June, 2019 Archives

Archives for 2019

3 Alternatives to a Reverse Mortgage

Reverse mortgages are not the only option for retirees looking to enhance their cash flow. Alternatives, like refinancing the existing mortgage, taking out a home-equity loan, or selling the property might help some people reach their goals. Evaluating financial circumstances and retirement objectives can help homeowners determine which route is the best fit. Refinancing For homeowners that are struggling with their monthly payments, refinancing is a potential option. Refinancing may allow … [Read more...]

5 Ways to Get Out of a Reverse Mortgage

There are various options available to homeowners who decide to get out of their reverse mortgages. Aside from dying or selling the home, borrowers can exercise their right of recission, repay the loan balance, refinance with a conventional mortgage, tap into their savings, or choose another reverse mortgage. When deciding which option to choose, the length of time since the money was borrowed and the consumer's overall financial situation play an important role. Indicators that a Reverse … [Read more...]

How Are Probate Claims Paid in Illinois?

Ordinarily, when someone dies in Illinois, creditors are given the opportunity to file claims against that person's estate, valid claims are paid, and remaining assets are distributed in accordance with the will or state law. To receive payment, creditors must file claims within a specified period and follow the correct procedures for filing. reditors have two years from the date of the decedent’s death to file a claim against an estate. The requirements for filing claims is relatively lax when … [Read more...]

Entering Into a Contractual Business Relationship: Covering Your Bases

When entering into a contractual business relationship, careful consideration, clear communication, and planning ahead can prevent legal disputes down the road. Successful contracts avoid complicated legalese, provide specific terms, and describe the method and manner of payment expected. The circumstances under which the contract can be terminated should also be addressed. Elements of a Legally-Binding Contract Contracts can be verbal or written. It is advisable for business contracts to be … [Read more...]

Understanding the Difference Between a Durable and a Springing Power of Attorney

A significant division exists between springing and durable power of attorney and it is important to understand how these differences may impact a person's financial and medical decisions in the future. A durable power of attorney takes effect the moment that it is signed. This is useful in ensuring that authority is clearly vested. Conversely, a springing power of attorney takes effect when the grantor is incapacitated. Springing powers of attorney reserve more authority for the grantor but at … [Read more...]

Turning Your Side Hustle into a Real Business Is Easier that You Think

It is feasible to turn a side hustle into a viable business with the right combination of planning, execution, scaling, and timing. The side hustle is a catch-all term for gigs done on the side to generate extra income in addition to regular employment or work. According to the Academy of Management, small businesses which grow from side hustles that are launched while the founder is still working a “day job” are one-third less likely to fail than their counterparts who devote 100 percent of … [Read more...]

Planning Your Estate: How to Make Sure Your Kids Can Keep the House

Parents who wish to leave their house to their kids can employ a variety of tactics to ensure their wishes are honored. Working with an estate planning attorney to create a will and a living trust, and making sure all the right wording is included in the deed is often necessary to ensure all bases are covered. Wills A will is a legal document that is set-up and signed by the testator to transfer property and money upon death. A will can be used to transfer anything the testator owns to anyone … [Read more...]

Do You Have an LLC or Corporation in Illinois? You May Not Be Protected

Forming an LLC or a corporation protects members, investors, and their personal and family assets from liability for claims of business creditors, but the protection is not bulletproof. In some situations, personal liability for the obligations of LLCs and corporations may still exist. The Value of Limited Liability Limited liability companies and corporations shield business owners from personal liability in most situations if the business becomes liable to a third-party. Sole proprietors and … [Read more...]

Making Offers on Multiple Homes at Once

Making offers on multiple homes is a tactic used by some buyers when the real estate market is “hot,” and they are unable to secure an acceptance for their offer proceeding one property at a time. It is possible to make offers on multiple homes, but it could expose the buyer to legal and financial risks. Moreover, some local laws prohibit buyers from making offers on multiple homes at the same time. Legal Issues Some cities and counties prohibit buyers from submitting bids on multiple homes by … [Read more...]

Are You a Victim of Estate Fraud?

If an executor, beneficiary, or some other person steals estate money or assets or unlawfully sells the property of the deceased before it can be distributed to heirs, it is known as estate fraud. This crime can be committed by a beneficiary who defrauds the estate. It can also be committed by an executor who transfers assets from the estate to an entity the executor controls against the terms of the will. Depending on the acts committed, it could implicate both civil and criminal issues. Civil … [Read more...]

Get Help Today!

Simply fill out the our online form, and one of our attorneys or staff members will contact you to schedule your appointment.

We value your privacy. Your information will not be shared without your permission.

The use of the internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.
I have read and understand the disclaimer

Memberships & Associations

  • logo
  • logo
  • logo
  • logo
  • logo
  • logo