLawGroup@gmail.com

Key words: Life insurance, estate planning, wills, living trusts, revocable living trusts, naperville, lisle, plainfield, bolingbrook, cash value life insurance, asset protection.

Wills and Living Trusts Common Questions

What are common questions about Wills and Living Trusts?

What is a Will?
Simply put, a will is a written agreement that distributes your property upon your death and you also may name a guardian for your children in a Will. It is not intended to take place during your life, but it is a post-death legal document.

What is a Living Trust?
A Living Trust is a legal document that creates a seperate entity outside of your personal name and distributes your property upon a death or incapacity. Unlike a Will, a Living Trust does not go through the pain of probate court if structured the correct way. Structured the correct way means that your title to your property is titled in your Revocable Living Trust's name. A Living Trust is also intended to be a document that is designed to address an incapacity and avoid guardianship court. Guardianship court is a court where an adult disabled person lacks the sufficient understanding to make healthcare and financial decisions for themselves.

What is a Power of Attorney for Property? A Power of Attorney for Property is a legal document where you appoint somebody to make healthcare decisions for you in case you cannot make those decisions yourself.

What is a Power of Attorney for Healthcare? A Power of Attorney for Healthcare is a legal document where you appoint somebody to make healthcare decisions for yourself if you cannot make those decisions yourself.

How Can I Distribute My Estate Where My In-laws Cannot Touch My Children's Inheritance?

Unlike a Will, a beneficiary receiving an inheritance can have a spendthrift provision in a Living Trust, which protects the beneficiary from a divorcing spouse or creditors. Hence, with a Will, if your children go through a divorce proceeding, the inheritance is considered for divorce purposes. This is not true with a Revocable Living Trust.

What Happens If I own Real Estate In More Than One State? A probate proceeding must be established in every state where you own real estate. Generally, after both parent(s) have deceased, probate is necessary to determine who is the rightful heir. Probate is a court that determines whether there was a valid will or any other document that legally distributes a decedent's property upon their death (i.e. beneficiary designated life insurance policy).

How Long Does Probate Take and How Expensive Is It? Generally, probate takes a minimum of six (6) months to two (2) years in the State of Illinois. Probate has a costs of around $3,000 to $10,000 in legal fees, surety bond fees, and other court costs. There are several factors that increase the costs such as whether there is a will contest, the complexity and assets involved, and whether there are any minor children receiving an inheritance.

Robertson Law Group, LLc
Offices in Naperville, Chicago Ridge, and downtown Chicago
630-364-2318 or 312-498-6080
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com

Key words: Naperville, Lisle, Downers Grove, Aurora, Montgomery, Bolingbrook, Joliet, Romeoville, and Plainfield.

What Happens When One Spouse Dies With or Without a Will?

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? If your loved one has under $100,000 in personal assets such as in a bank account, stocks, or bonds, than your estate can fill out a Small Estate Affidavit. This Small Estate Affidavit enables your beneficiaries to access their inheritance without going through probate court. In many cases, this is not a viable option because the person owned real estate.

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.
Robertson Law Group, LLC
Offices in Naperville, Chicago Ridge, and Naperville
630-364-2318 or 312-498-6080
RobertsonLawGroup@gmail.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), Naperville, Lisle, Downers Grove, Woodridge, Aurora, Montgomery, Sugar Grove, and Plainfield.

Asset Protection and LLCs-Naperville

Yesterday, I spoke with a lady that had investment real estate property that was in her personal name. I often see this. Your investment real estate properties should be in a Limited Liability Corporation (LLC). In Illinois, the preferred structure is to combine a Land Trust, which protects you against liens and judgments, with an LLC. An LLC is a business entity that is a fictional person created under law that seperates your personal and business assets. The purpose behind an LLC is to insulate your personal assets from liability exposures such as a porch collapse, a slip and fall, or any other accident. Furthermore, anybody with teenage children should be very concerned with asset protection. Your teenage children could have friends over and an accident occurs. Teenagers have a strange way of finding trouble.

Enough for this morning, I am off to the Woodridge Chamber of Commerce Coffee Connection this morning. Have a great day all!

