Toxic mold infestation has been an area of concern for property owners and tenants for a number of years. While mold can pose a significant threat to the health of individuals who are exposed to its harmful spores, and property damage can be considerable, many individuals feel forced to remain living in their infested homes, simply because they don't know where to turn, who can be held liable, or how to get out of a legal lease or purchase contract. There are a number of factors that should … [Read more...]
Archives for 2016
Four Ways To Avoid Complicated Probate Hearings
Posted on June 2, 2016 //
In Illinois, parents have several options to transfer assets upon death without going through a lengthy probate process. A probate attorney will use one of four routes to protect property from long probate battles. … [Read more...]
Is Your Non Compete Clause Enforceable?
Posted on May 16, 2016 //
Non compete clauses can be difficult to enforce in Illinois courts. They must meet certain requirements to be considered enforceable. The courts try to balance the interests of the employee and the interests of the employer. Employee Benefit For Signing To be valid, the non compete agreement must hold value for the employee. If it is signed in order to gain employment, this is sufficient. If it is signed after the employee is already hired, they must gain something from the agreement. … [Read more...]
Estate Planning: Providing For Adult Children With Disabilities
Posted on May 3, 2016 //
Adult children with disabilities present some unique estate planning challenges. If these children simply inherit their parent's assets, it can disqualify them from Medicaid or disability. Creating a supplemental trust can help avoid this issue. Even $2,000 can jeopardize a disabled person's eligibility for certain programs. (Article continues below Infographic) A supplemental trust allows benefits to go to the child, but the trust is managed by a trustee. The trustee is usually the … [Read more...]
Is Chicago a Profitable Place to Start a Small Business?
Posted on March 25, 2016 //
Small businesses in Chicago face operational challenges that include high taxes, a slow economy, and budgetary problems in the state capital. According to an Illinois business law attorney, Chicago can be a profitable place to start a small business if entrepreneurs are willing to navigate the challenges. High Taxes One of the biggest hurdles facing small businesses in Illinois is high taxes. According to a recent article, The State of Small Business: Illinois, entrepreneurs regard high … [Read more...]
Commercial Real Estate Trends You Should Be Aware Of
Posted on March 3, 2016 //
Throughout the past 3 decades, the commercial real estate industry has gradually evolved into an impressive enterprise filled with complex and global portfolios that make up a whopping 10 percent of institutional investments, equaling an estimated $6.7 trillion. (Article continues below Infographic) In Illinois, commercial real estate investments are breaking records. According to Real Capital Analytics (RCA), a New York based research company, investors dropped record breaking amounts … [Read more...]
Why you need to update your estate plan
Posted on February 29, 2016 //
You've taken the time to plan for the future and create your estate plan. After working with a Chicago estate planning attorney to make sure all assets are accounted for and all contingencies are covered, you're feeling the satisfaction of a job well done. (Article continues below Infographic) In reality, there is still work to do. An estate plan is a living document that requires care and attention to stay current. Consider these reasons to change your estate plan and how they apply … [Read more...]
How you can defend an eminent domain action
Posted on February 29, 2016 //
The activist group Castle Coalition gives Illinois a D+ rating when it comes to protecting property owners against eminent domain. That doesn’t mean there aren’t defenses available, as it is often possible to beat eminent domain with the help of an Illinois real estate attorney who specializes in eminent domain defense. (Article continues below Infographic) How Eminent Domain Works The agency interested in acquiring property will assess it to determine its value. Next, an offer will … [Read more...]
New Regulations Affect Illinois Realtors in 2016
Posted on February 28, 2016 //
Of the more than 600 bills crossing the governor’s desk in 2015, several dealt with real estate issues. New programs regarding property foreclosures, fraud alert systems, and other changes went into effect as of January 1st. Both realtors and those looking to buy property should take a moment to understand the changes, some of which are listed below. Property Foreclosure Pilot Program Cook County now has a pilot program that permits documents recorded against properties in foreclosure to … [Read more...]
Digital Property Creates New Questions In Estate Planning
Posted on February 25, 2016 //
Estate attorneys are facing a new and difficult challenge: the division and distribution of digital assets after death. Illinois is one of many states struggling to draft legislation to protect digital property for intestate estates, but 2015's Senate Bill 1376 faced significant opposition from online companies. These companies argue opening digital assets to an estate violates the original property holder's right to privacy, and is therefore impermissible. Right now, the only way to … [Read more...]
