Posted on March 22, 2023 in Estate Planning

Yorkville Estate Planning Attorney: Why it is necessary to amend your estate planning documents

Creating an estate plan is essential in ensuring your assets will be distributed how you wish upon your death. However, more than simply creating an estate plan may be required. Whether you create your estate plan early in life or later in life, specific circumstances may make it necessary to update your estate planning documents. Therefore, it is recommended to review your estate plan every few years and amend it as required to account for life changes. At Peace of Mind Asset Protection, our attorneys assist in both creating estate plans and making amendments and codicils to those documents as necessary.

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 Posted on March 22, 2023 in Estate Planning

The Covid-19 campaign has raised public awareness about wills and trusts. There seems to be a rise in the number of people close to death during the past few years. What transpires when you don't plan and don't have a will or trust in place will be covered in this article.

Designated Beneficiaries

The probate court may not be necessary if one has chosen beneficiaries on their various accounts. A person has the authority to specify the beneficiaries who will receive their assets following their passing.

1. Bank Accounts

Payable-on-death accounts allow the account owner to designate a beneficiary to receive the funds following their death. Typically, you fill out a form the bank provides to choose who would welcome your account balance upon passing. For instance, Sally allows her daughter Peggy Sue to access her bank account. Sadly, many people need to remember to choose a beneficiary or change their preferences. In addition, a probate court may be necessary if a beneficiary is disabled or dies. Without a will or trust, essential estate planning can be done by naming a beneficiary.

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 Posted on March 21, 2023 in Real Estate Transactions

A quitclaim deed in Illinois is a legal document that transfers real estate ownership of property from one party to the next party. A significant reason for using a quitclaim deed is when transferring property interest in a former marital residence, which may be required by a divorce decree or a marriage settlement agreement. Additionally, quitclaim deeds are often used to transfer property ownership among family members or to remove someone from real property.

To properly prepare a quitclaim deed properly, it is crucial to work with experienced real estate attorneys specializing in quitclaim deed preparations. We work with you over the telephone and obtain a copy of your deed and you simply return your original paperwork back to our office. An office visit is unnecessary. 

At Gateville Law Firm, our real estate team specializes in real estate and quitclaim deed law. We have prepared thousands of quitclaim deeds in the past several years. Our team consists of former title insurance employees who have extensive experience in handling real estate and quitclaim deed transactions. Our staff understand the potential challenges that may arise from an improperly prepared quitclaim deed. Generally, the title insurance company discovers the problem, which complicates refinances and sales of homes.

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 Posted on March 21, 2023 in Real Estate

At Gateville Law Firm, Montgomery Commercial Real Estate Lawyers assist sellers and buyers in the Kendall and Kane County areas. We help real estate investors and commercial property owners with their legal strategy when they invest in multi-unit apartment complexes and other real estate investments. Real estate investing requires patience and wisdom. This article will discuss real estate advice for purchasing and selling multi-unit buildings.

Real estate investors must surround themselves with the right team of real estate professionals, including the following:

• Property Managers & Companies

• Commercial Real Estate Brokers

• Banking Professionals

• Electricians and Plumbers

• Accountants and Tax Professionals

• Attorneys and Law Firms

Commercial real estate professionals must provide timely and responsive services. Experienced real estate attorneys offer insight based on their legal expertise, knowledge, and specific experience from other real estate transactions. Additionally, the lawyers at Gateville Law Firm have corporate, estate, and income tax experience, which assists their clients in understanding the best way to oversee their real estate transactions, including the following:

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 Posted on March 21, 2023 in Estate Planning

Securing one's wealth and assets provide economic stability. Economic stability is critical in estate planning. A well-crafted estate plan protects assets from lawsuits and other liability concerns and creates a smooth transfer upon death. However, one case can easily dismantle a lifetime of planning and sound decision-making. This is where asset protection comes into play. Asset protection involves strategically arranging assets to minimize potential legal risks while maximizing economic security.

Asset protection encompasses estate planning, lawsuit planning, and business planning. Advanced estate planning strategies employ trusts, business entities, and other liability protection strategies. The area of estate planning and business planning is a complex area of law. Intelligent asset protection and estate planning involve planning and do not involve fraudulent activities. Advanced planning is critical, as any plan to interfere with a pending lawsuit may not be valid.

