Posted on April 13, 2023 in Estate Planning

For many people, estate planning and incapacitation planning are responsibilities that get put off as long as possible. Understandably, most people do not want to face their own mortality and plan for incapacitation or death. However, these responsibilities are extremely important and should not be procrastinated. A severe injury or illness can occur at any time to anyone.

Advance directives are legal documents that allow you to make decisions about how your medical and financial decision making will be handled if you cannot make the decisions yourself.

Types of Advance Directives

Advance directives allow you to remain in control of your personal affairs even if you are incapacitated by a medical condition. Using these documents, you will make decisions in advance so that there is no question as to what your wishes are, in the event that you cannot express the wishes yourself. Some of the most common advanced directives include:

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 Posted on March 17, 2023 in Real Estate

Landlords wear many hats and juggle countless responsibilities. For many landlords and property owners, one of the worst aspects of the job is handling tenant evictions. It is an unpleasant process that nobody wants to face, and the global pandemic has presented landlords with even more challenges when it comes to evicting tenants.

Although most eviction moratoriums and other covid-related restrictions have been lifted by now, the pandemic changed the nature of the landlord-tenant relationship. Many tenants are set on doing everything they can to avoid meeting the terms of their lease agreements while remaining in their homes. If you are struggling to evict a tenant, it is important to understand the current eviction process in order to ensure that you are following the law and protecting your rights as a landlord.

Cook County, Illinois Eviction Process

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 Posted on March 06, 2023 in Real Estate

Purchasing a commercial property represents an exciting opportunity for any investor. If you own commercial real estate, you know this firsthand. Whether you plan to use the commercial property yourself or lease it out to another party, you likely have ambitious plans for the future. Unfortunately, many commercial real estate investors find their plans derailed by excessive property tax obligations.

In this blog, we will discuss the legal options available to commercial real estate owners in this predicament. It may be possible to lower your tax burden by filing an appeal or taking advantage of certain tax incentives.

How to Appeal a Property Tax Assessment for a Commercial Property

An old saying states that the only things certain in life are death and taxes. Still, your tax bill should not be so demanding that it ruins your future ambitions. If you think a commercial property tax assessment is too high, you should consider filing an appeal with the local taxing authority. The exact process for appealing depends on your jurisdiction, but here are some general tips to keep in mind:

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 Posted on February 27, 2023 in Estate Planning

Many people put off conversations about estate planning for years, and understandably so. Conversations about end-of-life care, inheritance, and other sensitive topics around estate planning can be uncomfortable and sad for parents and children. Furthermore, many parents assume that if they do not write a will, their children will automatically inherit anything they have. If the family home is the single or most valuable possession they will pass on, they may assume the children will inherit it equally. 

Unfortunately, this is not always true. Although making an estate plan can bring up unpleasant thoughts and feelings, putting it off or not doing it at all is a mistake for the parents and the children. If distributing your property after you pass away is important to you, it is essential to create an estate plan reflecting your wishes. 

What Happens to a Home If There is No Will? 

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 Posted on February 10, 2023 in Real Estate

Rising mortgage rates, property taxes, and other economic challenges mean that many homeowners are struggling to make monthly payments on their homes. This can put enormous pressure on a family and require them to make a decision about how to manage their spiraling mortgage debt fast. One option may be putting a house up for short sale. If you are interested in learning more about short sales, how they work, and how one might be helpful to you, read on and then contact an Illinois residential real estate attorney. 

What Is a Short Sale? 

A short sale is when a homeowner sells their house for less than they owe on their mortgage. The biggest benefit of a short sale is that the homeowner has a better chance of selling the home before it is repossessed in a foreclosure by the mortgage lender. If someone makes an offer on the home, the mortgage lender has to decide whether to accept the offer. 

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 Posted on January 30, 2023 in Real Estate

As inflation continues to rise and the economy enters a period of unpredictable highs and lows, many people are left in the middle, trying to afford their family’s lifestyle and feeling as though the most basic things in their lives have become threatened. When it feels like you are at risk of losing your home because you cannot afford the mortgage payments, the serious potential consequences can make it hard to think straight. 

