Assets can be protected from potential incapacity in two primary ways: with a living trust, and with a durable power of attorney. Protecting assets is really about effectively managing a person’s assets once they are no longer able to manage the assets themselves due to some sort of cognitive impairment.
In Illinois, probate is the act of substituting one’s free will by the court system and is really designed to protect creditors of an estate. In the making of a will, a person is capable of choosing to gift their assets to whomever they want.
We handle the buying and selling of residential and commercial real estate, industrial, farming, vacant land, new construction, and commercial leasing.
Not moving by the scheduled closing date is not really an option; the seller is going to have to figure out a way to move, as the consequences of not moving by the scheduled closing date can be rather severe. First and foremost, a buyer can hold the seller in breach of contract, and would have numerous remedies available to ...
Trust administration varies in complexity based on the complexity of the estate. For estates with a net worth between $750,000 and about $3.5 million, trust administration tends to be rather simple.
A special needs trust is for a person with some sort of special need or disability, and it supplements any government benefit the special needs person has. The trust supplements the money that the person is receiving through government programs such as Social Security.
If you’re a first time home buyer, it is a really good idea to consult with a lawyer and review the entire process. This includes everything from looking for a home to deciding when to apply for your loan.
Depending on the type of estate plan that is prepared for you, the level of incapacity planning will vary. Every trust will have specific language about how it should be administered in the event that the grantor or the owner of the trust becomes incapacitated.
Every law firm handles real estate closings differently, but I’d like to think our firm handles them in the best way. We don’t permit our sellers to attend closings; we have them pre-sign all of the documentation and provide us with a power of attorney to attend the closing.
The goal of estate planning is to efficiently transfer a person’s assets upon their death to individuals or organizations that are important to them (e.g. family members, church, charity). These assets include real estate, retirement accounts, collectibles, and personal assets.
