Recent Blog Posts
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.
How to Calculate Child Support in Yorkville and Kendall County?
Kendall County Child Support 101
This article summarizes Illinois Child Support. Child support guidelines determine child support in Yorkville and Kendall County. See 750 ILCS 5/505. The income shares model is the child support enacted legislation, effective on January 1, 2019. The child support model calculates total household net income and computes each parent’s percentage of combined net income. Based upon the household’s net income and each parent’s percentage of net income towards the total household income is how Kendall County Child Support is calculated now. 750 ILCS 5/505(1).
Illinois child support aims to make child support obligations more equitable between the custodian and non-custodial parent. Thus, both parents' income shall be considered, and a parent not working may have their income attributed, meaning the Court can establish a baseline net income for that parent.
Kendall County Probate - The Basics of Probate Court
Kendall County Probate Lawyer: Basics of Probate in Yorkville and Kendall County
Probate Court is used to handle a person's estate upon their death. It is recommended that an individual create a comprehensive estate plan with a Trust included to minimize the possibility of going through Probate. While a Will can be used to name intended beneficiaries, it will not avoid the Probate process. Probate can be time-consuming and expensive, so it is essential to find an attorney well-versed in the field. At Piece of Mind Asset Protection, LLC, the attorneys and staff have the knowledge and experience to handle your Probate matter effectively and efficiently, saving you time and money.
What is Probate?
Probate is the process of opening an estate for the deceased person (decedent). The point of Probate is to ensure that the assets held by the decedent are distributed to the persons named in the Will or to the next of kin. In addition, the process is also used to ensure that any debts held by the decedent get paid.
Child Support Modification
Yorkville and Kendall County Child Support Modification Attorneys
Covid-19 has caused significant economic and emotional damage in 2020. Many people have faced reduced income, layoffs; and or a change of circumstances warranting a change in child support. In Illinois, child support may be modified when there is a "substantial change of circumstances" since the last court order. 750 ILCS 5-510(1). The second reason for a change in child support is upon a showing of an inconsistency of income of at least twenty (20) percent. 750 ILCS 5-510(2).
Child Support Modification Petition
A Petition must be filed, which requests relief from a previous court order due to a substantial change in circumstances. A Petition is a legal motion that asks for a change in child support based upon a considerable shift in cases, a significant decrease or income in income, and the healthcare needs of the child or children requiring a change.
The notice must be given to the other side or the other attorney to provide them with a opportunity to respond. Typically, a financial affidavit will be required in the State of Illinois when a party wants child support modification. A financial affidavit is a summary of a person's income, expenses, and assets, which informs the court and the opposing side of the person's ability to pay.
Designated Beneficiaries and Estate Planning: Weakness in Designated Beneficiaries
Yorkville Estate Planning Lawyer: Providing Effective Estate Planning Management Tools
This article will discuss designated beneficiary designations and estate planning. A designated beneficiary is a person or entity named in financial accounts or legal documents to inherit specific assets. Generally, designated beneficiaries are expected for financial accounts such as life insurance policies, retirement accounts, bank accounts, and annuities.
An individual name a designated beneficiary, such as a person or entity, to receive assets or property upon death. A significant benefit of designated beneficiaries is they avoid the probate process and create a smooth transition upon death. The transition period minimizes the costs and provides a smooth administration process to transfer assets from one person or entity to another.
Aurora Business Estate Planning Attorney: Business Estate Planning
Business Estate Planning is vital for households in Aurora and other nearby regions in Kendall County, Illinois, especially owners of small to medium-sized enterprises and their families. In addition, high-income and high-net-worth households typically need significant business estate planning.
Asset management and thorough estate planning will create a solid legal foundation for protection against death and incapacity. Furthermore, a robust asset management plan will place safeguards against a person's family and personal assets.
The most crucial asset management and business estate planning strategies for savvy business owners will be covered in this article.
Estate Planning Tips for Businessmen in Aurora
Performing a risk assessment is the preliminary step in proactive business estate planning when advising business owners and their families. A risk assessment examines an individual's assets and the legal threats that might affect a business's financial stability and retirement plans.
