Author: marcsherman

Marc is the President and Founder of Marc D Sherman & Colleagues PC in Lincolnwood, IL. For over 38 years, Marc has represented individuals and businesses in a variety of Estate Planning, Probate, Business transactional and civil litigation matters.
Bankruptcy, General Litigation, Real Estate

MORTGAGE FORECLOSURES & JUDICIAL SALES ARE ABLE TO GO ONLINE IN 2025

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A new development for those interested in purchasing properties at foreclosure auctions.

Effective January 1st, Illinois law permits the sheriff or other persons conducting judicial sale of real estate in mortgage foreclosure proceedings to do so either in person, online or both. 735 ILCS 5/15-1507(b)(2).

Of course, one goal of the change in the law is to help to expand the number of people interested in and able to attend auctions.

The new rules for this online sale procedure at included in the Mortgage Foreclosure Law at Section 15-1507.2.

Interested bidders should be aware that the person/entity conducting the sale can add a fee for associated costs of the online sale provider, and the supervising court must be satisfied with the process and procedure for the online auction and record-keeping steps, and bidders registration will be set up to assure pre- and post-sale communication and compliance.

We will be watching for updates from the Sheriff’s Office and most-used judicial sales entities, to keep our clients advised.

Asset Protection, Estates Planning And Probate

Have You Received What The State Of Illinois Is Holding For You?

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There are so many times when entities who have funds or valuables belonging to you are unable to get them into your hands. The Post Office fails to deliver to you or returns mail (mistakenly or otherwise). You don’t use a gift card over an extensive period of time. A company closes and there are funds on deposit with the company that are not claimed. And many more situations.

Illinois law requires the entity that has your property to notify the Illinois Secretary of State by its Treasurer that there is unclaimed property. There are legal mechanisms for them to follow in order to do so. The Treasurer posts on its website a summary of the unclaimed property with enough detail that you should be able to confirm that what they are holding is yours. If you do not claim your property, eventually the State of Illinois may retain it.

When you decide to take the next step and claim the property, in most cases there is a reasonably simple process to confirm for the Treasurer that it is indeed your own, and then arrangements are made to return it to you.

You cansearch for yourself, or for a deceased family member, or for your children. Of course, a claim for return of the property must be legally made by or on behalf of the person who is the owner. You can access the Treasurer’s website at https://icash.illinoistreasurer.gov and search 24-7.

Check it out. You may be surprised that there is unclaimed property waiting for you! In almost all cases you don’t need an Attorney to assist you with the process. But if you have a unique question, let us try to help out.

Estate and Probate, Estates Planning And Probate, Trusts

Estate Planning Is Not Elder Law

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A common misconception that we frequently hear is the notion that Estate Planning is Elder Law. Both are important. But they are not the same.

Protecting the Senior Population

Elder law covers a broad sphere of legal issues faced by a maturing population, including the rights of our elderly family members. This includes protecting seniors from abuse, preserving their assets in the face of significant elder care and living expenses, and ensuring access to medical care.

Elder law often involves long-term planning for a client’s future medical needs. It is important to take steps to ensure your that family members’ financial and care issues are addressed if they should become unable to make decisions on their own. By working with an elder law practitioner, you make plans for medical care you may need should you become incapacitated in the future.

Another central focus of elder law is preparing to qualify for Medicaid, VA benefits or other benefits earned or the may become available. In some cases, programs will have strict income or asset tests. Elder law attorneys help make long-term plans to take program qualification into account.

Estate Planning Is Implementing The Client’s Wishes After Death

Estate planning is proactive; taking steps so you can plan for the distribution of your property and valuables after you are gone. Failing to develop an estate plan leaves the possibility that someone else will make these decisions for you. It is important to you to direct who will receive your gifts, protecting their inheritance when the time comes, avoiding court delay and additional expense. And more. . .

Estate Planning Is Planning For Lifetime Issues

Talking with an Estate Planning attorney should also include considering how property and health care decisions can be made for you if there is a time that you are incapacitated (permanently or temporarily). 

And of course, there are tax considerations, and many other important events in your life that are also worthwhile to discuss with your Estate Planning Attorney — like business succession planning, preserving or selling your home or investment property.

Finding the right “fit” between you and an Attorney for these important discussions is the first step. Reach out to Attorney Marc Sherman or Attorney Maureen Meersman, https://mshermanlaw.com/contact/. Start the conversation. There’s no reason to wait.

