Prime Law Group ~ Blog

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    Woodstock, Illinois (IL) Lawyers, Attorneys, Law Firms in McHenry County.

    What is a Living Trust?

    What is a Living Trust? Many clients have heard about living trusts but have questions about what purpose a living trust serves as part of an estate plan. A trust is a legal document naming a trustee to hold legal title to property and requiring the trustee to manage the property according to the terms of the document.   A revocable living trust is an agreement you make during your lifetime and that can be revoked.   These trusts are often referred to as “grantor trusts” and “inter vivos trusts.”   If you create a trust, you can act as trustee and manage the assets in the trust for your own benefit.   In the trust document, you can name a trustee who will serve as a successor trustee if you become incapacitated, and a successor trustee who will serve upon your death. A trust typically provides instructions for the distribution of your assets, like a will would; howeve...
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    Does a Will Avoid Probate?

    Does a Will Avoid Probate? It is important for everyone to have a Will.   A Will names an executor to handle your estate and gives instructions for distributing the assets of your estate.   The Will can provide that your executor does not have to obtain a surety bond to serve as executor, which is required if you pass away without a will. A Will can also name a guardian for your minor children.   A Will by itself is not a tool to avoid probate, but these important functions make a Will an essential part of every estate plan. In Illinois, if the assets in your individual name have a value less than $100,000 and do not involve real estate, then your estate does not necessarily have to be probated.   If your assets exceed $100,000 or include real estate and you wish to avoid probate, your property must pass directly to a beneficiary by a beneficiary designation or by a s...
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    What Is Probate?

    WHAT IS PROBATE? Many clients inquire about estate planning because they have been told by friends or family to avoid probate of their estates.   Still, some of these clients have questions about what probate really means.   Probate is not necessarily a process to be avoided by everyone. When we’re talking about the estate of someone who has passed away, probate means the process by which the court oversees administration of the state. Essentially, administration of the estate involves ·        the appointment of the executor, the executor’s notification of heirs and beneficiaries of the probate proceeding ·        the inventory of the assets of the estate ·        and the distribution of assets to the appropriate beneficiaries. 0 0 1 129 740 Prime Law Group, LLC 6 1 868 14.0 Normal 0 fals...
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    2013 Algonquin Township Assessment, McHenry County, Illinois

    2013 Algonquin Township Assessment Publication On September 25, 2013, Algonquin Township published their assessments in the Northwest Herald.    The filing deadline for Algonquin Township October 25, 2013   2013 Marengo Township Assessment Publication ALSO, Marengo Township published their assessment on September 11, 2013 in the Northwest Herald, and the filing Deadline for Marengo Township is October 11, 2013
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    2013 Greenwood Township Assessment, McHenry County Illinois

    On June 12, 2013, Greenwood Township published their assessments in the Woodstock Independent.    The filing deadline for Greenwood Township July 12, 2013
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    Attorney Meaghan E. Alexander joins Woodstock Law Firm Prime Law Group

    Attorney Meaghan E. Alexander Prime Law Group, announces the addition of Attorney Meaghan A. Alexander. Meaghan’s focus is in area of business & commercial litigation, local government, business transactions and estate planning. Her experience includes a dvising clients across many industries on matters such as starting a business, financing, franchising, commercial leasing & real estate, trademarks and business succession planning. She is admitted to practice in Illinois and the United States District Court for the Northern District of Illinois. Ms. Alexander has practiced law in McHenry County for eight years. She earned her law degree cum laude from Northern Illinois University College of Law, where she was a recipient of the Dean’s Excellence Scholarship. She earned her bachelor’s degree from Cornell College. We are excited about Meaghan, and welcome her to the firm.
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    The Mortgage Forgiveness Debt Relief Act Extended For 2013

      Short sellers trying to quickly close before the end of 2012 can breathe a sigh of relief knowing that Congress extended The Mortgage Forgiveness Debt Relief Act as part of the American Taxpayer Relief Act.     The Act that was scheduled to expire on December 31, 2012, was extended in until December 31, 2013. Homeowners who received mortgage debt forgiveness as a result of a reduction in principal, foreclosure, short sale or deed in lieu of foreclosure normally have to pay income taxes on said money. This tax can mean thousands of dollars many people in this situation just do not have.     By extending the Act, homeowners will not have to pay income tax on mortgage debt forgiven up to two million dollars. Please check with a tax professional   for all applicable scenarios as not all mortgage debt is subject to the Mortgage Forgiveness Debt Relief Act....
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    Should I move out of the house?

    Should I move out? You should not move out of the home if custody of the children is expected to be an issue. It could be perceived, wrongfully or not, as indifference or capitulation. Some people do need to be apart; and in some cases there may be no choice. This includes situations where a spouse has grounds to seek an Order of Protection or exclusive possession of the residence during the pendency of the case. Moving out generally will not affect the disposition of the residence if it is a marital asset. It will, however, create additional living expenses for the parties. By leaving the residence, a party does not avoid a later claim for contribution to household expenses, such as mortgage payments.  
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    How long will my divorce take in McHenry County, Illinois

    How long will my divorce take? Once again, it is often not possible to estimate the time it will take to complete your case.   There are many factors that goes into how long a case can go.   A case can go as little as two weeks, and there are cases that last many months, if not several years. The latter is the exception. It is noteworthy that lately many counties outside of Cook County are accelerating the handling of divorce calendars. Rules of the Illinois Supreme Court now require that all cases involving the custody of minor children be resolved in eighteen months, except for good cause shown. Many judges have taken that to mean all cases. However, this may or may not always be possible. It is also important to note that clients must be cautioned against seeking a swift result in an effort to save stress or fees, or both. Clients that opt for getting it over with quickly of...
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    Does It Matter Who Files First in a Divorce?

      Does it matter who files first in a Divorce?   No and yes.   Typically, there is no advantage to filing first in the eyes of the court. You are not viewed as entitled to more relief because you, as the Plaintiff, were first to ask for help from the court. Neither is a defendant viewed as the "guilty" party.   That being said, there will be times when it is necessary to seek initial, temporary relief from the court. Many times these issues may be heard by the court in order of filing. In appropriate cases we will file these requests at the same time that the initial suit is filed in order to secure a future court date as early as possible.   Finally, in very few cases it may be necessary to seek emergency relief from the court, with or without notice to the other party.   Either situation requires a prompt and speedy application to the court upon filing sui...
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