Posted on March 27, 2023 in Asset Protection & Wealth Preservation

LLCs and Series LLCs

An LLC, or limited liability company, is owned by one or more members. Forming an LLC provides a variety of benefits, including the following:

• Limited Liability for Managers and Members (owners)

Simply put, this means that members are not personally liable. Additionally, forming an LLC prevents double taxation, which is common among other corporations such as C corporations. A Series LLC is a type of LLC that offers asset protection across all "series" within the LLC. Each series is protected from any liability that may arise from any of the other series. A holding company, on the other hand, is a company that segregates assets and minimizes weaknesses. Holding companies are used for oversight, supervision, and control of subsidiaries but not for day-to-day decisions.

To create a series LLC in Illinois, the parent company's full name must be included in each series' name. In addition, each series is required to have a registered agent who must be a resident of Illinois. Here at Gateville Law Firm, we provide registered agent services. After selecting an agent, the LLC must file the Articles of Organizations and Certificates of Designation. An operating agreement will then be made, outlining the LLC's ownership, structure, and operations. Finally, an Employer Identification Number (EIN) will be obtained, which is required to open a bank account for tax purposes. Finally, the parent company must file an annual report with the Secretary of State on behalf of the series.

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 Posted on March 24, 2023 in Estate Planning

Yorkville Estate Planning Lawyer for Small Business Estate Planning

Owners of small to medium-sized enterprises and their families, especially those which generate high income and have a high net worth, need estate planning, known as Business Estate Planning. It is vital for households in Yorkville, Oswego, Plainfield and other nearby Kendall County, Illinois, regions.

Asset management and thorough estate planning create a solid legal foundation for protecting against death and incapacity and safeguarding personal and company assets against potential threats.

Estate Planning Factors for Yorkville Business Owners

Steps for planning 

Creating an estate plan for you as a business owner necessitates careful evaluation and preparation of various things, including assets, goals, and even your family structure, and how that may give rise to possible conflicts. Therefore, attorneys must examine multiple factors when creating an estate plan.

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 Posted on March 24, 2023 in Estate Planning

Regardless of age, it is essential to think ahead regarding estate planning. In addition, it is crucial to ensure that your affairs are in order in the case of your passing or incapacity. There are several aspects to effective estate planning, including A living trust, a pour-over will, property/healthcare power of attorney, and designated beneficiaries. This article will cover the basics of effective estate planning in Plainfield, Illinois.

Living Trust

A living trust, also called a revocable living trust, is an essential document in estate planning. A living trust is like a will in that it states where your assets will be distributed after your passing; however, it provides far more benefits to you than a will. By drafting a living trust, your beneficiaries will avoid probate court. A probate court is a type of court that distributes your assets after your passing; it is legally required if you decide to draft a will. Probate can be extremely lengthy, costly, and overall unpleasant. A living trust will also administer your assets immediately upon your death/incapacity, making it very timely. A living trust also protects your assets against creditor claims meaning your loved ones will receive the exact amount you intended. Unlike a will, a living trust not only takes effect upon one's passing but will also be put into effect in the case of one’s incapacity. A living trust can be referred to as "revocable" because one may change their mind about certain aspects of the trust and amend it in their lifetime.

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 Posted on March 23, 2023 in Estate Planning

Yorkville Special Needs Estate Planning Attorney

Estate planning for parents of a minor or adult disabled child who receive government aid programs must consider designing an estate plan with their disabled adult in mind. Special needs trusts are a type of trust aimed at distributing one's assets, such as life insurance, real estate, retirement assets, bank accounts, and other accounts, smoothly and efficiently.

Special Needs Trust and Planning

Working with an estate planning lawyer is essential because a special needs estate planning lawyer will assist you in anticipating family conflicts and problems before they arise. Family conflicts arise upon one's death often because family conflicts are not considered, such as an adult disabled child receiving an inheritance, which will disqualify them from receiving their government aid benefits, such as social security disability income.

Social Security Disability Income

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 Posted on March 22, 2023 in Estate Planning

Covid-19 has created an awareness about wills and trusts. Unfortunately, over the last several years, the number of individuals facing death seems to be increasing. This article will discuss what happens when you fail to plan and have no Will or trust.

Designated Beneficiaries

The probate court may only be necessary if one has designated beneficiaries on their varying accounts. A person can direct beneficiary designations to inherit their assets upon death.

1. Bank Accounts

Bank accounts have accounts called "payable on death accounts, " meaning that the account's creator can specify who shall inherit the account upon their death. Generally, the bank has a designated form that you fill out to dictate who shall inherit your account balance upon your death. For instance, Sally gives her bank account to her daughter, Peggy Sue. Unfortunately, many people need help to designate a beneficiary or update their preferences. If a beneficiary has a disability or decreases, then there is a possibility of probate court. Designating a beneficiary is a form of essential estate planning without a will or trust.

