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The Law Office of Dionna Reynolds

Chicago Estate Planning Lawyer

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    • Dionna Reynolds
    • Tanya S. Hurd Jones
    • Judith Smith Stephney
    • Javier Porcayo
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      • Real Estate Attorney – Investor
    • Probate and Estate Administration
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  • Blog
    • What is a Real Estate Land Trust?
    • Do Not Be Discouraged When Buying a Home
    • 5 Tips From Attorney Reynolds on How To Sell Your Home
    • Benefits of Homeownership vs. Renting
    • Five Top Reasons to Hire a Real Estate Attorney
    • Frequently Asked Estate Planning Questions – Volume 4
    • Frequently Asked Estate Planning Questions – Volume 3
    • Frequently Asked Estate Planning Questions – Volume 2
    • Frequently Asked Estate Planning Questions – Volume 1
    • Do Not Call Registry
    • ESTATE PLANNING
    • How to Lower Your Property Taxes
    • How to Contest a Will
  • Contact Us
  • Home
  • About Us
    • Dionna Reynolds
    • Tanya S. Hurd Jones
    • Judith Smith Stephney
    • Javier Porcayo
  • Practice Areas
    • Estate Planning Attorney
      • Wills and Trusts Attorney
    • Real Estate Attorney
      • Real Estate Attorney – Investor
    • Probate and Estate Administration
    • Property Tax Appeals
    • Nonprofit and Business Formations
    • Corporate Lawyer
  • Book Online
  • Blog
    • What is a Real Estate Land Trust?
    • Do Not Be Discouraged When Buying a Home
    • 5 Tips From Attorney Reynolds on How To Sell Your Home
    • Benefits of Homeownership vs. Renting
    • Five Top Reasons to Hire a Real Estate Attorney
    • Frequently Asked Estate Planning Questions – Volume 4
    • Frequently Asked Estate Planning Questions – Volume 3
    • Frequently Asked Estate Planning Questions – Volume 2
    • Frequently Asked Estate Planning Questions – Volume 1
    • Do Not Call Registry
    • ESTATE PLANNING
    • How to Lower Your Property Taxes
    • How to Contest a Will
  • Contact Us
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Latest Blog

13 June

5 Tips From Attorney Reynolds on How To Sell Your Home

Dionna Reynolds, Real Estate Attorney

As an attorney specializing in real estate, I would like to offer you five valuable tips to help you sell your home:

  1. Prepare Your Property: Before listing your home, take the time to make your home “nice”. Enhance its curb appeal by ensuring the exterior is well-maintained, tidy, and inviting. Inside, declutter, depersonalize, and make any necessary repairs or upgrades to showcase your home’s best features.
  2. Price it Right: Setting the right price is crucial to attract potential buyers. Conduct a comparative market analysis to determine a competitive and realistic listing price. Avoid overpricing, as it can discourage buyers and you do not want to underprice your home. Consult with a qualified real estate agent or appraiser to help you arrive at an accurate price point.
  3. Disclosure and Documentation: Familiarize yourself with your state’s disclosure requirements and provide accurate and complete disclosures to potential buyers. Be transparent about any known issues or defects in your property.
  4. Negotiate Wisely: Be prepared for negotiation when receiving offers. Carefully review and consider each offer, including the proposed purchase price, contingencies, and terms. Understand your rights and obligations during the negotiation process, and consult with a real estate attorney if needed to protect your interests and ensure a fair and favorable outcome.
  5. Engage Professionals: Selling a home involves numerous legal and financial intricacies. It’s crucial to work with a team of professionals who can guide you through the process. Consider hiring a reputable real estate agent, and a skilled real estate attorney.

Written by Javier Porcayo · Categorized: Uncategorized

08 May

Five Top Reasons to Hire a Real Estate Attorney

Here are the Five Reasons to Hire a Real Estate Attorney:

  1. Complex legal requirements: Real estate transactions can involve complex legal requirements and paperwork that can be difficult to understand. A real estate attorney can help you navigate the legal process and ensure that all of the paperwork is properly completed and filed.
  2. Title issues: Title issues, such as liens or easements, can arise during a real estate transaction that can cause problems and delays. A real estate attorney can help you identify and resolve any title issues before you complete the purchase.
  3. Contract negotiation: The purchase contract for a property can be complex, and negotiating the terms can be challenging. A real estate attorney can help you negotiate favorable terms, such as contingencies, financing, and closing costs.
  4. Liabilities and contingencies: Real estate transactions can involve liabilities and contingencies that need to be addressed, such as property defects or zoning issues. A real estate attorney can help you identify and mitigate these risks and ensure that you are protected throughout the transaction.
  5. Closing process: The closing process for a real estate transaction involves a lot of paperwork and can be confusing. A real estate attorney can help you review all of the documents, explain any legal terms, and ensure that everything is properly executed and filed with the appropriate authorities.

