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October, 2014 Archives

Archives for 2014

Illinois property: What is the difference between private rights and public rights?

When a person in Illinois owns a piece of property, whether it be public or private, they are given specific rights. These may include some of the following: The right to use the property how they see fitThe right to earn income from the operations that occur on the propertyThe right to enforce the privileges they are entitled to for owning the propertyThe right to transfer ownership of the property to others However, these rights can vary drastically depending on where the real estate is … [Read more...]

How does a reverse mortgage affect your heirs?

A woman in Florida chose to sign over the rights to her home to her husband, which would enable him to qualify for a higher reverse mortgage loan amount. According to the Buffalo News, the 62-year-old man took died shortly after taking out the loan. As chief among the man’s heirs, the wife inherited the home but had trouble getting her name on the deed. The loan requirements mandated that she qualify for a refinance in order to pay back the reverse mortgage, which is something she struggled … [Read more...]

Calculating your future mortgage payment

Whether they are purchasing their first home or buying an investment property, those looking into buying property in Illinois should understand what their mortgage payment will be once they have made this purchase. Doing this prevents buyers from running into problems in the future with their finances. Factors that impact mortgage payments While the price of the property plays a large role in what a homeowner will pay every month on their mortgage, this amount also depends on several … [Read more...]

Buying property: Why pre-approval is a good idea

A mortgage pre-approval differs from a mortgage pre-qualification because during the pre-approval process, the lender checks a buyer’s credit and verifies their documentation to approve them for a specific loan amount. Although obtaining pre-approval for a loan may not be a priority for some buyers in Illinois, there are several reasons why going through this process is a good idea. Why is it important? The preapproval process takes the risk out of property buyers finding the home that … [Read more...]

Using software to manage your trucking fleet’s maintenance

Companies that must manage vehicle fleets have many special issues with which to contend. Many technologies have been developed to assist in things such as tracking the locations of vehicles and drivers, providing route assistance and more. Software programs are also available to help Illinois businesses manage the maintenance needs of a trucking or other vehicle fleet. Features of truck fleet maintenance software Innovation Maintenance Systems is one company that offers trucking fleet … [Read more...]

Stretching your IRA

A father named his son the beneficiary on his IRA, which was worth roughly $100,000. According to the Huffington Post, the son, who was 53 at the time of his father’s death, chose to receive the minimum distributions out of the Roth every year instead of taking the lump sum. As a result, the policy continued to grow over the years. As an added bonus, the distributions were not subject to taxes because the account was a Roth IRA. The people who set up the IRA may not be able to control how … [Read more...]

Prepaid funerals and burial: Make sure your heirs know about it

More than 40 years ago, a woman purchased a policy from a funeral home that intended to cover the expenses of her burial. According to the American Association of Retired Persons, the woman died in 2008. Unaware of the prepaid policy, her children paid the same funeral home more than $8,000 for the costs associated with the service. Upon finding the policy later, the children asked the funeral director to refund the costs, which he initially denied. While the woman’s children initially … [Read more...]

Do non-profit companies pay taxes?

Illinois companies designated as non-profit organizations, or charitable organizations, have successfully applied for and obtained the federal  501(c)(3) status. This means that these companies are not legally obligated to pay certain federal, state or local taxes. For this reason, they are often referred to as tax-exempt organizations. However, this delineation does not exempt these companies from all tax requirements. Understanding what taxes must be paid, how and when is important for … [Read more...]

How much money should property buyers set aside for a down payment?

When buyers in Illinois purchase a new home, they are typically required to provide their lender with a down payment. This, in addition to the purchaser’s credit score, annual income, total debt and credit history influence how much funding they qualify for. Typically, home buyers should plan on saving approximately five to 20 percent of the sale price of their home in cash to qualify for a conventional loan, but this specific amount varies depending on the purchaser’s individual … [Read more...]

Transportation of goods expected to increase by 23.5 percent

America’s reliance on moving goods is one thing that is not likely to go away anytime soon. Chicago companies and consumers alike rely on the freight industry to ship products to customers all over the globe, stock grocery store shelves and more. In an era where technology-fueled industries have taken center stage, transporting goods remains a critical component to keeping the world working. Big things ahead The U.S. Freight Transportation Forecast for the period 2013 to 2025 was … [Read more...]

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