In today's post, we will discuss joint accounts such as joint bank accounts, joint certificate of deposits, joint ownership of real estate, and any other joint accounts where you own property with somebody else.
For asset protection purposes, joint accounts are considered available to creditors. For example, Frank and Jan have joint bank accounts and Frank has a judgment in the amount of $100,000. In this example, a creditor will freeze Frank and Jan's joint bank account and all of the money is considered available to Frank's creditors beyond the $4,000 personal exemption amount in Naperville, Illinois. Jan lives in Aurora, Illinois. Thus, Jan's money is at jeopardy despite her being credit worthy and without any judgments.
When you have a judgment or prior to any judgments, the Robertson Law Group, LLC concentrates in representing business owners, physicians, chiropractors, small business owners, executives, retirees, and middle class americans in preserving their assets such as bank accounts, real estate, and other assets.
We can be reached at 312-498-6080 or 630-364-2318. We are located in Naperville and downtown Chicago. Our email is RobertsonLawGroup@gmail.com.
Monday, December 14, 2009
Land Trust and Asset Protection in Naperville
Robertson Law Group, LLC is a Wealth Preservation Law Firm in Naperville and downtown Chicago, Illinois. A Private Land Trust is a vehicle where liens and judgments do not attach. With credit card debt becoming an increasing problem, Illinois land trust are a good way to shield your real estate against judgments and liens. An Illinois land trust is not without its limitations, but it provides much greater protection against judgments and liens than doing nothing. In today's economy, a husband and wife should never have their house titled in joint tenancy with right of survivorship. Instead, tenants by entirety is a better way to protect your home from creditors.
Robertson Law Group, LLC can be reached at either 312-498-6080 or 630-364-2318 or RobertsonLawGroup@gmail.com. You can check us out at www.RobertsonLawGroup.com.
Robertson Law Group, LLC can be reached at either 312-498-6080 or 630-364-2318 or RobertsonLawGroup@gmail.com. You can check us out at www.RobertsonLawGroup.com.
Lawsuit protection and Asset Protection
In today's economy, protecting one's assets is becoming more vital. With the increased risk of mortgage foreclosures, breach of contract claims, and credit card bills increasing due to increased interest rates by the credit card companies, middle class Americans are increasingly struggling in making ends meet.
Asset protection is vital because one mortgage foreclosure could impact all of your real estate holdings. Thus, if you own four (4) investment properties, one mortgage foreclosure could jeopardize your other three (3) investment properties. With asset protection, we re-title your real estate property and therefore, isolate each real estate property from the liability exposure of the others.
Furthermore, when one faces a lawsuit or judgment, your bank accounts can be frozen, your personal property sold at auction, and real estate can be levied and sold at public auction. Thus, these are major issues, which are impacting Middle America.
At Robertson Law Group, LLC, we concentrate in Asset Protection for Middle America. We give you guidance on how to protect your assets and more importantly, give you peace of mind. Sean Robertson, Esq. can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com. We have meeting locations in Naperville, downtown Chicago, and Chicago Ridge (Southwest Suburbs).
key words: Asset protection, judgment, lawsuit, credit cards, chapter 7, naperville, downtown chicago, chicago, oak lawn, orland park, chicago ridge, and frankfort.
Asset protection is vital because one mortgage foreclosure could impact all of your real estate holdings. Thus, if you own four (4) investment properties, one mortgage foreclosure could jeopardize your other three (3) investment properties. With asset protection, we re-title your real estate property and therefore, isolate each real estate property from the liability exposure of the others.
Furthermore, when one faces a lawsuit or judgment, your bank accounts can be frozen, your personal property sold at auction, and real estate can be levied and sold at public auction. Thus, these are major issues, which are impacting Middle America.
At Robertson Law Group, LLC, we concentrate in Asset Protection for Middle America. We give you guidance on how to protect your assets and more importantly, give you peace of mind. Sean Robertson, Esq. can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com. We have meeting locations in Naperville, downtown Chicago, and Chicago Ridge (Southwest Suburbs).
key words: Asset protection, judgment, lawsuit, credit cards, chapter 7, naperville, downtown chicago, chicago, oak lawn, orland park, chicago ridge, and frankfort.