Asset Protection, Estate and Probate, Estates Planning And Probate, Trusts

ARE THERE ASSET PROTECTION BENEFITS FROM A LIVING TRUST?

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Many people who create living trusts are under a misconception that the trust protects the assets that are included in the trust (we say “funded into” the trust). But a living trust, also called a revocable trust, does not afford any more protection during the life of the trust creator (called the grantor) than the protection that exists under the law without the trust.

There are however circumstances in which the trust that you create can be used as an effective asset protection tool – sometimes for you, as the grantor, and sometimes for your beneficiaries.

If the trust that you create limits the distributions to be made to you, as the beneficiary, and if you put control of the trust into the hands of an independent trustee, then the trust assets will have greater protection from your creditors. To accomplish this purpose, you need to work with your Estate Planning Attorney to properly create the language of the trust.

Two elements are particularly important here: First, your trust must either limit distributions by an ascertainable standard or by reference to the trustee’s exclusive discretion.

Second, and equally important, the trustee must be an independent trustee. This means that the trustee cannot be a person who is ‘interested’ in you (as transferor or beneficiary) because they are related or subordinate to you, and the trustee cannot be able to be removed and replaced by you as an alternate trustee or replaced with another person who is related to you or is subordinate to you. 

If one of your goals is to protect the trust assets for those like your children who will be beneficiaries after you pass away, then separate protections can be included in the trust declaration document to further that goal as well.

Your Attorney can help you by reviewing the reasons for your interest in focusing on protection of your assets from your creditors (for example, risky business ventures or a job with heightened risks). Then the Attorney can review existing laws that protect your assets, and then help you to determine whether your estate planning trust should have special provisions.

If you are unsure if your current trust takes into consideration asset protection considerations, or if you are interested in exploring and creating a trust, reach out to the Attorneys at Marc D Sherman & Colleagues, PC.

Asset Protection, Estate and Probate, Estates Planning And Probate, Trusts

Helping Adult Children With Their Financial Well-Being And Estate Guidance

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The Holidays have been an opportunity to see what’s going on with our children. Perhaps they shared with you their newest plans and expectations. Perhaps the discussions hinted at difficult issues that your child is facing.

It’s time to use the information gleaned during these interactions. Whether your role is gently nudging positive action and reflection, or providing direct guidance for your unmotivated child, this is a good stepping off point to guide and offer help in many ways.

Time To Reflect And Guide,

Regardless of their age, we can expect our children to face many of the same things that we have handled, and may continue to address in the future. See our post: Four Common Mistakes Young Parents Make By Avoiding Estate Planning https://mshermanlaw.com/four-common-mistakes-young-parents-make-by-avoiding-estate-planning/

• Health And Healthcare:

Think medical concerns, both short term and long term. A Healthcare Power of Attorney is a key part of every adult’s planning. This is particularly true for adult children who are moving into new relationships and new adventures with their own children. Everyone hopes for healthy children, but we can all agree that being prepared for the unexpected is important.

• Focus On Finance And Financial Protections:

Financial protections and estate literacy are equally important, whether for our kids just entering adulthood or older. Our children will face the same financial concerns and will have access to the same financial assets and obligations as we have had, and more. Financial independence brings fresh reasons to know about Power of Attorney for Property (financial) matters.

We know that new purchases of home/condo, car and ‘toys’ are good reasons to learn about planning that includes protecting those assets and considering possible bumps in the financial road. Children getting into new projects, new partnerships and new jobs have new vulnerability. Talk about it.

• A Good Time To Consider The Bigger Picture

As each of us grows, our views on how fragile our lives are can involve practical, cultural and religious considerations for those who our children will surround themselves. Of course, that means considering a Last Will And Testament, too. Simple planning can provide value and peace of mind.

Your Own Estate Planning:

This is also a good time to discuss your own estate plan and how your children fit within your own expectations. Make sure your child knows what roles are important for you as you age (healthcare surrogate, successor trustee and estate executor). Explain what plan you have made for distribution of your personal and financial assets, and for your medical care.

If you have not made a plan, it’s time to do so. Lead by example!

If you previously made a plan, then this is an optimal time to review and update your own Estate tools.

However you celebrate the Holiday Season and New Year, we hope that you will enjoy with friends and family, and reflect and plan for the coming years!