Marcos Armando Resendiz

10/01/2024

¡Ay, por favor mándenme bendiciones!

The Commission on Professionalism has released a report on the prevalence and impact of bullying in the legal profession.

09/24/2024

As stated below, one of the best professional decisions I've ever made!

One of the best professional decisions I've ever made!

04/29/2024

Inter vivosTrust (between living people) may not defeat the marital rights of a settlor's (fancy word for creator of the trust*) surviving spouse where the settlor (here it is again*) effectively retains ultimate control of the trust assets. Johnson v. La Grange State Bank, 383 N.E.2d 185, 73 Ill.2d 342, 22 Ill.Dec. 709 (Ill. 1978)

04/09/2024

Just saw this...Boone County has some good people not sure what's going on here.

The Attorney General’s Office stated in a letter that it’s received complaints regarding the board’s considerations of permanent restrictions on Mexican-style rodeos, while exempting American-style rodeos.

03/28/2024

Good luck everyone! 😁
https://icash.illinoistreasurer.gov/app/claim-search

See if the treasurer is holding any of your money. If you guys know a Resendiz I don't send them my way. 🤣

03/25/2024

WHAT IS JOINT TENANCY?
Joint tenancy is a common form of ownership for property. Husbands and wives often have residences and bank accounts in joint tenancy.�It is used less frequently with nonspouses for a variety of reasons. Each joint tenant, regardless of which one purchased or originally owned the property, has the right to use the jointly owned property. When two people own property in joint tenancy and one of them dies, the survivor becomes the 10 percent owner of that property, and the deceased joint tenant's interest terminates. The surviving joint tenant then owns the property free of any claims by the heirs of the joint tenant who died unless certain limited exceptions apply.�Joint tenancy shouldn't be relied on as a substitute for a will. It doesn't cover unanticipated contingencies, nor does it provide a comprehensive plan for the disposition of one's entire estate as does a will.

03/18/2024

Does a Will make for more court expense? No. In fact, a will can save expense by eliminating the need for sureties on bonds, expediting the sale of property avoiding guardianship for minors where not really necessary, and otherwise providing the executor of the will with clear directions on handling of the estate. If there is no will the court appoints an administrator to settle the estate and make distributions as provided by law, after all debts and expenses have been paid. An individual without a Will has no voice in the selection of the administrator. If there is a Will, the executor nominated by the maker of the Will takes the place of an administrator and is the one who handles the estate. A person making the Will may nominate as executor any individual in whom he or she has confidence provided the executor meets statutory requirements. A bank or trust company also may be named as executor.

03/13/2024

Trusts - an agreement in which holds and manages property for beneficiaries of the trust. If such trust provides that you retain the power to amend while you are alive, it is a revocable living trust. An irrevocable trust, in contrast, is a trust that cannot be amended. The revocable living trust is for managing your property during your lifetime, including even if you become incapacitated, and might also allow you to pass your property on to your beneficiaries at death without probate. While you are alive, income on the property in the revocable living trust is reported on the grantor's income tax return. (If you are not the trustee, the trustee must file an annual fiduciary income tax return as an information return.) In contrast, an irrevocable trust requires the filing of separate fiduciary income tax returns based on income earned on the property held in such a trust each year after the irrevocable trust is created until its termination. Further, the property put into an irrevocable trust, if properly done, is no longer considered part of the grantor's estate and not subject to estate tax at the grantor's death.

03/11/2024

Estate planning involves creating a plan to indicate how your property and healthcare. will be managed in the event of a disability, how your estate will be administered at death through a trust you create during your lifetime, or by probating a will where your property will go upon death and how to avoid death taxes if applicable. Here are some estate planning issues to consider:

• Who do I trust to manage my property and assets and pay my bills if I become disabled?

• Who will make healthcare decisions for me if I am alive but unable to make those decisions for myself, including terminating
life support?

call 773-542-3660 or email [email protected] to get answers to these and any other questions you may have.

• Who should get my money and property when I die?

• Can I prevent my minor child from receiving the entire inheritance at age 18?

• What if my child has a health condition, that make distribution problematic?

• Can my minor child's inheritance be paid out over time as the child matures?

• Who should manage and administer my estate when I die?

• How do I treat my children from a prior marriage and my surviving spouse?

• Will my estate be subject to a death tax? Is tax planning advisable?

• How will the death taxes on my estate be paid?

02/18/2024

PH and I had an unexpected topic for our Friday night conversation: Trusts. We realized that establishing a trust offers numerous benefits, even for oneself. Not only does it provide advantages during one's lifetime, but it also allows for preparation against the unexpected.
One fascinating aspect we discussed was the ability to craft a trust in such a way that it includes provisions triggering specific events. These provisions enable individuals to protect their assets while ensuring compliance with Medicaid requirements. This becomes particularly crucial for those who have accumulated assets over their lifetime and now seek to safeguard their legacy for their family members.
In essence, establishing a trust not only provides immediate benefits but also serves as a strategic tool for sustainable estate preservation and asset protection.

Mi amigo PH y yo tuvimos una conversación inesperada para un viernes por la noche: Fideicomisos. Aunque pueda parecer mundano, nuestra charla nos reveló ideas valiosas. Nos dimos cuenta de que establecer un fideicomiso ofrece numerosos beneficios, incluso para uno mismo. No solo brinda ventajas durante la vida de uno, sino que también permite prepararse contra lo inesperado.

Un aspecto fascinante que discutimos fue la capacidad de diseñar un fideicomiso/trust de manera que incluya disposiciones que desencadenen eventos específicos. Estas disposiciones permiten a las personas proteger sus activos mientras garantizan el cumplimiento de los requisitos de Medicaid. Esto se vuelve particularmente crucial para aquellos que han acumulado activos a lo largo de su vida y ahora buscan salvaguardar su legado para los miembros de su familia.

En resumen, establecer un fideicomiso no solo ofrece beneficios inmediatos, sino que también sirve como una herramienta estratégica para la preservación sostenible del patrimonio y la protección de activos."

05/23/2023

"Understanding Estate Planning: Why It's More Important Than You Think"

As we age, many of us start to think about the legacy we will leave behind. Estate planning might seem daunting, but it's simply about ensuring your wishes are fulfilled and your loved ones are taken care of. Here at SAX Law, we understand how important this step is.

Estate planning involves deciding how your assets will be distributed after your death. It can help minimize the taxes your heirs will need to pay, avoid disputes among family members, and ensure that your assets go exactly where you want them to.

Some people assume that estate planning is only for the very wealthy, but that's far from the truth. Whether you own a large estate or have more modest assets, estate planning is about ensuring your wishes are honored. It also spares your family from making difficult decisions during a time of grief.

At SAX Law, we speak your language - literally and figuratively. Our team is fluent in Spanish and we have a client-first philosophy. We focus on achieving your objectives rather than counting fees. And if you've been wondering about cost and process length - we get it, those are important factors. We're ready to answer these and any other questions you might have.

Reach out to SAX Law today. We're here to help with all your estate planning needs and make this process as simple as possible for you.