What are they and do I need them?
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Kimberly Wisneski - Wednesday, December 02, 2015
What are they and do I need them?
David Semmelman - Monday, June 29, 2015
You may recall seeing our November, 2014 article about a custody battle over frozen embryos. At the time of the article the case had gone up to the Illinois appellate court for a second time. The appellate court recently found in favor of Karla, the woman seeking to use the frozen embryos to have a child over the objection of her former boyfriend, Jacob. Read More >
Kimberly Wisneski - Monday, June 15, 2015
New Rules Affecting Buyers and Sellers of Real Estate
Are you currently selling your home or shopping for a new one? If so, you should be aware that the CFPB (Consumer Fraud Protection Bureau) has new rules that go into effect on August 1, 2015! These rules apply to all “closed- end consumer credit transactions secured by real property”, meaning purchase money mortgages, refinances, timeshares, construction only loans and parcels 25 acres or less. The sale and purchase of vacant land, which was previously considered a commercial transaction, is also subject to the new rules. Home Equity Lines of Credit, reverse mortgages, mobile home loans, commercial transactions and private lenders originating less than 5 loans per year (e.g., Articles of Agreement) are exempt from the new rules and forms. Read More >
David Semmelman - Monday, June 15, 2015
If a trust is part of your estate plan, congratulations! You have taken a big step towards making sure that your assets will be managed and distributed in accordance with your wishes. But just having a trust agreement in place is not the end of the story. Once your trust has been established by executing the agreement ownership of your assets need to be transferred to the trustee. A trust without assets is like an empty treasure chest. Read More >
Question: Can a sale of real estate to a buyer in exchange for a note and mortgage be reported as an installment sale for tax purposes?
David Semmelman - Wednesday, May 27, 2015
Answer: The answer to that question is “yes”, which may be surprising to some tax practitioners. Cash basis taxpayers recognize income when payment is received. Payment does not include evidences of indebtedness, such as a note, of the person acquiring the property (IRC 456(f)(3)). A note is an evidence of indebtedness. Read More >
Kimberly Wisneski - Wednesday, January 28, 2015
The first of January seems like the right date to unveil a makeover. Even a legislative one! The Illinois Power of Attorney for Health Care statute has been amended effective January 1, 2015. The idea behind the changes was to make the power of attorney form more “user friendly” and understandable to the average person. The statutory form has been reformatted to follow a Q&A style and contain points for thought and discussion in the Notice section of the document. Other changes have been made which include additional witness restrictions, more limited life-sustaining treatment options available to the principal, and the elimination of organ donation options. Read More >
Chad Wisneski - Monday, December 22, 2014
Chad Wisneski - Wednesday, December 17, 2014
As we bring our 2014 season to a close, we'd like to take a moment to thank all of the incredible clients we've had the pleasure of working with over the years. From our family to yours, have a Happy Holidays and a Merry New Year. Read More >
David Semmelman - Thursday, November 13, 2014
To preserve the possibility of future progeny many couples are using in vitro fertilization to create embryos that are then frozen. Those frozen embryos can be implanted many years later. Freezing embryos is very popular. Those in the industry estimate that there are currently up to one million embryos in storage. Read More >