Posted on December 19, 2022 in Estate Planning

Transferring your house to your Revocable Living Trust is a crucial step to avoid probate court. Preparing an estate plan is a crucial step to avoid court procedures. A Quit Claim Deed in Trust is the type of quit claim deed used to transfer your house into your revocable living trust. A Revocable Living Trust may also be known as a “Living Trust.” A Quit Claim Deed in Trust conveys real estate into your trust’s name. 

Unlike a warranty deed, a quit claim deed transfer does not guarantee that the title being transferred is without liens or problems. A Quit Claim Deed transfers the exact title and interest a person has at the time of transfer. 

The main benefit of a Quit Claim Deed in Trust is re-titling your house into your living trust’s name. When a family transfers real estate into the living trust’s name the living trust owns the house. Re-titling the house into the living trust's name ensures that the trust agreement will be followed upon death or incapacity.

Continue Reading ››

 Posted on December 15, 2022 in Estate Planning

Durable Power of Attorney in Kendall County

There are two major types of durable power of attorney in Illinois. The first type of power of attorney is a “Medical Power of Attorney” otherwise called "Illinois Statutory Short Form Power of Attorney for Healthcare." The Illinois Statutory Short Form Power of Attorney for Healthcare is also called "Statutory Healthcare Power.” See 755 ILCS 45/4-10.

The purpose of medical power of attorney is to give an individual the right to control all aspects of their medical treatment including the following:

• Ability to decline medical treatment

• The means to have medical treatment withdrawn even if this means that a person will die due to the decision to withhold medical treatment

The right of the individual to decide their care trumps the physician's obligation and the healthcare provider's ability to render care and preserve life and health. 

Continue Reading ››

 Posted on December 15, 2022 in Estate Planning

What is Spendthrift Protection?

Spendthrift protection is the benefit provided to a trust that protects a beneficiary’s inheritance from a beneficiary’s creditors such as a divorcing spouse or a creditor such as a credit card provider or a business lawsuit or a mortgage foreclosure among other creditor issues.

One of the primary benefits of a spendthrift provision is to protect a beneficiary from themselves. Spendthrift also is putting restrictions on a person’s inheritance with the primary intent to protect their child or children from their immaturity or lack of fiscal management skills. 

Spendthrift language in a trust is required to protect a beneficiary’s inheritance from their creditors. This type of language is called a “Spendthrift Trust” or “Spendthrift Provision.”  Parents often desire to protect young adults (21 to 25 years of age) or with serious disability issues from themselves. A beneficiary may not be technically disabled, but parents desire to protect their loved ones from themselves. Spendthrift language provides asset protection for a trust beneficiary because their inheritance may not be assigned, encumbered and/or alienated in any way (or similar language). 

Continue Reading ››

 Posted on December 14, 2022 in Estate Planning

What is a Special Needs Trust?

A special needs trust is a great option for those seeking to ensure the financial support of a loved one and should be included in every person’s will or trust. A special needs trust will not only protect a loved one that is disabled at the time the will or trust is executed, but it also is effective in the event that a loved one, who was not disabled at the time it was executed, later becomes disabled.

A special needs trust provides financial support for the designated beneficiary with special needs. At the same time, the income from the trust will not impact the beneficiary’s eligibility for government assistance programs (such as Medicare or Social Security). Proceeds from a special needs trust are commonly used for things like medical expenses, payments for treatments or caretakers, and transportation costs. Generally, government assistance programs are run on an income contingency and as a result, if that 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

Continue Reading ››

 Posted on December 13, 2022 in Estate Planning

Estate planning is an important aspect of financial planning that involves arranging for the management and distribution of your assets in the event of your death or incapacitation. By creating an estate plan, you can ensure that your wishes are conducted and that your loved ones are provided for after you are gone.

Key Elements of Estate Planning

There are several key elements to estate planning, including creating a will, setting up trusts, and making plans for healthcare and end-of-life decisions. By taking the time to understand these concepts and create a plan, you can provide peace of mind for yourself and your loved ones.