Yours,

Sean Robertson
Robertson Law Group, LLC
630-364-2318 or 312-498-6080
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com

Key words: Woodridge, Naperville, Asset Protection, LLCs, Teenagers, slip and fall, porch collapse, liability protection

Guardianship for Minors and Wills

Guardianship is the type of court that addresses minors and adult disabled person's concerns such as who is responsible for managing their money and who is responsible for managing their healthcare. Guardianship provision is important in a Will or Trust. This guardianship provision makes sure that the parents choose a proper guardian in case of their death. Typically, a Will or Trust combines with a power of attorney for property and healthcare. The purpose of a power of attorney for healthcare and property is in case healthcare or property decisions need to be made in case of an incapacity.

Therefore, guardianship for minors and adults is an important reason to draft a Will or Trust.

Robertson Law Group, LLC
630-364-2318 or 312-498-6080
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
Locations in Naperville, Chicago Ridge, and downtown Chicago

Land Trusts and Asset Protection in Naperville

Yesterday, I received a phone call because a couple used to have a land trust and sold their home and let it lapse. A land trust is a legal strategy where a company holds legal title to your home such as Chicago Title Land Trust Company. Thus, it appears on the recorder's records that your home is owned by Chicago Title Land Trust Company, Trust # 8002351742. The real owner's name is secret and is not publicly available. The real owner signs a Trust Agreement with Chicago Title Land Trust Company where they designate who should be the beneficiary and contingent beneficiary upon their death. Hence, a land trust is good for simple estate planning purposes as well.

The key advantages to a land trust is privacy and liens and judgments do not attach to a land trust. This is good today because many families have foreclosures and credit card debts that they cannot pay. Eventually, their credit card companies and old banks will harass them for payment and some, will sue the debtors (the customers). A judgment will be placed on their homes and on their credit. Asset protection is a legal strategy designed to protect one's investments such as their home, bank accounts, business ownership, and other assets. At Robertson Law Group, LLC, we concentrate in Estate and Asset Protection. We can be reached at 630-364-2318 or 312-498-6080.

Sean Robertson, Attorney at Law
Robertson Law Group, LLC
630-364-2318 or 312-498-6080
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com

Business Succession Planning and Wills and Trusts

Robertson Law Group, LLC is a wealth preservation law firm concentrating in corporate, estate and business planning, and asset protection law. We also practice in the area of commercial litigation with a concentration in working with new and distressed businesses. We help distressed businesses defend breach of contract lawsuits and provide asset protection advice for the business and shareholder and/or owners.

We assist small businesses to incorporate their businesses and draft and counsel small business clients on S corporations, Partnerships, and LLCs. Because we concentrate in asset protection, this is our primary area of expertise. Often times, business owners are improperly structured for growth and liability purposes. We can assist you in buying and selling a business. We can also counsel and draft wills, trusts, and business related documents that protect you, your family, and your business assets. Business transfer and succession planning are critical.

Small Business Law
Drafting and counseling business clients on entity selection;
Drafting LLCs, Partnerships, and S corporations;
Buy sell agreements;
Non-compete agreements and bonus plans;
Business tax planning advice.

Wills, Trusts, Powers of Attorney, and Estate Planning
Drafting Wills, Living Trusts, Irrevocable Trusts;
Powers of Attorney for Property and Healthcare;
Special Needs Planning including OBRA Trusts and Third Party Trusts;
Medicaid planning

Asset Protection and Lawsuit Protection
Drafting Family LLCs and Partnerships for Asset Protection;
Planning against lawsuits and judgments;
Protection of family, vacation, and investment properties along with business assets;
Exemption Planning such as Homestead Exemption Planning, Personal Property exemption planning, and Citations to Discover Assets;
Citation to Discover Assets and Rules to Show Cause Court Proceedings
Defending Breach of Contract and Collection's Matters.

Sean Robertson graduated from DePaul University College of Law in 2003 while working full-time as a paralegal at Katz, Friedman, Eagle, Eisenstein, et al. Sean received his bachelor of science degree from University of Illinois at Urbana-Champaign in political science. Sean is married to Brenda Robertson and lives in Naperville, Illinois. Sean is a member of the Illinois State Bar Association and Chicago Bar Association and Leading the Way-Naperville Leads Group. Sean can be reached at 630-364-2318 or 312-498-6080. Sean also can be reached via RobertsonLawGroup@gmail.com or www.RobertsonLawGroup.com.

