Posted on January 09, 2023 in Real Estate

Lawyer in Plainfield and surrounding areas to help rental property owners with setting up limited liability companies

Setting up a limited liability company is a vital asset protection tool for rental property owners in Plainfield and the surrounding areas. An LLC is a powerful tool, which supplies limited liability protection for rental property investors. As a rental property investor, the LLC is the most popular business entity. An LLC has four major elements:

• Limited Liability Protection: A main benefit of an LLC is limited liability protection. Limited liability protection means that the owners (or members) of the LLC are generally at risk if the LLC is sued or incurs debts.

• Ease of Ownership: Creating an LLC is easy to set up and run because LLCs have fewer flexibilities in comparison to corporations. LLCs do not have to host annual meetings or keep formal minutes of minutes. Transferring ownership of an LLC is simple to do because transferring ownership of an LLC by transferring ownership of the LLC to another member (or owner).

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 Posted on January 09, 2023 in Asset Protection & Wealth Preservation

Asset protection is a legal specialty, which is a combination of financial, retirement, and lawsuit planning to set up legal barriers to protect one’s family and business assets. A recession is coming, and lawsuits, taxes, and liability concerns will increase, which will threaten people’s family, individual, and business’s economic security. 

The best asset protection occurs prior to any incident or potential lawsuit has arisen. Advanced planning is not fraud and sets one’s assets up in a manner that maximizes asset protection. Asset protection is combined with estate planning strategies to help families and individuals achieve financial security. Middle-aged couples and individuals are increasingly aware of retirement planning. Smart retirement planning consists of asset protection and estate planning (when the situation meets the customer’s needs). 

How to Protect Your Assets Against Liability Concerns?

This article will discuss how to protect your assets against liability concerns and what legal instruments you should use. This article will discuss five (5) strategies designed to protect one’s assets from liability concerns. The first legal concept is the use of holding and subsidiary companies, which segregate each company or LLC into a separate entity. 

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 Posted on January 09, 2023 in Real Estate

Lawyer in Oswego and Kendal County Helping Real Estate Investors with LLCs

Forming a limited liability company or otherwise known as an “LLC” is a useful strategy to hold real estate investments. An LLC provides limited liability protection for the owners. The owners of an LLC are called “members” of the LLC. This means that if the LLC is sued or incurs debts, the personal assets of the members such as their homes or personal bank accounts generally should not be at risk. Consulting a Yorkville Real Estate LLC Lawyer is a wise decision because there are circumstances where a Real Estate LLC fails to properly protect one’s personal assets.

An LLC is a useful tool for managing one’s liability risks. Titling the real estate investment property into an LLC is a way to reduce one’s liability exposure to creditor concerns and lawsuits. Our economy is facing increasing risks associated with the pending recession and advanced planning is critical to properly protect one’s wealth and financial assets.

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 Posted on January 06, 2023 in Estate Planning

A primary benefit of estate planning is building a solid structure and creating an estate plan that passes one’s assets in a cost-effective and smooth manner. One lawsuit can destroy a lifetime of planning and good decisions. Asset protection is the process of arranging one’s assets to minimize liability vulnerabilities and maximize economic security.

Asset protection is a combination of estate planning, lawsuit planning, and business planning combined into one specialty. Smart asset protection is forward planning and does not involve fraud or fraudulent transfers. Advanced planning is vital because one’s assets may not be protected if one device a plan to protect their assets to protect against an existing or pending lawsuit. Planning anticipates liability risks that may arise. 

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 Posted on January 05, 2023 in Estate Planning

Oswego Living Trust Lawyers

Every person requires a proper estate plan, but this need is especially crucial for single mothers. Single mothers are some of the most hardworking individuals, and they are tasked with dual responsibility as caregivers and providers. If something were to happen to a single mother, she would want to ensure that her children will have a proper guardian to continue to care for them, as well as guarantee that her children will be financially prepared by providing them with the best inheritance possible.

Establishing a Proper Caregiver

One of the benefits of an estate plan is that a mother can designate who she would like to take over as guardian of her minor children. Without this designation, it is most likely that the other parent will be given full guardianship over the minor children. However, this designation is not always in the best interest of the children for many reasons. Whether there is a lack of relationship, lack of parental responsibility, or distance that would severely hinder the children's permanency, a single mother is tasked with the responsibility of making this decision. It is imperative that the minor children are placed with someone who is familiar and will be able to provide for them both financially and emotionally. By creating an estate plan, the single mother can make her primary guardian designation, as well as contingent guardians, should the primary guardian be unable to care for the children.

