Recent Blog Posts
Dobbs v. Jackson Women’s Health Organization: The Case that Overturned Roe v. Wade Could Impact Estate Planning for Same-Sex Couples
What Happened in Dobbs v. Jackson?
On June 24, 2022, the Supreme Court released its decision in Dobbs. This decision overturned the long-standing precedent set by Roe v. Wade that women have a right to have an abortion under the Constitution. The justification used by the majority of the Justices in the Dobbs ruling could have devastating impacts on other previously held constitutional rights, including the rights of same-sex couples.
Before the Dobbs ruling, the Supreme Court in Roe held that women did have a right to seek an abortion (up to a certain point in the pregnancy) because it was protected by the constitutional right to privacy. This meant that an individual state could not ban women from seeking an abortion nor could a state place any undue obstacles in the way of a woman seeking an abortion. However, by a 5 to 4 vote in Dobbs, the majority held that the U.S. Constitution does not explicitly give women the right to seek an abortion and thus, there is none. Consequently, this decision gave individual states complete power to regulate any aspect of abortion not preempted by federal law. Thus, the Dobbs decision paved a path for the Court to allow states to regulate other constitutional rights that were previously held as constitutional under the right to privacy.
What is the Difference Between a Limited Partnership and LLC?
A Limited Partnership company and LLC have similarities in operation, but they are quite different from each other. They are the two most common business entities in the US.
For example, when it comes to taxation, LPs and LLCs have the freedom to incur pass-through taxation treatment. This means that each member (LLC) or partner (LP) is taxed on the personal profit gained from the company. LPs and LLCs are both exempt from federal income tax.
Also, LPs and LLCs have similarities in defining the rights and roles of partners and members. This is in the aspect of Limited Partnership Agreement for LP and Operating Agreement for LLC. These are two similar internal documents that contain how the company is to operate, internal agreements among members or partners, and firm rules and regulations to be followed by all members or partners.
Business Acquisitions - Considerations for Buying or Selling a Business
Purchasing or selling a business can be a complex and often overwhelming experience, both for the buyer and seller. There are various aspects that need to be considered, as well as careful consideration and disclosure of all potential liabilities that may surface. When buying or selling a business, there are different ways to go about the sale, but the three most common ways of acquiring a business are through either a stock purchase, an asset purchase, or a merger. It is important to know what each option entails to ensure the correct procedure is chosen to benefit both the buyer and seller in the sale of a business.
Stock Purchase Agreement
A stock purchase takes place when the buyer purchases either all or a controlling majority of the selling company’s voting shares. Under a stock purchase, the legalities of the selling company, such as the name, managing operations, and procedures will remain the same unless these legalities were previously discussed in the Stock Purchase Agreement. This means there are significant advantages for both the seller and the buyer. By releasing the controlling majority of voting shares to the buying company, the selling company is released from the liabilities that may occur. The buyer benefits from a stock purchase because the legalities remain the same, which results in less disruption to the business and a more efficient transfer of control.
Estate Planning: Retirement Plan Trusts
What is a Retirement Plan Trust?
A retirement trust is a method used in estate planning that provides not only the basic benefits of a trust, but also the tax benefits of an IRA (individual retirement account).
A retirement trust works by establishing the trust and naming the trust as the beneficiary of your retirement accounts upon your death. Your retirement trust will not include your IRA until you pass away. At this point, the person you have selected as trustee of the trust will distribute the funds to your named beneficiaries according to the terms you included in your trust.
Retirement Plan Trust Lawyers in Plainfield and Kendall County, Illinois
What are the Benefits of a Retirement Plan Trust?
First, the major benefit of a retirement plan trust is reducing taxes taken on your retirement accounts and taxes taken on the distributions of those funds once they are in the trust. A retirement plan trust does this because it allows you to distribute money to your heirs in smaller amounts. Your trust will have language about distributing the funds to your beneficiaries in the RMD (required minimum distribution). Paying out funds in the RMD amount results in less taxes being taken out on those funds.
Estate Planning to Avoid Adult Guardianships
What is an Adult Guardianship?
If a judge determines that an adult (over 18 years of age) cannot make basic life decisions or manage their own property or money, they have the power to place them under an adult guardianship. Under an adult guardianship, another person (that meets the legal requirements to be a guardian) is assigned to take care of the adult and act in their best interests. Common causes of adult guardianships include Alzheimer’s disease (or other mental decline due to aging), certain mental illnesses, developmental disabilities that the adult has had since birth or childhood, and certain physical disabilities.