Keywords: Naperville business attorney, Lisle, Downers Grove, Plainfield, Entrepreneurial Attorney, Asset Protection, Wills and Trusts, Estate Planning, LLC Attorney, Incorporation Attorney, Powers of Attorney-Dupage County, Western Suburbs-Wills and Trusts

Wills, Living Trusts, and Family Conflict-Naperville

Today's post is simple. I will quickly compare and contrasts wills and living trusts in relationship with family conflict.

Wills and Family Conflict
Wills are simply a written contract that is witnessed by two uninterested witnesses that takes affect upon death. With wills, wills must go through a court process called "probate court". Probate court is the court which administers inheritance issues and determines who is/are the rightful heir of somebody's assets. In my opinion, wills are more often to involve family conflict.

Why? Wills require an executor to mail out notices (often certified notices) to potential heirs. In many instances, an heir is unhappy that a loved one disinherited them or gave them a disproportionate small share of their estate. Last night, I spoke with a lady that has a probate proceeding in Florida. The initial upfront retainer was $3,000 prior to commencing the probate process. Simply put, probate and wills increase family conflict because probate court encourages conflicts to get disputed and resolved. In many cases, potential heirs hire attorneys that find innovative ways to challenge and contest the validity of the will. Often times, wills are done in hospitals, through online services, and while one has an illness such as cancer. This immediately raises suspicions and seldom do non-estate planning attorneys or lay persons plan for the potential conflict that will occur.

Living Trusts and Family Conflict
Living trusts dramatically decrease family conflict because living trusts are private documents unlike wills. Wills are public records and anybody is entitled to read somebody's will. Living trusts are simply a written contract that disposes of one's property upon an incapacity or death. Unlike wills, living trusts are designed to be effective during one's life. For example, a living trusts is similar to creating a fictional third party. The proper structuring of one's assets entails transferring one's assets into the name of the living trust. For instance, a home owned by husband and wife would be owned by Jack and Sue Smith's Trust versus Jack and Sue Smith individually.

With living trusts, there are no requirement that disinherited beneficiaries receive any notices. Hence, conflict is less likely because there is no requirement of inviting conflict like wills.

Sean Robertson, Attorney at Law
Robertson Law Group, LLC
Offices in Naperville, Chicago Ridge, and downtown Chicago

Living Wills vs. Power of Attorney (Healthcare)

In the Senior Sunshine Times, I recently wrote an article on the differences between Living Wills and Powers of Attorney for Healthcare. If you want more information, please call Sean Robertson at 312-498-6080 or 630-364-2318. We have locations in Naperville and downtown Chicago.

We are mobile and use current technology. Unlike many traditional law firms, Clients pay excessive fees due to the law firm's large overhead. We provide excellent service and expertise.

Robertson Law Group, LLC
downtown Chicago and Naperville, Illinois
RobertsonLawGroup@gmail.com
312-498-6080 or 630-364-2318

Key words: Lisle, Woodridge, Aurora, Romeoville, Joliet, Plainfield, Bolingbrook, Willowbrook, and Naperville

Living Wills, Powers of Attorney, Wills, and Revocable Living Trusts

ROBERTSON LAW GROUP, LLC:
ESTATE AND ASSET PROTECTION LAW FIRM
Attorney and Counselor of Law
312-498-6080 or 630-364-2318
Offices in Naperville and downtown Chicago, Illinois
RobertsonLawGroup@gmail.com

ESTATE AND LEGACY PLANNING

Hiring our law firm will be your first step towards successfully planning to protect your loved ones during your lifetime and beyond. Your package will include several important legal documents that will assist you in accomplishing your ideal giving situation. These documents are a revocable living trust, durable power of attorney for property, durable power of attorney for healthcare, and a pour-over will. Below is an explanation of what each document protects and how it will be utilized during your estate planning process.

