Yorkville Women’s Estate Planning Lawyer

Estate Planning takes into consideration your assets, debts, and wishes for distribution of those assets upon your death. If you die intestate (without a Will or Trust), your estate will have to go through Probate and will follow the intestacy statutes for distribution, which may not be in line with how you want your assets to be distributed when you pass. Having a proper estate plan will eliminate these potential issues and can even avoid Probate if created and funded the proper way. Simply put, estate planning is an essential step for everyone. However, women are at an increased need for a well-constructed estate plan for many reasons. Our Oswego Women’s Estate Planning Lawyer can provide information and assistance in the areas of wills and trusts, estates and trusts, and probate and guardianship law in and surrounding Kendall County.

Women Live Longer, But Make Less

Women tend to live longer than men on average. In estate planning, it is common for the husband or wife to leave their assets to the surviving spouse to inherit. Since women typically live longer than their male counterpart, it is likely that the woman would be the surviving spouse in the marriage and would then have more assets to be distributed upon her death. Additionally, if the husband dies before the wife, she will have to consider alternative beneficiaries to inherit her assets. This is a major decision to make, and without an estate plan, the woman’s estate would have to follow intestacy statutes over what her wishes might have been had she created an estate plan while she was alive.

Although women tend to outlive men, it has also been proven that women make less on the dollar than men do. Because of this wage gap, women must financially plan their future more strategically than men do. Since it is more likely for women to struggle financially than men, it is imperative for women to create a solid estate plan that accounts for their assets as well as protecting those assets.

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.

Yorkville and Kendall County Pre-Marital and Post-Marital Agreement Lawyers

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.

What can someone put in the agreement?

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.

Wealth preservation and estate planning are critical to providing peace of mind and creating a legacy. Estate planning is the process of setting up one’s assets in a manner that facilitates a smooth transition upon one’s death or incapacity. Estate planning assists in achieving the goals of enhancing financial security and protecting one’s family assets from taxes and liability risks such as lawsuits and other risks.

Sugar Grove Wealth Preservation Attorney

Protecting a family’s wealth is important because one lawsuit can threaten a lifetime of good decision-making. Creating an estate planning that fits your family circumstances is critical because it eliminates legal risks, which results in thousands of dollars in saved attorney’s fees and expenses. There are several legal instruments, which enhance a person and family’s economic security and assist to create a solid foundation with regard to estates and trusts.

Sugar Grove Living Trust Lawyer

A living trust is a legal instrument where a grantor (or trustor) transfers their assets into a trust, which is managed by a trustee (or co-trustees). A living trust is an estate planning tool that helps avoid probate court and creates a smooth transfer after a person deceases. A living trust is also known as a “revocable living trust” or “grantor trust.” 

Estate Planning is the process of planning one’s financial, retirement, and estate planning solutions to transfer one’s assets to their loved ones in a cost-effective and smooth manner. People often are concerned about their portfolio and how the market negatively effects their assets. 

Asset protection is a legal specialty, which combines diversifying one’s assets to maximize their protection from events that dissipate their assets. Asset protection involves advanced planning prior to lawsuits, taxes, and life events negatively impacting one’s economic security and wealth. Asset protection and estate planning together combine effective wealth management solutions to promote financial security.

Asset protection is a legal specialty, which is a combination of financial, retirement, and lawsuit planning to set up legal barriers to protect one’s family and business assets. A recession is coming, and lawsuits, taxes, and liability concerns will increase, which will threaten people’s family, individual, and business’s economic security. 

The best asset protection occurs prior to any incident or potential lawsuit has arisen. Advanced planning is not fraud and sets one’s assets up in a manner that maximizes asset protection. Asset protection is combined with estate planning strategies to help families and individuals achieve financial security. Middle-aged couples and individuals are increasingly aware of retirement planning. Smart retirement planning consists of asset protection and estate planning (when the situation meets the customer’s needs). 

How to Protect Your Assets Against Liability Concerns?

This article will discuss how to protect your assets against liability concerns and what legal instruments you should use. This article will discuss five (5) strategies designed to protect one’s assets from liability concerns. The first legal concept is the use of holding and subsidiary companies, which segregate each company or LLC into a separate entity. 

A primary benefit of estate planning is building a solid structure and creating an estate plan that passes one’s assets in a cost-effective and smooth manner. One lawsuit can destroy a lifetime of planning and good decisions. Asset protection is the process of arranging one’s assets to minimize liability vulnerabilities and maximize economic security.

Asset protection is a combination of estate planning, lawsuit planning, and business planning combined into one specialty. Smart asset protection is forward planning and does not involve fraud or fraudulent transfers. Advanced planning is vital because one’s assets may not be protected if one device a plan to protect their assets to protect against an existing or pending lawsuit. Planning anticipates liability risks that may arise. 

