Posted on April 04, 2023 in Real Estate Transactions

Plano Il Real Estate Transfer Lawyer

After the owner's death, the real estate transfer involves legal aspects, including estate planning and probate law. With the COVID-19 pandemic, there has been an increased awareness of estate planning and the importance of managing real estate. In addition, baby boomers, born after World War II, and their children prepare to pass their assets and wealth to the next generation. Therefore, wealth transfer from generation to generation is a significant legal issue.

However, many baby boomers and their families are unprepared to transfer their assets after death. Illinois has eight types of property ownership: sole property ownership, tenancy by the entirety, joint tenants, tenants in typical, private land trusts, business entity transfer, revocable living trusts, and unprobated estates.

Sole Property Ownership

Sole property ownership refers to when one person holds the legal right to the real estate. This may include married couples who own property solely in one name, widows or widowers whose spouse has passed away, or unmarried individuals or couples. 

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 Posted on April 03, 2023 in Real Estate Transactions

Buyer’s Attorney: Reviewing and Proposing Amendments to the Multi-Board Residential Purchase Agreement

Most of the real estate buyer's attorney's job is done before the closing. The Multi-Board Residential Purchase Agreement 7.0 ("the Purchase Agreement") is a standard real estate purchase form used around Newark, Yorkville, Sandwich, Oswego, Plainfield, Joliet, and surrounding areas of Illinois. The Purchase Agreement summarizes the key terms and conditions of the purchase of a residential property and is a legally-binding real estate sales contract. The essential terms of the Purchase Agreement include the following:

• The Parties. Paragraph 1 identifies the buyer and seller.

• The Real Estate. Paragraph 2 identifies the property address and Permanent Index Number.

• Fixtures and Personal Property. Paragraph 3 names the fixtures and personal property included in the sale.

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 Posted on March 31, 2023 in Real Estate Legacy Planning

This article discusses the impact on spouses dying when real estate is their sole name. In Illinois, significant others and couples reside in real estate when one person's name is on the legal title. Mortgages are often placed in one's spouse's name due to poor credit, or one spouse has a higher income and a credit score to meet the underwriting standards of mortgage providers

People obtain mortgages without a spouse or another person for multiple reasons. First, the person was qualifying for the mortgage primary by the leading financial contributor. Mothers often stay home and place their families above their economic needs. Moreover, self-employed persons need help securing mortgages because the underwriting guidelines are more complicated than those employed by a company. Mothers (and fathers) also tend to work part-time or have flexible work arrangements so that they can cater to their children's extracurricular activities and school schedules. The cost of childcare also is a significant consideration for parents. However, these family sacrifices produce legal obstacles, which place families under challenging circumstances. People may also need to improve their credit, be proactive, and obtain estate planning before an incident

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 Posted on March 30, 2023 in Estate Planning

Structuring one's financial, retirement, and estate planning alternatives to efficiently and affordably leave one's assets to one's loved ones is known as estate planning. Individuals regularly worry about their investments and how the market may harm them.

Asset diversification and asset protection are two legal specializations that work together to optimize protection from events that deplete an individual's assets. Asset management is proactive planning before legal disputes, taxes, and other life occurrences harm a person's wealth and security. Asset protection and estate planning are two practical wealth management techniques that complement one another to provide monetary stability.

A solid legal foundation will be created through estate planning and wealth management, protecting against disability and death. In addition, a person's and their family's assets are safeguarded from hazards by creating an asset management plan. Living trusts are a crucial part of effective estate planning

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 Posted on March 29, 2023 in Estate Planning

Oswego Premarital Agreement Attorney

The term "late-life divorce" is used because a person was divorced over the age of fifty. In addition to the word "late-life divorce," "Grey Divorce" and "Silver Divorce" are terms that describe a middle-aged person divorced beyond the age of 50. We have increasingly become familiar with the divorce rate of couples rising in population. As a result, divorces beyond 50 years of age have substantially increased in popularity, and a divorce significantly impacts one's familial status. In addition, premarital and post-nuptial planning are increasingly popular because spouses have experienced the divorce process and desire to protect their assets in case of a divorce. 

Prenuptial agreements are also known as "Prenups." Postnups are legal agreements entered by couples post-marriage designed to protect one's prior financial assets and create a smooth process in case of a divorce. Prenuptial agreements should cover the following topics:

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 Posted on March 29, 2023 in Real Estate Transactions

Legal Help with the Sale and Purchase of Real Estate

Historically, Black families have been marginalized from the real estate market. Attorney Sean Robertson aims to increase Black families' access to the real estate market. Attorney Robertson is highly skilled and experienced in residential and commercial real estate transactions. Attorney Robertson is the founder of Gateville Law Firm, with over 50 years of real estate experience. Our support staff has worked for reputable title companies where they have processed multiple thousands of real estate transactions. Experience should matter to you because thousands of real estate transactions teach invaluable lessons which can benefit you. At Gateville Law Firm, our real estate attorneys and the team have established a top-notched real estate reputation. 

