630-665-2500
128D S. County Farm Road, Wheaton, IL 60187
Recent Blog Posts
Illinois Housing Market Lower than National Average
At the end of September in Illinois, almost eight percent of home mortgage loans were delinquent. The state remains one of the worst in the nation for foreclosures, according to the Mortgage Bankers Association.
The quarterly delinquency survey was one of three reports that were recently issued that show the housing market in Chicago and the surrounding areas continue to remain struggling to pick back up. Foreclosure proceedings were started against 1.29 percent of Illinois homes, along with the addition to delinquent loans, in the third quarter. The percentage of loans in the foreclosure process totaled about 6.83 percent. This percentage of loans in Illinois that entered the foreclosure process was higher than any other state in the country, with the exception of New Jersey and Florida.
Of all mortgage loans nationally, 7.64 percent of all one to four unit residential properties were delinquent by the end of September. For judicial states like Ilinois, in which court systems process foreclosure actions, the foreclosure rate decreased a little bit to 6.6 percent. The rate for nonjudicial states is only 2.4 percent.
Marrying an Ex Can Be Happily Ever After
The idea of getting back together with one's ex-spouse after a divorce is a common theme in Hollywood, but, according to the Chicago Tribune, it's not a theme that surfaces much in real life. Nancy Kalish, professor emeritus at California State University in Sacramento recently completed a study of "1,001 reunited couples from around the world" which reported that only 6 percent of them were married—a second time—to the same person. The only way it will work, according to the Tribune, is if there is a "behavioral change and growth, whatever the reasons for the divorce."
Laurie Puhn, a relationship coach and published author, told the Tribune that "there is power in knowledge, so you need to go into the marriage a second time and understand you're entering a second marriage. It's not the same of the first one," even if it's the same partner. Rachel Clark, a science writer, remarried her first husband, and told the Tribune that she had no idea "of the bond my husband and I had created together when we got divorced."
Common Estate Planning Mistakes
According to On Wall Street, there are a lot of people that make mistakes when they are planning their estate issues. If you are willing to take some time, you can get the most out of your planning and you will be able to understand what will happen to your money when you pass away.
Not Making a Plan
One of the biggest problems with an estate is not making a plan on where your money is going to go after you pass away. The reason this is hard for most people is because they have to admit they are going to die someday. This can be uncomfortable.
Doing It Alone
There is nothing wrong with using legal forms you may have downloaded from the Internet, but you may not know what kind of amounts you should send where. This can be hard for you to do alone and the help of a lawyer is usually needed for this part.
Not Knowing
There are sometimes that you may think you know exactly what you want to do until you get a better deal in front of you. Getting a lawyer to help you with this will open opportunities to you that you may not have ever thought was there.
Taxpayers Pay Billions Due to Deadbeat Parents
A recent CNN Money article reports that over $100 billion in unpaid child support is owed nationwide. Almost half of that amount - an estimated $53 billion - is actually owed to taxpayers who are supporting children and families who turn to public assistance programs when their child support goes unpaid. While these figures may be astonishing to taxpayers, they are even more devastating for the custodial parents who are struggling to raise children completely on their own, and often falling into poverty in doing so.
All states have enforcement agencies set up that are designed to establish and enforce child support orders, and people also can use private attorneys to bring deadbeat parents back to court in an attempt to collect their support payments. However, given the sheer amounts of child support owed and the difficulties of enforcing orders in some cases, these attempts are not always successful. For instance, some parents who attempt to evade their court-ordered support obligations will simply turn to the underground economy for work, a source of income that garnishment orders cannot reach and courts often cannot prove.
What a Will Can and Can't Accomplish
A will is a guideline for your loved ones and, sometimes, the state where you live to fulfill your last wishes on earth. It is up to you to maintain those wishes in a legal document otherwise they could be decided for you by the state that you live in. The states desire to come as close as possible to the deceased last requests, yet their generalized approach often leaves something to be desired. In order to regain control over these last plans, it is integral to draft a will.
But what is the scope of a will? What does it do and what is outside of its grasp? The main goal of a will is to distribute property to family, friends, and other beneficiaries. There are certain restrictions that vary from state to state, which is why it is essential to review these documents with an experienced estate planning professional. For example, there are certain restrictions on property that falls of a probate estate, like joint property.