Contact us today to schedule an appointment if you are looking for a Real Estate Attorney.

Written by Javier Porcayo · Categorized: Uncategorized

04 May

Frequently Asked Estate Planning Questions – Volume 4

At what age should I get an estate plan?

It is generally recommended that adults who have assets and property to their name create an estate plan as soon as possible, regardless of their age. While it may be more common for individuals in their later years to have an estate plan in place, unforeseen circumstances can occur at any time, and having an estate plan can provide peace of mind and ensure that your wishes are carried out in the event of incapacity or death.

Young adults who are just starting their careers and accumulating assets may not have a significant estate, but they may still benefit from having an estate plan. For example, a young adult who owns a vehicle or has a life insurance policy may want to designate beneficiaries for these assets in case of an unexpected death.

As people age, their estate plans may become more complex and involve a wider range of assets and beneficiaries. However, it is important to remember that an estate plan is not a one-time event, and it should be updated periodically to reflect changes in personal circumstances, assets, and laws.

Contact us today to schedule an appointment.

Written by Javier Porcayo · Categorized: Uncategorized

10 February

Frequently Asked Estate Planning Questions – Volume 3

What is a Power of Attorney?

A Power of Attorney (POA) is a legal document that allows you to appoint a person or organization to manage your affairs if you become unable to do so.

There are generally two types of power of attorneys, medical (health care) and financial (property). Power of attorneys for health care and property enable your designated agent to act regarding all or some of your very necessary health care and property decisions. This is particularly useful in event you are unable to act due to disability or incapacity.

Your Power of Attorney/Agent must be:

•          Over the age of 18,

•          Able to make his/her own decisions,

•          Someone other than your primary healthcare provider (such as your doctor or caregiver).

Without power of attorneys, a legal proceeding and court approval may be necessary to execute decisions.

We Offer Flexible Appointments. Our FREE consultations are available over the phone, via Zoom, Teams, or in person. Weekend, early morning, and evening appointments are made upon request. Contact us today to schedule an appointment.

Written by Javier Porcayo · Categorized: Uncategorized

31 January

Frequently Asked Estate Planning Questions – Volume 2

WHAT IS A LAND TRUST?

A Land Trust is a legal entity (business or organization) that takes ownership of, or agency, of a piece of property. The property owner generally hires a company to hold their property.

Some of the benefits of a Land Trust are personal anonymity which may protect against creditor attachment and lawsuits; avoidance of probate upon naming remainder beneficiaries; avoidance of co-ownership disputes, if an agreement is entered between the beneficiaries of a Land Trust; and, much more.

In contrast to a Living Trust, a Land Trust can only hold real estate. If you are interested in a form of Estate Planning that covers all of your assets another type of Trust may be best.

To learn more about Land Trusts or other forms of Estate Planning contact our office (708-981-3344) to schedule a free consultation.

Written by Javier Porcayo · Categorized: Uncategorized

13 January

Frequently Asked Estate Planning Questions – Volume 1

WHAT IS A REVOCABLE LIVING TRUST?

A revocable living trust is a form of estate planning that has many advantages. One benefit is it allows your estate to avoid probate. Probate is the legal process for reviewing the assets of a deceased person. Probate generally requires you to hire an attorney and a judge (court) oversee the process. Probate is very costly. You may have heard (or experienced firsthand) how expensive and long the probate process can be. If you have a revocable living trust your family/friends/beneficiaries can avoid that headache and cost.

A revocable living trust also provides benefits before death. During your lifetime you can control the trust assets. You can also amend and revoke the entire revocable trust. If you change your mind, you can always amend it! In case you become disabled or incapacitated your trust plans for your care. You can select who can help you, where you will live, and how your medical bills will be paid. You are in control!

Additionally, a trust also allows you to: name beneficiaries, name a guardian for your minor child, provide for the financial welfare of your children, avoid certain income/estate taxes, and conserve and manage your property for a better way of Life.

Contact our office (708-981-3344) to schedule a free consultation.

