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Four Different Types of Special Needs Trusts in Illinois

 Posted on February 26, 2024 in Estate Planning

Yorkville, IL special needs trust lawyerSpecial needs trusts are essential tools for individuals with disabilities to ensure their financial security while maintaining eligibility for government benefits. In Illinois, several types of special needs trusts serve different purposes and cater to varying needs. Understanding these trusts is crucial for individuals and families navigating the complex landscape of disability planning. For legal assistance, contact a qualified attorney to ensure you can meet your legal goals.

Third-Party Special Needs Trust

A third-party special needs trust is commonly used by parents, grandparents, or other relatives to provide for a loved one with a disability without jeopardizing their eligibility for government benefits. This trust is funded with the assets of someone other than the individual with a disability. It can be tailored to meet specific needs such as medical costs, education, housing, and more.

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Revocable Trusts for Parents with Young Children

 Posted on February 12, 2024 in Estate Planning

Yorkville, IL estate planning lawyerAs parents, ensuring our young children's well-being and financial security is a top priority. One effective tool for achieving this goal is a revocable trust. If you are a parent interested in learning more about estate planning and ways you can ensure your young children are protected financially, contact a lawyer in Illinois, as they will possess the legal knowledge to highlight how this estate planning tool can provide peace of mind and protect the interests of your children.

The Basics of Revocable Trusts

A revocable trust, also known as a living trust, is a legal arrangement that allows you to transfer ownership of your assets into a trust while retaining control over them during your lifetime. As the name suggests, this type of trust can be modified or revoked anytime, providing flexibility and adaptability as your circumstances change. 

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Seller Real Estate Closing Tips 

 Posted on January 29, 2024 in Real Estate

Yorkville Real Estate LawyerSelling real estate is a significant financial transaction that requires careful attention to legal details. To ensure a successful closing, being well-prepared and knowledgeable about the process is crucial. Hiring a real estate lawyer is a critical step to ensure a successful closing. By hiring a qualified real estate attorney, you can take a lot of the unknown out of the process, as the legal professional you hire will be equipped with knowledge in Illinois real estate law to take the case head on and ensure the real estate closing process when you are the seller is as seamless as possible. 

Gather and Organize Important Real Estate Documents

Before listing your property, gather and organize all relevant documents, such as the deed, title insurance policy, survey, and property tax records. Potential buyers and their attorneys will request these documents during the due diligence process. Having them readily available will expedite the transaction and demonstrate your preparedness and professionalism. Your attorney will be instrumental in ensuring all relevant documents are organized and gathered 

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Why Wills Must Go Through Probate 

 Posted on January 15, 2024 in Asset Protection & Wealth Preservation

Yorkville Estate Planning LawyerProbate is a legal process that validates and administers a deceased person's will. While it may seem like an added burden during an already difficult time, probate serves several crucial purposes. If you seek legal assistance related to wills and the probate process, experienced lawyers can take some of the pain out of the process. When you hire a legal professional, they will be able to adequately shed light on the importance of probate in ensuring that the assets in your loved ones will are appropriately distributed and that your deceased loved one's wishes are respected. 

Probate Can Validate the Will

Probate ensures that the Illinois will presented is the authentic last will of the deceased. The court will then examine the document's validity, verifying that it meets the legal requirements, such as being properly executed, signed, and witnessed. This validation process helps prevent fraudulent or invalid wills from being enforced, ensuring that the deceased's true intentions are honored.

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Yorkville Real Estate Attorney: Legal Tips for Selling Your House

 Posted on April 06, 2023 in Real Estate Transactions

Yorkville Real Estate AttorneyYorkville Real Estate Lawyer: Tips for Real Estate Sellers in Kendall County, Illinois

At Gateville Law Firm, we specialize in residential real estate transactions for sellers and buyers of property in Yorkville, Oswego, Plano, Newark, Leland, Somonauk, Sandwich, and nearby areas of Kendall County. Our law firm handles real estate transactions through the Chicagoland area & surrounding suburbs. If you are considering selling your home, there are three significant factors that impact the home sale process in Illinois.

A. Attorney Review and Home Inspection Periods

The first factor involves the attorney review and home inspection periods. The attorney review and home inspection periods are significant during a residential real estate sale process. The attorney review period is established under the Multi-Board Residential Real Estate Contract 7.0 (in the future referred to as "Purchase Sale Agreement") and is the standard real estate contract used in Kendall County and surrounding Chicago suburbs. The purpose of the Purchase Sale Agreement is to outline the typical real estate terms and conditions of the sale of residential property in Illinois. Commercial real estate sales have a different version of the real estate contract. The Purchase Sale Agreement includes provisions for the purchase price, closing date, financing terms and arrangements, home inspection, and attorney review periods.

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Role of a Seller’s Residential Real Estate Attorney

 Posted on April 05, 2023 in Real Estate Transactions

Plainfield Residential Real Estate LawyerPlainfield Residential Real Estate Lawyer

A residential real estate attorney assists sellers with the real estate closing process. A real estate attorney and their team help sellers with the following:

  • Review the Multi-Board Residential Real Estate Contract

  • Negotiate the Attorney Review & Home Inspection Periods

  • Order title to detect liens and judgments, which must be satisfied at or before closing.