The Massive Benefits of a Mediated Divorce
In an effort to celebrate Mediation day on October 18, it is important to review the enormous advantages of a mediated divorce. The process of mediation is an attempt to collaborate on decision making in order to make better outcomes for both parties. A neutral party, or mediator, assists in cooperative problem solving in any type of conflict which is especially helpful in divorce.
The first benefit is that the process of mediating a divorce will save a lot of money. Rather than paying two divorce attorneys for a long and drawn out court case, both spouses can use the same mediator to obtain the same results. Divorce has left some people considering bankruptcy as a way to recover financially from a divorce.
The second benefit is that the process can save you a lot of time. Each spouse is responsible for setting the timeframe of the discussions, not under the directive of the court systems. Without a judge's assistance, you and your soon-to-be-ex can address issues that you want to settle. Who would know better than you and your spouse about how to separate child custody or how to set up a co-parenting agreement? The mediation process knows that real life is not rigid like the legal system, but that it embraces creative solutions.
Previous Arrangements may Override Your Will
Having a will may not always be enough, according to an article in the Chicago Tribune. If you have made other arrangements, they may take precedence over your will. For instance, if you own a home jointly with rights of survivorship, the owners get the property when you pass on, no matter what your will says. Additionally, any property that has a named beneficiary (e.g. retirement and savings accounts, annuities and life insurance) goes to the beneficiary despite what your will dictates.
When making a will, it is very important to go over the details with an experienced estate planning attorney. You should bring your attorney a list of all your assets with named beneficiaries. If you want to change the beneficiary of any of your assets, the documents dictating the disposition of that asset need to be updated. If the documents have been signed by you and other people, it is necessary to get their permission first.
Property that is individually owned and without a named beneficiary passes by will. It is possible that all of your assets have named beneficiaries or are held jointly with rights of survivorship. In this case, you may not have any property that would pass by will. However, a will could become useful in any case. For example, you can name beneficiaries in your will for assets that you do not have yet but expect to get later. You can specify guardianship arrangements for your children, and you can define how your personal property will be distributed.
An Important Aspect In Your Will: Guardianship
In today's world, money is often the main topic of discussion and prime concern in almost any situation. Financial assets and property are talked about a lot in estate planning too, but there is one aspect of estate planning that is even more important: children.
Children are talked about a lot as far as last wills and financial security go, and while providing for you children is highly important, there is one thing that will govern their futures even more. We are, of course, talking about guardianship. If something happens to you, it is important to have a guardian planned for your children, so that they can continue living in a safe environment.
Choose someone you trust fully and who you know will be a good parent. This should of course be a decision you do not make hastily. It is, indeed, your children's futures that are at stake. When you have decided who should be the guardian, the legal aspects need to be considered.
The Uses of Living Trusts to Protect Assets in Divorce
There are two things that can ruin your financial security, the first is taxes; the second is divorce. The gruesome stat about divorce is that 50% of marriages end up that way. So for those who have worked to build some savings or are the beneficiaries of someone's will, you should consider shielding your assets in case of a divorce. There are a couple of ways you can keep your previous property separate just in case.
The first way is through premarital or post-marital agreements. These contracts can specify the division of property after a marriage has ended. Just as you could safeguard family heirlooms from your spouse, you can also protect assets that come from your family. Yet these kinds of documents are not as effective when dealing with income, due to the fact that you can't limit things like child support in these agreements.
Illinois Healthcare Powers of Attorney
A healthcare power of attorney is a legal document that allows an individual (the "Principal") to give another person (the "Agent") the authority to act on his or her behalf as far as decisions regarding healthcare. Under the Illinois Power of Attorney Act, this document can limit the authority of the Agent, specify when the Agent's authority begins and ends, detail the duties that the Agent's authority covers, and set forth any limitations on the Agent's authority.
One common provision of a healthcare power of attorney, for instance, deals with decisions about whether to give or withdraw life-sustaining treatment. If a Principal has certain religious beliefs that prohibit or discourage certain types of medical treatment, a healthcare power of attorney can leave various instructions for the Agent regarding those types of treatment should the situation arise.
Contact Our Firm
The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.
I have read and understand the Disclaimer and Privacy Policy.
