14 New Laws for Illinois in 2014

    Don’t be caught off guard by new laws taking effect in Illinois for 2014.    Some highlights: ·        You can’t talk on your cell phone anymore in the car without a hands free device. ·        Seventeen year olds can now vote in primaries if they turn 18 before the general election.     ·        Construction zone fines are lower if there are no workers present. ·        Medical Marijuana is now legal. ·        Interstate Highway speed limit is going to 70 unless your county opts out.   http://www.slideshare.net/ilsendems/top-14-new-illinois-laws-for-2014-29124109
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    IL Appellate Court Rules Implied Warranty of Habitability Does Not Apply Only To Defects That Would Render A House Uninhabitable

    The doctrine of implied warranty of habitability is used to protect purchasers from latent or unknown defects in a home.     A home buyer has a right to a house that is reasonably fit for use as a residence. In re Estate of Krpan, 2013 IL App (2d) 121424 (Sept. 12, 2013), involved a claim by a home buyer against a deceased seller’s estate that various latent defects were not disclosed at the time of sale.     The administrator of the estate argued that in order for the implied warranty of habitability to apply, the home must be uninhabitable.    The Appellate Court disagreed stating, “Contrary to the administrator's assertion, no precedent suggests that covered defects must be so severe as to drive the residents to vacate the structure despite normal steps to correct the damage. Such a warranty would be remarkably limited: short of a significant ga...
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    IS THERE SHARED PHYSICAL CUSTODY IN ILLINOIS?

    0 0 1 688 3928 Prime Law Group, LLC 32 9 4607 14.0 In Illinois judges make custody decisions based upon the best interests of the child after considering all relevant factors including:  the wishes of the child’s parent(s); the wishes of the child; the interaction and interrelationship of the child with his parent(s) siblings and any other person who may significantly affect best interests; adjustment to home, school and community; mental and physical health of all individuals involved; physical violence or threat of violence by potential custodian whether as to the child or another; abuse as defined by statute; willingness and ability of each parent to facilitate and encourage a close and continuing relationship between the child and the other parent; and certain other factors. No single factor is determinative nor are they necessarily given equal weight and the court shall not con...
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    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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