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Recent Blog Posts
Video Wills - Are They Right for Your Estate Planning Needs?
Talking to your family through video and letting them know your wishes once you are gone sounds like an innovative idea. At the very least, it is indicative of the times, but is such a method considered valid by the courts? Learn more about the validity of video wills, including how to determine if they may be appropriate for your estate planning needs, and discover where you can find quality legal assistance with your Illinois will or living trust.
Are Video Wills Legally Binding?
Video wills are not typically considered valid by probate courts or judges. The reasons behind this are many, but one of the biggest concerns is that a judge may be unable to determine whether the person speaking was of sound mind at the time of the video's creation. Furthermore, the judge may be unable to determine if the person was under any form of mental, physical, or emotional duress at the time that the video was made. As such, only a written and notarized will would be considered valid by the courts.
Deconversion of a Condominium - Is a Bulk Sale the Right Choice for Your Property?
Across the country, condominiums are suffering. Some units are sorely outdated. Others are unable to maintain an occupancy rate that can sustain the association's annual investment. Whatever the reason, deconversion may be the answer. However, it may not be the appropriate option for every condominium association. Learn more about the deconversion of condominium units, including how to tell if it may be the right choice for your property.
The Rise of Deconversion
In the early 2000s, condominium units were all the rage. They were so popular, in fact, that many apartment complexes were converted into condos. Sadly, the boom died out, which is why many condominium associations are now struggling to fill their units. This lack of occupancy, paired with the cost of maintenance and upkeep, has been the catalyst for the rise in deconversions - a process in which condominium units are converted to apartments.
Estate Planning Basics: Choosing a Guardian for Your Children
No parent wants to think about passing away before their children have grown, but tragedies happen every day. Sadly, if families are unprepared for such an issue, their children may be further traumatized by the events that occur after their loss. As such, all parents are encouraged to name a guardian for their child in a legally drafted will. Learn more about this process, including how to choose the right person for the job, with help from the following.
Guardianship is Not Automatic
Above all else, parents need to know that guardianship is not automatic after a tragedy. For example, you may assume that your parents would automatically receive your children if something happened to you, but this is not the case. Instead, anyone that is interested in custody of your children can come forward and request it. Then a judge must hear each person's side and determine which home may be most appropriate.
Home Buying Basics for Illinois Residents
Buying a home is a significant milestone that can give you and your family years of joy and a lifetime of fond memories. Unfortunately, the process itself can be highly complex, and missteps along the way can delay home ownership. Thankfully, there are ways to smooth the process. The following information explains, and it provides details on where to find assistance with your next (or first) Illinois home purchase.
Working with a Realtor
While homeowners may want to skip the real estate agent to save money on the sale of their home, this decision can be a grave mistake for buyers. Real estate agents do more than just show potential homes. Knowledgeable on the communities, market conditions, and median home prices in the area you are searching in, real estate agents can work with your family's needs and budget. They can aid you in preparing pertinent documents, such as your viable offer. Best of all, the agent's commission is typically covered by the seller (covered in the purchase price) once the home closes. Just remember to shop around. Find one that has experience representing buyers, good references, and an understanding of the area.
Transfer on Death Instrument or Living Trust - Which One Should You Use?
Historically, estate planning has been overlooked by the non-wealthy. Times are changing, however. Retirees and even younger adults are starting to recognize the benefits of an effective estate plan - especially when there is a smaller estate. You see, probate can quickly eat away at the value of a moderate estate, which may lead to significant losses for beneficiaries. In situations where the only transferable item is real estate, the loss may even prevent the procurement of the asset.
Thankfully, there are some preventative strategies that you can use, including Transfer on Death Instruments (TODI) and living trusts. How do you decide which is most appropriate for your situation? The following explores these two solutions and explains where to find assistance with your Illinois estate planning needs.