Written by Javier Porcayo · Categorized: Uncategorized

20 December

Do Not Call Registry

Telemarketing calls are often an unwelcome annoyance. To reduce the amount of unwanted telemarketing calls you receive, you can register your home and cellular phone numbers on the nationwide Do Not Call Registry to make sure that businesses follow the law and consumers do not become victims of fraud. To register visit (https://www.donotcall.gov/register.html) 

Written by Javier Porcayo · Categorized: Uncategorized

21 November

ESTATE PLANNING

Creating an Estate Plan That Protects Your Legacy and Empowers You!

Everyone has an estate. The things you own are part of your estate. Your possessions such as: your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, and personal possessions. No matter how large or small your estate, you should protect your legacy.

In the event of death or incapacity, you should want to control how your estate is given to people or organizations. To ensure your wishes are carried out, you need to provide instructions stating whom you want to receive something of yours, what you want them to receive, and when they are to receive it.

This process is known as estate planning. However, good estate planning is about so much more than naming whom you want to receive the things you own after you die. It should also:

  • Minimize taxes, court costs, and unnecessary legal fees.
  • Provide for loved ones who may be careless with money or who may need future protection from creditors or divorce.
  • Include instructions for passing values (religion, education, etc.) in addition to your valuables.
  • Provide for family members who have special needs without disrupting government aid.
  • Name a guardian for minor children.
  • Provide for the transfer of your business at your retirement, disability, or death.
  • Include instructions for your care should you come disabled before you die.
  • Include life insurance to provide for your family after your death, disability income insurance to replace your income if you cannot work due to illness or injury, or long-term care insurance to help pay for your care in case of an extended illness or injury.
  • Be reviewed and updated when there are major life events.

Estate Planning Documents

  • Testamentary Will
  • Durable power of attorney
  • Beneficiary designations
  • Letter of intent
  • Healthcare power of attorney
  • Guardianship designations
  • Power of Attorney – Health    
  • Power of Attorney – Finance
  • Living Trust – Individual
  • Living Trust – Joint

Contact our office today and let us help you with your Estate Plan. For more information or to schedule a confidential consultation with Attorney Reynolds, call 708-981-3344 or contact our office online.

Written by Javier Porcayo · Categorized: Uncategorized

13 July

What is a Real Estate Land Trust?

A real estate land trust is a legal entity that holds ownership of real property on behalf of beneficiaries. It is established through a trust agreement, where the property owner transfers the title of the property to the trust. The beneficiaries, who could be individuals or entities, retain beneficial interest in the property.

Benefits of Real Estate Land Trusts:

  1. Privacy Protection: One of the main advantages of utilizing a land trust is the preservation of privacy. Unlike traditional property ownership, where ownership details are typically a matter of public record, a land trust shields the true owner’s identity. Instead, the trust’s name appears on public records, providing anonymity and privacy to the beneficiaries.
  2. Asset Protection: Land trusts can offer a layer of asset protection by separating the property from the beneficiaries’ personal assets. This separation can safeguard the property from potential lawsuits, creditors, or other legal issues that may arise.
  3. Estate Planning and Probate Avoidance: Land trusts can be valuable tools for estate planning purposes. By placing properties into a trust, individuals can dictate how the property will be managed and distributed upon their passing. This can help streamline the probate process and minimize potential conflicts among heirs.
  4. Flexibility in Property Management: Real estate land trusts allow for flexible property management arrangements. Beneficiaries can appoint a trustee to handle day-to-day property operations, such as leasing, maintenance, and collecting rental income. This flexibility can be particularly beneficial for real estate investors with multiple properties or those seeking professional management services.

Conclusion:

Real estate land trusts can be a valuable tool for investors seeking privacy, asset protection, and flexible property management options. By understanding the benefits and considerations associated with land trusts, investors can make informed decisions that align with their investment goals and risk tolerance. Remember, it’s crucial to seek professional advice and legal counsel when considering real estate land trusts, as the laws and requirements can vary by jurisdiction. With careful planning and proper implementation, real estate land trusts can provide investors with a powerful strategy to optimize their real estate holdings.

Written by Javier Porcayo · Categorized: Uncategorized

27 June

Do Not Be Discouraged When Buying a Home

As a real estate attorney, I have witnessed firsthand the excitement and apprehension that accompanies the decision to buy a new home. The process can be overwhelming, but it is also filled with promise and new beginnings. In this blog post, I want to offer some words of encouragement to individuals embarking on the journey of purchasing a new home. Let’s delve into the importance of embracing the process and finding joy in this significant milestone:

As a real estate attorney, I have witnessed firsthand the excitement and apprehension that accompanies the decision to buy a new home. The process can be overwhelming, but it is also filled with promise and new beginnings. In this blog post, I want to offer some words of encouragement to individuals embarking on the journey of purchasing a new home. Let’s delve into the importance of embracing the process and finding joy in this significant milestone.

