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Recent Blog Posts
Paying Off Your Tax Debt
You may feel overwhelmed if you're one of the millions of Americans with tax debt. The good news is there are options for paying off your tax debt. The Illinois Department of Revenue (IDOR) and the Internal Revenue Service (IRS) offer plans to help you get out of tax debt.
As our Glenview tax professional at the Livingston Law Office explains, with a bit of planning and effort, you can get your tax debt under control.
The Process: What You Need To Do To Pay Off Your IDOR Tax Debt
If you have an outstanding tax debt with IDOR, you may be eligible to set up a payment plan.
If you decide to set up a payment plan, you will need to correctly complete and submit a “good faith” application. When filling out this form, it is essential to determine what you can afford to pay. Take a look at your budget and see how much you can realistically afford to put toward your back taxes each month. It is also important to speak to a professional to ensure that all the details are filled out correctly to avoid the application getting rejected. Applications can also be rejected if you are determined not to have filled them out in "good faith."
Estate Planning With a Spendthrift Trust
When it comes to estate planning, there are a variety of tools that can be used to achieve your goals. One such tool is the spendthrift trust. A spendthrift trust allows you to set aside money or assets for a beneficiary who may not be able to manage their finances responsibly. This type of trust can provide much-needed financial protection for the beneficiary, while also allowing you to maintain some control over how the money is spent, even after your passing.
Besides, a spendthrift trust can be a valuable tool in estate planning as it ensures that your assets are not tied up in an Illinois probate court.
What Are the Requirements for Setting Up a Spendthrift Trust in Illinois?
In order to establish a spendthrift trust in Illinois, there are certain requirements that must be met. First, the trust must be created in writing, and the terms of the trust must be clear and specific. The trust must include specific language indicating that it is a spendthrift trust.
Should You Include a Charitable Trust in Your Estate Plan?
A charitable trust is a trust created for the purpose of charity. The trustees of a charitable trust are typically appointed by the donor, and they are responsible for ensuring that the trust's funds are used for charitable purposes. Charitable trusts are often used to fund scholarships, hospitals, and other types of charitable organizations.
To learn more about trusts in Illinois, the Glenview trusts attorney at The Livingston Law Office can help.
The Advantages of a Charitable Trust
There are several advantages to setting up a charitable trust, including tax benefits, flexibility, and the ability to make donations anonymously.
a. The Tax Benefits of a Charitable Trust
In Illinois, charitable trusts offer tax benefits to donors; they can provide donors with significant tax deductions. These benefits include a reduction in the donor's taxable income and a reduction in the donor's estate taxes.
When Buying a Short Sale, What Should a Buyer Be Aware Of?
A short sale is a real estate transaction in which the seller accepts less money than they owe on the property. This option is often pursued when the seller is facing foreclosure or bankruptcy. In order to purchase a short sale, buyers will usually need to go through a qualified real estate agent and an attorney. After getting an offer from the seller, the buyer and agent will need to get written approval from the lender who issued the loan on the property. Once written approval has been obtained, both buyer, agent, and an attorney can sign off on the deal and close on it.
In Illinois, you can trust the Lake County real estate lawyer at The Livingston Law Office, LLC to assist you with all of your real estate transactions. Call us today at 847-544-6657.
Key Details To Consider When Buying a Short Sale Property
When buying a short sale, there are certain things that a buyer should be aware of in order to avoid potential pitfalls. One major factor to consider is the property's condition. Is it in good condition and does it have any structural issues that need to be addressed?
Is There Anything You Can Do if Your Neighbors Are Terrible?
You searched high and low for the ideal home for your family, and you spent a significant amount of money making it yours. You believed you had considered every factor that could make the property a terrible investment, but you neglected to factor in the one unknown: the unpleasant neighbor.
Neighbors can be nasty, but there are those that are worse than others. There are certain little annoyances, such as barking dogs and loud music, that are innocuous but irritating. But if you find yourself in a scenario where you have to deal with property loss or bodily harm, you will need to find a solution.
What Could Possibly Go Wrong?
