Posted on December 12, 2022 in Business Law

Kendall County Letter of Intent Attorney

The first step in the purchase and sale of a franchise is the letter of intent. The letter of intent is a letter that outlines the details involved in a potential sale. Second, the letter of intent is a formal declaration of a buyer's seriousness in purchasing a seller's franchise. The letter of intent describes the details of the proposed franchise purchase agreement such as the following:

• The earnest money tendered by the buyer

• The financing terms of the deal (cash or a loan)

• Whether the transaction will be an asset purchase agreement or a stock purchase agreement

• The exclusive bargaining writes for the buyer

• The deal will be non-binding until a written purchase and sale agreement is drafted

• Proposed closing date and terms

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 Posted on December 11, 2022 in Business Law

Oswego and Kendall County Franchise Business Attorneys

The purchase or sale of a franchise is a major investment transaction. The process is complex and requires varying different legal documents, which require precision and understanding. The first step in the sale and purchase of a franchise is the letter of intent. 

Letter of Intent Attorney in Kendall County and Nearby Areas

The Letter of intent or “LOI” is necessary for several reasons:

• The Letter of Intent guarantees the franchise will be sold to the agreed buyer even if other potential buyers appear in the future. Thus, the LOI restricts the business deal between the buyer and seller.

• The Letter of Intent shows seriousness by the Buyer and usually will include earnest money or a down payment evidencing their seriousness.

• The Letter of Intent is the first step in consummating a business deal for the franchise purchase or sale.

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 Posted on December 09, 2022 in Estate Planning

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.

TWO TYPES OF DISABILITY INCOME

According to the Social Security Administration, The Social Security Administration or otherwise known as “SSA” administers two types of disability programs

FIRST TYPE OF DISABILITY PROGRAM: SOCIAL SECURITY DISABILITY INSURANCE

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 Posted on December 09, 2022 in Estate Planning

 Special needs trusts are designed to financially provide for disabled loved ones without impacting the disabled person’s eligibility for governmental assistance programs. There are two types of special needs trusts and the type of trust that you create will determine a number of key factors related to the disabled person receiving the benefits of the trust.

Testamentary Special Needs Trust v. Stand-Alone Special Needs Trust

The first type of special needs trust is called a testamentary special needs trust. This type of trust is created by including certain language in the creator’s will or trust. A testamentary special needs trust does not go into effect until the creator of the will or trust dies. 

Alternatively, there is a stand-alone special needs trust. A stand-alone special needs trust (also called a free-standing special need trust) is effective as soon as it is created.

Important Factors to Consider When Determining the Right Special Needs Trust for You

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 Posted on December 08, 2022 in Estate Planning

Kendall County Gun Trust Lawyers: Serving Plainfield, Yorkville, Oswego, Plano and Surrounding Areas

What is a Gun Trust?

A gun trust (also called an NFA trust) is a type of trust designed to take title of your firearms and certain firearm accessories. As creator of the trust, you will name a person as trustee that will manage the firearms in the trust. If you name yourself as trustee, you will also name a successor trustee that will manage the firearms should you become incapacitated or at your death. Gun trusts can be revocable or amended by you, the creator, which is specified in the terms of the trust.

Firearms that are covered under the National Firearms Act and Gun Control Act of 1968 qualify for this type of trust. Types of firearms covered include fully automatic firearms, short-barrel shotguns, short-barrel rifles, and any other weapon or device that a person can hide on their body that discharged an explosive. Along with those firearms, the qualifying firearm accessories include sound suppressors and destructive devices (for example, grenades or bombs). A gun trust provides a number of benefits for gun owners interested in protecting not only their firearms, but also those who they wish to inherit their firearms after their death.

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 Posted on December 07, 2022 in Estate Planning

Naming Guardians for Your Children in Your Last Will and Testament

Any experienced estate planning attorney will emphasize the importance of naming guardians for any current or future minor children when drafting your will. It is important to make sure the person (or people) you want to take care of your children in the event that you pass while they are still minors (under the age of 18) so that your wishes are followed. If no legal guardian is specified in your will, this huge decision is left up to strangers (the court).

It is custom that if one parent passes and there is a surviving parent, the surviving parent has the legal right to custody of the children. If possible, it is ideal that both parents are in agreeance of custody of the children should one or both pass while the children our minors. However, it is sometimes the case that both parents cannot agree. In any event, your wishes should be clearly stated in your will, so the court is clear on your wishes.   

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 Posted on December 06, 2022 in Estate Planning

You may be wondering what an LLC is. Well, an LLC is short for Limited Liability Company.  

LLC is the common business structure for private companies in the US that protects its’ owners from personal responsibilities from debts or liabilities.  

Typically, any budding company, small business, or even a tech startup can emerge as an LLC. Microsoft, Nike, Adidas, Berkshire Hathaway, and AOL are all LLCs. 

In this post, you will get to fully understand what an LLC is, its advantages and limitations, and how you can set up a limited liability company. Read on. 

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 Posted on December 05, 2022 in Estate Planning

Oswego and Yorkville Living Trust Lawyers

There are many different goals possible to be accomplished with an estate plan, depending on your situation. A good estate plan will ensure that your loved ones are in the best position possible from both a financial and personal perspective if you pass away or become mentally incompetent. When you start to plan your estate, you need to consider your assets, beneficiaries and goals. You should then consult an estate planning attorney who can advise you on ways to save money and taxes and ensure that your will or trust legally provides for your beneficiaries in the manner you direct. 

Call Peace of Mind Asset Protection, LLC at 630-780-1034, we are here to serve you and listen to your needs. If you have recently had an important life event—marriage, birth of a child or grandchild, divorce, death of a beneficiary, an inheritance, and/or purchase of a new asset—you will want to update your estate plan accordingly.

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 Posted on December 05, 2022 in Estate Planning

Kendall County Probate Lawyers

A person appointed to the role of Executor during a probate proceeding has the responsibility of dividing and distributing a person’s assets when that person passes away. There is a lot of legal jargon involved and it may be an intimidating task. It is important to understand what goes into the role of Executor and what the process looks like. This makes the process much easier and smoother for the Executor. 

Cost

The Executor does not pay for the cost of the probate process. It is paid by the assets of the estate. Costs typically come in the form of attorney fees, court filing fees, and any appraisal needed.

Kendall County and Oswego Probate Procedures

What is Included in the Probate Process?

The first thing to understand is what a probate is and how the process works. Probate is the term used for the legal process in which a deceased person’s Will or Estate (without a Will) is administered. The process looks different depending on whether the person who is deceased had a Will made while they were alive or if they did not. In the event the deceased person did not have a Will made, a person is selected to be an administrator of the Estate. The Executor, among other things, has the task of compiling a list or inventory of the assets of the Estate. The Executor also must make sure any claims that are made against the Estate are paid, and finally, the Executor must distribute whatever is left of the Estate to the appropriate heirs of the deceased. 

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 Posted on December 01, 2022 in Estate Planning

What if you don't have children yet, is estate planning still necessary for you and your spouse? Frankly, death or a terminal sickness can come knocking anytime even before you both decide to have children. So, you ask yourself, "is estate planning ideal for childless and infertile couples?" The answer is yes. 

Estate planning is not only for couples with children. In fact, many estate planning documents do not contain children as beneficiaries alone. Other like pets, extended family members, and even distant relatives as beneficiaries are also included. 

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