All about EINs

Posted by Richard Magnone, April 30, 2012

An EIN is an “Employer ID Number” issued by the Internal Revenue Service.  EINs are necessary for decedent’s probate estates, non-grantor trusts, corporations, and LLCs. Even single member limited liability companies, which are treated as disregarded entities can obtain an EIN.  The EIN is basically the social security number of an entity.

Years ago, one would fill out a form ss-4 and mail or fax it in to the IRS and the IRS would mail back the number or one could call the IRS and get the number over the phone.  The most common way to get an EIN these days is to apply online.  Continue reading →

Cook County “Property Tax Portal” is pretty cool

Posted by Richard Magnone, April 21, 2012

This April, Cook County unveiled a one-stop source that consolidates information from the Cook County Assessor, Cook County Treasurer, and Cook County Recorder all in one place.  Even better, a search may be done by common address only if you don’t have a PIN number handy.  Kudos to the people running the various Cook County government websites for creating this useful tool.

You can find it here:  www.CookCountyPropertyInfo.com

Pardon our dust and welcome!

Posted by Richard Magnone, April 21, 2012

Welcome to the new and improved version of the Reda | Ciprian | Magnone, LLC website.  We’ve redesigned our site to make access to our information easier and to allow us to blog about interesting issues related to our practice and Illinois law.  A big thanks to the boys at ethercycle.com who helped us with the website.

Estate Planning for Unmarried Couples Remains at Issue

Posted by Richard Magnone, March 25, 2012

Political notions aside, many unmarried couples, both heterosexual and homosexual, may be at risk of passing their estate in a manner that does not suit their desires. Despite the rapidly changing mores and norms of modern society, increasingly accepting of committed co-habitation among unmarried couples, the estate planning and probate laws are slow reflect these changing standards. Continue reading →

The pitfalls of joint tenancy estate planning

Posted by Richard Magnone, March 25, 2012

IS JOINT TENANCY ESTATE PLANNING ENOUGH?

Many people utilize the concept of joint assets or joint tenancy to plan their estate without a will or a trust. Because joint assets transfer automatically to the surviving owner upon the death of a co-owner, the assets avoid probate. Assets commonly owned in this way are real estate, bank accounts, and stocks or bonds. For some individuals, under the right circumstances, joint ownership estate planning can be a simple and inexpensive way to plan for asset transfers upon death. For others, however, the results can be disastrous. Continue reading →

Do You Really Need a Last Will?

Posted by Richard Magnone, March 25, 2012

TO DIE WITHOUT A WILL?

The will is an estate planning tool surrounded by a myriad of myth and misinformation. Many people believe that merely having a will results in lower estate taxes or higher attorney fees. These ideas are false and contribute to the public’s misconception of wills. Simply put, a will is a person’s written direction as to how that person’s property will be distributed upon death. Plenty of smart, famous, and influential people used wills as the centerpiece of their estate plan.  Continue reading →

Pre and Post Closing possession

Posted by Richard Magnone, March 25, 2012

HAZARDS OF PRE AND POST CLOSING POSSESSION

Imagine this situation: You are selling your home. After a few months of listing the property and countless open houses, you land a buyer. The buyer negotiates hard and you finally come to an agreement. Once beyond the inspection and attorney review periods, things move swiftly. The buyer gets his mortgage financing and you are prepared to close. As the closing approaches, the buyer asks if perhaps he can enter the property five days early to begin “cleaning up” the place. As you have already closed on your new home, you agree. Shortly before possession, the buyer moves into your property. While occupying the property, the buyer ignites a small fire in the yard and burns a neighbor’s child and part of the home. In addition, the buyer claims to be dissatisfied with the condition of the property and notifies you that he is backing out of the deal. Continue reading →

How is title to Illinois real property held?

Posted by Richard Magnone, March 25, 2012

OPTIONS FOR HOLDING TITLE TO REAL ESTATE

If one person holds title to land, there are few, if any decisions to be made about holding title. In co-ownership situations, the property owners will have to decide how to “take” title to their land. When more than one person, such as a husband and wife or business partners, owns title to a piece of real property, the law of the State of Illinois allows for title to be held between the owners in three ways: Continue reading →

Changes to the Illinois Residential Real Property Disclosure

Posted by Richard Magnone, March 25, 2012

UPDATE TO THE RESIDENTIAL REAL PROPERTY DISCLOSURE ACT

When most home sellers list their property with a real estate agent or listing broker, those sellers routinely fill out what is known as a “Residential Real Property Disclosure Report”. The “report”, required of many home sellers by law, is made up of a series of questions intended to elicit the disclosure of certain conditions of the property. The report requires disclosure of issues such as leakage, defects, and unsafe conditions to potential buyers. Continue reading →