Posted on February 08, 2023 in Estate Planning

Aurora Wealth Management Lawyer: Assisting Latinos with their wealth, estate planning, and asset protection legal strategies.

Peace of Mind Asset Protection, LLC specializes in estate planning, asset protection, and wealth management for high-end real estate and business professionals in the Latino community. Our estate planning attorneys and staff empower Latinos, give them high-level expertise and responsiveness, and guide families on their wealth management and asset protection goals.

This article will discuss the basics behind Latino empowerment and the estate planning tools required to create a solid estate plan. A Living Trust is the first legal document to make a good estate planning structure

Pros and Cons of Living Trust

A Living Trust or a "revocable Living Trust" is a legal document where the trust's creator appoints a trustee or co-trustee to manage their affairs in case of legal incapacity or death. For example, two spouses set up a Living Trust to create an estate plan in case of their death

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 Posted on February 08, 2023 in Estate Planning

Yorkville Living Trust Lawyers: Living Trust Avoid Probate Court and Provide Privacy Features

Estate planning is increasing in popularity, and utilizing the correct strategies is essential. This article will discuss estate planning strategies that provide peace of mind. Avoiding probate court is a crucial concern for most people because they want to avoid the drama or excessive attorney's fees and court costs that embody probate court.

1st Strategy: Living Trust, otherwise known as a "Revocable Living Trust."

A Living Trust is an agreement that provides a framework for management and distribution. Unlike a last will, a living trust is a private legal document that does not go through probate court. The probate court determines one's heirs and legatees and decides who has the power to distribute one's assets in case of their death. Probate court can be lengthy and expensive, where parties hire attorneys to advance their interests. Estate litigation attorneys are expensive and cost thousands of dollars in legal fees and court costs.

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 Posted on February 07, 2023 in Estate Planning

In Plano and other surrounding areas of Kendall County, Illinois, estate planning is essential for households especially for owners of small to medium-sized businesses and their families. High-net-worth and high-income households normally have extensive estate planning requirements.

Comprehensive estate planning and asset management will lay a strong legal basis to safeguard against disability and deaths. More significantly, developing a good asset management strategy will put in place safeguards to protect a person's and his/her family's business and personal assets from potential risks that endanger assets.

This blog will go through the most important estate planning and wealth management techniques for successful business owners.

Estate Planning Tips for Businessmen in Plano

Performing a risk assessment is the preliminary step in proactive estate planning when advising business owners and their families. A risk assessment is an examination of an individual's assets and the legal threats that might affect the financial stability and retirement plans of a businessman.

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 Posted on February 03, 2023 in Estate Planning

People with disabilities and their families in Plainfield and surrounding Kendall County, Illinois, must comprehend what government benefits are accessible to them and how those programs are influenced by a variety of other financial factors, such as employment. They should also prepare for and protect their loved one's care and assets to guarantee their loved one's future is secure.

A special needs trust is a wonderful option for people who wish to provide financial support for a loved one, and it should be included in everyone's will or trust. A special needs trust not only protects a handicapped loved one at the time the will or trust is executed, but it is also advantageous if a loved one who was not impaired at the time the will or trust was executed becomes disabled later.

Having a legal counsel on your side who understands the nuances and statutes that impact persons with special needs in Plainfield and other parts of Kendall County, as well as the incentives they may be qualified for, may be crucial to the outcome of a special needs estate plan. The special needs estate planning professionals at Gateville Law Firm will help you create a plan that will benefit and support your special needs children.

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 Posted on February 02, 2023 in Estate Planning

People with disabilities and their households in Montgomery and Kendall County, Illinois, must understand what government benefits are available to them and how those programs are affected by a range of other financial considerations, such as employment. They should also plan for and safeguard their loved one's care and assets to ensure their loved one's future security.

A special needs trust is an ideal choice for those who want to offer financial assistance to a loved one, and it should be considered part of everyone's will or trust. A special need trust not only safeguards disabled loved one at that moment the will or trust is executed, but it is also beneficial if a loved one who was not handicapped at the time the will or trust was made subsequently becomes disabled.

Having legal assistance on your side who knows the subtleties and legislation that affect people with special needs in Montgomery and other areas of Kendall County, in addition to the benefits they may be eligible for, might be critical to the success of a special needs’ estate plan. Gateville Law Firm's special needs estate planning attorneys will assist you in developing a plan that will enrich and encourage your special needs children.

