Four children inherited their parents’ home when the couple passed away suddenly. According to More magazine, the parents had done little estate planning regarding how other assets besides the home were to be divided. The children, who were grown adults, ended up fighting over the items, such as the wedding china and furniture. One of the children said that they had to make very painful decisions while arguing with each other. No matter how old people are, an estate plan is an essential tool … [Read more...]
Illinois changes maintenance formula
Significant changes were recently made to spousal maintenance laws in Illinois. In August, Governor Quinn signed P.A. 98-0961, which creates a formula to be used by judges when determining the amount of maintenance that is required to be paid by divorcing spouses. The law was drafted by the ISBA Family Law Section Council and will go into effect in January 2015. According to the ISBA, maintenance rulings in Illinois have become increasingly inconsistent. With no set formulation to calculate … [Read more...]
How to create a winning property bid
After finding their dream home, future buyers often struggle to come up with an offer that is fair and acceptable to the seller. Those buying property should follow a few simple steps to create an offer that is successful on the home they wish to purchase. Analyze the current market A component that often determines a home’s worth is the current state of the real estate market. For example, in a seller’s market, the seller may be hesitant to take anything less than the listing price for … [Read more...]
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