Our Services

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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:

• Reduction of estate and income taxes -- depending upon the type of trust you establish.
• Avoidance of probate -- the time-consuming and expensive process of having your estate settled by probate courts.
• Privacy -- in many states, if an estate goes  through probate, anyone who is interested can find out what you owned  and to whom you owed money.
• Protection -- living trusts permit  you to avoid placing large sums of money in the hands of your heirs  (children, nieces, nephews, etc.).  They also allow you to establish  guardianship, staggered distributions so children receive assets in  increments as they get older, and flexibility in providing for the needs  of your children.

Customers have questions, you have answers. Display the most frequently asked questions, so everybody benefits.

 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.

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.