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Recent Blog Posts
Understanding the Basics of Trusts and Taxes
Trusts play a vital role in estate planning and wealth preservation. They provide a flexible framework for managing and distributing assets while often offering significant tax benefits.
Let's have a look at the fundamental concepts of trust taxation, helping you understand how they work together to secure your financial legacy.
Types of Trusts
Learning about the various types of trusts is fundamental to comprehending their role in estate planning and trust taxation.
Revocable Trusts
These trusts, often referred to as living trusts, offer flexibility and control during the grantor's lifetime. The grantor can amend, revoke, or dissolve the trust anytime.
While revocable trusts avoid probate and facilitate smooth asset transfer, they don't provide significant estate tax benefits.
Irrevocable Trusts
Once established, irrevocable trusts cannot be altered or revoked without the beneficiaries' consent.
Can I Make My Sibling Sell Inherited Property?
After a parent or relative passes away and property is inherited by more than one person, it is very common for the co-owners to disagree about what to do with the property. One adult sibling may want to keep a beloved family home, while another may see the matter more practically and wish to sell.
In cases like this, something known as a “partition action” may be brought before an Illinois court. If you are wondering whether a partition action may be helpful to you, speak with an Illinois real estate attorney with experience handling complex real estate matters.
What Happens if You Break a Lease Agreement?
North Chicago tenants may be wondering what happens if you break a standard lease agreement. The answer to this question depends on a number of factors, including the terms of the lease agreement, the laws of the state of Illinois, and the specific circumstances of your situation.
In general, if you break a lease agreement, you are still liable for the rent payments that you would have owed had you not broken the lease. This is true even if the lease agreement has been modified.
Is it Ever Okay to Break a Lease Agreement?
The laws of the state of Illinois do allow tenants to break a lease agreement without a penalty in certain circumstances, even if the lease has been modified. For example, tenants may be able to break a lease without penalty if they are a part of the uniformed services (i.e. military), if they or their children are victims of domestic or sexual violence, if the rental property is uninhabitable, or if they are being harassed or have had their privacy rights violated by the landlord.
What Is a Real Estate Market Correction?
In 2008, the U.S. housing market “bubble” burst. Essentially, the housing market had become overinflated and then rapidly crashed. The bursting of the market’s bubble was caused by a host of significant factors, including the following:
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The subprime mortgage crisis
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Rapidly falling home prices
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High levels of debt among homeowners
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Inadequate regulation of the financial sector of the economy
The housing market ultimately crashed because all of these factors dramatically impacted buyers, sellers, and developers all at once. When the market is affected by negative forces on a less intense – and perhaps less numerous – basis, a real estate market correction may occur.
Corrections vs. Crashes
One of the primary reasons why the U.S. does not experience real estate crashes often is that so-called “correction markets” help to redirect market conditions that – if left utterly unchecked – could lead to a bubble at risk of bursting and/or a crash. Correction markets specifically allow pricing trends that have dipped too low or soared too high to normalize.
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