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Recent Blog Posts
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:
University Says Illinois' Economy is Experiencing Slow and Stable Growth
It has taken the country years to recover from the 19-month recession of 2007, and in some states - like Illinois - the recovery has been slow to the point of painstaking. There have been gains, however. In fact, the University of Illinois recently released its annual index, which showed that Illinois is currently experiencing slow but stable growth. That makes now the perfect time to start your new business. Learn more about what to expect in the future regarding potential business growth, and discover how a seasoned business law attorney can help you make a successful start.
Standing Strong Against Potential Threats
The development of bitcoin and some other potential threats to the economy (artificial intelligence, vehicle automation, trade wars, etc.) may be impacting the current market in negative ways, but the economy remains strong, regardless. The University's index, which measures the financial market, made e a slight dip in March, going from 104.6 to 104.5, but it has continued to remain in the 104 to 105 point range. The University says that anything above 100 indicates economic growth. The last time it fell below 100 was in February 2012.
Co-Parenting Strategies You Can Use in a Contentious Divorce
While many parents have come to realize that an amicable divorce is a more favorable approach, there are some who just cannot get along. Perhaps there has been a history of abuse, or maybe one party is set on alienating the other. Thankfully, even in such scenarios, there are strategies that parents can use to preserve and protect the best interests of their children throughout the divorce process. Learn more in the following sections, including how the assistance of a seasoned and competent divorce attorney can improve the outcome of a contentious Illinois divorce.
Focusing on the Children
Perhaps the most effective strategy that one can use to mitigate the risk of troubles in a contentious divorce is to ensure that the focus remains on the children. Do not discuss personal matters with your spouse, and do not ask about their private life. Avoid arguing about the past (as well as the future), and leave money issues to be settled in court or mediation.
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.
Obtaining the Licenses and Permits You Need to Start Your Small Business
Starting a small business can be a massive undertaking. Nuanced steps and countless legal requirements, such as ensuring you have the correct licensing and permits for your business, can also make the process a little confusing. Thankfully, you do not have to go through the process alone. Learn more in the following sections, including how an experienced attorney can help you set your business up for success, both now and long into the future.
Licensing and Permits for Small Businesses
Most businesses require a license or permit. Unfortunately, it can be difficult to determine what type of license or permit you might need. Everything from the services and products you offer to the entity and location of your business can impact the licensing or permit you might need. To complicate matters even further, some companies will need to register with the federal government to obtain a tax permit to ensure they are complying with the imposed tax withholdings and unemployment insurance requirements. Failure to obtain the correct licensing and permits can have dire consequences, both for your business and for you, as an individual. In some cases, it could even result in criminal charges. Do not take chances. Instead, ensure you have experienced assistance, every step of the way.
Dealing with Financial Loss After an Illinois Divorce
Most people recognize that divorce can be an emotionally painful process, but the financial complexities and challenges of this process are often overlooked. When this happens, it can place parties at an increased risk of experiencing financial devastation after a divorce. Learn how to mitigate your risks in the following sections, and discover how you can best deal with the financial loss that may occur during your Illinois divorce.
The Risk of Financial Loss in Divorce
Not all parties run the risk of financial loss in divorce, but it is an exceptionally common issue. Couples that have children, parties engaged in a high-asset divorce, and disadvantaged spouses tend to have the highest risk. However, even low-income couples, couples without children, and two-income households need to prepare for the possibility of a financial loss. More specifically, divorcing parties should prepare, long before the start of the divorce, to smooth the transition. Of course, not all parties have this luxury; some may not even be aware that a divorce is about to start. In these situations, careful planning and the aid of an experienced legal professional are critical to reducing the impact of a financial loss during your Illinois divorce.
Why Hire an Attorney When Buying or Selling Residential Property?
As a consumer, you make hundreds - if not thousands - of purchases each year. Some are small and require nothing more than your debit card, credit card, or cash payment. Others, such as the purchase and sale of residential property, require a larger investment. Learn how the aid of an experienced real estate attorney can protect that investment while also decreasing the chances of costly or unexpected delays and challenges along the way.
Practicing Your Due Diligence
Anyone that has ever purchased a used car knows that there is always a risk of purchasing a "lemon" - a vehicle that never seems to run properly and always needs repairs. Sadly, not everyone knows that this can happen with houses, too. A home with the gorgeous wainscoting could be hiding mold or fire damage underneath. Structures that do not give much access to the crawl space could have more foundation issues than originally thought. Due diligence, performed with the aid of an attorney, can reduce the risk of these costly and unexpected problems.
What is a Titanic Clause and Do You Need One in Your Estate Plan?
Estate planning can be a complex and frustrating process - and not just because you must follow the letter of the law when creating your documents. Instead, there are numerous challenges and obstacles to consider and anticipate. For example, you could create a comprehensive will that clearly outlines your wishes, only to have it contested in court, which could send the estate to probate and ultimately decrease its overall value. Learn how a Titanic clause can reduce the risk of this happening to your heirs, and discover how an experienced wills and trusts lawyer can help you add one to your current (or future) estate plan.
What is a Titanic Clause?
Titanic clauses are designed to deal with "worst-case scenarios" in estate planning, such as all your heirs dying before your estate can be distributed. They can also address when the state should direct funds to another agency or organization (i.e. your favorite non-profit), rather than attempt to find additional heirs for your estate. Not only can this reduce your risk of probate, it can also reduce the chances that your assets will go to an unintended party, or a family member that you do not know and have never heard of or met. Most individuals are encouraged to have a Titanic clause in their estate plan - even if the value of their estate is small - but it can be especially crucial for those with a high-value estate.
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