Commitment • Compassion • Trust
Commitment • Compassion • Trust
In many family situations, it may be prudent to hire the services of a professional trustee, guardian or executor. This professional’s duty to the beneficiaries encompasses financial management of the estate, tax and legal compliance as well as personal care of the beneficiary.
Our firm can represent you or your business with purchasing or selling your real estate. We offer fixed fees for standard transactions such as buying or selling your residential real estate and competitive fees on commercial transactions. We only choose nationally recognized title companies such as Chicago Title or First American Title when representing sellers.
As you are probably aware, there are many different ways to distribute your assets at death. As estate planners, our goal is to present the different options currently available, and then allow you to make an informed decision as to the best possible plan for your individual needs.
If you should die without a will, do not worry, the State of Illinois has written one for you. All of your assets that are held in joint tenancy pass directly to the surviving joint tenant. This transfer is by operation of law and occurs without court supervision. The remainder of your assets are distributed according to the intestacy statutes of the State of Illinois. The intestacy statutes provide for all of your debts to be paid, and then, all of the remaining assets to be distributed according to your current family make-up, with the surviving spouse getting no less than half of the assets. However, there are some additional considerations.
The court typically requires the appointed administrator of an intestate estate to post a surety and performance bond for the value of the estate. The cost of such a bond often times exceeds the cost of preparing a will. Also, the attorneys' fees to probate an intestate estate can be very high.
The most basic type of estate plan one can have prepared is a Last Will and Testament. This document will allow you to give away your assets in any manner that you see fit. Remember, your assets held in joint tenancy pass to the surviving joint tenant outside of the will. There are, however, some concerns associated with a will.
First, a will must be filed in the county where the decedent lived. Next, once the will is filed it is public information, and anyone can go to the court house to look at the size of the estate and the plan for distribution. Often, the family does not want the public to know such private information. Notice is required to be given to all interested parties of the commencement of probate case. Publication in the newspaper of this case is also required. With notice to various parties and the access of court files by the public, the will may be subject to challenge from outside parties who can claim that the will is invalid for a variety of reasons.
Finally, the probate process can be very expensive, and the attorneys' fees are often a major expense of the administration of the estate.
The Revocable, Inter Vivos Trust, or the “Living Trust,” allows for a flexible way to plan your estate as well as keep your assets outside of the probate court. The living trust can be a very simple document that provides for the distribution of your assets without the added expense of a probate proceeding.
If your estate is large you can use different provisions in the Living Trust which can reduce the size of the taxable estate and can minimize estate taxes.
A Living Trust does not limit your control over the assets while you are alive. You have all the same rights to sell, dispose, give away, or manage any of the assets in the trust as you would if the trust did not exist. Trusts offer four major advantages:
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In many family situations, it may be prudent to hire the services of a professional trustee, guardian or executor. This professional’s duty to the beneficiaries encompasses financial management of the estate, tax and legal compliance as well as personal care of the beneficiary.
Many situations arise which may require a professional trustee, guardian or executor, whether it be by direction of a court, for a minor or incapacitated beneficiary, due to the size or the complexity of the estate and many other reasons. Additionally, many trust and guardianship estate exist for many years and require significant time and effort of the trustee or guardian to administer the estate.
When considering naming an individual, a corporate trustee or an individual professional trustee to serve as your trustee, you should consider the related responsibilities of the administration of the trustee estate and the prospective trustee’s qualifications and willingness to serve. At WEBSTER & SCHELLI, we serve in the capacity of Trustee, Guardian and Executor for many of or clients. It is a role we take very serious to protect the interests of the beneficiaries and carry out the grantor’s wishes.
Click here to review some Frequently Asked Questions associated with Trustee/Guardianship/Executor Services.
If you have any questions about our services in the Trustee/Guardianship/Executor area, you can select contact us or simply call our office at (630) 416-4500 and schedule an appointment.
