Posted on December 15,2023 in Estate Planning

A transfer on death instrument (TODI) is exactly what it sounds like. This type of legal document allows you to name a person who will have the right to take ownership of a piece of your property after you have passed away. By using a TODI, you can keep your real property out of reach of the probate court. Putting a house through probate can be difficult. The fees associated with probate are steep, and in some cases, the house needs to be sold to cover costs. Your designated beneficiary can simply transfer the deed into their name simply by presenting your death certificate to the Recorder of Deeds. This estate planning option is simple, fast, and costs little. You should consult a qualified Roseland, IL, estate planning and real estate attorney before executing this legal document. 

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 Posted on November 16,2023 in Residential Real Estate

Unless the apartment building you are buying is brand new, there are almost certainly tenants living in the building. As much as you may wish to start with a “clean slate” empty building and craft your community with purpose, you must honor existing leases. However, you may not be obligated to renew leases for existing tenants if you are not happy with the current renters. In most cases, you can simply allow the tenants’ leases to expire. Before you take any action, it is important to speak with a qualified Chicago real estate attorney who has experience with the sale of multi-unit buildings. Tenants’ rights is a complex area of law, and running afoul of it can lead to serious penalties. The laws that apply to renters in your building may vary by municipality and in some cases, the building. 

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 Posted on October 18,2023 in Residential Real Estate

While a lawyer is not strictly necessary when you are selling your house, having one can help immensely. Selling your house is likely one of the most complex transactions you will ever engage in. Even smaller and older houses are quite valuable at the moment. Real estate prices are some of the highest they have been in a very, very long time. You likely stand to profit tremendously if your home sale is successful. A lawyer can help make sure that everything goes smoothly while protecting you from possible future liability. There is a certain amount of risk involved in any real estate transaction, but your attorney can take steps to minimize your risk, such as making sure the proper title insurance is in place. There is a nearly endless amount of different legal issues that can come up during a real estate transaction. Having an Illinois real estate lawyer already on board and prepared to address potential concerns can set you up for a successful sale. 

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 Posted on September 14,2023 in Estate Planning

Lands trusts are living trusts that give the beneficiary full or partial legal ownership over a property. The person who establishes the trust is the grantor and the owner of the property. A trustee manages the trust itself. 

This estate planning strategy allows individuals and business owners to protect their property. The entire estate planning process can be difficult, so it is always smart to consult an experienced attorney. They can ensure that your land trust is legally binding and can guide you into making the best informed decision for your unique circumstance. 

What Are the Advantages of a Land Trust in Illinois?

Land trusts are usually established by real estate investors and estate planning property owners because of their advantages. Here are a few of those benefits: 

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 Posted on August 18,2023 in Estate Planning

As a new parent, you are likely feeling somewhat overwhelmed by the responsibility that you now have for safeguarding the interests of the little person who has been entrusted to your care. This is normal, and although this feeling can be uncomfortable at times, you can use it to your family’s advantage. Allow it to inspire you to make healthy choices, to shore up your finances, and to either craft an estate plan for the first time or to update any documents that you may have executed in the past.

Naming a Guardian 

In the tragic event that you do not live long enough to watch your child reach the age of majority, it is going to be vitally important that you have selected someone you trust to assume responsibility for their care. If you do not choose someone proactively – ideally, someone who shares your parenting philosophies and is stable and loving – the state will determine who will raise your child. This is an outcome that you can avoid by naming a guardian for your child in your will.

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 Posted on July 19,2023 in Uncategorized

In recent months, much has been written about the state of commercial office space in the U.S., especially in large urban centers like Los Angeles, Washington D.C., and Chicago. Due to social and economic shifts that were accelerated dramatically by the Covid-19 pandemic, fewer businesses are operating in traditional office spaces. And while the prevalence of remote and hybrid work environments is being questioned by some, these arrangements are incredibly popular overall. As a result, commercial real estate investments in traditional office spaces are not what they once were.

Is This Shift a Ticking Time Bomb?