Oswego Living Trust Lawyers

Every person requires a proper estate plan, but this need is especially crucial for single mothers. Single mothers are some of the most hardworking individuals, and they are tasked with dual responsibility as caregivers and providers. If something were to happen to a single mother, she would want to ensure that her children will have a proper guardian to continue to care for them, as well as guarantee that her children will be financially prepared by providing them with the best inheritance possible. 

Establishing a Proper Caregiver

One of the benefits of an estate plan is that a mother can designate who she would like to take over as guardian of her minor children. Without this designation, it is most likely that the other parent will be given full guardianship over the minor children. However, this designation is not always in the best interest of the children for many reasons. Whether there is a lack of relationship, lack of parental responsibility, or distance that would severely hinder the children's permanency, a single mother is tasked with the responsibility of making this decision. It is imperative that the minor children are placed with someone who is familiar and will be able to provide for them both financially and emotionally. By creating an estate plan, the single mother can make her primary guardian designation, as well as contingent guardians, should the primary guardian be unable to care for the children.

Ensuring the Financial Security of Assets

A primary goal of a single mother is to make sure that her children are protected financially once she passes away. The best way of achieving this outcome is to create an estate plan that lays out all financial assets that the mother has and as well as create a distribution method that she would like to follow for distributing her assets upon her death. Without having this designation established before death, Illinois Intestacy Statutes will be followed, which may result in a designation that is not preferred by the mother.

Bristol Living Trust Lawyers

Estate planning is a legal specialty that assists people and families plan their legal future. There are key legal documents, which are essential in a well-planned and executed estate plan. Estate planning is designed to provide peace of mind and provide financial security. Estate planning is a crucial step in providing for one’s retirement planning goals. 

There are four (4) major documents, which are the foundation of estate planning. These documents include the following:

The fundamentals of estate planning are the way to build financial security. An estate planning attorney assists clients anticipate future problems and develop a solution to these potential conflicts. Estate planning and asset protection combine to set-up roadblocks and prevent future liability concerns by setting up limited liability companies and other liability protection strategies devised to maximize asset protection.

Living Trust are Smart Estate Planning

A living trust is a legal instrument that appoints a trustee to over see and manage one’s financial assets. A person or couple create a written agreement called a “trust agreement” where they are appointed as co-trustees to manage their property interests. The goal of living trust is to create an easy transition of one’s assets upon a death or incapacity. A living trust differs from a last will and testament because it avoids probate processes and court procedures. Second, a living trust is a private document, which is shielded from the public view. 

On the contrary, a last will and testament must be filed at the local courthouse. A last will and testament must be probated and approved by a Judge to be implemented. An estates and trusts attorney must notify heirs and legatees of admittance of the will, which invites estate conflicts. Estate conflicts costs thousands of dollars and produce headaches. Headaches are the opposite of smart estate planning. Smart estate planning is providing loved ones with easy administration of one’s assets in case of a death or incapacity. 

What is a Special Needs Trust?

A third-party special needs trust is a commonly used tool that helps provide for disabled loved ones and really should be included in every person’s will or trust. A special needs trust provides financial support for a designated beneficiary that is disabled or has special needs with the bonus that the income from the trust will not impact the beneficiary’s eligibility for government assistance programs (such as Medicare or Social Security). 

Funds from a special needs trust are used for expenses such as medical bills, payments for treatments or caretakers, and transportation costs. Generally, government assistance programs are run on an income contingency and as a result, if a disabled person makes over a certain amount of money, they can be disqualified from receiving those benefits. However, a special needs trust avoids this issue completely.

Transferring your house to your Revocable Living Trust is a crucial step to avoid probate court. Preparing an estate plan is a crucial step to avoid court procedures. A Quit Claim Deed in Trust is the type of quit claim deed used to transfer your house into your revocable living trust. A Revocable Living Trust may also be known as a “Living Trust.” A Quit Claim Deed in Trust conveys real estate into your trust’s name. 

Unlike a warranty deed, a quit claim deed transfer does not guarantee that the title being transferred is without liens or problems. A Quit Claim Deed transfers the exact title and interest a person has at the time of transfer. 

The main benefit of a Quit Claim Deed in Trust is re-titling your house into your living trust’s name. When a family transfers real estate into the living trust’s name the living trust owns the house. Re-titling the house into the living trust's name ensures that the trust agreement will be followed upon death or incapacity.

Durable Power of Attorney in Kendall County

There are two major types of durable power of attorney in Illinois. The first type of power of attorney is a “Medical Power of Attorney” otherwise called "Illinois Statutory Short Form Power of Attorney for Healthcare." The Illinois Statutory Short Form Power of Attorney for Healthcare is also called "Statutory Healthcare Power.” See 755 ILCS 45/4-10.

The purpose of medical power of attorney is to give an individual the right to control all aspects of their medical treatment including the following:

• Ability to decline medical treatment

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What is Spendthrift Protection?

Spendthrift protection is the benefit provided to a trust that protects a beneficiary’s inheritance from a beneficiary’s creditors such as a divorcing spouse or a creditor such as a credit card provider or a business lawsuit or a mortgage foreclosure among other creditor issues.

