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
Friday, April 16, 2010
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
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
Monday, April 12, 2010
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.
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.
Friday, April 9, 2010
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
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
Thursday, April 8, 2010
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
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
Friday, April 2, 2010
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
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
Thursday, April 1, 2010
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.
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.
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