Posted on February 26, 2025 in Estate Planning

Sometimes, it can seem like we are being taxed every time we turn around. Income tax, sales tax, property tax, estate tax, inheritance tax – there is a tax for virtually everything you do on a regular basis, as well as anything you might even think about doing, including dying. Estate taxes on larger estates can take a significant chunk of the estate, which can be disheartening for those who hope to leave something substantial for children and grandchildren.

In many cases, smart estate planning can make a difference in how much you can leave to your heirs. The Illinois estate tax rate is graduated, going up as high as 16 percent, but it only applies to estates worth more than $4 million. This means that if your estate is worth less than $4 million at the time of your death, your heirs will not owe anything to the state.

If your estate is worth more than $4 million, there is a progressive estate tax that must be paid to the state of Illinois before the remainder can be distributed to your heirs. Estate taxes are often called "death taxes" because they go into effect after the death of the person who is leaving assets to his or her heirs. There are ways to minimize estate taxes for your heirs. The best thing you can do is to speak to a knowledgeable Cook County, IL estate planning lawyer.  

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 Posted on January 29, 2025 in Real Estate

Owning real estate can come with an array of issues – many you have likely never even thought of. Imagine if you own a property that has been vacant for a while. Perhaps it is located a couple of hours away from you, and you do not visit it often. Then, one day, you show up at the property to ensure everything is as it should be, only to be met by people who apparently are living on your property. They claim the property is theirs through adverse possession.

Things become heated, and you call law enforcement, only to find that getting these "squatters" off your property may not be as easy as you might think. The laws of adverse possession require many years of occupation of a property, along with other requirements, plus the state of Illinois has recently made it easier for property owners to have squatters removed legally. Take a breath, then contact an experienced Cook County, IL real estate attorney.

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 Posted on December 24, 2024 in Estate Planning

Elder fraud occurs to an estimated one in 10 elderly Americans. Of all the reported global fraud, $777 billion is linked to elderly victims, in spite of the fact that elderly financial fraud is vastly underreported. Whether this underreporting is due to uncertainty regarding who to tell or the shame of being scammed, the problem is much bigger than the statistics show.

When you combine America’s aging population with the fact that fraud scams are getting more sophisticated, the end result is that the elderly are being scammed out of their precious financial resources. Every day, we hear of a new type of fraud, including government or law enforcement imposters, lottery scams, and tech and customer support scams.

Seniors can end up losing their retirement savings or investments while also dealing with lasting trauma and emotional damage. While strangers are often the perpetrators of elderly fraud, in some cases, the fraud is committed by family, friends, or neighbors of an elderly person. Elderly individuals who have a cognitive impairment, are isolated, or are in poor physical health are at a higher risk of financial abuse.

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 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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