Sunday, December 6, 2009
Credit Card Bills and Bankruptcy Alternatives
Asset protection must be an alternative to bankruptcy for some people. In today's economy, I see many homeowners and middle class Americans who have equity in real estate that are not a good candidate for bankruptcy. Often times, many homeowners and their spouses have titled their houses and investment properties in their personal names. This is a mistake. If you own a vacation or commercial property, you should not have these properties in your personal name. Consider transferring your property interests to a Limited Liability Corporation or Private Land Trust. This takes the property out of your individual name and provides you and your family additional asset protection. Yesterday, I spoke with a couple that had $130,000 in credit card debt. The good news for them is they will pay the credit card debts and get their assets properly structured. However, it is nice to have a safety net in case other lawsuits jeopardize their plan to pay their credit card bills. Unfortunately, many homeowners suffer from foreclosures and credit card bills that are jeopardizing their assets and may ruin their retirement plans.
At the Robertson Law Group, LLC, Sean Robertson can evaluate your situation and give you recommendations. You can reach Sean Robertson at 312-498-6080 or 630-364-6318 or RobertsonLawGroup@gmail.com.
Key words: Asset Protection, Bankruptcy, Debtors, Creditors, Cook County, Will County, Circuit Court of Dupage County, & foreclosure and deed in lieau of foreclosure.
At the Robertson Law Group, LLC, Sean Robertson can evaluate your situation and give you recommendations. You can reach Sean Robertson at 312-498-6080 or 630-364-6318 or RobertsonLawGroup@gmail.com.
Key words: Asset Protection, Bankruptcy, Debtors, Creditors, Cook County, Will County, Circuit Court of Dupage County, & foreclosure and deed in lieau of foreclosure.
Citation to Discover Assets-Will County, Dupage County, and Cook County
A Citation to Discover Assets ("Citation") is a legal process by a judgment creditor in Illinois where a creditor is looking for information about how to collect against a debtor. Citation to Discover Assets is administered under oath and typically in a hall mall. Typically, Citation to Discover Assets is an informal process.
During this process, you cannot make any transfers such as fraudulent transfers designed to protect your assets from the judgment. Robertson Law Group, LLC concentrates in Commercial litigation (closely held businesses) and Asset Protection. We work closely with Citation to Discover Assets and we know how to protect your assets before a judgment is entered and after a judgment is entered.
Generally, a creditor will find out whether you are an employee or self-employed. If you are an employee, the creditor will garnish your wages by issuing your employee a wage garnishment. In Illinois, your wages will be generally garnished at fifteen (15) percent of your wages. Your bank accounts will be frozen and your monies will be seized. You have the opportunity to claim $4,000 per person as exempt from creditor's claims. However, you must actively claim this amount and set up a court hearing. Your house also can be seized and sold at public auction if you have enough equity to satisfy a judgment or partially satisfy the judgment. In Illinois, each person gets a $15,000 homestead exemption. A homestead exemption is the amount of equity you can claim that is exempt from creditors. You must reside in your home to get the homestead exemption. We practice a lot in Circuit Court of Dupage County, Circuit Court of Will County, and Circuit Court of Cook County.
If you have any questions, please call Sean Robertson at 312-498-6080 or 630-364-2318. We also can be reached via email at RobertsonLawGroup@gmail.com.
Key words: Citation to Discover Assets, Non-Wage Garnishment, Wage Garnishment, Contempt of Court, Circuit Court of Cook County, Circuit Court of Will County, and Circuit Court of Dupage County.
We are located in downtown Chicago and Naperville, Illinois.
During this process, you cannot make any transfers such as fraudulent transfers designed to protect your assets from the judgment. Robertson Law Group, LLC concentrates in Commercial litigation (closely held businesses) and Asset Protection. We work closely with Citation to Discover Assets and we know how to protect your assets before a judgment is entered and after a judgment is entered.
Generally, a creditor will find out whether you are an employee or self-employed. If you are an employee, the creditor will garnish your wages by issuing your employee a wage garnishment. In Illinois, your wages will be generally garnished at fifteen (15) percent of your wages. Your bank accounts will be frozen and your monies will be seized. You have the opportunity to claim $4,000 per person as exempt from creditor's claims. However, you must actively claim this amount and set up a court hearing. Your house also can be seized and sold at public auction if you have enough equity to satisfy a judgment or partially satisfy the judgment. In Illinois, each person gets a $15,000 homestead exemption. A homestead exemption is the amount of equity you can claim that is exempt from creditors. You must reside in your home to get the homestead exemption. We practice a lot in Circuit Court of Dupage County, Circuit Court of Will County, and Circuit Court of Cook County.
If you have any questions, please call Sean Robertson at 312-498-6080 or 630-364-2318. We also can be reached via email at RobertsonLawGroup@gmail.com.