Foreclosure may be in your future, but it does not necessarily have to be the end of the world and you may, in fact, have other options that you are unaware of. At Whitacre & Stefanczuk LTD, we take your concerns seriously and work to communicate clearly with you so you can make wise decisions about your financial future. Our real estate attorneys are here to help and, if appropriate, we provide excellent foreclosure defense services for our clients. 

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 Posted on January 12, 2023 in Real Estate

When people buy a home - especially when it is their first home - they are often so caught up in the excitement and joy of such an exciting experience that they rarely are on the lookout for scams that are specifically targeting unsuspecting Illinois homebuyers. Yet an entire industry of criminals exists who are thinking up ever more sophisticated ways of scamming people out of the money they worked hard to save so they could buy a home. If you are buying a home, especially for the first time, it is essential to understand some of the most common scams homebuyers face and how an Illinois real estate lawyer can help protect you from them. 

How Do Scammers Target Homebuyers? 

One of the most common ways that homebuyers suffer financial fraud is when a criminal poses as the client’s realtor by tracking the realtor’s email correspondence and seizing opportunities to send a homebuyer false information so earnest money or closing funds get wired to the scammer instead of the bank or the realtor. 

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 Posted on December 23, 2022 in Real Estate

First-time homebuyers are often filled with joy and relief at finally achieving a major part of the American dream. Unfortunately, owning a home also comes with its share of complications and difficulties, and one of these is dealing with property taxes. Illinois is notorious for having some of the most expensive property tax rates in the nation, although the exact rate depends on where you live and whether you have exemptions you qualify for. If you recently had your property taxes levied and you believe the amount is too, you may be able to appeal your taxes and pay less. 

What Are Property Taxes Based On?

In theory, property taxes match the value of your house, so the amount of property taxes you pay will depend on where you live and how much your house is worth. Real estate often increases in value year over year, especially if the owner puts work into improving the house. Certain owners and organizations are exempt or have deductions from property taxes, so it is important to do some research to determine whether you fall into this category. 

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 Posted on December 12, 2022 in Estate Planning

As you begin the process of planning your estate, you may be worried about making sure you take the right steps to protect yourself and your loved ones. Unfortunately, mistakes are common during estate planning, especially when people do not have the help of an attorney. Before you take steps to protect your wishes in a will, trust, or other estate planning instrument, consult with an Illinois estate planning lawyer who can help you make sure you have all the information you need to set up a plan that meets your needs. Here are some common estate planning pitfalls to avoid. 

Not Discussing Your Estate Plan

Many people keep their estate plan a secret because they fear they will expose themselves to criticism, open up interpersonal conflict within their family, or because they are just afraid to bring up an unpleasant topic. But experts say it is better to have these sensitive conversations before someone is surprised by being designated as your beneficiary, executor, or power of attorney. You do not need to divulge all the details of your estate plan, but you can minimize confusion and provide clear direction by keeping all relevant parties informed.

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 Posted on November 04, 2022 in Real Estate

Buying a home for the first time can be an exhilarating experience. Most people have saved for many years before they can make their dream of home ownership come true, and buying a home has more symbolic meaning than just purchasing a house. It may mean that a family is in the near future, that a couple has decided to put down roots in a community, or that an individual is at a point in their lives where investing in real estate has become a possibility. Whatever your reasons for buying a home are, having a real estate attorney helping you throughout the process can ensure you avoid time-consuming and potentially expensive mistakes. 

Get Your Credit Score Where You Want It

While programs for first-time home buyers are often forgiving of low or moderate credit scores, mortgage rates have gone up substantially in recent months. Waiting to buy a home until your credit score is strong can end up saving you tens of thousands of dollars over the life of a mortgage by helping you secure a lower interest rate. Lowering your income-to-debt ratio can help improve your credit score, as can paying down debt and making credit card payments on time. 

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