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Does a Living Trust Provide Asset Protection Benefits?

Naperville Estate Planning and Wealth Management Law Firm

Sean Robertson and Robertson Legal Group, LLC concentrate in the areas of wills and trusts, asset protection, and wealth preservation law. Sean Robertson is an experienced asset protection and advanced wealth planning attorney that works closely with families and individuals with regards to setting up their legacies and Revocable Living Trust. Often, Sean Robertson hears people falsely assume that a Living Trust protects their assets from creditor claims.

A Revocable Living Trust is a legal strategy designed to distribute your assets and wealth upon your death or incapacity. The term “Living Trust” means that unlike a traditional will, your Living Trust is designed to provide protection in case of an incapacity or guardianship scenario. A Living Trust will have a Trust Agreement or otherwise known as a “Declaration of Trust”, which will outline who should inherit their wealth; who should be appointed as Trustee, Successor Trustee, and whether any type of gift taxation planning should occur. One of the benefits of a Living Trust is the spendthrift provision, which protects your beneficiaries from creditor concerns such as a divorcing spouse or creditor concern. A Living Trust is similar to an asset being owned by you because the court understands that a Living Trust can be revoked or amended back into your name unlike an Irrevocable Trust. An Irrevocable Trust is unamendable (with exceptions) and control is the key concern courts review when determining whether an asset is beyond the reach of a creditor.

Frequently Asked Estate Planning Questions

Naperville, Aurora, and Wheaton Estate Planning and Family Trust Lawyers in DuPage County

Naperville Wills and Trust Lawyers. Experienced and Compassionate Estate Planning Lawyer to Assist You

Here are ten (10) frequently asked questions for estate planning law:

1. What is an Estate Plan?

An estate plan is a comprehensive plan involving wills and trusts law where a wills and trusts lawyer assists a couple, family, or elderly person with deciding how they want to distribute their assets upon a death. Furthermore, most estate plans involve financial powers of attorneys and healthcare powers of attorneys.

Asset Protection Tips to Avoid a Big Judgment in Case of a Car Accident

Aurora and Naperville Asset Protection Law Firm: Law Firm in the Naperville, Wheaton, and Winfield Area for Asset Protection Law

In the last two (2) weeks, I have meet with two (2) clients who have been involved in a car accident and they were concerned about protecting their assets in case of a lawsuit. Reading this article will help you better understand the importance of asset protection and my tips will help you in avoiding a lawsuit or judgement that may result from a car accident.

What is Asset Protection? Asset protection is a combination of estate planning and liability planning for lawsuits and creditor claims that are likely to occur sometime in your future. Asset protection is ethical if it involves advanced planning of titling assets in a manner that minimizes or reduces liability threats. One of the goals of asset protection is to prevent lawsuits. Another goal of asset protection is to limit risks and asset exposure by advanced planning to place assets beyond the reach of creditors.

Asset Purchase Agreements vs. Stock Purchase Agreements

Naperville and Wheaton Purchase and Sale of a Business Attorney

Sean Robertson concentrates his practice in the areas of business planning, asset protection, estate planning, and real estate law. Sean Robertson is unique in his skill set because he has a substantial taxation planning background, which is unique for most suburban business transaction lawyers. An Asset Purchase Agreement is where a business purchase the assets of another business. A Stock Purchase Agreement is where a business or person(s) purchase the stock ownership of a Corporation or an Limited Liability Corporation (or otherwise known as an “LLC”).

Depending on your specific circumstances and reasons, there are legitimate reasons to utilize a Stock Purchase Agreement versus an Asset Purchase Agreement. In a recent business transaction, one of the legitimate reasons to purchase an existing company is due to them employing important business licenses. A business license in some cases may be an invaluable tool especially in the healthcare and medical fields. Generally, a stock purchase agreement is a written agreement where a party is purchasing the assets and liabilities of a company. The drawback of a Stock Purchase Agreement is the assumption of liabilities. Potential liabilities are a major reason to employ an Asset Purchase Agreement versus a Stock Purchase Agreement unless there are legitimate reasons to deviate from this general rule.

Minor Children Inheritance 101

Naperville Minor Children Estate Planning Attorney/DuPage County Revocable Living Trust Attorney

How minor children inherit assets from their parents?

In Illinois, minor children cannot inherit assets such as stocks, real estate, business interests, and other assets. When minor children inherit assets without an appropriate revocable living trust or estate plan, a minor guardianship procedure must be established. A minor guardianship procedure is similar to an adult guardianship procedure. First, a person must file court paperwork to be appointed as the guardian for the benefit of a minor child or children. This paperwork is typically done through a court process called “probate court”. Often, guardianship court is a frustrating process because the court is slow, judgmental, and expensive. Every expense must be kept and recorded and the court will monitor the inheritance for the minor court. The court acts like an auditor and scrutinizes expenditures. Major decisions require court approval and attorney’s fees can be expensive especially with multiple continuances.

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