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Is a Revocable Living Trust Good For Asset Protection?

Plainfield And Naperville Estate Planning By Robertson Legal Group LLC Estate Planning Attorneys

Will A Revocable Living Trust Protect Your Assets?

One major reason that people begin thinking about estate planning is that they want to protect their assets from creditors and possible judgments. While there are different estate planning tools in which you may be able to protect your assets. Therefore, no, a revocable living trust will not protect your assets from those entitled such as creditors or possible judgments.

The reason that a revocable living trust doesn’t provide asset protection is that technically the maker of the trust is still legally the owner of the assets that are in the trust. By definition, the maker of the trust is allowed to move assets in and out of the trust at will.

What Is A Revocable Living Trust For?

The primary purpose of a revocable living trust is hold the assets and allows the trust maker to name beneficiaries of the property. If the trust maker becomes mentally disabled within their lifetime, having a living trust in place ensures that the trust maker’s assets will continue to be maintained. So the revocable living trust allows the trust maker complete control over their assets while keeping them in one place, that place being the trust. Once they are in the trust it also allows the trust maker to allot property to beneficiaries in the case of their death.

Pre-Nuptial Agreements for Physicians and Doctors

Doctor and Medical Professional Pre-Nuptial Agreement Lawyers in Joliet, Will County

Most people go into a marriage with the hopes that it will last forever. Unfortunately, statistically, about half of marriages will not end with happily ever after and will instead go through what can be a messy and highly contested separation process. This can be especially difficult if one party is in a profession known for having high incomes like a physician. In many instances, the high earning spouse will lose his or her personal assets in a divorce or be left paying a significant portion of their income in maintenance (also known as alimony) or child support. It is best to have a Pre-Nuptial Agreement if you are in a high income earning profession. It might seem jaded and cold hearted to bet against love, but it is far better to be safe than sorry.

What is a Pre-Nuptial Agreement?

A Pre-Nuptial Agreement, pre-nup for short, is a marital contract of sorts. A pre-nup will be a list of both party’s assets, debts, and directions as to whom these assets or liabilities will be distributed to upon separation. This is a good idea for couples who wish to circumvent state law that comes with divorces. Marriage is a contract under the law and if parties can work out a pre-nup before marriage and set up their own contract, they can have greater control over who gets what assets, debts, and matters regarding the parties’ children or potential children. For high earning professions like physicians, it is all the more imperative to have a pre-nup because the high earing spouse will generally wind up giving more in an “equitable” division of property, assets, and debts.

Romeoville and Bolingbrook Powers of Attorney Lawyers

South Naperville and Plainfield POA for Property and Healthcare Lawyers

What is a Power of Attorney?

A Power of Attorney in Romeoville and Bolingbrook is generally a power that a principal gives an agent that empowers them to make financial and healthcare related decisions. There are two forms of Illinois Powers of Attorneys:

    Illinois Short Form Durable Power of Attorney for Property
    Illinois Short Form Power of Attorney for Healthcare

The 755 ILCS 45/Illinois Power of Attorney Act regulates agents and the Illinois Power of Attorney for Property and Healthcare decisions in the Plainfield, Naperville, Aurora, Oswego, Bolingbrook, Romeoville, Crest Hill, and Joliet areas in DuPage, Will, Kendall, and Kane Counties.

Will County Landlord Evictions 101 for Landlords

Joliet and Plainfield Eviction Attorneys

As a landlord, you are facing the tough issue of eviction, otherwise known as Forcible Entry and Detainer in the Will County Circuit Court. The first question that comes to mind is we must evict the tenant or tenants, but how do we do this. The first step in evicting a tenant or tenants is having the proper notice, whether it is a five-day notice, a thirty-day notice, or another type of notice.

Robertson Legal Group, LLC and Sean Robertson concentrate in assisting Will County landlords and real estate investors with the eviction process in Will County such as Plainfield, Shorewood, Romeoville, Bolingbrook, Crest Hill, Joliet, Wilmington, Crete, Morris, Frankfort, Mokena, Lockport and Homer Glen areas. The first step in the eviction process is determining the appropriate type of notice in the eviction case.

Purposes of the Pre-Trial for Divorces in Will County

Joliet and Plainfield Divorce Lawyers in Will County

In a perfect world, when a marriage ends the parties can sit down and have a civil discussion about who will receive what portions of the marital estate as they work out maintenance, parenting time, parenting responsibilities, and child support between each other as they peacefully get divorced without the need of the courts or attorneys. Unfortunately, we do not live in a perfect world and many divorces wind up becoming heated, argumentative, and litigious.

The courts and attorneys try to work around this fact, and the parties are always encouraged to work things out between themselves or with the help of a mediator. Still, even with all sides encouraging amicable settlement, many couples have legitimate grievances that just cannot be worked through without litigation and some couples simply choose to fight. For many of these matters a hearing on the issue is enough, which means that the matter is presented before a judge along with relevant evidence that the judge will issue a ruling on.

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