Chicago Asset Protection Attorney

Lawyer for Estate Planning & Real Estate

There are a multitude of ways that unprotected wealth can be depleted, especially during the estate administration process. When it is your wealth, you want to ensure that it stays in your hands or goes to the people you would like to share it with rather than being diminished by taxes, fees, creditors, and more. Those who own real estate may have an additional interest in guarding their property during their lifetimes and for the benefit of their future heirs - a process that may begin well before closing. 

At The Sherrod Law Firm, Ltd., our goal is to give you and your beneficiaries a higher degree of security in your assets. The Sherrod Law Firm, Ltd. provides a number of services geared toward asset protection in a variety of contexts. We can help estate planners head off significant tax burdens and other liabilities, and we can work with real estate buyers to create greater security in their purchases. Our attorneys can meet a majority of your asset protection needs in one convenient place.

Asset Protection in Estate Planning

When asset protection is a major concern, a strong estate plan can help not only your future beneficiaries, but also yourself during your own lifetime. Irrevocable trusts are frequently used for their powerful ability to protect the assets contained inside them.

While the idea of an irrevocable trust may make you uneasy, these strong trusts can safeguard your property rather than removing it from your grasp. As you cannot make at-will withdrawals, and neither can your beneficiaries, no one named in the trust can be compelled to reach into the trust to satisfy creditors. An irrevocable trust, like most others, can take effect immediately, and its effectiveness can far outlive you.

Additionally, using trusts reduces the size of your probate estate, if not eliminating it altogether. Trusts can allow your beneficiaries to bypass probate, avoiding fees.

Hyde Park Attorney for Planning a Transfer of Real Estate

Many people first encounter concerns such as gift and estate taxes while contemplating a real estate transfer, testamentary or otherwise. If you may be affected by these taxes, then you will need a more sophisticated estate plan, which may involve numerous moving parts. Our lawyers use a number of planning strategies that can minimize the impact of these tax burdens and other expenses associated with bequeathing real estate.

For those with an investment interest in a land trust or who are considering making a transfer to a land trust, our attorneys can work with you to develop strategies for securing your interests and reducing your risks. 

Protecting a Real Estate Purchase in Illinois

The steps we take to protect a real estate purchase commence before the sale has been finalized. Prior to finalizing a purchase our skilled attorneys will review the contract and ensure you're your interests are protected. Additionally, during the attorney review period, our attorneys will negotiate additional terms that may not have been contemplated at the time the offer was drafted and accepted. The attorneys will also assist in negotiating any repair requests.

The seller is required to provide a clear title at closing. A title search, when conducted, can reveal any title issues with the property including outstanding liens, encroachments and chain of title issues. The title commitment ensures that when you purchase a property you have clear title. Our attorneys will review the title commitment and ensure that all title issues are cleared prior to closing.

Our objective is to ensure that the risk associated with your real estate transaction is at a minimal level so that you can feel confident in your purchase and holdings. 

Contact a Chicago Asset Protection Attorney 

The Sherrod Law Firm, Ltd. is committed to helping people protect their own assets for themselves and their future beneficiaries. Our team of experienced lawyers will work with you to identify your areas of risk and introduce higher levels of security. We employ a number of different strategies depending on your personal needs and goals. Contact us at 312-321-6910 to receive a free consultation.