Key words: Citation to Discover Assets, Non-Wage Garnishment, Wage Garnishment, Contempt of Court, Circuit Court of Cook County, Circuit Court of Will County, and Circuit Court of Dupage County.
We are located in downtown Chicago and Naperville, Illinois.
Monday, November 23, 2009
Common Wills, Trusts, and Estate Planning Questions
COMMONLY ASKED QUESTIONS
1. What is the difference between a will and trust?
A will is a written instruction explaining one’s wishes upon death. In contrasts, a Revocable Living Trust “Living Trust” (or otherwise called a trust) is a written agreement that operates during your life and upon your death. There are several differences:
Will
• Simple and easy to create;
• Must go through probate court, which is supervised by a judge;
• Guardianship provision can describe who shall be your guardian for your children;
• Inheritances are subject to divorce or creditor proceedings for your beneficiaries;
• Public information, which means anybody can know what you inherited.
Trust
• Avoids the pain and expense of probate court;
• Inheritances are not subject to divorce or creditor proceedings;
• Private proceeding where only the beneficiaries know the written details;
• Can require inheritances to be disbursed at different times or have strings attached to an inheritance such as go to college;
• Operational during your lifetime and avoids guardianship court, which reduces headaches, significant expense, and hassle associated with court proceedings.
2. What is probate court?
Probate court is the court where a person’s assets are distributed. Most people falsely assume that a will does not go through probate court. A will must undergo probate court and probate court invites conflict due to mailing out certified notices to potential beneficiaries. This creates conflict and family feuds. If you do not have anything in writing, this is called intestate succession, which simply means that the State distributes your assets according to the state succession formula. There are no exceptions to the succession formula.
3. Why do most people have to go through probate court?
Most people go through probate court because they own real estate. By law, real estate cannot be sold without providing proper legal title. Many heirs do not realize that have to go through probate court until they get ready to sell their family home. Probate court can be expensive because if there is more than one heir, the family is required to have an attorney, pay court costs, and may have to pay an annual surety insurance bond.
4. What typically happens to a husband and wife that own property?
Generally, the surviving spouse inherits one hundred (100) percent of the house after their spouse dies. Thus, the surviving spouse does not go through probate court because they have proper title. However, upon the surviving spouse’s death, probate court becomes necessary for most people.
5. What if we add somebody’s name to our title, will this avoid probate court?
No, adding somebody else’s name, which is recommended by many attorneys are not a good strategy to avoid probate court. In fact, adding somebody else’s name could cause you problems because their creditors could sell your home at public auction to pay off any credit card, medical bills, or other bills that a person has. Thus, if a person gets sued and loses, their creditors may force you to sell your home to satisfy their debt. Additionally, adding another’s name to your title increases your risks of probate court because if any title holder dies or becomes incapacitated, this could cause you to undergo probate court prior to selling your home.
6. Why do most husband and wives have their property titled in the wrong manner?
In today’s economy, people are faced with increasing debts, which they cannot handle. Most husbands and wife’s title their home where if one spouse dies, than the other spouse automatically inherits the home. This is called Joint Tenants with Right of Survivorship. The benefit is avoiding probate court. However, if one spouse has creditor problems such as business debts, credit cards, medical bills, or any debt related debts than your creditors can force the public sale of your home despite being current with your mortgage. The main point is title your home as Tenancy by Entirety. With Tenancy by Entirety, one spouse can have a judgment against them and the creditor cannot force the husband or wife to sell their home. Please note that you must have a will or trust to distribute your property upon your death, or you will go through probate court. There are other strategies to titling your home to avoid probate court as well that are beyond these questions.
7. Do you have to undergo probate court for each state where you own real estate or property?
Generally, you must undergo probate proceedings wherever you own property such as real estate. For example, Bob and Sue own a house in the Western Suburbs and have an investment or vacation property in Wisconsin. In this example, Bob and Sue must undergo probate court in Wisconsin and Illinois if they do not have a proper succession plan.
8. Can a Will or Trust Avoid My In-laws From Gaining Access to My Inheritance?
An inheritance distributed by a will is subject to your children’s creditors including a divorce spouse. A creditor also could involve a business dispute, credit card companies, hospital or medical collections, or any other debts. A trust has a spendthrift provision, which prevents a beneficiary’s inheritance being subject to a divorce or credit proceeding.
