Recent Blog Posts
Estate Planning When You Have A Disabled Adult Child
Yorkville Special Needs Estate Planning Attorney
Estate planning for parents of a minor or adult disabled child who receive government aid programs must consider designing an estate plan with their disabled adult in mind. Special needs trusts are a type of trust aimed at distributing one's assets, such as life insurance, real estate, retirement assets, bank accounts, and other accounts, smoothly and efficiently.
Special Needs Trust and Planning
Working with an estate planning lawyer is essential because a special needs estate planning lawyer will assist you in anticipating family conflicts and problems before they arise. Family conflicts arise upon one's death often because family conflicts are not considered, such as an adult disabled child receiving an inheritance, which will disqualify them from receiving their government aid benefits, such as social security disability income.
Crest Hill Quit Claim Deed Lawyer: Reasons for a Quit Claim Deed
In Illinois, a quitclaim deed is a legal document that transfers real estate ownership from one party to another. Moving a property interest in a former marital residence is a significant reason for a quit claim deed. Often, the divorce decree requires one party to transfer their former marital interest in real property to their former spouse. In addition, the marriage settlement agreement may need one spouse to transfer away their legal claim to the other spouse. Often, a former spouse cannot obtain a new mortgage with their name connected to a former residence's mortgage and legal title.
Second, at Gateville Law Firm, our attorneys and support staff specialize in real estate and quit claim deed law. Unlike most real estate lawyers, our team comprises former title insurance employees and attorneys concentrating on real estate and estate planning law. Second, transferring property ownership often involves family members as well. For example, a quit claim deed frequently transfers property ownership among family members. Alternatively, a quit claim deed is used when one party deceases, and the property passes from one joint owner to the surviving owner. Often, the parties want to clean up the property's legal title in such situations.
Montgomery Real Estate LLC Lawyer: Assisting Real Estate Investors & Commercial Property
This article will discuss business entities for real estate investors, landlords, and commercial property owners. The most popular business entity is a limited liability company, an "LLC." The LLC is a method to insulate a business owner's assets from business creditor concerns. The LLC provides limited liability protection for its owners by limiting a business creditor's reach to business assets versus the personal business assets of its owners. Business owners are concerned about limited liability protection and protecting their assets from a creditor's lawsuit.
As a general rule, the LLC provides liability protection, which limits a creditor's remedies to the business assets of the LLC. Plaintiff's lawyers understand the benefits of an LLC's limited liability protection and make their living finding a strategy to go after a business's owner's assets.
There are several strategies that creditor rights lawyers seek to recover losses for their clients. The Illinois Consumer Fraud and Deceptive Business Practice Act ("Act"), 815 ILCS 505/1, et seq., is legislation, which is intended to protect individuals, consumers, and businessmen against fraud, unfair methods of competition, and unfair or deceptive practices in the conduct of a trade or business. This legislation is used broadly by creditor's attorneys to go after a business owner's assets in case of a judgment. The threat of litigation will often result in a settlement in a creditor's favor. In addition, this legislation grants punitive damages, reasonable attorney's fees, and court costs as damages that a Plaintiff can seek.
Death and Intestate Succession: What Happens if You Die Without a Will in Plano, Illinois?
Covid-19 has created an awareness about wills and trusts. Unfortunately, over the last several years, the number of individuals facing death seems to be increasing. This article will discuss what happens when you fail to plan and have no Will or trust.
Designated Beneficiaries
The probate court may only be necessary if one has designated beneficiaries on their varying accounts. A person can direct beneficiary designations to inherit their assets upon death.
1. Bank Accounts
Bank accounts have accounts called "payable on death accounts, " meaning that the account's creator can specify who shall inherit the account upon their death. Generally, the bank has a designated form that you fill out to dictate who shall inherit your account balance upon your death. For instance, Sally gives her bank account to her daughter, Peggy Sue. Unfortunately, many people need help to designate a beneficiary or update their preferences. If a beneficiary has a disability or decreases, then there is a possibility of probate court. Designating a beneficiary is a form of essential estate planning without a will or trust.
Quit Claim Deeds: What They Are and Why They Are Necessary
Bolingbrook Quit Claim Deed Lawyer: What are Quit Claim Deeds
A quitclaim deed is a real estate tool that aids in changing the legal title to a property. A quitclaim deed is different from a warranty deed because a quitclaim deed does not accompany with it the warranties on interest, meaning that whatever interest the titleholder had is what is being conveyed, whether it be incorrect or encumbered. Additionally, because a quitclaim deed is only a transfer of title and no interest in being sold, the transfer is exempt from specific transfer taxes imposed by the city. There are many reasons why one might need a quit claim deed. At Gateville Law Firm, we will be able to explain whether a quitclaim deed is advisable and if so, can complete the deed to ensure there are no errors that would result in the deed being rejected by the county.
