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June, 2020 Archives

Estate Planning During the COVID-19 Pandemic

The COVID-19 pandemic has caused many to turn their thoughts to the "what ifs" of end-of-life planning, yet estate planning becomes more difficult when legal teams are under stay-at-home orders and keeping their firms closed. For those who are ready to make changes to their estate plan, this time of introspection provides an excellent opportunity to start with the help of an estate planning lawyer. Why Make an Estate Plan? The COVID-19 pandemic has shown that all it takes is an illness to … [Read more...]

Covid-19 Provides Opportunity For Estate Planning

Estate planning in light of a global pandemic requires specific strategies to execute a proper estate plan while protecting people from the virus. The reality of a global pandemic has caused many to think about what would happen to their loved ones if they were gone. This is an excellent time to start an estate plan or give an existing estate plan another look, and most of the steps can be taken safely even in light of a global pandemic. Extra Time Makes Estate Planning Easier As people are … [Read more...]

Which Type of Mortgage Is Right for You?

Homebuyers have many options to consider as they shop for a mortgage, including conventional, jumbo loans, government-backed mortgages, fixed-rate mortgages, and adjustable-rate mortgages. Finding the right one helps buyers make wise financial decisions as they shop for their home. It also helps them know how much home they can afford. 1. Conventional Mortgages A conventional mortgage is one that a buyer gets from a lender and that does not have any type of government backing. These can be … [Read more...]

Illinois POA: When You Need Someone to Make Healthcare Decisions

When a point comes that a person can no longer make their own healthcare decisions due to illness, mental health concerns, or injury, a Healthcare Power of Attorney, provides legal guidance to the medical professionals and family as to whom should make those decisions and what your wishes are. This document provides important protections to someone's family against having to make difficult decisions or fighting amongst each other. In Illinois, the Healthcare Power of Attorney is a critical part … [Read more...]

New Rule Puts an End to Pocket Listings in Chicago

A house model with for sale words under the frame With the implementation of the Private Listing Network, the National Association of Realtors hopes to effectively end the practice of pocket listings. When properties go on the market in the Chicagoland area, their listings get added to the multiple listing service, or MLS. From there, agents, brokers, and buyers may view the pertinent data in order to find suitable properties. Before the NAR’s new rule, however, some properties were withheld … [Read more...]

How to Find Out if You Were Named in a Will

A last will and testament file, stampers, a pen, and a pair of eyeglass on the table After the death of a loved one, people may learn through a notice from the estate executor or by searching out the information for themselves whether they were named as beneficiaries. When creating a last will and testament, testators may specify their beneficiaries, or those whom they want to inherit from their estates, and what they want each to receive. Even the most open and close-knit of families may not … [Read more...]

Why Chicago Real Estate Investors Are Moving On

Building construction work in a city center Future uncertainties arising from property taxes, the financial woes of the city and state, and challenges obtaining investors have pushed several Chicago-based real estate development firms to pursue projects outside the city. For the last decade, Chicago has experienced a construction boom. However, the market has recently seen a substantial drop in developers taking on new local projects; instead favoring builds in cities such as Nashville, … [Read more...]

What You Should Know About Estate Tax in 2020

A dummy standing in front of a big red 3D tax word Understanding how the state’s estate tax requirements may impact their families and estates upon their deaths may help guide people’s estate planning choices. Whether preparing for their retirement and potential needs as they age or focusing on ensuring their families’ financial security after their passing, people must consider several factors when developing their estate plans. The state’s estate tax requirements may take assets from those … [Read more...]

ADA Rules Extend to the Digital Realm

A man writing "know the rules" on a paper Under the rules outlined in the Americans with Disabilities Act, certain businesses and other organizations must make their websites accessible to people with disabilities. Established in 1990, the ADA aims to ensure people with disabilities, including those with hearing, vision, and physical impairments, have the same opportunities as anyone else. As the internet has taken on a critical role in the everyday lives of people throughout Illinois and the … [Read more...]

Can I Exclude My Spouse from Inheriting My Estate While My Divorce Is Pending?

Writing testament my last will on a paper with several $100 dollar bills People in Illinois must take action to exclude their spouses from inheriting their estates if death precedes the finalization of their divorces. Many married people name their spouses as a sole or partial beneficiary of their estates when creating their wills. Only the final divorce or annulment order or a revised will can revoke bequests to the surviving spouse. Surviving spouses who are disinherited will still have the … [Read more...]

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