9. How Much Will An Estate Plan Costs Me?
Our law office cannot access your specific circumstance without a consultation asking you about your wishes or concerns. Generally, most families have issues that must be addressed to provide a smooth transition upon death or incapacity. As a rule, an estate planning cost a minimum of $500 to $3,000. To receive a free initial consultation at your home, please call Robertson Law Group, LLC at 630-364-2318 or 312-498-6080.
1. What is the difference between a will and trust?
A will is a written instruction explaining one’s wishes upon death. In contrasts, a Revocable Living Trust “Living Trust” (or otherwise called a trust) is a written agreement that operates during your life and upon your death. There are several differences:
Will
• Simple and easy to create;
• Must go through probate court, which is supervised by a judge;
• Guardianship provision can describe who shall be your guardian for your children;
• Inheritances are subject to divorce or creditor proceedings for your beneficiaries;
• Public information, which means anybody can know what you inherited.
Trust
• Avoids the pain and expense of probate court;
• Inheritances are not subject to divorce or creditor proceedings;
• Private proceeding where only the beneficiaries know the written details;
• Can require inheritances to be disbursed at different times or have strings attached to an inheritance such as go to college;
• Operational during your lifetime and avoids guardianship court, which reduces headaches, significant expense, and hassle associated with court proceedings.
2. What is probate court?
Probate court is the court where a person’s assets are distributed. Most people falsely assume that a will does not go through probate court. A will must undergo probate court and probate court invites conflict due to mailing out certified notices to potential beneficiaries. This creates conflict and family feuds. If you do not have anything in writing, this is called intestate succession, which simply means that the State distributes your assets according to the state succession formula. There are no exceptions to the succession formula.
3. Why do most people have to go through probate court?
Most people go through probate court because they own real estate. By law, real estate cannot be sold without providing proper legal title. Many heirs do not realize that have to go through probate court until they get ready to sell their family home. Probate court can be expensive because if there is more than one heir, the family is required to have an attorney, pay court costs, and may have to pay an annual surety insurance bond.
4. What typically happens to a husband and wife that own property?
Generally, the surviving spouse inherits one hundred (100) percent of the house after their spouse dies. Thus, the surviving spouse does not go through probate court because they have proper title. However, upon the surviving spouse’s death, probate court becomes necessary for most people.
5. What if we add somebody’s name to our title, will this avoid probate court?
No, adding somebody else’s name, which is recommended by many attorneys are not a good strategy to avoid probate court. In fact, adding somebody else’s name could cause you problems because their creditors could sell your home at public auction to pay off any credit card, medical bills, or other bills that a person has. Thus, if a person gets sued and loses, their creditors may force you to sell your home to satisfy their debt. Additionally, adding another’s name to your title increases your risks of probate court because if any title holder dies or becomes incapacitated, this could cause you to undergo probate court prior to selling your home.
6. Why do most husband and wives have their property titled in the wrong manner?
In today’s economy, people are faced with increasing debts, which they cannot handle. Most husbands and wife’s title their home where if one spouse dies, than the other spouse automatically inherits the home. This is called Joint Tenants with Right of Survivorship. The benefit is avoiding probate court. However, if one spouse has creditor problems such as business debts, credit cards, medical bills, or any debt related debts than your creditors can force the public sale of your home despite being current with your mortgage. The main point is title your home as Tenancy by Entirety. With Tenancy by Entirety, one spouse can have a judgment against them and the creditor cannot force the husband or wife to sell their home. Please note that you must have a will or trust to distribute your property upon your death, or you will go through probate court. There are other strategies to titling your home to avoid probate court as well that are beyond these questions.
7. Do you have to undergo probate court for each state where you own real estate or property?
Generally, you must undergo probate proceedings wherever you own property such as real estate. For example, Bob and Sue own a house in the Western Suburbs and have an investment or vacation property in Wisconsin. In this example, Bob and Sue must undergo probate court in Wisconsin and Illinois if they do not have a proper succession plan.
8. Can a Will or Trust Avoid My In-laws From Gaining Access to My Inheritance?
An inheritance distributed by a will is subject to your children’s creditors including a divorce spouse. A creditor also could involve a business dispute, credit card companies, hospital or medical collections, or any other debts. A trust has a spendthrift provision, which prevents a beneficiary’s inheritance being subject to a divorce or credit proceeding.
