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What is Title Insurance and When is it Useful?

If you have purchased or sold real estate, you have likely heard about title insurance. In Illinois, the seller of real estate is customarily responsible for purchasing and delivering a title insurance policy to the buyer. This specific form of insurance involves a policy specially designated for the benefit of the future owner, and sometimes […]

2019 Resolutions

We have now concluded the third week of the new year. You have probably made a list of resolutions focusing on various ways to improve your outlook in 2019. As the holiday season fades away and we get back to our normal routines, have you considered ways you may improve your life this year that […]

Divorce Tax Treatment Changes Implemented January 1st, 2019

The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. To ease the transition brought by the new law, the application of many individual tax changes were pushed back to take effect until 2019. One of those deferred provisions relates directly to couples seeking a divorce.  Since the tax law […]

The Benefits of a Funded Trust

The concept of “funding” a Trust involves transferring assets to the ownership of the trust. These assets include real property, financial accounts and other types of property. Fully funding a Trust ensures that you and your beneficiaries receive the most benefit out of the trust that has been created. The consequence of failing to “fund” […]

What Does it Mean to “Fund” a Trust?

When a Revocable Trust is established, the individual signing the trust must transfer assets to the newly created trust. The process of retitling assets to the Revocable Trust is known as “funding the trust”, or simply “funding”. While creating a Revocable Trust is an important first step in the estate planning process for many individuals […]

What is Probate?

Probate is the court process of administering an estate after the death of an individual. An estate is deemed everything a person owns, but in this context, it refers to either individually owned or trust owned property.  The Probate process is not merely limited to lawfully distributing assets.  It is also the venue to determine […]

When Should You Consider Changes to Your Estate Plan?

It is beyond debate that estate planning is a time and money investment that provides inestimable financial benefits for all families regardless of whether there are children or an array of financial assets. Creation of an estate plan is the first step, followed by the process of re-titling assets if the estate plan features a […]

Asset Division in Illinois

Throughout a marriage, couples acquire assets, that later are often deemed “marital property”. In the course of a divorce proceeding, if the spouses cannot agree, the court will decide the manner and amount of the division of assets (and debts). A judge will first characterize assets to be either marital or non-marital property.  While this […]

Why a Business Needs an Attorney

Starting a business is an energizing experience for those with the entrepreneurial spirit that often involves developing a partnership with various individuals – an accountant and a commercial banker for example. Often, business owners may overlook the benefits of legal representation both in forming the business and then beyond. Below are some reasons why having […]

Do Your Children Need Health Care Directives?

Ashley was ready to begin her freshman year away from home in Minnesota. When August finally arrived, her parents, Donna and Brad, drove her to the place she would call home for the next four years. Things were going well, and she was enjoying her new-found independence. She also made a lot of new friends. […]

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