Investing in real estate is a common and worthwhile investment to consider. Pursuing one may provide tax advantages and additional revenue streams. Although it requires a somewhat lengthy explanation, it is also a form of protection against inflation. One of the pitfalls is that many assume they are already in the real estate market or business. In other words, if you own a house, you are familiar with home-buying. Read More

When you buy or sell a home here in Chicago, you will likely be part of a New York Style Closing. Because that may cause a small amount of confusion, allow us to clarify. A New York Style Closing is when the buyer, seller, their attorneys, and a title insurance representative meet to sign and execute the closing documents and transfer the appropriate funds. The important takeaway is that your attorney will be with Read More

Honestly, let’s clarify that we understand estate planning is a slightly dry topic. However, we try to make it fun because, as unexciting as it may be, that doesn’t make it any less important. The most challenging aspect of estate planning (at least in terms of how people view it) is accepting that it isn’t only for the rich and famous. Nothing could be further from the truth. When in doubt, just assume that estate Read More

Anyone who plans to open a business or is currently running one must know the potential for business litigation. Regardless of who you contact or pay to advise you, you can only partially eliminate the possibility of litigation. Even in a hypothetical sense, the perfect business could become the defendant in a frivolous lawsuit. Business law attorneys would realize this during the discovery phase and work to prevent Read More

Anxiety is natural; it’s your body’s response to stress. The amount of pressure that a new entrepreneur is under more than warrants anxious thoughts. Before starting a business, many people leave established career paths or sell their homes to finance their idea. Though there are many reasons to feel anxious when you go out on your own, our goal is to help you cope with them. Taking care of yourself gives yourself, Read More

This belief is so common that it almost appears factual. Although it is significantly more affordable than establishing a trust, many people are under the impression they don’t have enough assets to even warrant the cost of creating a will. Not only do people have more assets than they realize, but they also aren’t aware of the potential complications that arise from not having completed any degree of estate Read More

If you take away one thing, it should be this: probate can be a long process. A typical or standard estate can take up to twelve months to pass through it—and an estate tied up in litigation can take multiple years. By highlighting the timeline, we are not taking the position that you should avoid probate, nor are we claiming you should seek it out.  The length of the process needs to be considered when you and your Read More

Your mortgage lender (assuming you need one) conducts a title search on the property you intend to purchase. Because the title is attached to the home, the title search is a closer look at the title's history. Is the record accurate? Has the deed ever been forged or altered? Does someone have a claim on the property that isn’t the seller?  Imagine your lender conducts the search and finds that the title is clean. Read More

Estate planning attorneys may use the term “anti-lapse statutes” when discussing how assets get passed down to beneficiaries. If you were inclined to do so, you could read about them directly in the Illinois Anti-Lapse Statute of the Probate Act (Section 4-11). Be warned, however, because when reading it, you will not see the words “anti-lapse.” But you will come across phrases such as “...take per stirpes the estate Read More

Property taxes are paid in arrears. You aren't alone if you don’t know what that term means. “Arrears” pertains to money that should have been paid earlier. It applies to real estate purchases because property taxes made during this year are actually for the previous year.  For homeowners, this is a minor issue. Illinois sends out two property tax bills each year. When you get one, you pay it. Simple. You may not Read More