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 Posted on March 22, 2023 in Estate Planning

Yorkville Estate Planning Attorney: Why it is necessary to amend your estate planning documents

Creating an estate plan is essential in ensuring your assets will be distributed how you wish upon your death. However, more than simply creating an estate plan may be required. Whether you create your estate plan early in life or later in life, specific circumstances may make it necessary to update your estate planning documents. Therefore, it is recommended to review your estate plan every few years and amend it as required to account for life changes. At Peace of Mind Asset Protection, our attorneys assist in both creating estate plans and making amendments and codicils to those documents as necessary.

When Should I Amend my Estate Plan?

Some life changes warrant a change in your estate plan, while others may be minor and would not affect an estate plan. If you have a life change and do not update your estate plan to reflect those significant changes, then your assets will likely not be distributed how you wish them to be in consideration of those life events. However, suppose you are still determining whether or not a change warrants an amendment to your estate plan. In that case, our attorneys at Peace of Mind Asset Protection will review your estate plan and discuss your life changes to advise whether amending your estate plan is necessary.

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 Posted on March 22, 2023 in Estate Planning

The Covid-19 campaign has raised public awareness about wills and trusts. There seems to be a rise in the number of people close to death during the past few years. What transpires when you don't plan and don't have a will or trust in place will be covered in this article.

Designated Beneficiaries

The probate court may not be necessary if one has chosen beneficiaries on their various accounts. A person has the authority to specify the beneficiaries who will receive their assets following their passing.

1. Bank Accounts

Payable-on-death accounts allow the account owner to designate a beneficiary to receive the funds following their death. Typically, you fill out a form the bank provides to choose who would welcome your account balance upon passing. For instance, Sally allows her daughter Peggy Sue to access her bank account. Sadly, many people need to remember to choose a beneficiary or change their preferences. In addition, a probate court may be necessary if a beneficiary is disabled or dies. Without a will or trust, essential estate planning can be done by naming a beneficiary.

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 Posted on March 21, 2023 in Estate Planning

Securing one's wealth and assets provide economic stability. Economic stability is critical in estate planning. A well-crafted estate plan protects assets from lawsuits and other liability concerns and creates a smooth transfer upon death. However, one case can easily dismantle a lifetime of planning and sound decision-making. This is where asset protection comes into play. Asset protection involves strategically arranging assets to minimize potential legal risks while maximizing economic security.

Asset protection encompasses estate planning, lawsuit planning, and business planning. Advanced estate planning strategies employ trusts, business entities, and other liability protection strategies. The area of estate planning and business planning is a complex area of law. Intelligent asset protection and estate planning involve planning and do not involve fraudulent activities. Advanced planning is critical, as any plan to interfere with a pending lawsuit may not be valid.

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 Posted on March 20, 2023 in Estate Planning

Sugar Grove Estate Planning Lawyer: Defining What is Estate Planning

Estate Planning is imperative to ensure your assets pass how you wish upon death. Unfortunately, estate planning gets ignored until it is too late. If a person fails to create an estate plan during one's lifetime, the decedent's family and loved ones are left to navigate Probate court, which can be difficult, time-consuming, and costly. The best way to avoid Probate court is to find an attorney specializing in estate planning. An estate planning attorney guides what estate plan is best for you.

Furthermore, an effective estate plan must adequately fund it to avoid going through Probate. Peace of Mind Asset Protection is based in Yorkville, IL, and specializes in estate planning and asset protection. The attorneys and staff will determine your estate's size and help structure a unique estate plan based on your assets. By doing so, the transition of your assets upon your death will pass smoothly and make the process easier for your loved ones.

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 Posted on March 20, 2023 in Estate Planning

Business estate planning is vital for Oswego households, particularly owners of closely held business enterprises and family businesses. Additionally, estate planning is critical for high-net-worth and high-income families in Kendall County and surrounding areas.

Asset management and business wealth planning strategies create a solid foundation in case of death or incapacity. Family business and personal asset protection are also critical to safeguard a family's assets from potential litigation threats.

This article covers essential asset management and business estate planning strategies for savvy business owners.

Estate Planning Tips for Businessmen in Oswego

A risk assessment is a step in reviewing a family or business owner’s risks and gaps in their estate planning. A risk assessment also will examine a person’s vulnerabilities that might affect a business or family’s financial viability and retirement solutions. Performing a risk assessment is the preliminary step in proactive business estate planning when advising business owners and their families. Developing a comprehensive estate plan also will set up a smooth process for a family and family-owned business in case of death or incapacity.

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