Top 5 Things to Ask in a Consultation:
How to Prepare for an Initial Meeting

Posted in: Blog, News- Mar 11, 2014 No Comments

When facing legal matters, a lawyer can be a valuable ally. If you’re like most people and don’t have much legal background knowledge yourself, seeking advice and assistance from an experienced lawyer is critical.

Not all attorneys, however, are equally skilled or qualified to handle your case. And, even among those who are, not all will inspire confidence in an initial consultation. Remember that when you choose an attorney, you’re actually hiring someone to work for you, so think of the consultation like a job interview.

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Yes, Your Business Needs a Business Attorney
How a Specialized Lawyer Benefits Your Company

Posted in: Blog, News- Jan 27, 2014 No Comments

It’s pretty obvious that your business needs a name, a tax identification number, and a business bank account. These are no-brainers – you couldn’t get off the ground without them.

What might not be so obvious to you is that your business also needs an attorney who specializes in business law. We’ve noticed that many new start-ups seem to overlook this crucial step in starting a company, and we’re here to tell you why that’s a big mistake.

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Commercial Real Estate Virgins
The Newbie’s Guide to Buying Commercial

Posted in: Blog, News- Jan 21, 2014 No Comments

Real estate is real estate, right?  You bought a house, and that’s exactly like buying a commercial building, right?

Wrong.

Though there are certainly many similarities between the two processes, there are some things you should know if you’re taking your first dive into commercial real estate.

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The Top 10 Estate Planning Mistakes
And How You Can Avoid Them

Posted in: Blog- Dec 17, 2013 No Comments

I certainly understand why people put off planning their estates. It’s natural to feel an aversion to thinking and talking about what will happen after you’re gone. For many, it can be overwhelming and emotional.

None of these things, however, should stop you from doing it and making sure it’s done well. Whether you handle the documents on your own or hire an attorney, there are a few pitfalls you should be aware of before you start.

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Make Sure Deed Recorded Before The Mortgage

Posted in: Real Estate Law- Sep 06, 2012 No Comments

In re: Jeannine Victoria Heaver, No. 09-B-73096 (N.D. Ill. 2012), the U.S. Bankruptcy Court for the Northern District of Illinois held that a mortgage that is recorded before the deed to the mortgagor was recorded is outside the property’s chain of title.

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Mortgage Documents: ‘May’ equals ‘Shall’

Posted in: Real Estate Law- Sep 06, 2012 No Comments

In a recent decision by the U.S. Bankruptcy Court for the Central District of Illinois, the court held that mortgage documents are flawed when they fail to state the maturity date and interest rate of the loan, even though the underlying statute says that information “may” (not “shall”) be included in the contract.

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Title Company has No Duty to Provide Chain-of-Title infoew Tab

Posted in: Real Estate Law- Sep 06, 2012 No Comments

A cautionary tale for home buyers who are seeking title insurance to protect themselves from potential third-party claims on the property.

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Trusts May Be Exempt From Judgments

Posted in: Estate Planning- Aug 24, 2012 No Comments

Personal property exemptions and trusts. Public Act 97-1030 (Sandack, R-Lombard; Mathias, R-Buffalo Grove) exempts from judgment a revocable or irrevocable trust that names the wife or husband of the insured or which names child, parent, or other person dependent upon the insured as the primary beneficiary of the trust. Effective July 1, 2012.

Radon Resistant Construction Act

Posted in: Real Estate Law- Aug 17, 2012 No Comments

Radon Resistant Construction Act. Public Act 97-953 (McAsey, D-Lockport; Collins, D-Chicago) creates the Radon Resistant Construction Act. It requires all new residential construction include passive radon resistant construction. “New residential construction” is any original construction of a single-family home or a dwelling containing two or fewer apartments, condominiums, or townhouse. “Passive radon resistant construction” includes an installed pipe that relies solely on the convective flow of air upward for soil-gas depressurization and may consist of multiple pipes routed through conditioned space from below the foundation to the roof above. Effective June 1, 2013.

 

Trust Modernization II

Posted in: Estate Planning- Aug 17, 2012 No Comments

Trust modernization II. Public Act 97-921 (McAsey, D-Lockport; Silverstein, D-Chicago) Public Act 97-921 adds flexibility to Illinois estate planning and administration of trusts by the use of “directed trusts.” Directed trusts allow a settlor to establish a trust and separate the administrative authority between a trustee and another person or entity acting as a fiduciary, such as an investment advisor, distribution advisor, or trust protector. It is modeled after Delaware law, and more than 30 states already allow for directed trusts in some form. Effective January 1, 2013.