One of the primary benefits of a spendthrift provision is to protect a beneficiary from themselves. Spendthrift also is putting restrictions on a person’s inheritance with the primary intent to protect their child or children from their immaturity or lack of fiscal management skills. 

Spendthrift language in a trust is required to protect a beneficiary’s inheritance from their creditors. This type of language is called a “Spendthrift Trust” or “Spendthrift Provision.”  Parents often desire to protect young adults (21 to 25 years of age) or with serious disability issues from themselves. A beneficiary may not be technically disabled, but parents desire to protect their loved ones from themselves. Spendthrift language provides asset protection for a trust beneficiary because their inheritance may not be assigned, encumbered and/or alienated in any way (or similar language). 

What is a Special Needs Trust?

A special needs trust is a great option for those seeking to ensure the financial support of a loved one and should be included in every person’s will or trust. A special needs trust will not only protect a loved one that is disabled at the time the will or trust is executed, but it also is effective in the event that a loved one, who was not disabled at the time it was executed, later becomes disabled.

A special needs trust provides financial support for the designated beneficiary with special needs. At the same time, the income from the trust will not impact the beneficiary’s eligibility for government assistance programs (such as Medicare or Social Security). Proceeds from a special needs trust are commonly used for things like medical expenses, payments for treatments or caretakers, and transportation costs. Generally, government assistance programs are run on an income contingency and as a result, if that person makes over a certain amount of money, they can be disqualified from receiving those benefits. However, a special needs trust avoids this issue completely. 

Estate planning is an important aspect of financial planning that involves arranging for the management and distribution of your assets in the event of your death or incapacitation. By creating an estate plan, you can ensure that your wishes are conducted and that your loved ones are provided for after you are gone.

Key Elements of Estate Planning

There are several key elements to estate planning, including creating a will, setting up trusts, and making plans for healthcare and end-of-life decisions. By taking the time to understand these concepts and create a plan, you can provide peace of mind for yourself and your loved ones.

Special needs estate planning is a type of legal planning that focuses on providing for the future care and support of individuals with disabilities. This type of planning is important because it helps ensure that the individual with special needs will be taken care of and have access to the resources, they need to live a comfortable and fulfilling life.

Key Elements of Special Needs Planning is Creating a Special Needs Trust

One of the key elements of special needs estate planning is the creation of a special needs trust. This is a legal document that allows parents or other loved ones to set aside money or other assets for the benefit of the individual with special needs, without affecting their eligibility for government benefits such as Medicaid or Supplement Security Income (SSI). The Trust is managed by a trustee who is responsible for using the funds in the trust to pay for the individual’s care and support.

In addition to a special needs trust, special needs estate planning involves other legal instruments such as the following:

What is a Living Trust?

A Living Trust is created by a person or couple to hold title to certain property and distribute things upon death or incapacity consistently with the trust agreement. The creator of a trust is called a "grantor" or "trustor". The grantor or trust creates a trust with the specific purpose of providing a smooth and effective transition upon death or incapacity.

Another name for a trust is a family trust or revocable living trust or grantor trust. 

Does a living trust avoid probate?

A living trust is a private document, which means that no court proceedings are required if a person properly re-titles their assets. Probate court is required when you have a will because a will is a document that one must file to properly activate it. Probate involves proceedings at a local courthouse, which determines who is the rightful owner of one’s assets upon death or otherwise known as a “decedent’s estate”. In probate court, one’s creditors must be paid, and creditor’s claims are determined which creditors are prioritized over others (in some instances).

Estate planning is a form of financial and retirement planning designed to facilitate the transfer of assets upon one’s death or incapacity. Estate planning distributes one’s assets to one’s loved ones without hassle nor conflict. Estate planning is honorable because one’s legacy provides peace of mind. Estate planning is a love language because wealth planning is family oriented.

Kendall County Estate Planning Attorney: Estate Planning Foundation of Success

A basic estate plan consists of four main elements:

• Living Trust and Planning to avoid probate court. A Living Trust or otherwise called a “Revocable Living Trust” or “Trust” is a legal document, which is created by a person, couple, or entity that administers and managers property such as financial accounts, life insurance, real estate assets, and business assets in a cost-effective manner. A Living Trust avoids probate court, which differs from a will. A will must undergo the probate process and is not effective unless probate court admits the will into probate court. A Living Trust promotes privacy because a trust agreement is a private document. There is no recording of it nor filing the Living Trust in at the local courthouse. Spendthrift protection protects your beneficiary’s financial accounts and assets from creditors such as a divorcing spouse.

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Estate planning is critical to parents who have a minor or adult disabled child that receives government aid programs. The purpose of estate planning is to distribute one's assets smoothly and cost-effectively. Generally, assets include real estate, life insurance, retirement assets, bank, and savings accounts among other things. 

One of the key roles of an estate planning lawyer is to assist you and your family to anticipate issues, which may arise because of your death or incapacity. Estate planning is more important for parents who have one or more children, which receive government benefits such as social security disability income.