Revocable Living Trust: You are a trustor (person who grants or bequests property interests), who will hold legal title to all bequeathed interests for the benefits of those you name (beneficiaries) to receive your bequest. The trustor creates his/her intent to pass his/her property interests (bequests) through this document (trust). The trustor shall name a person to manage the trust once he/she is deceased this person is called a trustee. A revocable trust is a right reserved by the trustor to change, terminate and recover any property interests that have been included in the trust document(s) without upsetting any loved ones or involving a long court process.

Durable Power of Attorney for Property: A power permitted by the trustor that authorizes an agent (whom ever the trustor names) to transact business for the trustor. This authorization would only become effective upon the trustor’s incapacitation or incompetence. The power would consist of making financial decisions, paying the trustor’s debts, and continuing to meet the trustor’s daily financial obligations.

Power of Attorney for Healthcare: A power permitted by the trustor that authorizes an agent (whom ever the trustor names) to transact healthcare decisions for the trustor. This authorization becomes effective upon the trustor’s disability, incapacitation, or incompetence. This kind of document would have made the Terri Schiavo situation more of a private matter between her and her loved ones and not the court system.

Pour-Over Will: This documents works like a normal will, but in this situation most of your assets of your estate are included in the trust; therefore this document will explain what happens to property that does not make it into the trust. For example, personal property such as clothing or a car may not make it into a trust. These simple personal items shall be distributed by this document (will).

Living Will: Living will usually covers specific directives as to the course of treatment that is to be taken by caregivers, or, in particular, in some cases forbidding treatment and sometimes also food and water, should the principal be unable to give informed consent ("individual health care instruction") due to incapacity. Works in combination with a Power of Attorney for Healthcare.


Key words: Lisle, Naperville, Aurora, Plainfield, Joliet, Romeoville, Woodridge, Willowbrook, Sugar Grove, Calvary Church, Bolingbrook, Wheaton, Elmhurst, Dupage County, Will County, Kane County, and Cook County, Sean L. Robertson, Sean Robertson, Brenda Robertson, Asset and lawsuit protection, Living Trusts, Asset Preservation

Wills, Trusts, Estate Planning, and Powers of Attorney-Naperville

What is Estate and Asset Protection Law?

Estate Planning
Estate planning is a legal specialty, which employs strategies such as wills, trusts, powers of attorney, and living wills. In today’s economy, estate planning is increasing in its’ importance because seniors and baby boomers are facing retirement. Nursing home care is also increasing and families are struggling with parents and loved ones that are ill-prepared legally. For example, you likely know at least one person that is facing nursing home care or incapacity such as Alzheimer’s disease or dementia. Guardianship court is a court that determines when an adult has lost the ability to govern their own financial and healthcare affairs. In my experience, guardianship court is one of the toughest courts because families often conflict with one another.

Why Wills are not good? A will is better than having no written estate plan. However, a will has several drawbacks. Here are some of the drawbacks to a will:
• A will does not avoid the pain and conflict of probate court;
• A beneficiary’s inheritance can be seized by a divorcing spouse or a unpaid creditor (including foreclosure and credit card bills);
• Wills invite family conflict because lawyers’ mail heirs certified letters, which heighten an heir’s suspicions and result in hiring lawyers that create conflict;
• Wills increase creditor claims because lawyers are required to mail notices to unpaid creditors including credit and foreclosure matters;
• Wills are expensive to file because of attorney’s fees, court costs, and will contests;
• Wills fail to reduce estate tax liability even when a properly structured estate of the deceased could have saved thousands to millions of dollars.

What are alternatives to Wills? A Revocable Living Trust (hereinafter referred to as “Living Trust”) is a legal entity similar to a corporation, which is separate and distinct from it’s’ owners. A Revocable Living Trust or otherwise known as “Living Trust” or “Declaration of Trust” are amendable and an excellent way of transferring your real estate to your beneficiaries. Here are advantages of a Revocable Living Trust:
• Properly structured Living Trust avoids probate and guardianship court;
• A beneficiary’s inheritance is not seized by a divorcing spouse or unpaid creditor;
• Living trust decrease family conflict because of privacy offered by living trust;
• Avoid the expense of probate court by reducing attorney’s fees, surety bond fees, and court costs;
• Living trusts are private and not public documents like wills. Thus, public documents increase the risks your loved ones will be victimized by identify theft or your neighbors knowing your family’s business;
• When one receives an inheritance through a will, a beneficiary’s creditors including their divorcing spouse is entitled to their fair share;
• Unlike probate court, which can take a minimum of twelve (12) months to years, a Living Trust takes less than thirty (30) days to administer upon your death or incapacity.
What is Asset Protection?