A Well-Informed Decision:

Buying a new home is not just a financial investment; it is an investment in your future and well-being. By seeking professional advice, you have already taken an essential step towards making a well-informed decision. Trust in your instincts, ask questions, and let your real estate attorney guide you through the complexities of the legal aspects involved.

Focus on the Possibilities:

A new home signifies new beginnings. Visualize the life you want to create within those walls. Envision the family gatherings, the laughter, and the cherished memories that will be made. Embrace the possibilities and allow yourself to dream big. Your new home can be a canvas upon which you paint the future you desire.

Celebrate the Process:

While it’s easy to get caught up in the stress of paperwork, negotiations, and deadlines, it’s crucial to find joy in the journey. Take time to celebrate each milestone along the way. From finding the perfect property to signing the closing documents, acknowledge and appreciate the progress you’ve made. Remember, this process is a stepping stone towards achieving your homeownership goals.

Supportive Professional Relationships:

Building a strong relationship with your real estate attorney is essential. They are your trusted advisor and advocate throughout the home buying process. Don’t hesitate to lean on their expertise and experience. They will navigate the legal intricacies, protect your interests, and ensure a smooth transaction. Knowing you have a dedicated professional by your side can alleviate anxieties and provide peace of mind.

Patience and Flexibility:

Buying a new home often requires patience and flexibility. Unexpected challenges may arise, and timelines can shift. Embrace these moments as opportunities for growth and adaptability. Remember that the journey is as important as the destination. Trust the process, and have faith that everything will fall into place.

Conclusion:

Embarking on the journey of buying a new home is an exciting and transformative experience. Embrace the process, stay positive, and celebrate each milestone along the way. As a real estate attorney, I encourage you to trust in your decisions, lean on your support system, and keep your eye on the bright future that awaits you in your new home. Remember, you are not alone in this journey – your real estate attorney is here to guide you towards a successful homeownership experience.

Written by Javier Porcayo · Categorized: Uncategorized

05 June

Benefits of Homeownership vs. Renting

Here are several compelling reasons why buying a home is often considered better than renting:

Firstly, homeownership provides the opportunity to build equity. With each mortgage payment, a portion goes towards the principal balance, effectively increasing your ownership stake in the property. Over time, as the property value appreciates, you can accumulate significant equity. This equity can be tapped into through refinancing, home equity loans, or selling the property, providing financial flexibility and potential wealth creation.

Moreover, homeownership offers stability and a sense of permanence. When you rent, you are subject to the decisions and whims of the landlord, including potential rent increases or lease terminations. Owning a home provides stability, allowing you to establish roots in a community and create a sense of belonging. You have control over your living environment and can customize and personalize your home as you wish, providing a sense of pride and satisfaction.

Another advantage of homeownership is the potential tax benefits. Mortgage interest and property tax payments are often tax-deductible, reducing your overall tax liability. This can result in significant savings, especially in the early years of homeownership when interest payments make up a larger portion of the mortgage.

Additionally, owning a home provides the opportunity to benefit from potential appreciation in property value. While real estate markets can fluctuate, historically, property values tend to increase over the long term. This can result in significant financial gains when it comes time to sell the property.

Furthermore, owning a home can provide a sense of security and control over your living situation. You don’t have to worry about landlords making changes to rental terms, and you have the freedom to make modifications or improvements to the property as you see fit. This level of control and stability can contribute to a higher quality of life and peace of mind.

Lastly, homeownership allows you to build a legacy and leave something tangible for future generations. It provides the opportunity to create a long-term asset that can be passed down to your heirs, potentially providing financial security and stability for your family in the future.

While homeownership comes with responsibilities such as maintenance and upfront costs, the long-term benefits and potential financial advantages make buying a home a preferable option for many individuals and families. It is a significant investment in your future and can be a key component of long-term financial planning.

Written by Javier Porcayo · Categorized: Uncategorized

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Attorney Reynolds handled the purchase of our condo and was excellent! She made sure we understood every detail and was available for our many questions. I will certainly engage Attorney Reynolds in future real estate matters.

L.S

Super knowledgeable and friendly office of attorneys and staff that area always willing to offer sound advice or just a listening ear. I highly recommend the Law Office of Dionna Reynolds to all my real estate clients both buyers and sellers to ensure they have proper counsel and a smooth transaction!

B.H

I had a great experience working with Attorney Reynolds and her team. They put the clients first, respond fast to messages. If you want a first class experience, contact Attorney Reynolds.

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