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.