Articles

NAPERVILLE 630-780-1034

Facebook Twitter Google+ LinkedIn Youtube
Facebook Twitter Google+ LinkedIn Youtube
Search

Buyer’s Real Estate Closings 101: Duties of Attorney

South Naperville, Oswego, and Plainfield Real Estate Closing Attorney

The majority of a Buyer’s Attorney’s work is done before the closing. These duties include:

  • Negotiating, drafting, and reviewing your real estate contract;
  • Possibly helping the client obtain financing;
  • Dealing with the lender and real estate broker to make sure that all requirements of the loan are met;
  • Discuss tax consequences of the purchase;
  • Possibly ordering and reviewing title (usually the seller’s attorney);
  • Negotiating either repairs or credits for repairs after the home inspection; and
  • Possibly reviewing bylaws, minutes and other documents if the property is a Condominium or Home Owners Association.

How to Protect Parent’s Assets From High Cost of Nursing Home Care?

Naperville and Plainfield Estate Planning and Elder Law Attorneys

If you are considering your estate plan and are thinking about nursing home care you advanced planning is critical. Robertson Legal Group, LLC serves families, seniors, and the elder in and around the South Naperville, Oswego, Aurora, Bolingbrook, and Romeoville areas. Our office is located in South Naperville near 95th Street and Route 59.

How Can I Afford The Cost Of Nursing Home Care?

Pay for it privately. You can make sure that you have enough of your own funds to afford the cost with no other resources.

Long term care insurance. This insurance begins covering the insured once it is triggered generally when the insured can no longer perform usual daily tasks. The policy pays out a certain dollar amount each day or month depending on the policy. An example So it could cost you 200 dollars a day in a long-term care facility and your insurance could only be covering 120 dollars per day. This leaves with an additional 80 dollars to pay a day, which needs to be paid with an alternative method.

Transferring assets into an estate instrument (Trust). Having a trust to hold and manage your assets are always an option. However, a knowledgeable estate planning attorney will need to advise you as to your eligibility with Medicaid. There is a five (5) year look back rule so this type of asset protection and estate planning requires the skill of an experienced estate planning lawyer.

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.

Why You Need Special Needs Language in A Last Will and Testament and Special Needs Trusts

NAPERVILLE AND OSWEGO ESTATE PLANNING BY ROBERTSON LEGAL GROUP LLC ESTATE PLANNING ATTORNEYS

When making plans for your family and your estate there are many facets to consider to ensure that your loved ones are protected after you are gone. One of the most sensitive and complex areas of estate planning is making sure that your estate plan adequately protects a loved one that is currently disabled or who may become disabled later in life.

The reason that aspects of an estate plan can become complicated is because disabled adult beneficiaries who would otherwise be eligible for benefits from Social Security or Medicaid may be disqualified due to an improperly structured estate plan.

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.

Back to Top