Real Estate Team for Real Estate Investors

Real estate transactions require precision and expertise. In addition, real estate investors need experience and asset protection knowledge. Attorney Robertson graduated from DePaul University College of Law, where he concentrated his legal studies in tax and wealth law. Attorney Robertson focused on tax law because it has a significant background in the following areas:

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 Posted on March 29, 2023 in Real Estate

Yorkville Sale of Restaurant Attorney: Structuring The Commercial Purchase or Sale of a Restaurant in Kendall County

Structuring a purchase of a restaurant when you are purchasing the building and the business requires careful planning and consideration. There are two significant steps in the commercial purchase and sale process, along with legal concerns for the commercial real estate purchase of the building. The first step is negotiating a letter of intent. 

A letter of intent is a non-legally binding letter that summarizes the terms and conditions of the restaurant purchase. The purpose of a letter of intent is to describe the potential acquisition of the restaurant and commercial building and show a seller that the buyer is serious. Furthermore, the letter of intent secures the exclusive negotiations involving the proposed buyer and the seller. The letter of intent must summarize the rights and responsibilities of the buyer and seller. The letter of intent also will have an initial deposit of money that will be exchanged called "earnest money." The earnest money shows the buyer's seriousness in purchasing the business. 

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 Posted on March 29, 2023 in Estate Planning

When someone dies without a will or trust in Yorkville and surrounding areas, the state's intestacy laws will determine the distribution of their assets. These laws dictate who will inherit the deceased person's assets based on their relationship to the dead person.

If the deceased person was married and had no children or other descendants, their spouse will inherit all their assets. If the dead person was married and had children or other descendants, their spouse will inherit half of their support, and the other half will be divided equally among their children or descendants. If the deceased person were unmarried and had no children or other descendants, their assets would be divided equally among their children or other descendants. If the dead person were available and had no children or other descendants, their assets would go to their parents or, if their parents are deceased, to their siblings, nieces, or nephews.

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 Posted on March 28, 2023 in Business Law

Oswego Professional LLC Attorney

Limited Liability Company vs. Professional Limited Liability Company?

Limited Liability Company (LLC)

A Limited Liability Company is also known as an "LLC," a popular business entity that incorporates the flexibility and limited liability protection of a Corporation. Essentially, an LLC combines a partnership and a corporation, which includes the primary benefit of limited liability protection. A weakness of a partnership is it lacks limited liability protection. A drawback of a Corporation is its' rigid corporate structure. The LLC incorporates the best features of a Partnership and the best parts of a Corporation.

LLC Structure

The formation of an LLC is the most popular business entity and cost-effective in Illinois. The LLC provides limited liability protection meaning that the owners of an LLC are not responsible for the debts of the LLC. Owners of an LLC are called "members." Generally, an LLC member is not personally liable for the company's bills and liabilities. However, there are circumstances where a member may be personally responsible for the debts of an LLC. Seeking an experienced business counsel is vital to help you structure your business enterprise. An accountant is inexperienced in business law and is not suitably qualified to assist in legal matters. People falsely assume that the formation of an LLC is simple. The structure and formation of an LLC are simple, but other factors must be considered when forming an LLC for a client. An accountant is ill-equipped to understand these factors. These factors may include providing strategies to protect one's assets and house in case of a lawsuit. Business ownership is risky, and the legal perils are real. Similarly, an LLC benefits from limited liability protection like a Corporation. 

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 Posted on March 28, 2023 in Real Estate Transactions

Kendall County Real Estate Lawyer

At Gateville Law Firm, we specialize in residential real estate transactions for sellers and buyers of real estate in Oswego, Plano, Newark, Leland, Boulder Hill, Aurora, and nearby areas of Kendall County. If you are considering selling or purchasing a home, this article will discuss the real estate closing process in Kendall County and the nearby regions. Three significant factors impact the home sale process in Illinois.

A. Attorney Review and Home Inspection Periods

The first factor involves the attorney review and home inspection periods. The attorney review and home inspection periods are significant during a residential closing. The attorney review period is established under the Multi-Board Residential Real Estate Contract 7.0 ("Purchase Agreement") and is the standard real estate contract used in Kendall County and surrounding Chicago suburbs. 

The Purchase Agreement outlines the typical real estate terms and conditions of selling residential property in Illinois. The commercial sales agreement utilizes a separate agreement. The Purchase Agreement includes the following provisions:

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