Continue Reading ››

 Posted on December 13, 2022 in Estate Planning

Special needs estate planning is a type of legal planning that focuses on providing for the future care and support of individuals with disabilities. This type of planning is important because it helps ensure that the individual with special needs will be taken care of and have access to the resources, they need to live a comfortable and fulfilling life.

Key Elements of Special Needs Planning is Creating a Special Needs Trust

One of the key elements of special needs estate planning is the creation of a special needs trust. This is a legal document that allows parents or other loved ones to set aside money or other assets for the benefit of the individual with special needs, without affecting their eligibility for government benefits such as Medicaid or Supplement Security Income (SSI). The Trust is managed by a trustee who is responsible for using the funds in the trust to pay for the individual’s care and support.

In addition to a special needs trust, special needs estate planning involves other legal instruments such as the following:

Continue Reading ››

 Posted on December 12, 2022 in Estate Planning

What is a Living Trust?

A Living Trust is created by a person or couple to hold title to certain property and distribute things upon death or incapacity consistently with the trust agreement. The creator of a trust is called a "grantor" or "trustor". The grantor or trust creates a trust with the specific purpose of providing a smooth and effective transition upon death or incapacity.

Another name for a trust is a family trust or revocable living trust or grantor trust. 

Continue Reading ››

 Posted on December 12, 2022 in Estate Planning

Estate planning is a form of financial and retirement planning designed to facilitate the transfer of assets upon one’s death or incapacity. Estate planning distributes one’s assets to one’s loved ones without hassle nor conflict. Estate planning is honorable because one’s legacy provides peace of mind. Estate planning is a love language because wealth planning is family oriented.

Kendall County Estate Planning Attorney: Estate Planning Foundation of Success

A basic estate plan consists of four main elements:

• Living Trust and Planning to avoid probate court. A Living Trust or otherwise called a “Revocable Living Trust” or “Trust” is a legal document, which is created by a person, couple, or entity that administers and managers property such as financial accounts, life insurance, real estate assets, and business assets in a cost-effective manner. A Living Trust avoids probate court, which differs from a will. A will must undergo the probate process and is not effective unless probate court admits the will into probate court. A Living Trust promotes privacy because a trust agreement is a private document. There is no recording of it nor filing the Living Trust in at the local courthouse. Spendthrift protection protects your beneficiary’s financial accounts and assets from creditors such as a divorcing spouse.

  Continue Reading ››

 Posted on December 12, 2022 in Business Law

Kendall County Letter of Intent Attorney

The first step in the purchase and sale of a franchise is the letter of intent. The letter of intent is a letter that outlines the details involved in a potential sale. Second, the letter of intent is a formal declaration of a buyer's seriousness in purchasing a seller's franchise. The letter of intent describes the details of the proposed franchise purchase agreement such as the following:

• The earnest money tendered by the buyer

• The financing terms of the deal (cash or a loan)

• Whether the transaction will be an asset purchase agreement or a stock purchase agreement

• The exclusive bargaining writes for the buyer

• The deal will be non-binding until a written purchase and sale agreement is drafted

• Proposed closing date and terms

  Continue Reading ››

 Posted on December 11, 2022 in Business Law

Oswego and Kendall County Franchise Business Attorneys

The purchase or sale of a franchise is a major investment transaction. The process is complex and requires varying different legal documents, which require precision and understanding. The first step in the sale and purchase of a franchise is the letter of intent. 

Letter of Intent Attorney in Kendall County and Nearby Areas

The Letter of intent or “LOI” is necessary for several reasons:

• The Letter of Intent guarantees the franchise will be sold to the agreed buyer even if other potential buyers appear in the future. Thus, the LOI restricts the business deal between the buyer and seller.

• The Letter of Intent shows seriousness by the Buyer and usually will include earnest money or a down payment evidencing their seriousness.

• The Letter of Intent is the first step in consummating a business deal for the franchise purchase or sale.

  Continue Reading ››