Robinson Payne llc A Law Firm Focusing on Business, Banking and Estate Planning Jeffrey W. Kreye – Highlights of Practice: Business Advising individuals

Robinson Payne llcA Law Firm Focusing on Business, Banking and Estate Planning

Jeffrey W. Kreye – Highlights of Practice: Business• Advising individuals and entities on numerous business matters and transactions, including choice of entity

strategy, business creation and management, capital funding, succession planning, buy-sell agreements, contracts, licenses, employment matters, corporate governance and other issues

• Advising and representing buyers and sellers in asset and stock sale and purchase transactions and other business combinations and reorganizations

• Advising non-profit organizations, foundations, churches and other public charities on legal, employment, contract and governance matters

Banking: Counseling banks and business clients in the negotiation, documentation and closing of commercial loans and

other credit facilities, including Industrial Revenue Bond financing transactions

Counseling banks and business clients in the forbearance and workout of troubled loans

Estate Planning: Providing guidance and assistance with estate planning and wealth transfer considerations utilizing wills, trusts,

powers of attorney, charitable distributions and similar transfers, including the establishment of family foundations for charitably-minded high net worth clients

Advising and representing executors, trustees and estates in trust administration and probate matters in Cook, Lake, DuPage, McHenry, Kane and Will County Courts


Last Will and Testament:

• Dispose of your “Stuff” according to your wishes

• Real Estate and Personal Property

• Guardian of Minor Children



• Have a Will = Testate (those lawyers have a different word for everything)




• Dead Guy = Testator





• Dead Gal = Testatrix






• Dude appointed to carry out your wishes = Executor







• If it's a Dudette = Executrix







• If it's a Dudette = Executrix

• Don’t have a Will = Intestate


Don't have a Will = Intestate:

• Die Without a Will in Illinois = Intestacy Law Applies (755 ILCS 5/2-1)

• Dead Guy (or Gal) Without a Will = Decedent


Illinois Intestacy Law(755 ILCS 5/2-1):

• Spouse and No Kids = All to Spouse




• Kids and No Spouse = All to Kids, Divided Equally


Illinois Intestacy Law(755 ILCS 5/2-1): • Spouse and No Kids = All to Spouse


• Spouse and Kids = ½ to Spouse, ½ to Kids, Divided Equally





• Spouse and Kids = ½ to Spouse, ½ to Kids, Divided Equally

• Children Inherit at Age 18, Guardian Appointed Prior to That



• No Spouse or Kids = Divided Evenly Between Parents, Brothers and Sisters




• One Parent Already Dead (Predeceased) = Other Parent Gets Double Share





• Sibling Predeceased Leaving Kids = Nieces and Nephews Divide the Share their Parent would have gotten (per stirpes)





• Sibling Predeceased Leaving Kids = Nieces and Nephews Divide the Share their Parent would have gotten (per stirpes)

• Children inherit at age 18, Guardian appointed prior to that



• No Spouse, Kids, Parents, Brothers, Sisters, Nieces or Nephews = ½ to Maternal Grandparents, per stirpes, ½ to Paternal Grandparents, per stirpes



• No Spouse, Kids, Parents, Brothers, Sisters, Nieces or Nephews = ½ to Maternal Grandparents, per stirpes, ½ to Paternal Grandparents, per stirpes




• No Spouse, Kids, Parents, Brothers, Sisters, Nieces, Nephews, Maternal Grandparents or Paternal Grandparents = ½ to Maternal Great-Grandparents, per stirpes, ½ to Paternal Great-Grandparents, per stirpes



• No Spouse, Kids, Parents, Brothers, Sisters, Nieces, Nephews, Maternal Grandparents or Paternal Grandparents = ½ to Maternal Great-Grandparents, per stirpes, ½ to Paternal Great-Grandparents, per stirpes




• No Spouse, Kids, Parents, Brothers, Sisters, Nieces, Nephews, Maternal Grandparents, Paternal Grandparents, Maternal Great-Grandparents or Paternal Great-Grandparents = the hunt is on!



• If no Heirs Found = real estate goes (escheats) to the county in which it is located, personal property physically located in Illinois escheats to the county in which the decedent lived, or the county in which it is located if the decedent did not live in IL. All other personal property escheats to the state.


Last Will and Testament - Advantages:

• Dispose of your “stuff” according to your wishes, not Intestacy Law




• Gifts to charities, trusted friends, loyal housekeepers, etc.





• You choose Guardian of minor children





• You choose Guardian of minor children

• Distribution terms so kids don't get it all at 18 and ruin their lives!


Last Will and Testament – Disadvantages (vs. Trust):

• Must go through Probate process - additional time and expense




• No Confidentiality - Will is filed upon death and becomes a public record




• No Confidentiality - Will is filed upon death and becomes a public record

• Does nothing to minimize estate tax payable by heirs

Documents

Robinson Payne llc A Law Firm Focusing on Business, Banking and Estate Planning Jeffrey W. Kreye – Highlights of Practice: Business Advising individuals