If you’re operating your business out of a building or on a piece of property that you also own, you may consider separating the two into individual entities. Here’s why: For starters, let’s say your business is owned by the ‘Acme Corporation’ … and you create a second entity, ‘Wily Coyote, LLC,’ to hold… Read more »
Posts Categorized: Erwin Law Answers
Should Your Association Update Its Declarations?
If your Condominium Association is considering whether or not it’s time to update its Declarations and Bylaws, you should be aware of some recent updates in Illinois law. Associations interested in preventing the rental of units on short-term platforms such as Airbnb and VRBO should review the Declaration language regarding short-term rentals. Most will refer… Read more »
Not All Residential Real Estate is the Same
The Multifamily real estate market remains HOT. And with financing widely available, interest rates relatively low, rents at all-time highs and rental demand at peak levels and rising, it’s easy to see why more and more investors are being drawn to this exciting segment of the market. While multifamily properties can be great investments, there… Read more »
What is a Revocable Living Trust?
A revocable living trust is an entity to which individuals may transfer ownership of certain real or personal property, like a home, a precious family heirloom, an insurance policy or company stock. There are many benefits to creating a revocable living trust. For starters, it gives an individual the ability to establish an asset… Read more »
What is an Executor … And Why Do I Need One?
An Executor is an individual selected by you in your Will to administer and settle your estate. The role of the Executor is a crucial one in the probate process, and, therefore, it is vastly important that you established one in your Will. When selecting your Executor, be sure it’s someone you trust – perhaps… Read more »
What Should I Know About Earnest Money?
If it looks like your client is headed toward litigation over earnest money from a failed deal, understanding the principles of earnest money litigation is key to obtaining the best outcome. When it comes to earnest money, there are two major common misconceptions. Some people think that, if one party defaults, the other party… Read more »
What are Best Practices for Cook County Tenant Application Process?
In January of 2020, Cook County enacted an amendment to its Fair Housing Ordinance, referred to as the Just Housing Ordinance (JHO), which radically changed how housing providers in Cook County are required to approach their tenant application process. Since then, the world health crisis drew attention away from that development. But our firm,… Read more »
How will the New Eviction Ordinances Affect You?
While at a standstill, evictions in Chicago have become overwhelmingly complicated. And with these new ordinances and, presumably, more changes ahead, it is essential to stay focused and informed. For more than 25 years, Erwin Law has been helping landlords stay up to date, avoid costly mistakes, delays and penalties, and protect their investments. For thoughtful guidance and counsel during these tumultuous times, call us at 773-525-0153.
What’s the difference between Wills and Trusts?
Planning how best to disburse your assets and responsibilities upon your passing can be complicated. With myriad government rules, regulations and nuances, it’s helpful to understand the basics before you begin. Upon death, all your rights and obligations instantly transfer to a legal entity referred to as an ‘Estate.’ Estate Planning, then, involves deciding… Read more »
Is Mortgage Forbearance A Good Option For Me?
Post-Shelter-In-Place: A Primer For Landlords – Part 4 in a Four-Part Series The ill-effects of the Coronavirus pandemic and subsequent Shelter-in-Place orders are becoming more and more apparent as they continue to trickle further down through our economy. Tenants unable to pay their rent are creating financial hardships for landlords working to pay their… Read more »