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December, 2019 Archives

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Archives for 2019

Five Reasons Every Startup Needs a Business Plan

Posted on December 20, 2019 //

Hand holding a business plan board A business plan offers several benefits to startup companies in Illinois. Business plans are written documents that provide a description of a company’s business, goals, the intended methods for achieving the specified targets, and the time frame for reaching the stated goals. Business plans also often include details regarding the company’s funding and financial projections. 1. It Serves as an Operational Blueprint Nailing down the big-picture issues … [Read more...]

Filed Under: Business Transactions //

Is Settlement Planning Right for You?

Posted on December 10, 2019 //

Plan word 4 characters are written on each woodblock Settlement planning helps Illinois residents who have already received or are expecting to receive a large settlement meet their immediate needs, preserve benefits, and maintain their wealth to take care of future expenses. What Is Settlement Planning? Settlement planning helps people preserve the funds received through a personal injury judgment or settlement or via inheritance. This multi-disciplinary approach combines services … [Read more...]

Filed Under: Estate Planning //

What’s Hot and What’s Not in Chicago Real Estate?

Posted on November 22, 2019 //

A small house model and piles of coins at the background Some housing market trends in the Chicago area remain strong, while others falter. The real estate market in the Chicagoland area has shown some slowing through 2019, however, it has not stopped entirely. Certain areas of the market continue to see significant movement. Stability in the Market Despite concerns over a possible recession and crime in the area, the Chicago housing market remains stable. With a population of over 2.7 … [Read more...]

Filed Under: Real Estate //

How Long Does it Take to Settle an Estate?

Posted on November 14, 2019 //

Closeup of three business people are having a meeting It takes time for the estates of decedents in Illinois to pass through the probate process. From submitting the will for probate to paying off any outstanding debts and distributing the assets to the specified heirs or beneficiaries, settling an estate can take an average of six months to one year. Going to Probate Probate is the legal, court-supervised process of settling the final affairs of a deceased person. Through this process, … [Read more...]

Filed Under: Estate Planning //

What Lack of Testamentary Capacity Really Means

Posted on October 22, 2019 //

A small dummy stands on a last will and testament document Lack of testamentary capacity may be grounds to dispute the validity of a will in Illinois. Since the law presumes that a person possesses the mental capacity to execute a will unless it is proven otherwise, the person seeking to invalidate a will bears the burden of proving the testator lacked the capability to create a will at or near the time the document was created. What Is Testamentary Capacity? Testamentary capacity is … [Read more...]

Filed Under: Probate //

What Are Executor Duties in Illinois Probate?

Posted on October 8, 2019 //

Pen laying on top of a Will for estate planning An executor in Illinois probate is given significant responsibilities when administering an estate. Since a violation of an executor's duties can result in the imposition of harsh penalties, it is vital that the executor become familiar with what is expected. What is an Estate Executor? An executor of an estate is someone who is named in a person’s last will and testament to act as his or her personal representative through the probate … [Read more...]

Filed Under: Probate //

Common Causes of Home Closing Delays

Posted on September 18, 2019 //

A seller's hand with a key, a buyer's hand with dollar bills, a house model at the background At the 11th hour, a variety of issues may come up with real estate deals that cause home closing delays. Before escrow can close, buyers and sellers must meet all purchase contract terms, the sellers must transfer the property deed to the buyers, and the buyers must deposit the funds for the purchases to the sellers. Should problems arise during this time, the closing process may be delayed until … [Read more...]

Filed Under: Real Estate //

Why Your College-Bound Child Should Have a Power of Attorney

Posted on September 10, 2019 //

After years of preparation and planning, your child is set to go off to college – perhaps nearby; perhaps several states away. Part of the preparation was helping your child make decisions about important issues.  Part of the learning process at college will be how to refine the decision-making process. Upon reaching age 18, your college student is considered an adult and will be required to make decisions on his or her own. What if Your Child Is Unable to Make Decisions Due to an Injury … [Read more...]

Filed Under: Estate Planning //

Contesting a Will in Illinois

Posted on August 23, 2019 //

The death of a loved one in Illinois often triggers a will contest. Suspicion of undue interference, greed, hurt feelings, and any other number of factors may lead estate beneficiaries or those who feel they should have been named, to question the wills of deceased loved ones. Under certain circumstances, the courts may see fit to declare a will invalid. Who Can Contest a Will in Illinois? In Illinois, those who would suffer adverse effects due to the execution of a will can file a … [Read more...]

Filed Under: Probate //

What Happens If An Heir Doesn’t Want The Inheritance?

Posted on August 12, 2019 //

A farmer who lay on his deathbed asked his son to make sure that the land would always stay in the family. Upon his death, the farmer’s will leave 320 acres for his wife and 160 acres for each of his four children. While some family members were overjoyed with their inheritance, others did not expect the million-dollar mortgages that came with the land. According to Iowa Farmer Today, several of the farmer’s children were not equipped to handle inheriting that level of debt. In Illinois … [Read more...]

Filed Under: Estate Planning //

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