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Recent Blog Posts
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.
2017 Brings Three New Sick Leave Laws to Illinois
Changes to business laws are not a new thing, but employers are facing three major updates. Failure to comply with any of these new laws can result in serious consequences for employers, not the least of which may include litigation. Learn what they mean for your company, and how you can get ahead of them to protect your business with help from the following information.
Chicago Paid Sick Leave Ordinance
Set to take effect July 1, 2017, the Chicago Paid Sick Leave Ordinance (SLO) is an amendment to the original Minimum Wage Order. It requires that employers provide all of their employees with 40 hours of sick paid leave for 12 months of employment, that at least 20 of those hours be carried over to the next 12 months of employment if they are not used, and that an additional 40 hours be carried over to cover any leave that qualified under the Family Medical Leave Act. It applies to all Chicago employers with one or more covered employees (worked at least 80 hours within a 120-day employment period). However, employers do not have to grant this leave until their employees have been employed for at least 180 days.
Planning for Divorce? Make These Critical Financial Moves
Divorce is a complex process with numerous financial pitfalls. Some are devastating enough to cause long-term divorce-induced poverty. Others can take years to overcome. Thankfully, there are ways to reduce your risks of money troubles during and after the divorce. It all starts with preventative measures, such as those covered in the following information. Learn what you need to know about protecting your finances during divorce, and where you can find experienced help.
http://www.cnbc.com/2016/12/22/headed-for-divorce-court-here-are-your-top-5-financial-musts.html
Violating a Tenant's Rights Can Result in Expensive Litigation
When it comes to renting out a commercial building or residential property, landlords assume a lot of risk. Tenants may fail to pay their rent, could cause destruction to the property, or may violate building codes and cause the landlord to incur extra expenses. Yet, even in such instances, landlords must adhere to certain laws. In particular, they must follow the due process to ensure a tenant's rights are not violated. Failure to do so can result in expensive litigation. The following explains further, and provides you with some information on how you can legally protect your commercial or residential rental property.
Landlord Faces Litigation After Locking Tenant Out of Restaurant
After allegedly being locked out of his restaurant, a Mount Prospect business owner is suing his landlord. He claims he had not been late on his rent, had not been any form of notification, and was not permitted to retrieve his property within the building. The landlord's attorney alleges, instead, that he is not in the wrong. If anything, he is allegedly allowing the tenant to walk away from a 10-year lease without having to pay for any damages that may be owed.
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.
Critical Steps to Take When Dissolving Your Business
Closing a business is a complex, multi-step process that must be done with the utmost efficiency. Failure in any aspect can result in serious consequences with both legal and financial implications. If you are facing the closure of your business, the following information can help. It also explains where and how to find experienced assistance.
Creating an Exit Strategy
No two companies are exactly the same, and it is unlikely that any two will go through closure in exactly the same way. This is why exit strategies are so critical. An outline of whom you will need to talk to, tasks that will need to be completed, an overview of what you hope will come of the closure, and an examination and possible solutions to any issues that may arise, this critical step can help to ensure you have covered all the aspects of your company's closure. It can also help you stay focused on the next task at hand as you navigate through the arduous process.
Should You Partner with Your Children to Invest in Real Estate?
Family businesses can be a way for parents and children to bond, while also offering children a chance at a future they might not have otherwise had. Real estate investment is a different breed of family business, though. There are pitfalls that can leave you holding the debt and all that comes with it. This risk increases even further if you happen to have an adult child who is not quite ready to take on the responsibility. Does this mean you should not invest with your children? Not necessarily. The following can help you determine which decision may be best for your situation.
Taking an Honest Look at Your Child's Maturity Level
During the recession, a lot of real estate investors went under. Others flourished. What made the difference? It was often the ability to make sound, strong, and wise investment decisions. So, when wondering if you should partner with your children to invest in real estate, the first question you should ask is whether it is a sound and smart decision. You know your children best, so only you can truly answer this, but some things to look out for might include:
Estate Planning for Same-Sex Couples Has Changed - Have You Updated Your Plan Yet?
Although same-sex marriage is now legal on a national level, few couples have thought to come forward and update their estate plan. Unfortunately, this can be problematic. It can also lead to a significant loss of funds upon a party's death. Learn more about how an updated estate plan can benefit you and your partner, and why it is so important.
How Estate Planning Has Changed or Same-Sex Couples
Prior to 2015, same-sex couples who were not in a state that legally recognized their marriage had to find inventive ways to ensure their partner received benefits upon their death. Many had to take out insurance policies that were much higher than heterosexual couples because there needed to be enough to pay for estate taxes. This has now changed.
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