There is an increasing concern that empty office space – especially in large urban centers – is not just a problem for individual developers and investors who hoped to see a significant return on their initial and ongoing attention paid to any particular property. There is a sense that the shifting reality of urban office space could lead to a phenomenon that has been dubbed a “doom loop.” And it is also being widely predicted that the effects of this concern could be felt in earnest as early as 2025 when the nation’s commercial investors and real estate developers hit a debt wall.

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 Posted on June 20,2023 in Residential Real Estate

If you are a first-time home buyer, there are a variety of issues that must be addressed as you search for your “perfect home.” One of the best ways you can protect yourself from any potential legal and/or financial issues that could arise is to have a skilled Illinois real estate attorney representing you throughout the process. The entire process – from submitting a bid to purchase the home through closing on the property and getting the keys – can feel overwhelming, but having your own attorney can ensure a smooth and successful transaction. The following are some of the key reasons why first-time home buyers can benefit from having an attorney.

Negotiations and Counteroffers

When it comes to negotiating the terms of the purchase agreement, a real estate attorney can provide valuable advice and assistance. They can help the buyer draft counteroffers, negotiate repairs, or negotiate favorable terms, such as contingencies or financing arrangements, to protect the buyer's interests.

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 Posted on May 18,2023 in Estate Planning

One of the most beneficial tools a person can use in their estate plan is a trust. Trusts provide many advantages, including the ability to avoid probating the assets that are contained in the trust. However, there are situations where after the trust is created, the individual passes before they had the opportunity to transfer certain assets into the trust that should have been included. This can happen for various reasons, such as acquiring new assets after the creation of the trust or unintentionally omitting certain assets from the trust. In these situations, a pour-over will can ensure that any overlooked assets will still be managed and distributed according to the terms of the trust.

Advantages of a Pour-Over Will

One of the key advantages of a pour-over will is its ability to simplify the probate process. When a person passes away, their estate typically goes through probate, which involves validating the will and distributing assets. However, if a person's assets are primarily held in a trust and they have a pour-over will, the pour-over will directs any remaining assets to the trust, bypassing probate for those assets. This can save time and money, and reduce the complexity of the probate process.

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 Posted on April 12,2023 in Estate Planning

Whether a person has a physical or mental disability, the need for financial support is often consistent. The cost of medical care, home healthcare, specialized equipment, housing, and everyday needs can quickly add up. If you have a family member with a disability, you may worry about his or her ability to cover these costs after you have passed away. A special needs trust is a trust used exactly for this purpose.

What is a Special Needs Trust?

A special needs trust is a fiduciary relationship involving a grantor, trustee, and beneficiary. The grantor, or person who creates the trust, adds funds to the trust and assigns a trustee to oversee the distribution of the funds. The funds are distributed to the disabled person who can use them to cover living expenses, medical needs, and any other costs that he or she encounters.

What makes a special needs trust different from other types of trusts is that trust assets are not counted against the disabled person when it comes to public assistance. Many disabled people receive Social Security or Medicaid to help them cover expenses. These programs are based on income. If your assets and income exceed a certain limit, you are ineligible for benefits. A special needs trust provides financial support to a disabled person without threatening their eligibility for public assistance. Because the trust assets are held by the trust and not the disabled person, the trust assets are not counted as income.

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 Posted on March 07,2023 in Residential Real Estate

Inflation, unemployment, illness, and countless other factors can make it difficult for homeowners to make ends meet. Consequently, some owners end up selling their homes for less than the amount that is still due on their mortgage. This is referred to as a "short sale."

For homebuyers, a short sale can present a valuable opportunity. However, buying property through a short sale is not without risk.

Possible Advantages and Disadvantages of Buying a Home Through a Short Sale

The main reason that someone would consider buying a short-sale home is that it will likely be available for much less than the home's appraised value. This means that the buyer could get a great deal. Many investors purchase a home or parcel of land and "flip it" for profit. If done carefully, buying a short-sale home can be a lucrative investment.

However, it is important to remember that some short-sale homes have been neglected by their owners. Therefore, buyers should be aware of potential hidden costs, such as repairs and renovations. Buyers will also want to do a title search and make sure there are no undisclosed liens or other encumbrances on the property.

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