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 Posted on March 21, 2023 in Real Estate

This article will discuss business entities for real estate investors, landlords, and commercial property owners. The most popular business entity is a limited liability company, an "LLC." The LLC is a method to insulate a business owner's assets from business creditor concerns. The LLC provides limited liability protection for its owners by limiting a business creditor's reach to business assets versus the personal business assets of its owners. Business owners are concerned about limited liability protection and protecting their assets from a creditor's lawsuit.

As a general rule, the LLC provides liability protection, which limits a creditor's remedies to the business assets of the LLC. Plaintiff's lawyers understand the benefits of an LLC's limited liability protection and make their living finding a strategy to go after a business's owner's assets.

There are several strategies that creditor rights lawyers seek to recover losses for their clients. The Illinois Consumer Fraud and Deceptive Business Practice Act ("Act"), 815 ILCS 505/1, et seq., is legislation, which is intended to protect individuals, consumers, and businessmen against fraud, unfair methods of competition, and unfair or deceptive practices in the conduct of a trade or business. This legislation is used broadly by creditor's attorneys to go after a business owner's assets in case of a judgment. The threat of litigation will often result in a settlement in a creditor's favor. In addition, this legislation grants punitive damages, reasonable attorney's fees, and court costs as damages that a Plaintiff can seek.

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 Posted on March 20, 2023 in Real Estate

How Do You, as A Real Estate Investor, Coordinate Your Estate Planning With Your Real Estate Properties?

Real Estate Legacy Planning coordinates asset protection, estate planning, and real estate transaction experience to meet the needs of real estate investors. Whether you are a real estate investor or owner of vacation properties, estate planning, and asset protection, the law can provide effective legal strategies to protect your wealth. Unfortunately, most real estate attorneys need help understanding the multi-disciplinary approach required to serve real estate investors’ legal needs effectively.

Gateville Law Firm specializes in assisting real estate investors and property owners with their coordinated business structure, estate planning, and asset protection goals. Additionally, most estate planning attorneys fail to grasp real estate law in serving the legal needs of the real estate community. Real estate legacy planning is the legal strategy that meets the needs of property owners and real estate investors.

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 Posted on March 20, 2023 in Estate Planning

Sugar Grove Estate Planning Lawyer: Defining What is Estate Planning

Estate Planning is imperative to ensure your assets pass how you wish upon death. Unfortunately, estate planning gets ignored until it is too late. If a person fails to create an estate plan during one's lifetime, the decedent's family and loved ones are left to navigate Probate court, which can be difficult, time-consuming, and costly. The best way to avoid Probate court is to find an attorney specializing in estate planning. An estate planning attorney guides what estate plan is best for you.

Furthermore, an effective estate plan must adequately fund it to avoid going through Probate. Peace of Mind Asset Protection is based in Yorkville, IL, and specializes in estate planning and asset protection. The attorneys and staff will determine your estate's size and help structure a unique estate plan based on your assets. By doing so, the transition of your assets upon your death will pass smoothly and make the process easier for your loved ones.

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 Posted on March 20, 2023 in Estate Planning

Business estate planning is vital for Oswego households, particularly owners of closely held business enterprises and family businesses. Additionally, estate planning is critical for high-net-worth and high-income families in Kendall County and surrounding areas.

Asset management and business wealth planning strategies create a solid foundation in case of death or incapacity. Family business and personal asset protection are also critical to safeguard a family's assets from potential litigation threats.

This article covers essential asset management and business estate planning strategies for savvy business owners.

Estate Planning Tips for Businessmen in Oswego

A risk assessment is a step in reviewing a family or business owner’s risks and gaps in their estate planning. A risk assessment also will examine a person’s vulnerabilities that might affect a business or family’s financial viability and retirement solutions. Performing a risk assessment is the preliminary step in proactive business estate planning when advising business owners and their families. Developing a comprehensive estate plan also will set up a smooth process for a family and family-owned business in case of death or incapacity.

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 Posted on March 16, 2023 in Estate Planning

A person or entity is named the designated beneficiary to receive assets or property following a death. Designated beneficiaries can avoid the probate procedure and facilitate a seamless succession after death. As a result, asset transfers from one person or entity to another are handled smoothly and at the lowest possible cost throughout the transition phase.

A designated beneficiary is a person or organization specified to receive certain assets from financial accounts or legal documents. For financial accounts like life insurance policies, retirement accounts, bank accounts, and annuities, named beneficiaries are often anticipated. 

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