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Unless the apartment building you are buying is brand new, there are almost certainly tenants living in the building. As much as you may wish to start with a “clean slate” empty building and craft your community with purpose, you must honor existing leases. However, you may not be obligated to renew leases for existing tenants if you are not happy with the current renters. In most cases, you can simply allow the tenants’ leases to expire. Before you take any action, it is important to speak with a qualified Chicago real estate attorney who has experience with the sale
Continue Reading If I Buy a Property, Do I Have to Honor Existing Leases?

While a lawyer is not strictly necessary when you are selling your house, having one can help immensely. Selling your house is likely one of the most complex transactions you will ever engage in. Even smaller and older houses are quite valuable at the moment. Real estate prices are some of the highest they have been in a very, very long time. You likely stand to profit tremendously if your home sale is successful. A lawyer can help make sure that everything goes smoothly while protecting you from possible future liability. There is a certain amount of risk involved
Continue Reading If I Am Selling My House, Do I Need a Lawyer?

Lands trusts are living trusts that give the beneficiary full or partial legal ownership over a property. The person who establishes the trust is the grantor and the owner of the property. A trustee manages the trust itself. 
This estate planning strategy allows individuals and business owners to protect their property. The entire estate planning process can be difficult, so it is always smart to consult an experienced attorney. They can ensure that your land trust is legally binding and can guide you into making the best informed decision for your unique circumstance. 
What Are the Advantages of a
Continue Reading How Does a Land Trust Work?

As a new parent, you are likely feeling somewhat overwhelmed by the responsibility that you now have for safeguarding the interests of the little person who has been entrusted to your care. This is normal, and although this feeling can be uncomfortable at times, you can use it to your family’s advantage. Allow it to inspire you to make healthy choices, to shore up your finances, and to either craft an estate plan for the first time or to update any documents that you may have executed in the past.
Naming a Guardian 
In the tragic event that you do
Continue Reading Are You a New Parent? It Is Time to Craft an Estate Plan

In recent months, much has been written about the state of commercial office space in the U.S., especially in large urban centers like Los Angeles, Washington D.C., and Chicago. Due to social and economic shifts that were accelerated dramatically by the Covid-19 pandemic, fewer businesses are operating in traditional office spaces. And while the prevalence of remote and hybrid work environments is being questioned by some, these arrangements are incredibly popular overall. As a result, commercial real estate investments in traditional office spaces are not what they once were.
Is This Shift a Ticking Time Bomb?
There is an increasing
Continue Reading Why the Risk of Commercial Real Estate Doom Loops Matters Now

If you are a first-time home buyer, there are a variety of issues that must be addressed as you search for your “perfect home.” One of the best ways you can protect yourself from any potential legal and/or financial issues that could arise is to have a skilled Illinois real estate attorney representing you throughout the process. The entire process – from submitting a bid to purchase the home through closing on the property and getting the keys – can feel overwhelming, but having your own attorney can ensure a smooth and successful transaction. The following are some of
Continue Reading Reasons Why You Should Retain a Real Estate Attorney When Purchasing a Home

One of the most beneficial tools a person can use in their estate plan is a trust. Trusts provide many advantages, including the ability to avoid probating the assets that are contained in the trust. However, there are situations where after the trust is created, the individual passes before they had the opportunity to transfer certain assets into the trust that should have been included. This can happen for various reasons, such as acquiring new assets after the creation of the trust or unintentionally omitting certain assets from the trust. In these situations, a pour-over will can ensure that any
Continue Reading How a Pour-Over Will Can Benefit Your Illinois Estate Plan

Whether a person has a physical or mental disability, the need for financial support is often consistent. The cost of medical care, home healthcare, specialized equipment, housing, and everyday needs can quickly add up. If you have a family member with a disability, you may worry about his or her ability to cover these costs after you have passed away. A special needs trust is a trust used exactly for this purpose.

What is a Special Needs Trust?
A special needs trust is a fiduciary relationship involving a grantor, trustee, and beneficiary. The grantor, or person who creates the trust,
Continue Reading How a Special Needs Trust Can Benefit Your Disabled Loved One

Inflation, unemployment, illness, and countless other factors can make it difficult for homeowners to make ends meet. Consequently, some owners end up selling their homes for less than the amount that is still due on their mortgage. This is referred to as a “short sale.”
For homebuyers, a short sale can present a valuable opportunity. However, buying property through a short sale is not without risk.
Possible Advantages and Disadvantages of Buying a Home Through a Short Sale
The main reason that someone would consider buying a short-sale home is that it will likely be available for much
Continue Reading Buying a Home Through a Short Sale: Understanding the Risks and Benefits

Aging parents often leave conversations about inheritance untouched. These conversations are difficult and can leave both parents and children feeling sad or confused. However, these conversations are also very important because they touch on serious topics that have the potential to significantly impact the lives of everyone involved. By avoiding conversations about estate planning and end-of-life wishes, parents may inadvertently set their children up for more pain and suffering in the future as they struggle to understand a parent’s wishes regarding their estate. 
For many, a parent’s home is the only inheritance that will be handed down upon the parent’s
Continue Reading Can I Keep a Home From Going Through Probate? 

Major changes in relationships often bring changes to other, equally important parts of life. Marriage, divorce, and death are some of the most significant life events and all three have the potential to change the way we organize our property and financial planning. While marriage and death are often planned for, divorce often is not. Furthermore, the highly emotional and bureaucratic nature of divorce makes it easy to forget to handle other practical financial concerns, especially if you are exhausted after dealing with ongoing legal issues. However, taking care of your estate plan, including the way you manage your
Continue Reading Recently Divorced? Remember to Change Your Estate Plan

If you own real estate, there are a variety of concerns that you may need to address when creating an estate plan. You may be looking to ensure that ownership of real estate property can be transferred to others with minimal complications or expenses, or you may wish to protect your privacy and maintain anonymity. Land trusts can be an effective tool for doing so. These trusts can help you protect your property and keep it out of probate. They can also help you manage your assets, minimize taxes, and prepare for the future. By understanding how land
Continue Reading How Can Land Trusts Be Used in an Estate Plan?

If you are like most people, decisions regarding end-of-life decisions and estate planning are not something you want to think about. However, making these decisions now can save your loved stress and expense in the future. Estate planning also provides something no amount of money can provide: peace of mind knowing your final wishes will be carried out according to your specifications.
Strategic estate planning can also reduce the legal complications associated with your passing. One way to simplify the estate planning process is to use a transfer on death (TOD) instrument.
Advantages of Using an Illinois Transfer on
Continue Reading What Are the Benefits of Using a Transfer on Death Deed?