In the worst-case situation, a bad neighbor might inflict harm or death to you or a member of your family, whether on purpose or by mistake. Fortunately, these kinds of situations are rare.
Business Succession Planning in Illinois
Business succession planning is important for any business but is especially important for medium-sized and small businesses in Illinois. These businesses may not have the resources to hire a full-time executive vice president, or they may simply not want to do so. In these cases, it is important to designate a member of the company's management team as the business successor. This individual should have access to company records and be familiar with company policies and procedures.
The Importance of Business Succession Planning
Business succession planning is an important part of any organization's overall plan. It is important because it ensures that a company can continue to operate smoothly in the event of a leadership change. When a business owner dies or retires, it can be difficult to find someone who is qualified and willing to take over the company. By planning for succession ahead of time, the business can ensure that there is a smooth transition of power and that critical operations will not be disrupted.
Why Having a Lawyer Go Over Your Estate Plan Is Essential to Having Your Last Wishes Fulfilled
No one knows when their time will come, which is why it's important to have an estate plan in place. A well-drafted estate plan can ensure your wishes are carried out after you die, but it's crucial to have a lawyer review it to avoid any disputes.
One of the most common mistakes people make when creating their own estate plans is not taking into account a few nuances. These often-overlooked errors may result in a will dispute and may result in your assets going to the people you didn’t intend. This is why it's so important to have an experienced lawyer look over your plan and make sure everything is in order.
What Are Some Common Reasons Why a Will Is Contested?
Common reasons wills are contested in Illinois include:
1) Lack of mental capacity: One potential reason for contesting a will in Illinois is if the person believes that the will-maker lacked mental capacity at the time the will was made. This could be due to factors such as Alzheimer's disease, dementia, or another mental illness. If a person can show that the will-maker was not mentally competent when they signed the will, then the will may be invalidated.
Pet Trusts in Illinois: What Are They and Why Are They Essential?
People have been trusting their pets with their lives for centuries. With modernization, it is only natural that people would start trusting their pets with their money as well. - Anonymous
Pet trusts are essential for pet owners in Illinois because they provide a way to ensure that pets receive the care and attention they need when the owner passes. These trusts can be set up to provide for the care of one or more pets, as well as provide money for veterinary bills and other expenses. A trust can also help to ensure that a pet's remains are handled in a humane way if he or she dies.
Overall, the main benefit to having a pet trust is to ensure that your pet receives the care and treatment they deserve when you're no longer able to do so.
How Do You Set Up a Pet Trust?
A pet trust is a legal arrangement in which a person (the "trustee") is appointed to manage money or property for the benefit of a pet. The Illinois Trust and Trustees Act indicates that the terms of the trust should specify the trustee's responsibility for care for the pet and how the costs of care will be paid. The trust can also specify how any remaining assets in the trust will be distributed after the pet's death.
Why Would Another Person Claim Ownership of the Home You Recently Purchased?
After a long time living in a rented apartment, you're finally ready to purchase a house of your own. When you're ready to close on the house, you find out that it's already been sold to someone else. Because this individual maintains that it has always been their house and that they have never attempted to sell it, you have no right to claim it as your own.
You're understandably puzzled. There's no way you intentionally put yourself in this position. The only thing you were looking for was a home. How is it conceivable that someone else - someone who did not sell you the house – believes they also own it? This may be a case of fraud. But how?
Home Title Theft
Home title fraud or theft is one of the most typical ways in which the aforementioned scenario may occur. The theft, also called house stealing by the FBI, is as follows:
What to Watch Out for When Buying a Home
Purchasing a home is a big step in one's life. However, it may also cause a great deal of stress as well. This is especially relevant in marketplaces where the stakes are high. Knowing what to look out for before a purchase helps to minimize the chances of stumbling into any potential concerns.
For help with real estate purchases in Illinois, trust the experienced legal support services of the Glenview real estate attorneys at The Livingston Law Office, LLC.
The Basics
Research: Get to know the neighborhoods you're interested in and research the market value of homes in those areas.
Get a Lawyer: Real Estate Agreements are often complex. To make sure you understand the terms of any agreements that may be involved in purchasing a home, a good lawyer should be involved early in the process.
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