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Recent Blog Posts
Growing Access to Data and How It Is Affecting the CRE Market
Technology has changed how we communicate with family and friends. It has made shopping easier and more convenient. It has even changed how people invest their money. Yet, when it comes to the commercial real estate market, not much has changed. Investors still rely heavily on traditional methods for buying and selling property - but all of that is slowly starting to change.
New technology-based companies are cropping up. They are giving commercial real estate (CRE) investors that chance to access real-time data, such as neighborhood statistics, buyers and sellers, analytics, and even the asset itself. What does all this mean for the CRE market’s future, and how can you get in on the game? The following information explains, and it details how the aid of a seasoned, competent commercial real estate lawyer can help you stay on the cutting edge.
Examining the Most Common Estate Planning Myths
People may put off estate planning for a variety of reasons. Most are born out of estate planning myths - assumptions that simply are not true. Learn why estate planning is an important task for everyone, regardless of their situation, and discover how a seasoned estate planning lawyer can assist you with the process in the following sections.
“Only the Rich Need an Estate Plan”
Perhaps one of the biggest estate planning misconceptions is that the process is only for the extremely wealthy. While, yes, a comprehensive estate plan is important for reducing the tax load of the wealthy, even those with moderate to small estates can benefit from the process. Often, people do not know their true value. They may have assets that they have forgotten about, or their savings and retirement accounts may have accrued more interest than expected. If the individual has children, this alone facilitates the creation of a will, as it is important that families ensure their children end up with the guardian or guardians they feel to be the most suitable.
Women Face Unique Challenges in the CRE Market
Although great strides have been made in achieving gender equality in America, women continue to face significant challenges in the commercial real estate market. In fact, studies show that women are still making less than their male counterparts, even though they are doing the same work. Learn how you can overcome the issues you are facing in the CRE market, and discover how a seasoned attorney can assist you in the process.
Gender Equality Issues in the CRE Market
In a study published by RETS, a commercial real estate recruitment and staffing firm, 618 women in entry- to senior-level CRE market positions revealed their biggest concerns. A startling 87.2 percent said they are concerned about the lack of equal pay, and 65 percent said they had learned that a male counterpart made more than them. Of those, 75 percent claimed they had heard on two or more occasions that a male agent made more than them.
Single and Retired? Try These Strategies When Creating Your Illinois Will or Trust
While those who are married or have kids typically have a built-in plan, should anything happen to them, singles rarely have this option. As such, they may find themselves incapacitated or ill with no one to protect their interests. Even worse, if they pass away, their entire life’s earnings could be lost. Thankfully, there are ways that single people can protect themselves from such a fate. Learn more, and discover how a seasoned will an trust lawyer can assist with the process.
Examining the Role and Responsibilities of a Proxy or Trust
A trust or proxy is someone who makes medical, financial, or estate decisions for an incapacitated or deceased party. Used by single and married people alike, this person must be appointed by the individual in question ahead of time, and their roles and responsibilities must be clearly outlined. These may include:
House-Flipping in Illinois - Where Are the Hottest Spots to Invest?
House-flipping has become somewhat of a trend in the United States - and for good reason. Financing options are more plentiful and far easier to obtain than they once were, and the housing market is finally starting to recover from the Great Recession. However, not all areas are profitable for investors. The following information can help point you into some of the hottest communities to flip in, and it provides you with details on what a seasoned real estate attorney can do to protect your investment portfolio and financial future.
Chicago and Surrounding Cook County Areas
Of all the areas in Illinois, the most promising for flippers can be found in Chicago and the surrounding areas in Cook County. Experts say that investors are seeing as much as a 97.7 percent ROI, which is much higher than most areas in the nation. To break that down into dollar terms, the average purchase price for flipped houses is at about $88,500. Those houses have sold for an average of $175,000. While that is a decline of about 2 percent from last year (and thereby suggestive that opportunity in the market is slowly diminishing), homes can still be purchased at a deep discount in the area.
