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

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...]

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

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...]

Do You Need a Professional Fiduciary?

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...]

Your Guide to Raw Land Purchase Agreements in Illinois

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...]

How Is Upside-Down Property Handled in Probate?

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...]

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