University Says Illinois' Economy is Experiencing Slow and Stable Growth

Illinois business law attorneysIt has taken the country years to recover from the 19-month recession of 2007, and in some states – like Illinois – the recovery has been slow to the point of painstaking. There have been gains, however. In fact, the University of Illinois recently released its annual index, which showed that Illinois is currently experiencing slow but stable growth. That makes now the perfect time to start your new business. Learn more about what to expect in the future regarding potential business growth, and discover how a seasoned business law attorney can help you make a successful start.

Standing Strong Against Potential Threats 

The development of bitcoin and some other potential threats to the economy (artificial intelligence, vehicle automation, trade wars, etc.) may be impacting the current market in negative ways, but the economy remains strong, regardless. The University's index, which measures the financial market, made e a slight dip in March, going from 104.6 to 104.5, but it has continued to remain in the 104 to 105 point range. The University says that anything above 100 indicates economic growth. The last time it fell below 100 was in February 2012.

Why Start Your Business Now?

While the economy should never deter you from pursuing a business venture, there are legitimate reasons why you may not want to open your doors in a volatile or downward market. In fact, some potential business owners have put off their business ventures because they simply did not have the will or ability to assume much risk. Thankfully, it appears that now could be the perfect time to move forward – and not just because the market is growing and stable. The new tax plan is expected to "restart" some of the commercial development cycles, and that could lead to more growth and stability for business owners in other markets.

Opening Your Business – Making the Initial Step

While you do not need an attorney to start a business, many entrepreneurs find that the assistance of a legal professional helps to ease much of the process. They can help you with everything from deciding the structure of your business to ensuring you obtain all the licensing and permits that are necessary for daily operations. An attorney can also advise you on how to protect your business from litigation, and they can represent you if an issue should arise.

At Stock, Carlson, Oldfield & McGrath, LLC, we are committed to helping you achieve success. Backed by more than 40 years of legal experience, our DuPage County business law attorneys offer personalized, comprehensive services to suit your needs. Schedule your personalized consultation to get started. Call 630-665-2500 today.

Source:

http://qconline.com/business/illinois-economy-in-slow-stable-growth/article_9b7c37ce-f035-5d79-b1d9-a4082e8901ac.html

Purchasing Investment Property – Five Considerations to Make Before You Buy

DuPage County real estate lawyersInvesting in real estate can be a lucrative move for the financially savvy, but for those that fail to do their homework, there is a risk of severe financial loss. Learn how you can be a part of the former group of investors, rather than the latter, by avoiding some of the most common real estate investment pitfalls. You shall also discover how an experienced attorney can help reduce the risk of complications in your next real estate transaction.

How Much Will It Cost? 

Calculating the cost of a property can get a little complex, especially for the novice investor. That is because there is more to cost than the sale price, closing costs, and title fees. There could be zoning problems that need to be corrected before you can rent or sell the property, and distressed properties, which are common in the real estate investment sector, could have more damage than you initially thought. As such, investors are encouraged to perform their due diligence before purchasing an investment property, especially if it needs repairs.

How Will Location Impact Your ROI?

Location is everything, especially when it comes to investment property. Prime locations will typically cost more, but they tend to have a higher return-on-investment (ROI). In contrast, properties that are in sub-prime locations are more affordable, but they may have a lower ROI. Areas that are up-and-coming may have a lower ROI to start with, but they may provide you with long-term gains. You could also find yourself dealing with a property that is located in a distressed or declining area, and that might require you to loosen your renting requirements to obtain any sort of gain. In other words, choose your location wisely and always consider how the location could impact your ROI, both immediately and in the long-run.

Who Will Manage Your Property? 

While some investors make great property managers, others lack the skills or temperament to deal with tenants and their potential issues. For example, an investor may have a great deal of compassion, so they may be willing to rent to a tenant based on circumstance, rather than their ability to pay. Sadly, this can place the investor at a serious risk for financial loss – and possibly even financial devastation if they manage several properties in the very same manner. If you fear you cannot manage your property effectively, or you would simply like to ensure you have more time to focus on your portfolio, you may want to consider hiring a property management company instead of handling everything on your own.

