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Oswego African-American Lawyer: Estate Planning Strategies for African American-Empowerment
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.
Oswego Business Asset Protection & Estate Planning
Asset protection in Oswego is only possible if business owners engage the right Oswego estate planning attorney to protect their estate and assets.
A Case for Asset Protection and Estate Planning
Every human being tend to have an estate. Your estate includes everything you own: be it your businesses, investments, your home or other form of real estate, furniture, a car, personal belongings, life insurance, savings, and checking accounts; just name it. We all have an estate, no matter how small or large, old or new. And one thing is certain—you can't take it with you when death calls.
That is where asset protection and estate planning come in.
What is Asset Protection and Estate planning?
Asset protection and estate planning are proactive steps people take to protect their estate and control how the possessions constituting their estate would be shared among their loved ones (or designated organizations) after their death or when they become incapacitated, as the case might be.
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 goal of the joint venture is to make profits and losses on a project. The general idea of a joint venture is to reduce the risks of the parties because the parties pool resources, expertise, and investment resources. One of the major benefits of a joint venture is the ability to finance larger real estate ventures and maximize one’s resources by investing with other members or owners.
Sandwich Business Start-Up Attorney
Entrepreneurship and business start involve preparation, dedication, and precision. Attorney Sean Robertson is a serial entrepreneur, business advisor, and high-growth coach that assists Sandwich Start-Ups and Small Businesses with their growth, tax planning, and business asset protection goals. Building a successful business is risky and the smartest business owners surround themselves with experienced, entrepreneurial business advisors and lawyers.
Sandwich Business Growth Lawyers: Business Structure and Asset Protection Planning
Our entrepreneurial entrepreneurs are dedicated to our Sandwich business owners, franchise, owners, and entrepreneurs. As serial entrepreneurs and business growth attorneys, we understand the legal risks involved with setting up and operating a business in Sandwich, Illinois. Wisdom is obtained through trials and tribulations, which involve great pain and sacrifice. Smart entrepreneurs understand that their success often requires them to surround themselves with successful and smart entrepreneurial advisors. Wisdom is acquired by mistakes, which produce pain and agony. The pain and agony resulting from mistakes often result in thousands of dollars in lost revenue and opportunities. Eventually, these trials and tribulations produce wisdom and understanding.
Plano Business Sale Attorney: Choosing the Best Method for the Purchase or Sale of a Business
Plano, Illinois Purchase and Sale of Business Attorney
Many considerations need to be made before choosing the best method for the purchase or sale of a business. Both parties want to make sure they have as few headaches as possible. To make this happen, it is crucial to know the make-up of the business and whether the Buyer is looking to purchase the whole business or only particular assets. Based on these answers, the Buyer and Seller can choose the best method to ensure the sale goes through smoothly. Three different methods can be used for the purchase and sale of a business. These three methods are a Merger, an Asset Purchase, and a Stock Purchase. Here, at Gateville Law Firm, we are Plano Il LLC and Business Attorneys assisting entrepreneurs, business owners, and franchise owners with their legal needs.
Plano Prenuptial Agreement Lawyer: Simple Truths About Pre-Marital Agreements
The prenuptial agreement is frequently known as a "prenup" because provides two individuals to enter into marriage a predictable agreement. A prenup is a legal contract, which includes provisions concerning property division, spousal maintenance, and other financial agreements in case of a divorce. The prenup is intended to protect asset protection in case of a divorce or separation, which will minimize the financial pain and drama typically caused by divorces.
In Illinois, prenuptial agreements are often considered for middle-aged to older couples or otherwise known as "gray divorce" couples. Prenuptial agreements provide clarity and define each person's roles and responsibilities in case of a divorce. The prenuptial agreement outlines each person's assets, liabilities, and division in case of a divorce. The prenuptial agreement also should define what is non-marital and marital property and define how retirement security, real estate, real estate investments, and other financial assets will be divided in case of a divorce.
Selling Real Estate Titled in a Living Trust: Can You Sell Property in a Living Trust?
Yorkville Living Trust Lawyer: What is Needed to Sell Property in a Trust?
The process of selling property held in a living trust is the same as selling real estate in your personal name, with a few exceptions. The trustee of the living trust is selling property versus the living trust. A living trust is also referred to as a “revocable living trust” because it may be amended or revoked during the settlor or trustor’s lifetime. A settlor or trustor is a person or couple (or entity) that created a living trust. The trustor or settlor appoints a Trustee (or Co-Trustee) to administer and supervise the administration of the trust. While a person is alive and able to make their own decisions, the trustee or co-trustee is normally the person or couple that created the living trust. Upon the death or incapacity of the trustee, then a successor trustee will be named and appointed to spearhead the administration of the living trust.
What does a Purchase and Sale Attorney in Oswego, Illinois Do for a Franchise?
What is the First Step in the Sale and Purchase of a Franchise?
The purchase or sale of a franchise is a major investment transaction. The process is complex and requires varying different legal documents. Documents prepared involved in the purchase or sale of a franchise require meticulous preparation.
Letter of Intent
Creation of the letter of intent is the first step in the purchase or sale process involving a franchise. The first step is creating the letter of intent (also known as “LOI”). The letter of intent declares the buyer’s intention to purchase a seller’s franchise. It summarizes several aspects of the deal including the parties involved in the transaction, the deposit amount, and the purchase price, and specifies key terms such as how the deal is going to be financed and determining a buyer due diligence period.
Joliet Business Purchase Lawyer: Pros & Cons of Different Methods to Purchase or Sell a Business
When it comes to buying or selling a business, the seller and the buyer are both subject to a potentially complicated experience if the right method is not selected. To ensure minimal complications and less of a hassle for all parties involved, the buyer and seller must be aware of the different methods that can be used to buy or sell a business and select the method that best works for the situation at hand. In this instance, there are three different options to consider, an Asset Purchase, a Stock Purchase, and a Merger. Each has its advantages and disadvantages that may help make or break a deal. At Gateville Law Firm, we are Joliet Purchase and Franchise Business Attorneys serving Plainfield, Shorewood, Joliet, Crest Hill, and surrounding areas.
Asset Purchase Agreement in Joliet, Illinois
The first method to consider is an Asset Purchase Agreement. This type of agreement allows more freedom for the buyer side. This is because the Buyer can choose which assets, they want to buy out of the selling business, whether it be a few or the entire business. However, the Buyer must keep in mind that, whatever assets are being purchased out of the selling business will be accompanied by all liabilities associated with that particular asset. If the buyer does not purchase the entirety of the business, then any unsold assets and liabilities must be taken into consideration when the business is in the winding down phase of dissolution.
What Happens if Your Spouse Dies and the Real Estate Was Only in Their Name?
This article will discuss what happens if your spouse dies and the real estate title was solely in their name. In Illinois, couples often reside together in real estate where one spouse's name was not on the legal title. Mortgages are secured every day when one spouse's name was placed on a legal title because they had good credit and a high enough income to qualify for a mortgage.
There are multiple reasons why someone may obtain a mortgage without their spouse being on legal title. The first reason is the person qualifying for a mortgage was the sole (or main) financial contributor in the household. Mothers often stay home and sacrifice their career options to take care of young children. Mothers (and fathers) also tend to work part-time or have flexible work arrangements, so they can cater to their children's extracurricular activities and school schedules. The cost of childcare also is a major consideration for parents. However, these family sacrifices can result in legal challenges, which are costly and harm families. People also may have inferior credit, mortgage foreclosures, or bankruptcy histories, all of which make it difficult to obtain mortgages as well.
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201 East Veterans Parkway, Suite 14,
Yorkville, IL 60560
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