Cryptocurrencies in Your Estate Plan - What You Need to Know
Bitcoin, Ethereum, and other types of cryptocurrencies have made many savvy investors quite wealthy - and many of them have been able to keep their wealth secret. Unfortunately, the very thing that makes such currencies appealing can also endanger the wealth of one’s heirs. Learn how and why you should add your cryptocurrencies into your estate plan, and discover how a seasoned Illinois wills and trusts lawyer can assist with the process and mitigate any financial loss.
The Hidden Nature of Cryptocurrency Creates Issues for Heirs
Because the money is entirely digital, cryptocurrencies can be easily lost. In fact, there are stories about investors who have had to dig through their trash after losing their password and login information. Others choose to keep their currency stored offline, on a thumb drive. However, even this presents a problem in estate planning.
Screening Potential Tenants Can Protect Your Real Estate Business from Financial Loss
When renting out property - be it commercial or residential - landlords are encouraged to conduct a thorough screening of all prospective tenants. The reasoning for this is simple: tenants can cost you thousands of dollars in property damage, lost rental fees, and court costs. Learn more about how to ensure you have done your due diligence on a potential tenant for your property, and discover how a seasoned real estate attorney can help protect your real estate business.
The Pre-Screening Process
There are many ways to conduct a tenant screening, but most landlords find a two-step process preferable, which starts with a pre-screening, and it typically includes questions like:
- Why are you moving?
- Can you meet the income requirements?
- Do you have pets?
- When do you want to move in?
When is Probate Necessary in Illinois?
Probate is a court-supervised procedure in which the court determines who is supposed to inherit the assets of a deceased person. Though not always necessary, it is sometimes required. The following sections can help you learn more about the probate process in Illinois, including when it may be needed and how a seasoned attorney can help improve the outcome for entitled heirs.
When is Probate Necessary?
Illinois’ probate laws are not dependent upon whether there was a valid will at the time of a person’s death. Instead, they focus on the assets that the individual owned and how they were titled. For example, assets that are found to be joint- or entirety-owned may be distributed without probate. Assets held in trust, assets assigned to a designated beneficiary (i.e. retirement accounts), and real estate assets with a transfer-on-death deed may be distributed without a will or probate as well. In contrast, an estate may be required to go through probate if:
Purchasing Investment Property - Five Considerations to Make Before You Buy
Investing in real estate can be a lucrative move for the financially savvy, but for those that fail to do their homework, there is a risk of severe financial loss. Learn how you can be a part of the former group of investors, rather than the latter, by avoiding some of the most common real estate investment pitfalls. You shall also discover how an experienced attorney can help reduce the risk of complications in your next real estate transaction.
How Much Will It Cost?
Calculating the cost of a property can get a little complex, especially for the novice investor. That is because there is more to cost than the sale price, closing costs, and title fees. There could be zoning problems that need to be corrected before you can rent or sell the property, and distressed properties, which are common in the real estate investment sector, could have more damage than you initially thought. As such, investors are encouraged to perform their due diligence before purchasing an investment property, especially if it needs repairs.
Understanding the Risks of DIY Estate Planning
In a world where people are increasingly reliant upon the internet for their personal, financial, and business needs, do-it-yourself estate planning may seem like the fastest, easiest, and least expensive option for drafting a will or trust. Unfortunately, this is rarely the case. Do-it-yourself estate planning options can rarely accommodate the unique needs of individuals, and they can leave the surviving family susceptible to all sorts of complications. Learn more about the risks that one may assume under a DIY estate plan, and discover how the assistance of a seasoned estate planning lawyer can reduce the risk of probate issues for your loved ones.
Overlooking Potential Issues
In a DIY estate plan, individuals usually rely on the prompts of a computer. If they respond incorrectly, do not understand the verbiage of a specific question, or if the computer fails to ask the appropriate questions, there could be potential issues in the future. As an example, consider the estate plan in which one names only primary beneficiaries. If something happens to the named parties and a successor or contingent was not named, the estate could go to probate.
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