At first, estate planning and a business succession plan might seem the same. However, they are two different processes that help ensure a smooth transition of assets and delegation of responsibilities. These plans help with the transfer of wealth in a person’s personal and professional life. If you want to know the difference between estate…
The death of a business owner can have far-reaching consequences, affecting the personal lives of their family and loved ones and the business’s future. When a business owner dies, the remaining family members or partners must consider the company’s legal, financial, and operational aspects. Learn about the steps to take once a business owner passes…
As a business owner, you do everything to protect your company. However, many people need to realize that estate planning should be a part of that process. While estate planning is not an exciting part of entrepreneurship, you need it to have a smooth transition of assets and minimize tax liabilities for beneficiaries. Here is…
A clear property title is your golden ticket in the real estate world. It guarantees that the property you want is free from legal claims or complications. If there are issues with a title, that could cause problems with your ownership rights. A property title search can provide peace of mind during this time. Here…
Real estate investments can provide a road to financial prosperity and stability. However, the property’s ownership structure may impact your control, taxation, and financial stability. Whether you wish to buy commercial or residential real estate, make sure you know which structure is the right one for you. Sole Ownership The most straightforward property ownership structure…
With any residential or commercial real estate deal, it requires a well-structured agreement to protect the interests of all parties. One important document is the Purchase and Sale Agreement (PSA). This legally binding contract outlines the terms and conditions for transferring properties from sellers to buyers. Take a look at all the aspects of Purchase…
Many people turn to LLCs to protect their business and personal assets. From stronger asset protection to simplified estate planning, putting this business entity into a trust can offer plenty of benefits. If you want to secure your finances and businesses, here are a few reasons why you should consider putting your LLC into a…
Being a caregiver to a senior loved one can be difficult, even when you are next door or across town. But what if you are several time zones away? Trying to provide (or monitor) care from a distance can seem almost impossible. When you are far away, it is difficult to know what to do…
Placing business assets in a trust can offer many benefits. A trust can help with asset protection, estate planning, and managing the business after an owner’s death. However, trust law can be complicated, and it would be best to seek advice from a qualified professional. Whether you live in Illinois or New York, here are…
Receiving a windfall, such as a cash settlement or inheritance, can be a life-changing event. However, for individuals who rely on Supplemental Security Income (SSI) and Medicaid benefits, it can also be a cause for concern. Fortunately, a few options can help individuals keep their SSI and Medicaid benefits while benefiting from the extra resources….
You may think that an irrevocable trust is set in stone and its terms can never be changed. This is not the case. Say Auntie Anne dies leaving the proceeds from her successful pretzel chain business in her trust to her two brothers, Barclay and Clemson, naming her nephew Dusty as her trustee. The trust…
Probate assets refer to any property (“asset”) owned by a decedent that must go through probatecourt to be transferred to the people who will ultimately inherit them. Probate is an expensivepublic proceeding, so if you want to maximize your estate and/or keep ownership of assetsprivate, note the common types of assets that typically go through…
If you are receiving a lump sum windfall, such as a lawsuit settlement, and you receive eitherSSI or Medicaid (or both), you will be temporarily cut off from your benefits until you re-qualify. You can avoid this cut off by contacting an attorney to take certain legal steps that willprotect your windfall and allow you…
When I was 15, I was in a car accident that hospitalized me for 6 weeks. Because I was a minor, the doctors treating me could legally communicate freely with my parents. Had I been 18, the doctors could not have spoken with my parents without a power of attorney in place. Our firm’s strong…
My dad was diagnosed with Parkinson’s when I was in law school, and as it became clearer that he was a fall risk – and too stubborn to stop going up and down stairs – we decided that it was best to sell the house where me and my two brothers grew up. The house was a Victorian in Wilmette, Illinois, and it was landmarked because it was so old – built in the 1850’s! Read more
Prior to law school I worked in consulting. My job was leveraging automation and digital tools to replicate time-consuming redundant tasks for privilege and discovery teams on a nationwide litigation effort. I used VBA, SQL and Acrobat to save $180,000 across a single team. My skills in this area have allowed me to operate a…
Three things in life are inevitable: death, taxes, and practice management software. Well, the third is only inevitable if you practice law… the moment you get sick of spreadsheets to keep track of your client matters is the moment you realize it’s time for practice management software. If you’ve been to a law seminar or…
In most counties in Illinois, the judge will appoint a Guardian ad Litem (frequently referred to by its abbreviation “G-A-L”) before appointing a guardian of a Ward. This is a confusing term because both “Guardian” and “Guardian ad Litem” have the word Guardian in them – but they could not be more different in their…
If you are a new homeowner, congratulations! Maybe someone recommended to you recently that now that you own a home, it is beneficial to put your real estate in a revocable living trust and you’re wondering why. Read on! By putting real estate in trust, clients ensure that their home will be transferred to their…
One issue that we come across frequently is a deed that has been sitting in a deceased parent’s name for years, and finally a child is ready to sell the property, but doesn’t have the authority to sell because their name is not on the deed. One way to go about selling the property is…
The first time I heard the word “probate” was after I had finished law school and passed the bar exam. If you are lucky, the probate process is a foreign concept to you. But most people come across it at some point in their lifetime, and we are here to demystify what exactly probate is. …
There are two types of estate planning: will-based planning and trust-based planning. Our office only does trust-based planning. While a Last Will and Testament will direct your executor how to distribute your property, your executor will be required to go to probate court to collect and distribute your property, opening up your estate to the…
Folks often believe that only the wealthy need a will or a trust. As a matter of fact, having an estate plan is not only about passing wealth on to future generations or avoiding taxes. People Who Need an Estate Plan Estate planning has numerous benefits for all of the following groups. If you fall…
What do you do when you’ve lost a trust? You go back to basics: the elements of a trust, and when all else fails, probate! A Short Story About a Client Who Lost a Trust We had a case where a client’s mother (let’s call the mother Betty Smith) had deeded her home into trust…
When my dad was diagnosed with Parkinson’s, my parents were living in my childhood home in Wilmette, and they had a modest life savings. In the course of sharing my dad’s diagnosis with friends and family, one thing they kept hearing was how expensive Long Term Care would be; the cost could completely drain their…
Listing your Chicago property on Airbnb may seem lucrative, but if you’re not careful, it can cost you. Homeowners who want to list their property must be careful to avoid penalties by paying attention to the restrictions in the Chicago Shared Housing Ordinance and their building’s governing documents. The restrictions are noted below, along with…
As a general rule, spouses can transfer an unlimited amount of property to each other without paying tax on the transfer.[1] The rule includes transfers made upon death.[2] The so-called “unlimited marital deduction” delays taxation on the transfer of property until it is transferred out of the marital unit. The rule applies to US citizens as well…
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