  • Order a title survey to identify whether encumbrances affect the property interests

  • Find suitable strategies to resolve legal and title issues which could jeopardize the sale of real estate

The primary responsibility of the seller's real estate attorney is to negotiate home inspection issues. The home inspection period is also called the "negotiation period." The negotiation period addresses the problems of home repairs and credits. The buyer generally hires a licensed and professional home inspector that inspects the residential property for certain defects. The home inspection report identifies the concerns and problems involving the property. Certain loan types, such as Veterans and FHA loans, require safety issues to be repaired before they clear to close. A clear-to-close letter is a real estate term used in the industry to indicate that all mortgage loan conditions have been satisfied. The clear to close demonstrates that all necessary documents have been reviewed and approved. The clear to close also mentions that the appraisal has occurred and the borrower has met all the conditions. The only remaining requirement for the closing is the mortgage underwriting must be satisfied that the property and legal title issues are resolved successfully, including the review of the survey and the title commitment and their exceptions.

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Plano Real Estate Attorney: Transferring Real Estate Upon Death Without Probate in Illinois

 Posted on April 04, 2023 in Real Estate Transactions

Plano Real Estate AttorneyPlano Il Real Estate Transfer Lawyer

After the owner's death, the real estate transfer involves legal aspects, including estate planning and probate law. With the COVID-19 pandemic, there has been an increased awareness of estate planning and the importance of managing real estate. In addition, baby boomers, born after World War II, and their children prepare to pass their assets and wealth to the next generation. Therefore, wealth transfer from generation to generation is a significant legal issue.

However, many baby boomers and their families are unprepared to transfer their assets after death. Illinois has eight types of property ownership: sole property ownership, tenancy by the entirety, joint tenants, tenants in typical, private land trusts, business entity transfer, revocable living trusts, and unprobated estates.

Sole Property Ownership

Sole property ownership refers to when one person holds the legal right to the real estate. This may include married couples who own property solely in one name, widows or widowers whose spouse has passed away, or unmarried individuals or couples. 

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Newark, IL Buyer’s Real Estate Closing Attorney: Duties of Buyer’s Attorney

 Posted on April 03, 2023 in Real Estate Transactions

Newark IL Buyer’s Real Estate Closing AttorneyBuyer’s Attorney: Reviewing and Proposing Amendments to the Multi-Board Residential Purchase Agreement

Most of the real estate buyer's attorney's job is done before the closing. The Multi-Board Residential Purchase Agreement 7.0 ("the Purchase Agreement") is a standard real estate purchase form used around Newark, Yorkville, Sandwich, Oswego, Plainfield, Joliet, and surrounding areas of Illinois. The Purchase Agreement summarizes the key terms and conditions of the purchase of a residential property and is a legally-binding real estate sales contract. The essential terms of the Purchase Agreement include the following:

  • The Parties. Paragraph 1 identifies the buyer and seller.

  • The Real Estate. Paragraph 2 identifies the property address and Permanent Index Number.

  • Fixtures and Personal Property. Paragraph 3 names the fixtures and personal property included in the sale.

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What Happens if Your Spouse Dies and the Real Estate Was Only in Their Name?

 Posted on March 31, 2023 in Real Estate Legacy Planning

This article discusses the impact on spouses dying when real estate is their sole name. In Illinois, significant others and couples reside in real estate when one person's name is on the legal title. Mortgages are often placed in one's spouse's name due to poor credit, or one spouse has a higher income and a credit score to meet the underwriting standards of mortgage providers

People obtain mortgages without a spouse or another person for multiple reasons. First, the person was qualifying for the mortgage primary by the leading financial contributor. Mothers often stay home and place their families above their economic needs. Moreover, self-employed persons need help securing mortgages because the underwriting guidelines are more complicated than those employed by a company. Mothers (and fathers) also tend to work part-time or have flexible work arrangements so that they can cater to their children's extracurricular activities and school schedules. The cost of childcare also is a significant consideration for parents. However, these family sacrifices produce legal obstacles, which place families under challenging circumstances. People may also need to improve their credit, be proactive, and obtain estate planning before an incident

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Yorkville Estate Planning Attorney: Frequently Asked Questions About Living Trusts

 Posted on March 30, 2023 in Estate Planning

Structuring one's financial, retirement, and estate planning alternatives to efficiently and affordably leave one's assets to one's loved ones is known as estate planning. Individuals regularly worry about their investments and how the market may harm them.

Asset diversification and asset protection are two legal specializations that work together to optimize protection from events that deplete an individual's assets. Asset management is proactive planning before legal disputes, taxes, and other life occurrences harm a person's wealth and security. Asset protection and estate planning are two practical wealth management techniques that complement one another to provide monetary stability.

A solid legal foundation will be created through estate planning and wealth management, protecting against disability and death. In addition, a person's and their family's assets are safeguarded from hazards by creating an asset management plan. Living trusts are a crucial part of effective estate planning

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