It is imperative to decide who will care for the kids well in advance just in case the parents don’t survive long enough to see their children become adults. Naming a legal guardian to take custody of the children and provide for their daily needs, basic health and education can be done by adding the information into a will. While the court has the final say, the parents' choice will typically be honored when a will exists. In the absence of a will, or when a guardian is not named in a will, the … [Read more...]
Archives for 2018
Identify Potential Conflicts When the Family Business Is Sold
Posted on June 15, 2018 //
Selling the family business is often complicated due to the various interests and conflicting positions that may arise and identifying potential conflicts in advance can help ensure that the sale goes smoothly. Many people engage the services of a business attorney help to identify and manage issues like non-compete agreements, indemnification clauses or contract provisions that could cause conflicts, while others decide to go it alone. Regardless, a few elements that commonly cause conflict in … [Read more...]
Estate Planning Checklist for Everyday People
Posted on June 11, 2018 //
An estate planning checklist can help everyday people ensure that choices about medical care, asset allocation, and even who cares for minor children are honored. Regardless of age, assets, or health status, nearly everyone needs an estate plan. By creating a checklist, people can make sure that important elements that pertain to their situations are considered and that all bases are covered. There’s More to Estate Planning than Drawing Up a Will An estate plan comprises a person’s wishes … [Read more...]
Duty to Serve Program Brings Homebuying Options to Low and Middle Income Americans
Posted on May 22, 2018 //
Owning a home is a source of accomplishment. Unfortunately, affordable homeownership remains a pipe dream for many low and middle-income Americans. Homeowners are often burdened by the weight of mortgage repayments. The Duty to Serve Program was established by the Federal Housing Finance Agency to make homeownership affordable through the introduction of more home buying options. Those who are either struggling to make their mortgage payments, or are falling behind ought to work directly with … [Read more...]
Dying Without Direction (The Nasty Consequences of Dying Without a Will)
Posted on May 8, 2018 //
Drafting a will is arguably the most significant stage of the estate planning process and failure to create one often comes with nasty consequences. When someone dies, the assets that are left behind are typically distributed to heirs. When a will is not available, decisions about who will receive property, who will take care of the kids, and even who will execute the deceased's estate are left up to the state. Dying Intestate in Illinois For those who are thinking about a will, people who … [Read more...]
Prepare An Exit Strategy Before You Sign that Contract
Posted on April 20, 2018 //
Every entrepreneur should develop an exit strategy to limit losses and ensure the business owner has the ability to sell or transfer ownership of the business should the need arise. Exit strategies are crucial if the entrepreneur wants to retire, travel, or move on to a new idea. An effective exit plan allows entrepreneurs to address problems and cleanly disentangle from their business. Basics of the Exit Strategy The three common types of exit strategies are: Strategic … [Read more...]
Asset Protection Trusts Offer Peace of Mind for Your Financial Future
Posted on April 9, 2018 //
Asset protection trusts are effective tools to protect a person's property from judgments, creditors, and lawsuits now, and in the future. Property held within an asset protection trust is not considered to be the property of the beneficiaries, so it can typically escape seizure for debt collection. Learning more about the features of domestic and offshore asset protection trusts can help ensure that an appropriate type of trust is established. The Basics of the Asset Protection … [Read more...]
Will Trump’s Infrastructure Plan Make Housing in America Great Again?
Posted on March 21, 2018 //
Trump's proposed infrastructure plan could be a game changer for America, but challenges exist that may hinder the plan from becoming as transformative as was originally envisioned. The infrastructure plan will encourage the development of advanced technology, like broadband internet, in rural communities throughout the U.S. But higher taxes to help cover the costs of the projects, increased home building and remodeling costs due to a shortage of construction workers, and swarms of new residents … [Read more...]
Do You Need to Reopen Probate?
Posted on March 7, 2018 //
Once a probate estate has been fully administered and the case has been closed, it typically stays closed, but in a handful of situations, it may make sense to reopen probate. Reasons to Reopen Probate Illinois has very broad probate laws that regulate when an estate may be reopened. Under the Illinois Probate Act, an estate can be reopened at any time if a portion of the estate was never settled, if new assets, creditors or wills were discovered, if an heir was not notified of the opening … [Read more...]
These Six Types of Property Won’t Need to Go through Probate
Posted on February 14, 2018 //
Non-probate assets are types of property that won't have to go through the probate process after a person dies, and will instead pass directly to the intended heirs shortly after death. Avoiding probate saves time and money, but non-probate property can sometimes pass to unintended beneficiaries and creditors. Careful estate planning is essential to avoid probate and still protect assets from transferring into the wrong hands. Which Assets Are Not Generally Subject to Probate? Transfer or … [Read more...]
