December, 2016 Archives

Archives for 2016

How Your Estate Plan Should Change After a Divorce

After a divorce, the legal relationship between the former spouses, necessitating a change in estate plans. Many individuals name their spouse to important roles and this work must be unwoven to protect a person's interests after divorce. Some aspects of the estate plan that may need to be changed include: The Will Spouses may have named each other the executor of each other's will. Additionally, the spouse may stand to inherit everything. Changes are usually required to the will to avoid … [Read more...]

Commercial Real Estate Risks Eyed By Federal Reserve

Chicago developers and businesses that are involved in the commercial real estate industry should be aware that the Federal Reserve is concerned that apartment towers may be the next asset-price bubble and is considering raising interest rates as a means to avoiding a burst in the sector. The Fed is reportedly concerned that continued low-interest rates might lead to investors reaching for high yields while prices remain high. A commercial real estate and business transaction lawyer believes … [Read more...]

What You Must Disclose When Selling an Illinois Home

Under Illinois law, there are certain disclosures that must be provided to potential buyers when selling a home. These disclosures reveal to prospective buyers the information that owners know about the physical condition of the property. Failure to deliver the required disclosures or submitting false or incomplete disclosures can result in the termination of a purchase contract. Sellers can sometimes be held liable for damages, attorney's fees and court costs as well. Who Does the Illinois … [Read more...]

Update Your Will and Avoid Probate Court

An updated will can protect assets that are meant to go to chosen family members and heirs when a person dies. Without a will, Illinois intestate succession laws will dictate through probate what happens to an individual’s business, savings, personal property, and possibly even minor children. If problems arise, a probate attorney can advise beneficiaries on how to settle the deceased person's estate. Updating a Last Will and Testament Statistics show that up to 70 percent of adults do not … [Read more...]

How Probate Works in Illinois

Probate is the legal process by which a will is “recognized” and the court gives the executor of the estate permission to proceed with enforcing the terms of the will. Most wills are probated with few problems however, if a beneficiary disputes the terms or an excluded person believes they were unjustly omitted, then the process can become substantially more expensive. Illinois codified its probate process (prior to the law, it existed as common or “judge-made” law) with the Probate Act of … [Read more...]

Including an Incentive Trust in Your Estate Plan

An incentive trust is used to provide incentive to the beneficiary of a trust to do something, or to refrain from doing something. An incentive trust, established by Illinois estate attorneys, may provide a good way for heirs to make important decisions and lifestyle changes that will impact their future. Establishing an Incentive Trust Fearing a generation of trust-fund kids without jobs, responsibilities or obligations, many families are establishing incentive trusts for beneficiaries as … [Read more...]

Review of the Probate Process

Probate is a legal process which formally recognizes a will and appoints an executor to administer the estate and implement the terms of the will. Probate, contrary to legal marketing gimmicks, is not the death knell of an estate. Probate is merely a legal process by which the court supervises the distribution of property to heirs. Overview of Probate Probate is a specialized legal proceeding in which the court reviews a will and recognizes it. During probate, the court appoints an executor to … [Read more...]

Changes to Business Valuation Discounts on the Horizon

Late 2016, the IRS proposed measures that would effectively reduce, or outright eliminate, the possibility for valuation discounts on estate transfers. Businesses will have to seek a commercial attorney to help figure out just how to transfer their assets to family members without the gift tax claiming large portions of it. How Valuation Discounts Currently Work Valuation discounts serve to lower market value of privately held companies, or their stock, when transferring those assets to … [Read more...]

Shoddy Workmanship Puts Buildings on Shaky Ground

Construction defects can include everything from cosmetic damage to serious structural defects that place property and lives in danger. In Illinois, individuals and their business law attorney can seek compensation for these defects. Common causes of construction defects include improper soil preparation and analysis of soil conditions, inadequate site selection and planning, as well as insufficient civil and structural engineering. Other causes can include the use of defective or deficient … [Read more...]

Lease Option vs Lease Purchase: Finding The Right Fit For Homebuyers

Almost a decade after the housing crisis of 2007-2008, banks are still using strict credit requirements to approve potential home buyers for a mortgage. Many home buyers explored other purchasing options with a Chicago real estate lawyer, including lease-option and lease-purchase agreements. Lease-Option A lease-option is the most flexible of the two alternative purchase arrangements. The potential buyer agrees to make monthly lease payments that are slightly higher than the going market … [Read more...]

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