In Illinois there are two different types of adult guardianships. A person designated as the guardian can be assigned just one or both, depending on the circumstances. First, there is a guardianship of the person. A guardianship of the person allows the assigned guardian to make decisions regarding all personal care, for example, making medical decisions for treatment plans. The second type of guardianship is a guardianship of the estate. This guardianship gives the guardian control over the adult’s finances and property.
Estate Planning and Avoiding Family Conflicts
Yorkville and Kendall County Estate Planning Law Firm
An estate planning is a legal concentration helping people bypass or minimize family conflicts involved in the incapacity and death process. Estate planning is the process of setting up one’s affairs in a manner that minimizes and avoids potential family conflicts. Proper estate planning is an investment and wise decision to anticipate future family conflicts.
The use of an estate planning attorney is a tool to assist your family avoid the inherit conflicts involved in the death and incapacity process. The causes of family conflicts range from the following:
Coordinating Landlord’s Estate Planning With Asset Protection
Owning rental property can be a great benefit to a landlord, as well as a way for an individual to generate additional income. But there are substantial risks that an individual assumes when taking on the role of a landlord. The risk of a lawsuit against a landlord is high, as there can be claims brought based a lease dispute or an injury that occurred on the property. If a tenant brings a claim against a landlord, judgment creditors will be able to access the landlord’s personal assets to pay off the judgment. In order to protect personal assets, it is crucial to include rental property in an estate plan as a way to structure a workable asset protection plan.
The best way for landlords to eliminate the risk of creditors reaching personal assets is to take the rental property out of the landlord’s individual name and place it into an entity. There are two ways that are most effective at doing so, establishing an LLC or putting the property into a land trust.
How to Sale Real Estate After Death Without Probate Illinois?
Transferring Real Estate After Death: Naperville and Kendall County Real Estate Transfer Attorneys
Transferring real estate after death is a complicated mixture of real estate, estate planning, and probate law. Covid-19 has changed the nature of business and emphasized the importance of estate planning and real estate. Baby boomers are the generation, which were born after World War II. Birth rates skyrocketed, which was referred to as “the baby boom.”
Baby boomers and their adult children are preparing and passing their real estate and wealth to their children and grandchildren. This period is resulting in substantial amounts of wealth transferred from one generation to the next.
Baby boomers and their families are ill-prepared to transfer their assets after death. There are eight types of property ownership in Illinois:
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Sole Property Ownership
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Tenancy by the Entirety
How Do You Avoid Family Conflicts and Leave a Good Legacy?
It is a certain wish to you that you'll love to leave a peaceful family behind when you're deceased. You'll love to lay down a good legacy for your family and kids to follow. You will also want to prevent any future family conflicts in the future when you're gone into the great beyond.
These thoughts of yours can be possible if you'll take out the time to do proper and thorough estate planning.
With an estate plan thoughtfully and thoroughly drafted out while you're alive, healthy, and capable, you'll have fewer worries when you become unable and no worries at all by the time the inevitable (death) happens to you.
In this article, we'll look at how you can avoid family conflicts and leave a good legacy with estate planning while you're gone. Read on.
What is Estate Planning?
Though, a seemingly daunting task, estate planning is truly worth it. You get to decide, even in death or incapacitation, how your assets are to be managed and evenly distributed among your heirs and beneficiaries.
Frequently Asked Questions About Living Trusts
When thinking about an estate plan, most people are under the false assumption that a Trust is only meant for the extremely wealthy. This is in fact not the case. Many people can benefit from having a Trust in their estate plan.
What is a Trust?
A Trust is a legal instrument that holds title to certain property and is subject to certain obligations, rights, and restrictions that are put in place by the Trustor. The Trustor is the person or persons who create the Trust. A living Trust means that, for the duration of the Trustor’s life, the Trust is for the benefit of the Trustor, and will only pass to the beneficiaries upon the Trustor’s death. This also means that the initial Trustee (the person who is in charge of managing the Trust) will also be the Trustor.
What is the difference between a Revocable and an Irrevocable Trust?
A Trust can be made revocable or irrevocable at the decision of the Trustor. If the Trustor creates a Revocable Living Trust, then they are able to amend or revoke the Trust at any time during their life, even after the Trust is signed. A Revocable Living Trust will be made irrevocable upon the death of the Trustor. An Irrevocable Trust is a Trust that cannot be amended nor once it is signed by the Trustor. The Trustor does not even have the power to amend or revoke the document once it is signed into being.
Questions?
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