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
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...]
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...]
How to Use an FHA 203K Loan to Rehab Your Investment Property
Posted on July 22, 2021 //
A borrower can rehab an investment property with the FHA 203k loan by purchasing and renovating a multifamily (2-4 unit) property. The borrower must then reside in one of the units as his or her primary residence for at least a year to satisfy FHA’s permanent residence requirement before renting out the property. What if a Borrower Already Owns a Home? If a person has already purchased a home, he or she can refinance his or her current mortgage using the FHA 203k loan. This presents smart … [Read more...]
What Constitutes Incapacity for Conservatorship?
Posted on July 12, 2021 //
When an adult becomes incapacitated and incapable of managing his or her affairs, conservatorship transfers the power to manage that adult’s financial affairs or personal care to another person or entity. This legal process of appointing a conservator is known as probate conservatorship. The law requires conservators to act in their ward’s best interests at all times. When Can a Court Grant Conservatorship? A court usually grants conservatorship when an adult is incapacitated and unable to … [Read more...]