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 Posted on February 02, 2023 in Real Estate

Attorney for Commercial Real Estate Sales in Oswego and Kendall County

At Gateville Law Firm, we have the expertise and passion for commercial real estate to assist you in commercial legal matters involving purchasing or selling commercial real estate property. We are your Oswego Commercial Real Estate Purchase Agreement Lawyers specializing in sales and purchases of commercial real estate transactions. Commercial real estate transactions require precision and expertise. Our attorneys and real estate team have a solid real estate background with over 50 years of experience. Our real estate team will address the critical issues while protecting your commercial interests. 

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 Posted on February 01, 2023 in Estate Planning

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 need 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.

Having a legal professional by your side who 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. Peace of Mind Asset Protection, LLC's special needs estate planning experts can assist you in creating a plan that will improve and encourage your children with special needs.

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 Posted on February 01, 2023 in Real Estate

Shorewood Commercial Real Estate Attorney Serving Buyers and Sellers of Commercial Real Estate Properties in Shorewood, Joliet, and Plainfield

Investing in large apartment buildings requires precision and patience. Investing in multi-unit apartment buildings requires an experienced group of business and legal advisors. We will discuss real estate tips for purchasing and selling multi-unit apartment complexes.

A. Researching the Market is Important

Multi-unit real estate investing requires market research to lower one's risk profile. A significant goal of a commercial real estate investor is quality tenants and low occupancy rates. Negative cash flow creates unnecessary risks, which cause substantial financial strife. Negative cash flow occurs when one's expenses exceed their revenue. Your research methods should include the following:

• Economic Research. Research economic and job trends, including whether the area is stable or upcoming.

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 Posted on January 30, 2023 in Business Law

What is an LLC?

An LLC is a company that combines the personal asset protection of a corporation with the tax advantages of a partnership. Its members own an LLC (think shareholders in a corporation), and LLCs may be Member-managed or manager-managed. In a Member-managed LLC, the Members (or owners) of the company control the day-to-day activities of the company. 

Manager-Managed LLCs in Illinois

According to 805 ILCS 180/15-1, an LLC is Member-managed unless the Articles of Organization or Operating Agreement specifically state otherwise. Therefore, if an individual or member wants to create a manager-managed LLC, they must state their management preference in their Operating Agreement. At Gateville Law Firm, we are Kendall County LLC Attorneys for start-up companies and established business enterprises.

Members of an LLC

One of the most critical questions when forming an LLC is whether to set-up the LLC as a manager-managed or Member-managed LLC. In the context of LLCs, managers and members are vastly different and play different roles in the LLC. A Member holds a Membership interest in the LLC. Another word for “Member” in the context of an LLC is an “owner.” The members of an LLC are like shareholders in a corporation. Members of an LLC own the equity of the LLC but may or may not play a management role in the business. The members may be passive owners meaning that employees and managers get paid to run the day-to-day operations of the LLC. The LLC members are disclosed at the "Articles of Organization formation phase."  The Articles of Organization is the term called by the Secretary of State when one incorporates an LLC. Generally, the LLC Operating Agreement requires members to ratify new members and managers. 

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 Posted on January 30, 2023 in Estate Planning

African-Americans need real estate asset protection planning in Oswego and Kendall counties to secure, transfer wealth, and empower future generations. 

Introduction

African-Americans are one of the most critical racial minorities today in the United States. The life, wealth, prestige, and success that the American society enjoys today were built on the shoulders of slavery, a burden borne singlehandedly by the forebears of the African-American racial minority. So, it is grossly unfair that even in the 21st century, African Americans continue to be shortchanged and lag in accessing/maximizing the resources for wealth building. While much of the blame can be placed on the socioeconomic and political doorsteps of a highly racist system in the past, a cultural lack of estate planning initiatives among African-Americans is a significant barrier hindering socioeconomic empowerment across successive generations.

But I Don’t Have an Estate: The Meaning of Estate Planning

When estate planning is mentioned, one of the most rampant misconceptions among many people, mainly from the ethnic minority pool, is, "I don't have an estate; why should I plan?" This mindset typically stems from the belief that estates are only for the wealthy and not the average individual. But this is a misconception, not the reality.

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