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December, 2021 Archives

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Archives for 2021

Do You Need to Hire a Probate Lawyer?

Posted on December 20, 2021 //

Some probate processes can be handled without a lawyer. Lawyers are, however, necessary when dealing with large estates or estates that contain special assets, such as ongoing businesses. The ultimate decision to hire a probate lawyer or not requires a person to answer these frequently asked questions. If the person answers most of the questions with a “no,” then that person needs to work closely with a lawyer when wrapping up the estate. Can the Decedent’s Assets Avoid Probate? The … [Read more...]

Filed Under: Probate //

How an Estate Planning Attorney Can Help You Protect Your Family’s Future

Posted on December 10, 2021 //

An attorney can help protect the future of a person’s family by advising on guardianship and drafting power of attorney (POA) agreements. The attorney can guide the person through the whole process of drafting a legally binding Will. A Will is a legal document that allows smooth asset distribution according to the wishes of the testator (Will maker). An attorney’s involvement is also crucial during the estate plan’s review and update. Key Roles of an Attorney in Estate Planning Providing … [Read more...]

Filed Under: Estate Planning //

Industrial Real Estate in Demand in Chicago

Posted on November 21, 2021 //

The demand for distribution centers and warehouses in Chicago continues to skyrocket. Builders are working around the clock to try and keep pace with the booming demand. According to CommercialEdge, sales reached $1.52 billion within just the first half of 2021. That figure is likely to surpass the $2.13 billion in sales recorded the previous year. Industrial Real Estate Demand in Chicago A Colliers International report shows that as of November 2021, an estimated 19.5 million square feet … [Read more...]

Filed Under: Real Estate //

Power of Attorney Agreements: Ensuring the Right People Make Important Decisions

Posted on November 10, 2021 //

Power of Attorney (POA) agreements are important legal documents that allow people to choose the right persons to make important decisions on their behalf. If someone becomes incapacitated, a POA can give someone else power over financial and medical decisions. A POA goes beyond finances and health care — it’s also critical for legal and personal matters. Types of POA Agreements Medical Power of Attorney or Durable Power of Attorney for Health Care A Medical POA also known as a … [Read more...]

Filed Under: Estate Planning //

Preparing to Buy Your First Home? Here’s What You Should Know

Posted on October 20, 2021 //

Buying a home for the first time requires diligence and careful preparation. Making oneself attractive to lenders and working with a lawyer from the start can make the home buying and ownership process less hectic. Choosing the right home and planning a smooth transition from renting is also a crucial part of the first steps towards a home purchase.  Practical Tips for Buying the First Home Making Oneself More Attractive to Lenders Lenders generally want people who have good credit and … [Read more...]

Filed Under: Real Estate //

Unmarried Couples: Here’s Why You Need an Estate Plan

Posted on October 11, 2021 //

Failing to plan an estate proactively can be disastrous for unmarried couples. Without an estate plan that specifies who gets what in the event of death or incapacity, the decedent’s wishes are likely to be ignored. The partner could receive nothing—or everything. With a properly organized estate plan, an unmarried partner can leave his or her estate to the surviving partner in the event of death. The unmarried partner can also give the other partner the authority to make health care, … [Read more...]

Filed Under: Estate Planning //

Arlington Heights Property Owners: Are the Bears Moving to Your Back Yard?

Posted on September 20, 2021 //

On September 29, 2021, the Chicago Bears announced the signing of the Purchase and Sale Contract for the 326-acre Arlington International Racecourse property in Arlington Heights. The team will part with $197.2 million for this property. The most likely plan is for the Bears to relocate from Soldier Field and settle in Arlington Heights. The spacious racecourse will enable the team to construct a modern football mega stadium and a magnificent entertainment district. Impacts of the Chicago … [Read more...]

Filed Under: Real Estate //

Do You Need a Professional Fiduciary?

Posted on September 10, 2021 //

Lack of a trusted person and pronounced sibling rivalry are some of the reasons a person may require a Professional Fiduciary to oversee his or her trust. The person may also need a Professional Fiduciary who understands the laws governing eligibility for government disability benefits. Especially if a Special Needs Trust is needed to cover the disabled child's expenses upon the person’s death. Finding a reliable Professional Fiduciary who can efficiently manage a trust is key, and due diligence … [Read more...]

Filed Under: Estate Planning //

Your Guide to Raw Land Purchase Agreements in Illinois

Posted on August 20, 2021 //

Raw land purchase agreements feature a few basic provisions, including purchase price, due diligence period, final closing conditions, and default and remedy. These provisions are specifically created to safeguard the interests of both the seller and the buyer. They are an important part of the purchase agreement. Purchase Price Provision A raw land purchase agreement has an important provision that deals with the purchase price and payment arrangements available to the potential buyer. … [Read more...]

Filed Under: Real Estate //

How Is Upside-Down Property Handled in Probate?

Posted on August 10, 2021 //

When dealing with upside-down real property in probate, an Executor has a fiduciary responsibility to pay off debts of the United States (tax debts) first. This is an arduous task, considering that the debts are more than the estate value. Once tax debts are paid off, the rest of the debts are divided into the following categories: Administration Expenses: This category consists of reasonable compensation of Executors, attorney fees, and out-of-pocket expenses like bank fees and recorder … [Read more...]

Filed Under: Probate //

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