Asset Protection Planning
Asset protection is a legal concentration, which is concerned about eliminating and minimizing legal risks. Asset protection also is concerned about setting up legal structures in a manner that reduces your liability risks. For example, most co-owners of real estate are legally vulnerable because a creditor of one co-owner could cause a lien to be placed against the home or investment property. Additionally, a creditor can levy or foreclose the home of a creditor that failed to satisfy its’ judgment.

Co-owners of real estate typically have one of two methods of joint ownership. The first method is joint tenancy by right of survivorship or otherwise called joint tenancy (either referred to as “joint tenancy”). This form of ownership shall appear on the Warranty or Quit Claim Deed, which should have been received at the closing. Essentially, the advantage of this form of ownership is simplicity. If one spouse or co-owner dies, the other owner automatically inherits the entire house.

In most cases, co-owners of real estate are titled as joint tenants with right of survivorship. Thus, there is no need for any probate proceedings until after both co-owners of real estate die. The disadvantage of joint tenancy is one spouse or owner’s credit problems can jeopardize the other co-owner’s property interest. For instance, John and Sue are married and own a home together and John has credit card bills in his name, which has or will place judgments against John for the unpaid balances. John’s creditors will place a lien against the home for John’s unpaid credit card bills. If John and Sue have a lot of equity in their home, John’s creditors may decide to foreclose the house to pay John’s debts. As joint tenants, John’s liability issues affect the co-ownership of John and Sue’s home.

The second method of co-ownership is tenancy by entirety. Tenancy by entirety means that the property is owned by a married couple jointly. Unlike joint tenancy, one spouse’s creditor problems cannot force the sale of John and Sue’s house. However, John’s creditors may file a lien against the house, which must be paid prior to selling the house. The disadvantage of tenancy by entirety is John and Sue’s house will go into probate court if John and Sue do not have a trust to avoid probate court. Thus, John and Sue’s interest in the house does not automatically pass to the surviving spouse.

The smartest strategy is to use a land trust and place co-ownership as tenancy by entirety. In Illinois, a land trust is a method of titling real estate. A land trust has several features. The first benefit is a land trust is a private document. Thus, there is a contract with a company like Chicago Title Land Trust Company where they will hold your legal title while the co-owners remain the beneficiaries. As beneficiaries, co-owners have the ability to instruct Chicago Title Land Trust Company what to do in case of re-finance or selling of the property. The second feature is a land trust has basic estate planning role. In the trust agreement with Chicago Title, the beneficiaries give Chicago Title beneficiary instructions if the co-owners should decease.

Sean Robertson with the Robertson Law Group, LLC is a wealth preservation law firm with locations in Naperville and downtown Chicago. Sean Robertson concentrates in wills, trusts, powers of attorney, elder law, and asset protection. Sean has experience representing individuals, families, physicians, and a wide variety of clients. Sean Robertson can be reached at 630-364-2318 or 312-498-6080 or via email RobertsonLawGroup@gmail.com. Check out our website at www.RobertsonLawGroup.com.

Wills and Trusts in Naperville, Illinois

Robertson Law Group, LLC concentrates in wills, trusts, estate planning, and asset protection in Naperville, Illinois. We offer meetings in your home or business or at our business conference center. We have offices in Naperville and downtown Chicago, Illinois.

We have over six (6) years of experience in representing clients with their unique estate and asset protection goals. We represent the elderly, physicians, surgeons, doctors, business owners, dentists, construction owners, and middle class Americans.

Our website is www.RobertsonLawGroup.com. Our phone number is 630-364-2318 or 312-498-6080. Our email is RobertsonLawGroup.com. We represent clients throughout the area in places such as Winfield, Warrenville, Woodridge, Naperville, Bolingbrook, Romeoville, Lisle, Aurora, Montgomery, Adison, Wheaton, Elmhurst, Joliet, Shorewood, Westmont, Cook County, Will County, and Dupage County.