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Recent Blog Posts
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.
Digital Estate Planning - What Happens to Your Digital Content After Death?
Americans store everything from selfies and family photos to digital music and stock photography online. What happens, though, when the content owner dies?
Sometimes nothing; family cannot access it and it either stays where it was stored or is eventually deleted or removed. Then there are situations in which the owner knew that digital content had to be handled differently than physical assets. In these cases, the content can be downloaded, transferred, or otherwise used and accessed by a named fiduciary. The following can help you learn more about digital fiduciaries, including why they are important and how you can name one to handle your digital assets after death.
What is a Digital Fiduciary?
Digital fiduciaries are individuals who have been granted legal access to a decedent's digital content. This idea might be concerning for some, but a digital fiduciary cannot simply use and access content at their discretion. Instead, they are restricted to access and actions that are outlined in the decedent's estate plan.
Could Commercial Real Estate Investing Be the Next Big Payoff?
Many homeowners, lenders, and investors suffered a severe loss during the housing market crash of 2007. Others found an opportunity. They were buying, not selling. Why? Because, as every wise investor knows, the market eventually recovers. Sometimes it can take years for that to happen, but the payoff is often worth the risk. Now hedge funds are preparing for the next big market crash; only this one involves commercial real estate. Could it be the next big payoff for investors? Perhaps. The following explains more.
The Perfect Storm
Retailers, big box stores, and malls have been struggling for some time now, but many have managed to hang on, if only by a thread. Unfortunately, it appears they could be in for the perfect storm in this upcoming year. Expert analysis shows that approximately $3.5 billion in retail loans were consolidated in 2016.
Think You Are Too Young for Estate Planning? Think Again!
Millennials are some of the most driven, open-minded, and goal-oriented individuals alive today. Yet, when planning their future, few consider estate planning. Most think they are simply too young, but nothing could be further from the truth. Learn more about why even millennials should have an estate plan, and how you can start yours.
Why Start Estate Planning Now?
If you are like most people in their 20s and 30s, you likely have a long list of endeavors you would like to pursue. From art projects to technology developments, these potential money-making ideas are worth something, long before they come to fruition. An estate plan can help protect these concepts and ideas, ensuring they are passed on to someone that can utilize them, should anything happen to you along the way.
Experts Release Predictions for Chicago's Housing Market in 2017
Buyers, sellers, and investors alike have been watching the Chicago housing market with bated breath. An area that has stalled in comparison to other major cities throughout the country, it has been a market where many homeowners are underwater, investors fear serious loss, and buyers wonder if buying in a stagnant market is truly the smart choice. Certainly, the market has belonged to buyers for some time, but many recognize that life changes and, should they want to sell later on down the road, they may be out of luck. Thankfully, it looks like at least some areas may be looking at an appreciation, and that could be a positive thing for anyone looking to buy, purchase, or invest in real estate in the area.
Most Homes Continue to Fall Behind Their 2006 Value
Estate Planning for Children with Disabilities
According to data from the Centers for Disease Control and Prevention (CDC), one in seven American children have some form of disability. Some suffer from behavioral and mental health issues. Others have developmental disabilities or congenital defects that severely impact their ability to care for themselves. Many of them could be at risk for issues in the future, once their parents are no longer around to care for them. Thankfully, estate planning offers parents a way to mitigate some of those risks. The following explains.
Choosing a Guardian for Your Child
If you know that your child will need lifelong care, it is critical that you create a will or estate plan and name at least two potential guardians to care for your child. The first can be the primary. The second can be someone who would assume care, should the first person pass away or be unable/unwilling to care for your child. You might also wish to set up an emergency care person - someone who would assume temporary care for your child, should you pass away suddenly. This can ensure they stay out of the state's care and in the care of someone you know and trust.
Can You Bulk Up Your Portfolio by Investing in Low Income Neighborhoods?
While most investors focus on up-and-coming neighborhoods, others choose to provide housing and opportunities to tenants in low-income areas. Can you really turn a profit in these areas, though, and is the risk really worth the payoff? The short answer is yes - but there are a few caveats. The following information explains how you can mitigate against the risks of investing in low-income neighborhoods. It also provides some details on how to effectively protect your investments and your financial future.
Understanding the Neighborhood is Critical
Low-income neighborhoods come in many different ranges, going from completely blighted to upper low-income. All offer investment opportunities, but the challenges you are likely to face can be greatly impacted by the income level of the community. As an example, upper low-income areas typically offer relatively safe living environments for your tenants. Blighted areas may have serious issues. Some may even have environmental issues that could impact the health and/or safety of your tenants. Knowing how to handle this will be critical to your long-term success.
Life-Changing Events That Should Prompt an Update to Your Estate Plan
If there is one thing you can count on in life, it is that things will change. Some changes are more internal, such as a new passion or career goal. Others are external. The former, though often positive, are likely to have little impact on the future of your estate. In contrast, the latter may require a significant change to your estate plan. Learn more about these changes in the following sections, and how an attorney can help ensure they are effectively addressed.
Re-Marriage and Divorce
Changing your marital status - whether from single to married or married to divorce - will, in most cases, warrant an update to your estate plan. This is especially true in the case of divorce and second, third, or other subsequent marriages. You should not tackle the changes alone, however, since blended families and ex family members can further complicate an already complex process. Instead, ask an attorney for assistance.
Estate Planning for Blended Families
If you have children from a previous marriage or relationship (or your spouse does), then careful estate planning is absolutely critical to the financial future of your loved ones. What does that really mean, though? How do you move forward and ensure that everyone receives their fair share upon your death, and that any minor children are cared for in your absence? The following explains, and provides some key information on where to find assistance with your blended family estate plan.
Why is Estate Planning is So Critical?
Estate planning is a difficult process - not just because it is a complex matter, but also because it requires you to think about your death: what might happen, what you want to happen, and how you want your assets to be distributed. Yet it truly is necessary, especially when you have children or a blended family. Children need a guardian named if they are minors. If they are adults, those who are not blood related could potentially lose out on an inheritance. Or it could cause arguments in your family after you are gone. Estate planning gives you the chance to make your wishes known, ensures that the right assets go to the right individuals, and protects minor children by ensuring they have a guardian that you and your spouse trust.
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