Losing a loved one is a complex and emotional experience. The death of a loved one is made more difficult when their estate and financial assets are in disarray. If the deceased person had a will or other estate planning documents, their estate would likely go through the probate court. Unfortunately, most people are unaware that a will must be probated and go through a "probate court."
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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.
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.
If a person dies without a Will (intestate) or with a Will (testate), Probate will be used to handle the estate distribution. When a person dies intestate, the estate will be distributed according to Illinois Intestacy Statutes, which find the closest living blood relative to inherit the estate. It is common for a person to intestate, but it is never recommended because you then have no control over who will receive the assets of your estate.
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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.
Designated beneficiaries can be part of an effective estate plan, but they do have considerable weaknesses that must be considered. The common weaknesses of designated beneficiary designations are the following:
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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.
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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.
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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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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.
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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.
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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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.
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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.
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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.
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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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African-Americans need real estate asset protection planning in Oswego and Kendall counties to secure, transfer wealth, and empower future generations.
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.
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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Asset protection in Oswego is only possible if business owners engage the right Oswego estate planning attorney to protect their estate and assets.
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.
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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.
Often, grey divorces will have adult children or minor children, which are close to the age of eighteen. The prenup is used to protect one's real estate or business holdings acquired before the marriage such as a closely held business or investment real estate. The prenuptial agreement provides an orderly process and transitions in case of marriage dissolution. Marital dissolutions cause emotional trauma and result in significant financial distress. Dissolutions of marriage often involve divorce attorneys litigating against one another driving up the legal fees and costs inflicted on the parties.
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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.
When one is selling or purchasing real estate in the living trust's name (or adding the living trust to the legal title), the seller's real estate attorney will need a certificate of trust or a copy of the trust agreement. The certificate of trust is a summary of the vital details of the living trust. The certificate of trust will ask the following questions:
What is the name of the trust?
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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.
Spouses often inquire about adding one spouse onto the legal title at closing. However, depending on the circumstances, the spouse may not be able to be added to the legal title at the house closing. In other instances, the family gets busy and forgets (or fails) to add the remaining spouse to the legal title. Adding a person to a legal title is called a "quit claim deed." The failure of both spouses to be on legal title creates problems. People falsely assume that when one spouse dies, the surviving spouse will automatically inherit all their real estate, personal, and financial assets.
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One usually hears about prenuptial agreements in magazines or pop culture news when celebrities plan to get married. This may lead people to think that you need a lot to protect (like the millions of dollars or valuables that celebrities accrue) to think about prenuptial agreements. This is not the case. In fact, prenuptial agreements can be a helpful tool, as both soon-to-be spouses are amicable and agreeable, to create a fallback plan in case the marriage does not go as planned. Illinois has adopted the Uniform Premarital Agreement Act (750 ILCS 10/1), and some key points to the creation and enforcement of a prenuptial agreement are as follows.
Prenuptial agreements are contracts that bring up issues prior to the marriage that the parties agree to. These issues can be in regards to almost anything; from characterizing property as either marital property (defined as (1) any tangible property acquired during the marriage by any party or (2) any nonmarital property that has been commingled with marital property to the point where there is no difference between the two) or nonmarital property (defined as any tangible property (1) acquired prior to the marriage by any party, (2) acquired by gift, legacy, or decent, or (3) acquired after a judgment of legal separation), determining how property is treated during the marriage, determining who gets what property, setting a maintenance amount limit, etc. In fact, couples can attempt to make a provision about almost any matter.
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Estate planning is critical for families, particularly owners of small to medium-sized businesses owners and their families. High-net-worth and high-income families have complex estate planning needs. This article will discuss the core estate planning and asset protection strategies for successful businesspeople. Effective estate planning and asset protection will build a solid legal foundation to protect against incapacity and death. More importantly, building a solid asset protection plan will place roadblocks to shield a person's and family’s business and personal assets from liability concerns that threaten one’s wealth.
The first step in advanced planning in representing business owners and their families is conducting a risk assessment. A risk assessment is a review of a person’s assets and the legal risks that could jeopardize a business owner’s financial security and retirement goals. As Yorkville Living Trust attorneys, we interview the client and their families and identify their concerns such as things that keep them up at night. A business asset protection planning attorney can help clients conduct a comprehensive and thorough investigation and risk assessment to identify potential threats to their assets, such as lawsuits, creditor concerns, or economic downturns.
The second step is to interview the client and their families to assist them to develop their estate plans. An estate plan will consist of the following core documents:
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The term “Grey Divorce” is also known as “late-life divorce” or “silver divorce” because a person has decided to get divorced over the age of fifty. Grey divorces have increased and have increasingly become common with the divorce rate of couples increasing in population. The issue of premarital planning and post-nuptial planning is increasingly in popularity because spouses have experienced the divorce process and desire to provide a predictable process in the event of a divorce.
Prenuptial agreements are also known as “prenups” and post-nups, which are legal agreements entered into couples either before or post-marriage designed to protect one’s prior financial assets and create a smooth process in case of a divorce. Pre-nuptial agreements should cover the following topics:
Defines what is non-marital and marital assets including whether appreciation in value of an asset will be considered an “marital asset” or a “non-marital asset”
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