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IL real estate lawyerBuying or selling your home is a massive undertaking – financially, emotionally, and legally. The consequences of residential real estate transactions can affect your life for years or even decades after the transaction. Furthermore, the complexities associated with buying or selling a home can make anyone feel overwhelmed. For these reasons, many buyers and sellers seek professional legal guidance from a real estate attorney.

Benefits of Working With a Real Estate Lawyer

State laws regarding residential real estate vary. In Illinois, you are not required to hire a real estate lawyer. However, there are many advantages to working with an attorney when buying or selling a home, including:

  • A deeper understanding of the terms of the sale or purchase – Anyone who has bought or sold a home can tell you that real estate documents are complicated and difficult to read. Your lawyer will interpret any “legalese” and explain the terms of the contract in plain language. This ensures that you know exactly what you are agreeing to.
  • Legal advocacy and guidance – Your lawyer’s job is to advocate for your best interests during the transaction. He or she will review the contract and make sure that the contract is fair and reasonable. If needed, your lawyer may request a modification to the contract. Your lawyer will check for any encumbrances or title defects on the property. A skilled attorney will also ensure that all the necessary paperwork is properly completed and deadlines are met. It is customary in Illinois for buyers and sellers to have a lawyer review the purchase agreement before it is finalized.
  • Reduced likelihood of litigation after closing – Poorly written contracts, misunderstandings, and mistakes can lead to post-closing disputes. Working with an experienced real estate lawyer can help you avoid these types of issues.
  • Reduced stress – Did you know that moving to a new home is considered one of the most stressful life experiences you can go through? Having a strong legal professional on your side can give you the peace of mind you need.

Contact a Wheaton Real Estate Lawyer

If you are buying or selling a home, you cannot afford to make mistakes. Contact a knowledgeable DuPage County real estate attorney from Stock, Carlson & Asso. LLC for help. Our team understands the challenges of buying or selling a home and how to properly address these challenges. We can help ensure that the process goes as smoothly as possible. Call 630-665-2500 today for a confidential consultation.

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IL estate lawyerEstate planning allows you to decide how your property is distributed upon your death. Whether you want to leave college money to your grandchild or pass along a treasured family heirloom, your estate plan is the vehicle through which you make those wishes a reality. However, estate plans can involve much more than leaving assets to loved ones. A strong estate plan enables you to leave a legacy while simultaneously supporting the causes you care about. Read on to learn about incorporating a charitable trust in your estate plan.

How a Charitable Trust May Benefit You

Charitable trusts are irrevocable trusts that allow an individual to leave money and property to 501(c)(3) organizations. You can bequeath money, stocks, real estate, and other types of property through a charitable trust. The beneficiary of a charitable trust may be a church or other religious organization, hospital, and school, or other not-for-profit organization.

Gifting assets to charitable foundations is one way individuals can support the causes they care about – even after they have passed away. In addition to the personal significance of donating to a charity you believe in, charitable trusts also have tax-related benefits. Charitable lead trusts reduce your income and therefore your tax liability. You may also enjoy reduced estate taxes.

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DuPage County contract attorneysOriginally posted: April 12, 2019 -- Updated: 11-17-2021

Confidentiality agreements or non-disclosure agreements are a great way to ensure your business practices, client information, and other sensitive information is kept confidential. However, Non-disclosure agreements (NDAs) must meet specific standards by law.

Illinois’s Workplace Transparency Act added additional requirements for employers who choose to use confidentiality provisions in their employee contracts. In 2021, employers are prohibited from employee contract provisions that are:

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IL family lawyerParentage refers to the legal relationship between parents and their children. Paternity is used to describe the father-child relationship. Whether you are a father, mother, grandparent, or another family member, you may have questions and concerns about how paternity influences family law issues. Read on to learn answers to some of the most common questions about paternity in Illinois. For legal advice customized to your particular situation, reach out to an experienced family law attorney.

How Do You Establish Paternity?

When a married couple has a child, the law presumes that the mother’s husband is the father. However, if an unmarried couple has a baby together, they must take additional steps to establish paternity. You may be able to fill out a Voluntary Acknowledgement of Paternity (VAP) to establish paternity. However, if the other parent will not cooperate, you may need to take action through the Illinois Department of Healthcare and Family Services or the court to establish paternity.

How Does Paternity Impact Child Support?

For single parents, child support payments can make all the difference in the world. If you are a parent or guardian who wishes to pursue child support from a child’s father, you must first establish paternity. Once the legal relationship between the father and child has been established, you may petition the court for a child support order.

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IL business lawyerBusiness partnerships can be very beneficial, allowing multiple people to contribute capital to a company, share ownership, and work together to manage the business. However, it is very important to make sure all partners fully understand the terms of the partnership, their rights and duties, and how they can resolve any disagreements or other issues that may arise. A well-drafted partnership agreement is one of the most important types of contracts that may affect a business, and partners can work with an experienced business law attorney to make sure their agreement will meet their company’s needs.

Partnership Agreement Terms

At a minimum, a partnership agreement should detail the name and address of the business, information about all of the partners, the purpose of the partnership, and the date the partnership began. An agreement should also address issues such as:

  • Ownership stakes - Each partner’s percentage of ownership in the business should be fully defined. These decisions may be based on the capital that each partner has invested in the business or other contributions that they will be making to the company.
  • Management responsibilities - An agreement may fully define each partner’s role in the company, including the areas of the business they will oversee and their day-to-day duties.
  • Compensation and division of profits and losses - Depending on the partners’ roles, they may receive a salary or other forms of compensation. A partnership agreement should also detail how partners will divide profits earned by the business, when they can draw from business funds, and how they will share in business losses.
  • Decision-making and dispute resolution - Partners will need to decide on both the long-term strategy for a business and how to address regular, day-to-day issues. An agreement may specify whether partners will hold regular meetings and vote on decisions or whether they may be required to reach a consensus. It may also detail the methods that may be used to resolve disputes between partners, such as mediation.
  • Binding power - A partnership agreement should detail whether a partner will have the authority to enter into contracts or take out loans on behalf of the business.
  • Partnership changes - Partners will need to understand the procedures for bringing new partners into the business, including the level of authority that new partners will have and whether they will participate in certain business decisions. A partnership agreement can also address how matters will be handled if a partner leaves the business or other situations where the partnership may be dissolved.

Contact Our DuPage County Partnership Agreement Lawyers

At Stock, Carlson & Asso. LLC, we can help you and your partners create an agreement that will meet your company’s needs. We will help you understand what terms should be included, and we will advise you on how you protect the interests of your business and make sure it will be able to continue operating successfully in the years to come. Contact our Wheaton business law attorneys today at 630-665-2500 to learn how we can help with your legal needs.

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