Oswego Special Needs Estate Planning: Special Needs Attorney in Kendall County, IL
People with disabilities and their families in Oswego and other areas in Kendall County, Illinois, must understand what government benefits are available to them and how those benefits are affected by several other financial conditions, such as employment, for example. They must also plan for and preserve their loved one's care and assets in order to ensure their loved one's future is not in jeopardy.
A special needs trust is an excellent choice for individuals who want to assure the financial assistance of a loved one, and it ought to be included in everyone's will or trust. A special needs trust not only protects a loved one who is disabled at the stage the will or trust is executed, but it is also beneficial if a loved one who was not disabled at the time the will or trust was executed unfortunately becomes disabled later in life.
Having a legal professional by your side that properly knows the subtleties and legislation that affect people with special needs in Oswego and other areas in Kendall County and the benefits they may be eligible for can be critical to a successful special needs estate plan. Gateville Law Firm's special needs estate planning experts can assist you in creating a plan that will improve and encourage your children with special needs.
Your Legal Options for Selling and Purchasing a Business in Plainfield, Illinois
Business Purchase Attorney in Plainfield: Drafts the Written Agreements and Protects Your Financial and Business Interests
Methods of Acquiring a Business: Stock Purchase, Asset Purchase, or Merger
As experienced business attorneys, we know that purchasing or selling a business can be a complex and overwhelming experience, both for the buyer and seller. The stakes are high for everyone involved, and both the buyer and seller want a good deal for themselves. Various aspects must be considered, as well as careful consideration and disclosure of all potential liabilities that may surface. It is crucial to ensure you know your rights and responsibilities in the buying and selling process and that they are clearly defined in a contractual agreement.
When buying or selling a business, there are several ways to go about the sale. However, the three most common ways of acquiring a company are a stock purchase, an asset purchase, or a merger. You must be aware of your options and what each entails to ensure the correct procedure is chosen and that it will benefit both the buyer and seller of the business to the fullest extent.
The Purchase and Sale of a Franchise Business in Plainfield
Plainfield Franchise Business Sale Attorney: Helping Franchises with the Purchase and Sale of a Business in Plainfield, Illinois
What Does the Process of Buying or Selling a Franchise Business Look Like?
Regardless of the type of business, purchasing or selling a franchise is a significant investment transaction for all parties involved. This sale and purchase process can be complex and requires varying legal documents that need precision and understanding to ensure they are correctly completed and that you avoid surprises.
Step 1: Buyer’s Letter of Intent
After purchasing a franchise business, you must create a letter of intent (also known as “LOI”). The letter of intent is a legal document declaring a buyer’s intentions to purchase a seller’s franchise. The LOI summarizes several aspects of the purchase, including both parties involved in the transaction, the buyer’s deposit amount, and the purchase price of the business. Additionally, the LOI specifies critical terms of the purchase, including how the deal will be financed and determining a buyer due diligence period.
Oswego Trust Attorney: Retirement Trust Benefits
Estate planning is crucial to protect your assets and allow for the distribution of your assets upon your death. Implementing a revocable living trust is the best way to allow for a seamless transition upon your death. However, while the trust has the benefit of protecting your intended beneficiaries' inheritance, it needs to provide for retirement assets adequately. A way around this would be to create a retirement trust, which will protect your retirement assets while still utilizing the retirement account's tax benefits.
Any individual can use a retirement trust. However, it is utilized mainly by those with large retirement account balances. Still, any person can benefit from a retirement trust as it will protect beneficiaries that would not otherwise be present without a retirement trust.
A retirement account should not be placed into a revocable living trust because the entirety of the account will be transferred, meaning that all the taxes on the account must be paid upfront. This eliminates the desired tax benefits of a retirement account and will significantly deplete the funds. Instead, individuals typically name the intended beneficiaries individually to keep the tax benefits. The issue with this approach is that those payments are not protected against creditors, which could make the beneficiary ineligible for government benefits should they become incapacitated.
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201 East Veterans Parkway, Suite 14,
Yorkville, IL 60560
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