Jim Schelli has represented clients in all aspects of debt counseling. He has worked with clients to restructure their debts and has negotiated with creditors to reduce clients’ liabilities. When the situation warrants, Mr. Schelli represents clients in Chapter 7 or Chapter 13 Bankruptcies.
In October of 2005, the latest and perhaps most far reaching revision to the Bankruptcy laws took effect. The changes, promoted by the credit card industry for years, have imposed new requirements, limits, and complexities. The new law was promoted as a way to reduced the total number of new cases filed while shifting the ratio of those cases in favor of Chapter 13 (payment plan) cases.
More than ever, debtors will require experienced, competent assistance to navigate the obstacles and complexities of the new law. Jim Schelli has represented individuals and business in bankruptcy since 1991.
If you would like to speak with Mr. Schelli about how Webster & Schelli may assist you with reorganizing or eliminating your debts, please complete the preliminary debt counseling questionnaire and contact our office to schedule an appointment. There is a $200.00 consultation fee, which, if you do choose to retain Mr. Schelli to complete your bankruptcy, will be applied against our fixed fee.
If you have any questions about our services in the Bankruptcy & Debt Consulting area , you can click on the contact us or simply call our office at (630) 416-4500 and schedule an appointment.
Dying is unavoidable, stress and excessive fees are not. A probate proceeding is required whenever a person dies and leaves assets where ownership becomes unclear, sometimes referred to as Probate Property.
Typically, a husband survived by his wife will have very little, if any, Probate Property because most husbands and wives owner their property in “Joint Tenancy with Rights of Survivorship”. When the one spouse dies, ownership and all jointly held property would automatically transfer solely to the surviving spouse. However, if the surviving spouse subsequently dies without retitling their assets, then all of her property will likely become probate assets. Therefore, the same asset can be alternatively a probate or non-probate asset.
Once it has been determined that probate assets exist, the expense of probate can very greatly based upon whether or not the decedent(s) has a will, whether the probate assets exceed $100,000.00 in total value, whether the decedent owned real property outside the state in which he resided, and finally the location, disposition and demeanor of the heirs.
The professionals at Webster & Schelli are ideally suited to assist you through the probate procedure. With their tax, legal and accounting backgrounds, Michael Webster and James Schelli, Jr. can provide all the services you are likely to require including the filing of the estate tax and income returns.
If you are in need of our probate services or would simply like to learn more, please complete the probate questionnaire and contact us to schedule an appointment.
If you have any questions about our services in the Probate area, you can select Contact Us or simply call our office at (630) 416-4500 and schedule an appointment.
The decision to begin or take your existing business to the next level is exciting. That decision can also be confusing and unnerving when you receive conflicting advice form different advisors.
Mike Webster and Jim Schelli are both C.P.A.s as well as Attorneys. Jim and Mike met while working at Arthur Andersen & Company in the mid 1980’s while it was the largest and most prestigious accounting firm in the world.
The process of creating a business entity starts with the choice of business entity that best fits your business’ needs and objectives. Jim Schelli and Mike Webster are often asked to reconcile the differing advice their clients have received for different professionals and business owners. Sometimes the seemingly conflicting advice is no more than a choice between two very similar options.
Sometimes the conflicting advice is nothing more than a misunderstanding of the facts and occasionally there exists a true decision to make between different schools of thought. Jim Schelli and Mike Webster each have decades of experience to help explain the choices and to guide the business owner through the decisions.
At Webster & Schelli we take a decidedly anti-litigation stance. We try whenever possible to avoid costly litigation as we have witnessed situations when the cost of the trial can exceed any possible award. That said, there are times when a business owner must seek the help of the courts to resolve an issue. When there is no reasonable alternative to litigation we have developed strategic alliances with well know and respected litigation law firms that we can bring in to assist our clients.
At Webster & Schelli we do not merely make a referral but instead stay as involved as necessary to assist and support the litigating attorneys helping them achieve the best results at the lowest cost.
If you have any questions about our services in the Business Services area, you can select Contact Us or simply call our office at (630) 416-4500 and schedule an appointment.
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