2013 Chicago CRLTO Security Deposit Interest Rate Set

chirate2013The New Year is a crazy time for Chicago landlords.  The first thing they need to do is to figure out the new security deposit interest rate to pay their tenants on CRLTO covered leases initiated in the new year.  The Chicago Residential Landlord Tenant Ordinance requires landlords in covered tenancies to pay interest on residential security deposits based upon the interest rate provided by the Comptroller of the City of Chicago in accordance with 5-12-081 of the CRLTO.  The Comptroller has released the rate in a press release today.  For leases entered into from January 1, 2013 to December 31, 2013, the interest rate to be used for the CRLTO is .023%

Landlords can also find the security deposit interest rate for past years on our website.

State sets 2013 security deposit interest rate

2013 Illinois Security Deposit Interest RateEvery new year brings the requirement that landlords learn the new interest rate to be paid on certain residential security deposits.  2013 is no exception.  The Illinois Security Deposit Interest Act requires covered landlords to pay interest on certain residential security deposits based upon “the interest paid by the largest commercial bank, as measured by total assets, having its main banking premises in this State on Continue reading

All about EINs

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

Years ago, if someone wanted an EIN, that person would have to fill out a form ss-4 and mail or fax it in to the IRS and the IRS would mail back the number or, if the number was needed sooner, one could call the IRS and get the number over the phone.  The most common and fast way to get an EIN these days is to apply onlineContinue reading

Cook County “Property Tax Portal” is pretty cool

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!

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

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

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?

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

Cook County property tax reassessment

Callers to the Cook County Assessor’s Office during July or August may have noticed that their requests were politely rebuffed with the phrase “I’m sorry, our computer is down, I can’t get that information.” The reason: Cook County computers are working furiously to get out the second installment of 1997 property tax bills. Property taxes are paid in “arrears”. That is, tax is paid this year for ownership of the property in the previous year. In Cook County, property tax bills come out twice a year. Continue reading