Adding a Person to Title
A common reason for a quitclaim deed is to add an individual to the title. This could be because the title holder gained a roommate, married, or wants an additional individual on the title. Gateville Law Firm assists in advising any possible repercussions of adding the individual and delineating the type of ownership between the parties, whether it be a tenancy in common, joint tenancy with the right of survivorship, or a tenancy by the entirety. Each tenancy has different requirements and, without superior knowledge, can likely be done incorrectly.
What is a Joint Venture, and Is It Appropriate for You?
Yorkville Joint Venture Attorney
A joint venture is a business agreement where two or more persons enter a business relationship to invest in a real estate project or investment. The joint venture aims to make profits and losses on a project. The general idea of a joint venture is to reduce the parties' risks because the parties pool resources, expertise, and investment resources. One of the significant benefits of a joint venture is the ability to finance more significant real estate ventures and maximize one's resources by investing with other members or owners.
This article will discuss the different methods for forming a joint venture for real estate companies. The first way to create a joint venture agreement is through a limited liability company or an "LLC." An LLC is a new popular business entity because it possesses the corporation's limited liability feature and the partnership's flexibility. In addition, multi-member LLCs are taxed automatically as partnerships unless the members or "owners" choose a different tax classification.
Aurora Real Estate Investor Lawyers: Business Structure and Asset Protection Strategies
Gateville Law Firm provides advanced business structure planning strategies for real estate investors, landlords, and commercial property owners to maximize asset protection. One of the most popular business entities for such individuals is a limited liability company or an "LLC." The LLC provides flexibility and limited liability protection for business owners and investors. It limits business creditors' reach to the LLC's assets rather than its owners' personal assets.
Plaintiff's lawyers understand the benefits of an LLC's limited liability protection. They often use the Illinois Consumer Fraud and Deceptive Business Practices Act to go after a business owner's assets in case of a judgment. This makes it crucial for business owners and investors to set up an LLC and incorporate their business or real estate holdings. Combining their business holdings and real estate investments makes it more difficult for Plaintiff's lawyers to collect on their judgments.
Why It Is Critical To Update Your Estate Plan
Yorkville Estate Planning Attorney: Why it is necessary to amend your estate planning documents
Creating an estate plan is essential in ensuring your assets will be distributed how you wish upon your death. However, more than simply creating an estate plan may be required. Whether you create your estate plan early in life or later in life, specific circumstances may make it necessary to update your estate planning documents. Therefore, it is recommended to review your estate plan every few years and amend it as required to account for life changes. At Peace of Mind Asset Protection, our attorneys assist in both creating estate plans and making amendments and codicils to those documents as necessary.
Death and Intestate Succession: What Happens if You Die Without a Will in Plano, Illinois?
The Covid-19 campaign has raised public awareness about wills and trusts. There seems to be a rise in the number of people close to death during the past few years. What transpires when you don't plan and don't have a will or trust in place will be covered in this article.
Designated Beneficiaries
The probate court may not be necessary if one has chosen beneficiaries on their various accounts. A person has the authority to specify the beneficiaries who will receive their assets following their passing.
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Bank Accounts
Payable-on-death accounts allow the account owner to designate a beneficiary to receive the funds following their death. Typically, you fill out a form the bank provides to choose who would welcome your account balance upon passing. For instance, Sally allows her daughter Peggy Sue to access her bank account. Sadly, many people need to remember to choose a beneficiary or change their preferences. In addition, a probate court may be necessary if a beneficiary is disabled or dies. Without a will or trust, essential estate planning can be done by naming a beneficiary.
Quit Claim Deed Lawyers in Romeoville and Bolingbrook
A quitclaim deed in Illinois is a legal document that transfers real estate ownership of property from one party to the next party. A significant reason for using a quitclaim deed is when transferring property interest in a former marital residence, which may be required by a divorce decree or a marriage settlement agreement. Additionally, quitclaim deeds are often used to transfer property ownership among family members or to remove someone from real property.
To properly prepare a quitclaim deed properly, it is crucial to work with experienced real estate attorneys specializing in quitclaim deed preparations. We work with you over the telephone and obtain a copy of your deed and you simply return your original paperwork back to our office. An office visit is unnecessary.
At Gateville Law Firm, our real estate team specializes in real estate and quitclaim deed law. We have prepared thousands of quitclaim deeds in the past several years. Our team consists of former title insurance employees who have extensive experience in handling real estate and quitclaim deed transactions. Our staff understand the potential challenges that may arise from an improperly prepared quitclaim deed. Generally, the title insurance company discovers the problem, which complicates refinances and sales of homes.
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201 East Veterans Parkway, Suite 14,
Yorkville, IL 60560
630-780-1034
