Posted on November 15, 2024 in Real Estate

A ballot measure in the recent election asked voters to support a three percent surcharge on incomes exceeding $1 million per year. Sixty percent of Illinois voters resoundingly voted "yes" on the measure. Former Illinois Governor Pat Quinn said the tax would provide the largest property tax relief measure in the state’s history, generating sufficient revenues to ease the property tax burden on homeowners across the state.

The Illinois Dept. of Revenue estimates the surcharge could generate as much as $4.5 billion a year and could also reduce the number of property tax appeals. Illinois currently has the second highest property taxes in the country at 2.07 percent – almost double the national average. The median price for a home in Cook County is $255,500; the property tax on a home of that value is $5,605, or 2.19 percent.

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 Posted on October 17, 2024 in Estate Planning

The Illinois Farm Bureau is seeking to help farm owners leave their farms to family members without incurring huge estate tax bills. While the Illinois Farm Bureau's proposed request was not included in the budget passed by the Illinois legislature in June 2024, the IFB director says it will continue fighting for passage of the legislation during the November veto session. 

Although there was money in the state’s budget to pay for the Farm Family Preservation Act, there was a fear that the legislation would also open the door for other industries to ask for changes. The Farm Family Preservation Act would have raised the family farm estate tax threshold from $4 million to $6 million, making only the dollars over $6 million have an estate tax attached.

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 Posted on September 19, 2024 in Estate Planning

One of the most important considerations when you engage in estate planning is choosing an executor for your estate. Consider the case of tobacco heiress Doris Duke, who died in 1993 with a fortune estimated to be at least $1.2 billion. Ms. Duke named her butler as her executor and as the trustee for a charitable foundation. The butler was to receive a $5 million executor’s fee and a lifetime annuity of $500,000 per year while serving as Duke’s executor.

The butler’s spending habits were soon called into question, and a probate judge removed him as executor. A higher court reinstated the butler as executor but with the stipulation that a board of trustees would manage the charitable foundation. This is just one of the many examples of when those engaged in estate planning may not choose the best person to administer their estates.

Finding a person you can trust implicitly is not always easy, but it is crucial to choose wisely. To have your questions regarding an executor for your estate answered, consider speaking to an experienced DuPage County, IL estate planning attorney from Whitacre & Stefanczuk LTD. Once you make the decision to plan for the future, you do not want a single mistake to ruin all your plans.

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 Posted on August 09, 2024 in Real Estate

An investigation by the Chicago Tribune and the Illinois Answers Project found that the Cook County Assessor’s office missed critical data in 2023. The misclassifications affected at least 620 properties, resulting in serious implications for property owners in the area. The investigation found that misclassification and undervalues were common throughout Cook County.

There is a process in place for property owners who feel their property taxes are too high when compared to their neighbors’ taxes. While property tax appeals can eventually correct the problem, the process can be time-consuming and complex and can benefit significantly from an experienced Cook County, IL real estate attorney from Whitacre & Stefanczuk LTD. Our attorneys are well-versed in property tax laws and can help you pursue an appeal when your assessment is unmanageable.

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 Posted on July 25, 2024 in Real Estate

In June 2024, Illinois home sales dropped a bit, while median home prices reached a new high, and home inventory increased. Illinois single-family home and condo sales dropped about 16.7 percent from last June. In the Chicago Metro area, the drop was about 15.3 percent. About 19,404 homes remain for sale across the state—about 1.9 percent more than the number of available homes in June 2023.  

The excitement of searching for the perfect home and then going through the process of buying that home can be dimmed when you later find serious issues that were not disclosed by the seller. Residential real estate transactions can virtually always benefit from having an experienced DuPage County real estate attorney as part of the process, especially for first-time homebuyers. Whether you are an experienced buyer or seller or are buying your first home, an attorney from Whitacre & Stefanczuk LTD can help you buy with confidence.   

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 Posted on July 12, 2024 in Real Estate

As if real estate transactions are not stressful enough when all parties are acting in good faith, there has been a recent increase in real estate scams and the use of deceitful practices. This is likely because the real estate market has been so difficult to break into in recent years. Most of these scams target young, first-time buyers, although any prospective purchaser can be taken advantage of. Sellers can also fall prey to real estate scams. The old adage, "If it seems too good to be true, it probably is," is quite applicable. An experienced DuPage County, IL real estate transactions attorney can often spot scams very readily and can work to protect you from dishonest buyers or sellers.

Common Scams for Buyers to Look Out For 

A few common scams buyers should beware of include: 

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 Posted on June 25, 2024 in Real Estate

Buying a house is complicated, especially if this is your first time. The entire process can take months or even a year. In the current housing market, most buyers will bid on multiple houses before finding the right one. It is fairly common for buyers to have a house under contract only for the sale to fall through for various reasons. Being represented by a DuPage County, IL real estate sales attorney with plenty of experience during the process can lead to a smoother experience and help you avoid many of the pitfalls that first-time buyers often encounter. While a real estate agent can help you search for properties, only an attorney can help you avoid legal issues that may arise in the future.

How a Real Estate Attorney Can Protect First-Time Buyers

Going from renting to owning is a major milestone - and a significant financial investment. With housing prices as high as they are, most people spend years saving up for a house before they are ready to put a deposit down. Having an attorney to protect you during this process can make a big difference. A few of the reasons first-time buyers should have a lawyer are: 

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 Posted on June 14, 2024 in Estate Planning

If you are wondering when it is time to start making an estate plan, the answer is right now. Whether you are a young adult, middle-aged, or older, you need an estate plan. No one wants to think about the possibility of dying or becoming unable to express their wishes sooner than expected, but it is wise to have a contingency plan in place. A good estate plan covers not only what would happen to your property if you passed away but how your medical care would be handled if you were hurt and could not speak for yourself. An experienced Cook County, IL estate planning lawyer can help you create the right plan for the stage of life you are in.

Why Young Adults Need an Estate Plan 

When young people pass away unexpectedly, their loved ones often have a more difficult period of mourning than they would for an elderly family member whose death was expected. Adding the stress of intestate probate (probate without a will) can make a hard time harder. Even if you do not own much, having a simple will or trust can make the process easier.

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 Posted on May 17, 2024 in Real Estate

Contrary to how they are often portrayed in media, landlords are often very understanding with tenants who have fallen behind on rent or violated the lease in other ways, especially when the tenant in question is struggling. You may not want to evict a tenant because you have sympathy for his or her situation. However, there are times when a landlord must make the difficult decision to begin eviction proceedings. If your tenant is too far behind on rent payments, is destroying your property, or is disturbing or endangering your other tenants, it may be time to start the eviction process. A Cook County landlord representation attorney can help you understand your legal rights and responsibilities when it comes to deciding whether to evict a tenant.

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 Posted on May 03, 2024 in Estate Planning

Having a baby or adopting a child can be one of the most exciting and fulfilling things you will ever do. You are likely deeply committed to doing everything you can to protect and care for your child. One of the things all parents of minor children should do to protect their children is to make a will naming the person they would like to become their children’s guardian in case the parents pass away before their child becomes an adult. Parents can also use a trust to preserve their property for their children in the long term. A DuPage County, IL estate planning lawyer can help you create an estate plan that can provide your children with security in the future.

Naming a Guardian in Your Will 

One of the few things you can do with a will that you cannot do with a trust is to name the person or couple you would want to take custody of your children in case the worst happens, and you pass away, leaving your minor child without a parent. While this is highly unlikely, life is unpredictable, and it is best to be prepared for any situation

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