Posted on September 11, 2023 in Real Estate

Ending your residential lease early can be complicated in Illinois. While the law does allow tenants to break a lease under certain conditions, you must follow proper protocols. Tenants who terminate illegally risk financial penalties and eviction. A lawyer can help you, but it is important you also follow the proper legal steps. Here is what you should do for a lawful process for early lease termination in Illinois.

Review Your Lease Agreement Carefully

The first step is to thoroughly read your entire lease agreement, paying close attention to any provisions about early termination. Many leases outline specific notice periods, fees, or conditions required for legal early move out. Failing to comply means defaulting.

Proper Notice to Your Landlord is Key

In most standard Illinois residential leases, tenants are required to provide 30 days' written notice to legally terminate early. The notice period commences at the start of the next rental period after notice is given. Inform your landlord in writing as soon as possible once you decide to leave.

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 Posted on August 31, 2023 in Estate Planning

One of the most popular estate planning tools that are available is a trust. There are a number of different types of trusts that can be utilized, depending on what your needs are. Many of the clients who meet with our Illinois estate planning attorneys are often surprised at the number of assets that can be protected by placing them in a trust. The following touches on some of the benefits a trust offers. Contact our office for more detailed information.

What Is a Trust?

A trust is a legal instrument that protects assets from various risks that could ultimately lead to some sort of loss of those assets. Some of the more common risks include:

• Divorce

• Creditors

• Excessive spending

• High tax obligations

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 Posted on August 09, 2023 in Real Estate

One of the most critical pieces of documentation in a real estate transaction is the purchase contract between the buyer and seller. This contract is usually drafted once the buyer has made an offer on the property and the seller has accepted that offer. This contract outlines all of the terms and conditions of the transaction, providing protection for both parties. The following are some of the key components that should be included in the contract. For more detailed information regarding a real estate transaction you are considering, make sure to consult with a qualified real estate attorney.

Basic Information

Every real estate contract should clearly state the identification of the parties entering into the agreement, including names, current addresses, and contact information. This will eliminate any confusion about who the contract applies to should issues come up in the future.

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 Posted on July 26, 2023 in Family Law

One of the most crucial decisions parents will need to make is choosing who will be their child’s legal guardian in the event they are unable to care for their child because of illness, incapacity, death, or other unexpected circumstances. The person they choose will need to step in to provide the love, support, and guidance that every child needs.

When deciding who this person should be, the following are some of the factors that parents should consider.

Shared Values and Beliefs

When choosing a legal guardian for your child, you want to make sure it is someone who shares your values, beliefs, and parenting style. It is important to choose someone who will uphold the same principles and provide a similar upbringing to what you would want for your child. Consider their moral and ethical values, as well as their approach to discipline, education, and religion.

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 Posted on July 07, 2023 in Estate Planning

There are many estate planning tools available that will ensure your family is protected when you are no longer here. One of those tools is called a pour-over will. A pour-over will is a type of will that works in alliance with a revocable trust (also referred to as a living trust). The purpose of a pour-over will is to make sure that any assets that the decedent did not get the opportunity to place in the trust before they die are transferred into the trust upon their death.

Integration with a Revocable Trust

A pour-over will is designed to work alongside a revocable trust, which is a legal entity created during a person's lifetime to hold and manage their assets. The assets are placed in the trust, with the contents passing to the named beneficiaries when the person dies. The pour-over will acts as a safety net, ensuring that any assets not transferred to the trust before death are still included.

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 Posted on June 27, 2023 in Real Estate

A title search involves investigating the history of a property’s ownership and legal status to ensure there is a clear and marketable title. It is a vital step in any real estate transaction and should never be overlooked. When engaging in any real estate transaction, whether buying or selling a property, conducting a thorough title search is paramount, providing essential information that protects all parties involved and ensures a smooth transfer of ownership.

Rightful Ownership

One primary purpose of a title search is to establish the rightful owner of the property. By examining public records, including deeds, mortgages, and liens, the title search uncovers any existing claims or encumbrances on the property. These can include unpaid taxes, outstanding mortgages, judgments, or other legal disputes. Identifying such issues in advance helps prevent costly surprises and potential legal battles in the future.

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 Posted on June 06, 2023 in Business Law

When you start a business, one of the most important decisions you will need to make is what business structure your company will have. Structuring a business as a Limited Liability Company (LLC) offers several advantages that make it a popular choice among entrepreneurs. Whether you are starting a small business or embarking on a new venture, considering the benefits of an LLC can help you make an informed decision. The following are some key advantages of structuring a business as an LLC. For more detailed information, contact Whitacre & Stefanczuk LTD for legal assistance.

Limited Liability Protection

One of the primary benefits of an LLC is the limited liability protection it provides to its owners, referred to as members. The personal assets of the members are generally protected from business debts and liabilities. In the event of legal claims or financial obligations, the members’ personal assets, such as homes or savings accounts, are typically shielded from being used to satisfy business-related liabilities.

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 Posted on May 31, 2023 in Business Law

Business formations refer to the legal structures that entrepreneurs can choose when starting a business. These structures determine issues such as liability, taxation, ownership, and decision-making processes. The following is a brief overview of the four most common types of business structures. For more detailed information, contact Whitacre & Stefanczuk LTD.

Sole Proprietorship

A sole proprietorship is the simplest and most common type of business formation. In this structure, a single individual owns and operates the business. It offers ease of setup and allows the owner to have complete control over decision-making. However, the owner is personally liable for the business's debts and obligations.

Partnership

Partnerships involve two or more people who share ownership and responsibilities. There are two main types of partnerships: general partnerships and limited partnerships. In a general partnership, all partners have equal authority and are jointly liable for the business's obligations. In a limited partnership, there are general partners who manage the business and limited partners who invest but have limited liability.

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 Posted on May 15, 2023 in Estate Planning

There are multiple estate planning tools available that can help ensure your family is protected when you are no longer here. One of the most common instruments used is trusts. Trusts allow individuals to transfer assets to their beneficiaries while avoiding probate and minimizing tax liabilities. There are several different types of trusts available, each with its own unique benefits and limitations. The following is a brief overview. For more detailed information, call our office to speak with a seasoned estate planning attorney.

Revocable Trust

A revocable trust, also known as a living trust, is a trust that can be amended or revoked during the lifetime of the grantor. This type of trust allows the grantor to maintain control over their assets while alive. Upon the death of the grantor, the assets are then turned over to the beneficiary of the trust, avoiding the probate process for those assets.

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 Posted on April 26, 2023 in Business Law

A business partnership allows a company to benefit from the skills, experience, and unique perspectives of multiple people. Partnering with another person also allows you to share expenses and job responsibilities, promoting a healthier work-life balance.

However, partnerships are not without risk - especially if you do not have a solid partnership agreement in place. To give your company the best chances of long-term success and reduce the risk of conflict, make sure you have a well-written partnership agreement that includes details about decision-making authority, profits and distribution, ownership percentages, and how the partnership can be modified or dissolved.

Ownership and Capital Contributions 

Define the ownership percentages of each partner in your agreement. Each partner's share of ownership is usually proportionate to how much capital each partner has contributed (or will contribute) to the business, such as start-up costs or ongoing investments.

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