November, 2018 Archives

Archives for 2018

A Revocable Living Gun Trust May Be Right On Target

Firearms, including automatic weapons and gun collections, that are to be passed down to beneficiaries require special consideration and creating a revocable living gun trust may help avoid unintended consequences in the future. A gun trust is a way to legally provide for the disposition of guns to intended beneficiaries while complying with the National Firearms Act (NFA) and any applicable state laws. What Is a Revocable Gun Trust? When a revocable gun trust is established, the owner of the … [Read more...]

Finding the Best Business Attorney in Illinois

Finding the right business attorney depends on reaching out to a personal network, leveraging online tools, and applying discerning inquiries to weed out unqualified candidates. A business attorney can work as a force multiplier for small, medium, and big enterprises by empowering the company to expand into new business opportunities, increase hiring, and sign an extended lease. However, selecting the wrong attorney can be a drag on a company’s growth just as it is poised to expand … [Read more...]

You’ve Been Named Executor: Now What?

When an individual is named as the executor of a deceased person's estate, he or she is responsible for winding down the decedent's affairs. This includes protecting the assets of the estate, notifying creditors and beneficiaries, settling debts and paying the taxes owed by the estate, and distributing property to the beneficiaries. For those who have never executed a will before, the position can be challenging and a full understanding of the duties and liabilities of an executor is vital. If … [Read more...]

The Biggest Threat to Your Potential Inheritance Might Surprise You

Family feuds and disagreements over the distribution of an estate are an even bigger threat than taxes when it comes to an individual's inheritance. Whether the family is united or divided, it is essential to clarify even the tiniest details during the estate planning process. If that has not happened and the individual is already deceased, working closely with a probate lawyer is the best way to ensure an equitable division of assets before disagreements grow into legal battles with loved … [Read more...]

CFPB Rules Can Help You Keep a Mortgaged Property When Your Loved One Passes Away

The new guidelines from the Consumer Financial Protection Bureau (CFPB) make it easier for people to assume an existing mortgage when their loved one dies. While the 2014 rule requires loan servicers to provide certain information about the mortgage to heirs, the 2018 rule requires lenders to have procedures in place to quickly identify "successors in interest" and communicate with those who have the legal interest in the property. Entitlement to Loss Mitigation Options The CFPB rules make it … [Read more...]

Don’t Leave Your Family Hanging When You Die

When a person becomes incapacitated or dies without an adequate estate plan in place, his or her loved ones are left trying to make decisions based on what they believe the person would want. In some cases, loved ones may not be able to make any decisions at all. An estate plan provides guidance to friends and family members about their loved one's desires regarding the end of life care, after death plans, and property distribution. The Last Will Dying intestate can leave property and even the … [Read more...]

Housing Affordability: There Is No Crisis

While a housing affordability crisis has taken the blame for holding back home sales in the United States, homes in America are more affordable than ever despite increased prices and rising interest rates. New data provided by First American Financial Corp. suggests that today's home buyers are actually experiencing a much more affordable housing market than their parents did four decades ago. Historically low mortgage interest rates and consistent income growth have provided Americans with more … [Read more...]

If You Died Tomorrow, Who Would Get Your Kids?

It is imperative to decide who will care for the kids well in advance just in case the parents don’t survive long enough to see their children become adults. Naming a legal guardian to take custody of the children and provide for their daily needs, basic health and education can be done by adding the information into a will. While the court has the final say, the parents' choice will typically be honored when a will exists. In the absence of a will, or when a guardian is not named in a will, the … [Read more...]

Identify Potential Conflicts When the Family Business Is Sold

Selling the family business is often complicated due to the various interests and conflicting positions that may arise and identifying potential conflicts in advance can help ensure that the sale goes smoothly. Many people engage the services of a business attorney help to identify and manage issues like non-compete agreements, indemnification clauses or contract provisions that could cause conflicts, while others decide to go it alone. Regardless, a few elements that commonly cause conflict in … [Read more...]

Estate Planning Checklist for Everyday People

An estate planning checklist can help everyday people ensure that choices about medical care, asset allocation, and even who cares for minor children are honored. Regardless of age, assets, or health status, nearly everyone needs an estate plan. By creating a checklist, people can make sure that important elements that pertain to their situations are considered and that all bases are covered. There’s More to Estate Planning than Drawing Up a Will An estate plan comprises a person’s wishes … [Read more...]

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