9. How Much Will An Estate Plan Costs Me?
Our law office cannot access your specific circumstance without a consultation asking you about your wishes or concerns. Generally, most families have issues that must be addressed to provide a smooth transition upon death or incapacity. As a rule, an estate planning cost a minimum of $500 to $3,000. To receive a free initial consultation at your home, please call Robertson Law Group, LLC at 630-364-2318 or 312-498-6080.
Tuesday, September 22, 2009
Guardianship Court & Seniors
GUARDIANSHIP COURT & SENIORS
Guardianship court is a court that administers court proceedings for adult disabled persons that are incapacitated. Seniors are living longer and health difficulties such as dementia and Alzheimer’s disease are affecting are friends and family.
Incapacity is when one is unable to understand the consequences of making financial or healthcare decisions for oneself. When our loved ones fail to designate individuals to manage their healthcare and financial decisions, a court called Guardianship court must make those decisions for disabled adults.
First, Guardianship court must determine whether a person has the capacity to make his or her own decisions. Typically, Guardianship court requires a physician to give their professional recommendation on a court form, which ask the physician several questions regarding a person’s ability to make healthcare and financial decisions.
Too often, we hear stories about how somebody we know or in our family have been deceived out of their real estate or money. Often times, seniors rely on close relatives when they make important financial decisions. In several instances, our family members breach our trust. One of the purposes behind guardianship court is to find a responsible adult that will manage your loved one’s finances and healthcare decisions.
In many states, a guardian consists of two types of guardian: guardian of the person and guardian of the estate. Guardian of the person is responsible for making healthcare decisions. In contrasts, the guardian of the estate assumes responsibility for making financial decisions. Guardianship court manages Guardians and makes sure Guardians are accountable for their handling of a person’s finances and healthcare decisions.
Guardianship court involves a lot of emotion and often times family’s conflict against one another. There are several documents, which can reduce family conflict. First, a power of attorney for healthcare is one of these documents and it states a person’s desire regarding healthcare choices such as whether they want blood transfusions or want to be resuscitated.
More importantly, a person designates an agent, which acts when they lack the ability to make their own healthcare choices and informs the agent how they desire their healthcare decisions to be made. Often times, families want their agent to consult with the patient’s physician and family before making important healthcare decisions.
The second important document is a power of attorney for property. A power of attorney for property chooses an agent (a person) that is responsible for managing their healthcare decisions.
In conclusion, a power of attorney for property and healthcare are important legal documents, which decrease the likelihood of family conflict and assist a senior.
Sean Robertson can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com.
Guardianship court is a court that administers court proceedings for adult disabled persons that are incapacitated. Seniors are living longer and health difficulties such as dementia and Alzheimer’s disease are affecting are friends and family.
Incapacity is when one is unable to understand the consequences of making financial or healthcare decisions for oneself. When our loved ones fail to designate individuals to manage their healthcare and financial decisions, a court called Guardianship court must make those decisions for disabled adults.
First, Guardianship court must determine whether a person has the capacity to make his or her own decisions. Typically, Guardianship court requires a physician to give their professional recommendation on a court form, which ask the physician several questions regarding a person’s ability to make healthcare and financial decisions.
Too often, we hear stories about how somebody we know or in our family have been deceived out of their real estate or money. Often times, seniors rely on close relatives when they make important financial decisions. In several instances, our family members breach our trust. One of the purposes behind guardianship court is to find a responsible adult that will manage your loved one’s finances and healthcare decisions.
In many states, a guardian consists of two types of guardian: guardian of the person and guardian of the estate. Guardian of the person is responsible for making healthcare decisions. In contrasts, the guardian of the estate assumes responsibility for making financial decisions. Guardianship court manages Guardians and makes sure Guardians are accountable for their handling of a person’s finances and healthcare decisions.
Guardianship court involves a lot of emotion and often times family’s conflict against one another. There are several documents, which can reduce family conflict. First, a power of attorney for healthcare is one of these documents and it states a person’s desire regarding healthcare choices such as whether they want blood transfusions or want to be resuscitated.
More importantly, a person designates an agent, which acts when they lack the ability to make their own healthcare choices and informs the agent how they desire their healthcare decisions to be made. Often times, families want their agent to consult with the patient’s physician and family before making important healthcare decisions.
The second important document is a power of attorney for property. A power of attorney for property chooses an agent (a person) that is responsible for managing their healthcare decisions.
In conclusion, a power of attorney for property and healthcare are important legal documents, which decrease the likelihood of family conflict and assist a senior.
Sean Robertson can be reached at 312-498-6080 or RobertsonLawGroup@gmail.com.
Subscribe to:
Posts (Atom)