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 Posted on January 04, 2023 in Estate Planning

Bristol Living Trust Lawyers

Estate planning is a legal specialty that assists people and families plan their legal future. There are key legal documents, which are essential in a well-planned and executed estate plan. Estate planning is designed to provide peace of mind and provide financial security. Estate planning is a crucial step in providing for one’s retirement planning goals. 

There are four (4) major documents, which are the foundation of estate planning. These documents include the following:

• Living Trust or otherwise known as a “Revocable Living Trust” or “Family Trust”

• Illinois Short Form Statutory Attorney for Finances

• Illinois Short Form Statutory Attorney for Healthcare

• Pour Over Will

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 Posted on January 04, 2023 in Real Estate

Lawyer in Plano, Illinois Helping Real Estate Investors with LLCs

Gateville Law Firm assists real estate investors and property owners from limited liability companies (“LLCs”) in Plano, Illinois, and nearby areas. Setting up an LLC is an asset protection strategy to limit one’s liability concerning property and lawsuits that occur because of investment properties. A benefit of an LLC is limited liability protection. The owners of an LLC are called “members.” Members are the owners of an LLC.

An LLC is a strong tool to limit one’s liability concerns. In Illinois, there are two types of LLCs formed. The first type of LLC is a member-managed LLC. A member-managed LLC is when the members of the LLC manage the day-to-day operations of the LLC. Any member may bind the LLC into contractual obligations and assist in managing the day-to-day affairs of the LLC. 

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 Posted on January 03, 2023 in Real Estate

Oswego LLC Lawyer: Assisting Real Estate Investors and Commercial Property Owners

Creating a limited liability company or otherwise known as an “LLC” is a way to minimize a real estate owner’s liability concern. One of the multiple benefits of an LLC is limited liability protection for the owners. Limited liability protection insulates the owner's assets from the LLC's creditors and liability concerns. Simply put, this means that if the LLC has debts and a lawsuit is filed against it, the owners of the LLC generally do not have liability concerns. The owners of the LLC enjoy personal limited liability protection. There are circumstances where creating an LLC alone is insufficient limited protection. You should consult an Oswego Real Estate LLC Attorney about the best method to provide the maximum level of liability protection for you and your family.

It is a wise decision to set up an LLC for the purchase of investment real estate. It is also important to re-title the property interests into the LLC's name. Otherwise, the LLC's liability protection will not assist you. Doing It Yourself kits are cost-effective, but they are often faulty because of a person's lack of experience.

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 Posted on December 30, 2022 in Estate Planning

The fundamentals of estate planning are the way to build financial security. An estate planning attorney assists clients anticipate future problems and develop a solution to these potential conflicts. Estate planning and asset protection combine to set-up roadblocks and prevent future liability concerns by setting up limited liability companies and other liability protection strategies devised to maximize asset protection.

Living Trust are Smart Estate Planning

A living trust is a legal instrument that appoints a trustee to over see and manage one’s financial assets. A person or couple create a written agreement called a “trust agreement” where they are appointed as co-trustees to manage their property interests. The goal of living trust is to create an easy transition of one’s assets upon a death or incapacity. A living trust differs from a last will and testament because it avoids probate processes and court procedures. Second, a living trust is a private document, which is shielded from the public view. 

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 Posted on December 19, 2022 in Estate Planning

What is a Special Needs Trust?

A third-party special needs trust is a commonly used tool that helps provide for disabled loved ones and really should be included in every person’s will or trust. A special needs trust provides financial support for a designated beneficiary that is disabled or has special needs with the bonus that the income from the trust will not impact the beneficiary’s eligibility for government assistance programs (such as Medicare or Social Security)

Funds from a special needs trust are used for expenses such as medical bills, payments for treatments or caretakers, and transportation costs. Generally, government assistance programs are run on an income contingency and as a result, if a disabled person makes over a certain amount of money, they can be disqualified from receiving those benefits. However, a special needs trust avoids this issue completely.

A special needs trust will not only finically protect a loved one that is disabled at the time the will or trust is executed, but it also is effective if a loved one, who was not disabled at the time it was executed, later becomes disabled.

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