Sean Robertson and Gateville Law Firm concentrate in advanced estate planning, asset protection planning, and retirement planning for the elderly and professionals. Sean Robertson has over fifteen (15) years of experience as a wealth management and advanced estate planning lawyer. Sean Robertson and Gateville Law Firm have a niche in asset protection and business protection planning for closely held and small business owners. Unlike most estate planning lawyers, Sean Robertson has an extensive business, estate tax planning, and lawsuit planning expertise to supplement his experience with estate planning and living trust.
Planning is critical for high net worth couples and families. Sean Robertson and Gateville Law Firm have the ability and knowledge to assist your family with their wills, living trusts, and advanced healthcare planning objectives. When one owns multiple real estate properties or business interests, asset protection is critical to protect your hard-earned assets from litigation threats.
Living Trust and Advanced Family Trust Planning Lawyers
A Living Trust is an excellent legal planning strategy to advocate probate court and ensure that your family has peace of mind upon your death. There are several benefits that Living Trust or otherwise known as “Family Trust” or “Revocable Living Trust” provide couples. The first benefit is the ability to avoid probate court. Unlike last wills and testaments, a Living Trust that is properly funded avoids probate court. With a Living Trust, your Trust Agreement outlines your wishes in how you distribute your assets upon your death. Often, the elderly and seniors are concerned about their in-laws inheriting their assets upon their death due to a divorce-related concern. A major part of a living trust and advanced estate planning is planning for unplanned events such as your beneficiary’s divorce, creditor concerns, and/or special needs concerns.
Second, a Living Trust provides the ability to set-up a Special Needs Third-Party Trust to shelter a beneficiary’s assets from their disability and/or special needs concern. An increasingly common issue is protecting one’s assets from the threats of nursing home care. For example, I often hear that couples have one spouse that has lost the ability to make their own decisions and their assets are threatened from nursing homestays. The look back rule pertains to seniors applying for Medicaid. Generally, the look back period begins on the date of a person’s Medicaid application. For example, Sue Smith must have nursing home care and the cost of nursing home care is between $5,000 and $7,000 per month and must spend down their assets prior to applying for Medicaid. After applying for Medicaid, the State of Illinois can review a person’s assets or transfers such as a gift of a family home and other assets for a period of sixty (60) months.
The third benefit of a Living Trust is a Living Trust is a private document, unlike a Last Will and Testament. A Last Will and Testament must be filed within thirty (30) days at the local courthouse and is public knowledge. Increasing online bank fraud and other identity theft issues are making public documents and increasing concern. In contrast, a Living Trust does not require any notice to potential heirs and legatees (a person that may inherit under a Will or Living Trust).
RETIREMENT PLAN AND IRA ESTATE PLANNING LAWYERS
Most seniors and elderly own most of their assets in their individual retirement accounts (“IRAs”), 401(k) plans, and other retirement assets. A major weakness of Living Trust and Estate Planning is a Living Trust should not be the beneficiary of retirement assets such as IRAs, 401(k) plans, and other retirement assets. A Retirement Plan Trust or otherwise known as “IRA Inheritance Trust” are increasingly in their popularity. Sean Robertson and Robertson Legal Group, LLC help seniors with their Retirement Plan and Living Trust estate planning goals. There are strict rules to follow regarding inheritance IRAs. There are two (2) major concerns that Retirement Plan Trust or otherwise known as “IRA Inheritance Plan Trust” solve.
The first benefit of a Retirement Plan Trust is the ability to shelter assets in a retirement plan trust from a beneficiary’s creditor concerns. For example, Ann and John Smith are self-employed professionals that experienced difficult times during the early 2000s. The Smith family received a judgment against them for unpaid rent due to closing their retail business in 2005. Ann Smith’s mother passes away and leaves her money through her 401(k) and IRA worth $150,000. Ann and John Smith’s creditor keep seeking to enforce their judgment and turn their judgment into money. Ann and John Smith decide to file for bankruptcy protection and find out Ann’s inherited IRA will be lost if they file bankruptcy because inherited IRAs do not have creditor protection, unlike IRAs. The courts have determined that inherited IRAs do not enjoy creditor protection because they do not have qualified retirement status as they did when the original owner set up the retirement account. Qualified retirement plan status allows asset protection against bankruptcy matters, but this status only applies to the original owner of the retirement plan account. The Retirement Plan Trust solves the beneficiary’s creditor protection because Trust Agreements have spendthrift provisions, which protect a beneficiary’s inheritance upon a death.
The second benefit of a Retirement Plan Trust is the ability to defer taxes and stretch retirement assets saving thousands of dollars in taxes. A senior has a niece or nephew that is not good with money and they are concerned about that young niece or nephew cashing out their 401(k) or IRA that they inherit and therefore, losing thousands of dollars in lost income tax benefits and tax deferrals. Moreover, the Retirement Plan Trust is an excellent vehicle to protect against special needs and disabilities. More seniors and their family members are facing special needs and nursing home care. Sheltering retirement assets from a nursing home is vital to protect one’s assets.
BUSINESS PROTECTION, ASSET PROTECTION, AND BUSINESS SUCCESSION PLANNING ATTORNEYS
Sean Robertson and Gateville Law Firm are successful business planning and asset protection planning, attorneys. Successful closely-held businesses need proper guidance and advanced planning legal advice. Sean Robertson is a graduate of DePaul University College of Law where he received his tax planning expertise and corporate legal background coupled with his experience advising family-owned and closely-held businesses and their owners.
Seniors and baby boomers are getting older and the transfer of their real estate, business assets, and personal assets require an attorney that understands estate planning, business protection, business succession planning, and family-business law. Often, we see real estate investments being owned by a husband and wife and is vulnerable to lawsuits and threaten a couple’s retirement plan.
EXPERIENCED ESTATE PLANNING, ADVANCED BUSINESS PLANNING, AND ASSET PROTECTION ATTORNEYS
Sean Robertson and Gateville Law Firm are your experienced business planning, asset protection, and wealth management attorneys. Unlike most estate planning attorneys, we have a deep understanding of family-business, real estate investments, and estate planning and how they relate with one another. Sean Robertson offers a free initial consultation by calling 630-780-1034 or via the online contact form.