Selling Your Rental Property? Beware of Capital Gain Taxes
Rental property can increase your bottom line, bulk your investment portfolio, and even fund your retirement. Unfortunately, it can also come back to haunt you. Capital tax gains, which are charged by the Internal Revenue Service (IRS), are applied to any asset that you sell for a profit. Learn how to mitigate against this issue with help from the following information.
Offset Gains with Expenditures
If you have an investment portfolio, you can attempt to offset some of the gain from your rental home with expenditures in other investment areas. Alternatively, you may have expenses related to the home itself, which may also be used to cut your tax load. The strategy, known as tax loss harvesting, should be used only under the advisement of a professional.
Same-Sex Couples Still Face Some Unique Estate Planning Challenges
While most married couples can benefit from estate planning, it is not a hard or critical requirement. Most often, their assets would go to their spouse upon death, and minor children remain with the surviving parent, as long as the parent does not supersede them in death or die along with them. Even medical decisions are typically deferred to the spouse if one of them becomes incapacitated. Unfortunately, this is not always the case for same-sex married couples. Learn more about the challenges that same-sex couples face in estate planning, and what you can do to protect your family, with help from the following information.
Same-Sex Couple Estate Planning Challenges
Same-sex couples may experience numerous challenges in the event of death or incapacitation of one member. Families that refuse to accept the sexual orientation of their loved one may challenge the validity of a spouse's inheritance; doctors may question the authenticity of a same-sex marriage, which can delay treatment; and even children may be temporarily removed from a loving parent if the validity of a same-sex marriage is questioned. In short, many potential areas can create post-death issues for surviving spouses in a same-sex marriage.
Illinois Woman is Suing Zillow for Inaccurate Zestimate
Zillow is facing a potential lawsuit for its infamous "zestimate" tool. Filed by an Illinois woman, the suit alleges that the company has undervalued her home and made it difficult to sell. She is also claiming that the company is wrongfully providing appraisals, which should be considered a violation of the law. The case is already picking up steam, gaining recognition and support across the country, and that could mean drastic changes for real estate buyers, sellers, and investors.
Details of the Case
In her suit, the Illinois woman alleges that she has been trying to sell her townhome for some time now, but with no success, despite its prime location. She claims that her roadblocks are a direct result of Zillow's inaccurate zestimate, which has allegedly valued her home using the sales of newly constructed homes in a less expensive part of the city. She is seeking an injunction and wishes for the company to either fix its inaccurate valuation or remove it entirely.
Pre-Planning in Estate Planning Can Protect Your Heirs from Probate Issues
Most estate planners assume that having a will or living trust can keep their heirs from having to go through probate. Unfortunately, this is not always the case. There are numerous variables, potential oversights, and often confusing elements in the estate planning process. Any one of them can result in a need for probate. Learn more about how to reduce this risk with help from the following information.
Comparing Wills and Trusts
There are two basic methods used in estate planning: wills and trusts. Wills are an effective way to address guardianship issues, but they often increase the risk of probate because they can be challenged by family members. Living trusts are less likely to result in probate. Still, it is important to realize that a living trust does not eliminate the need for a will; almost no one disburses their entire estate through a living trust. Further, there may be elements in your estate plan that cannot be covered by a living trust.
Illinois Real Estate Group Takes Action on Behalf of Investors
Investing in the state of Illinois' real estate market is already risky business; the housing market is still lagging from the recession, and now the commercial real estate market is lagging and, perhaps, on the cusp of a crash. Unfortunately, this is not stopping legislatures from trying to impose rent control on both commercial and residential properties. What might this mean for you, the investor, and what actions are being taken to stop the advancement?
Examining the Rent Control Bill
As of right now, rent control is prohibited in the state of Illinois. In other words, property owners and investors can charge what they see fit for their property; generally, this is determined by calculating costs like taxes, the mortgage, maintenance, and insurance. After all that is configured, the investor is only likely to make a small profit. HB 2430, a House Bill that was recently proposed, would lift the prohibition and allow for rent control. In short, it would cut into the little bit of profit that investors currently make from their properties.
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