Are You Following the "Rules" of Investment?

Investment gurus have one hard and fast rule: never invest in a property that cannot make at least one percent of its cost in the course of a month. In short, if a home is costing you $250,000 to purchase and prepare for tenants, you need to be able to rent it out for at least $2,500 each month. If you cannot make this, or if the pricing is unreasonable for the area, it may be best to find another property. There are exceptions, of course, but investors are discouraged from making them without the guidance and advice of a seasoned professional.

Have You Accounted for the Unexpected?

Seasoned investors know that upfront expenses, such as repairs and closing costs, are sometimes just the beginning. There may be other unexpected expenses, such as taxes and insurance as well. Plan for them and you will be more likely to experience a hefty return on your investment, but fail to do so and you could lose a substantial amount on your next transaction.

Contact Our Skilled Wheaton Real Estate Attorneys 

When you need protection in an investment transaction, Stock, Carlson, Oldfield & McGrath, LLC is the firm to call. Dedicated and experienced, our Wheaton real estate attorneys can assist you in performing your due diligence, and we can help ensure you have not missed any pertinent details. Schedule your personalized consultation to get started. Call 630-665-2500 today.

Source:

https://www.forbes.com/sites/forbesrealestatecouncil/2017/09/11/seven-things-to-consider-when-buying-an-investment-rental-property/#6f46d3b46dad

Understanding the Risks of DIY Estate Planning

Illinois estate planning lawyerIn a world where people are increasingly reliant upon the internet for their personal, financial, and business needs, do-it-yourself estate planning may seem like the fastest, easiest, and least expensive option for drafting a will or trust. Unfortunately, this is rarely the case. Do-it-yourself estate planning options can rarely accommodate the unique needs of individuals, and they can leave the surviving family susceptible to all sorts of complications. Learn more about the risks that one may assume under a DIY estate plan, and discover how the assistance of a seasoned estate planning lawyer can reduce the risk of probate issues for your loved ones.

Overlooking Potential Issues

In a DIY estate plan, individuals usually rely on the prompts of a computer. If they respond incorrectly, do not understand the verbiage of a specific question, or if the computer fails to ask the appropriate questions, there could be potential issues in the future. As an example, consider the estate plan in which one names only primary beneficiaries. If something happens to the named parties and a successor or contingent was not named, the estate could go to probate.

Complex Estate Planning Issues 

Families are far more diverse these days. In fact, many individuals are on their second or third marriages, and there are often children involved. How does one ensure that everyone receives their "fair share," or how can you prevent a spouse from taking assets that are intended to go to children? To answer this question simply: such issues are best discussed with a lawyer, rather than a computer, especially if there is a substantial amount of money at stake.

Guardianship Naming is a Complex Issue

Parents often assume that a DIY will is sufficient for naming a guardian. Sadly, this is not always  the case. There are scenarios in which parents may need a more complex document to ensure the safety and well-being of their child. For example, consider a scenario in which the primary guardian dies shortly after the child's natural parents. If a successive guardian has not been named, the child could experience the very same fate that his or her parents were trying to avoid.

Probate is More Common with DIY Estate Plans

Estate plans that are drafted with the assistance of an attorney are far from iron-clad, but they are still far less susceptible to probate than a DIY estate plan. Part of this can be attributed to the more comprehensive nature of lawyer-assisted estate plans, but another reason that such estate plans are more effective at preventing probate is that people are also less likely to challenge an estate that was drafted in the presence of an attorney.

Contact Our DuPage County Estate Planning Lawyers

If you need assistance with an estate plan, contact Stock, Carlson, Oldfield & McGrath, LLC for assistance. Dedicated and experienced, our DuPage County estate planning lawyers can help you create a personalized legal document that reduces the risk of probate for your heirs. Call 630-665-2500 to schedule your personalized consultation today.

Source:

https://www.wsj.com/articles/diy-estate-planning-has-its-risks-1502071680