In the context of a living trust subject to Illinois law, an income beneficiary is typically defined as a person or entity entitled to receive income generated by the assets held within the trust. The income beneficiary receives distributions from the trust’s earnings, such as interest, dividends, rents, or other types of income generated by […]
Tag Archives: #blogpost
When purchasing or holding real estate in Illinois, married couples have a unique option for taking title known as tenancy by the entirety. This form of ownership offers significant legal protections and benefits that are not available under other types of co-ownership.What is Tenancy by the Entirety? Tenancy by the entirety is a form of […]
News
Illinois Estate Planning Alert: Why Updating Your Estate Plan in 2026 Is More Important Than Ever
If you live in Illinois and haven’t reviewed your estate plan recently, you’re not alone—but you may be taking an unnecessary risk. One of the biggest “hot topic” issues right now in estate planning is the growing gap between outdated documents and today’s legal, financial, and family realities. Why This Matters for Illinois ResidentsIllinois continues […]
We are often asked the question of how to approach the matter of inspections pursuant to a contract signed by the purchaser where the contract includes an “as is” clause. As an initial matter let us define what an “as is” provision in a real estate purchase contract means. An “as is” clause merely provides […]
News
Secured and Unsecured – How do Secured Creditors Get Paid in Full(ish) in a Chapter 13 Bankruptcy Even if the Collateral is Valued Less
11 U.S.C. § 506(a) plays a central role in determining the secured status of claims in bankruptcy, including in the described Chapter 13 scenario involving an undersecured vehicle loan (where the vehicle’s value is less than the outstanding debt). Below, I’ll explain its potential impact step by step, based on the statute and its application […]
Under Illinois law, the Probate Act expressly allows the court to appoint co-guardians (two or more) for a person with a disability — either to serve together for the same role (e.g., both as guardians of the person) or to split roles (e.g., one guardian of the person and another guardian of the estate). However, […]