Who Has Legal Claim to a Property Based on Adverse Possession?

Who Has Legal Claim to a Property Based on Adverse Possession?

Whether you are the owner of a Chicago townhouse or a Champaign County farm, your home is likely to be the most valuable item you own, so it is in your best interests to protect it and the land surrounding it. That includes paying close attention to what your neighbors are doing, because if their land use crosses onto your side of the property line they may be able to gain title to parts of your land under the legal doctrine known as adverse possession. In addition, an unknown trespasser could even squat on your land and make a claim to legal ownership under this doctrine.

The Right of Adverse Possession

To ensure that all of your land remains your own and that others are unable to assert their right to portions of it, learning about the Illinois rules on adverse possession is imperative. Adverse possession involves an individual publicly moving into an abandoned property and making improvements to the property, thus being given legal title to it after a certain period of time. Illinois adverse possession laws require that claimants need to occupy a given property for at least 20 years and to provide either “color of title” or payment of property taxes for at least seven of those years.

Let Us Help You Understand Your Rights

Also known as “squatters’ rights,” adverse possession laws are often brought into play by squatters who occupy land or structures that are left vacant or unused. The term “adverse” refers to the fact that those who are claiming the land or structures are doing so against the wishes of the real title holder(s).

Illinois laws are continually changing, and adverse possession laws, which are anything but clear-cut, are no exception. Thus, it is easy to miscalculate and/or produce a costly procedural error when attempting to interpret these laws, making it essential that you contact an experienced Illinois real estate attorney to handle your adverse possession case. Call 773-635-0355 or go to Bellshah.com today to receive our top-tier, personalized counsel on the ins and outs of adverse possession. We look forward to hearing from you.

Are You on the Verge of Losing Your Licensing?

Are You on the Verge of Losing Your Licensing?

Losing a fishing license simply means not having the ability to legally enjoy a common leisure time activity. However, losing a professional license is an entirely different matter. Without a legitimate license to practice a profession, an individual may not be able to lawfully continue pursuing a rewarding career, and this in turn can lead to loss of a comfortable income and lifestyle, along with great personal distress and suffering for an entire family.

Losing Your Licensing Can Put You Out of Business

If you are a licensed professional in Illinois, are involved in a lawsuit, and are found to be at fault, you can risk losing your license to practice in your field. Upon being informed that you are under investigation by the Illinois Department of Financial and Professional Regulation (IDFPR), the possibility of having to forfeit your professional license may initially cause panic, but it is important to remain calm during this time and work with an attorney to dispute the complaint. A complaint is not a suspension but simply the starting point in an investigation that could lead to a suspended license. While the investigation is under way, you are still allowed to practice your profession and work with clients.

The laws and rules relating to the professions in Illinois include many specific grounds for disciplinary action, almost all of which involve acts and omissions specifically tied to an individual’s professional duties. But a number of licensing acts and rules are full of vague, ambiguous language that could in theory be used by IDFPR to institute punitive measures for personal behavior, such as participation in a white supremacist group.

Call Us to Find Out How We Can Help

Illinois laws are in a constant state of flux, and the regulations related to licensing are no exception. Therefore, a private individual can easily misjudge and/or make a harmful procedural error in trying to interpret these laws, making it essential that you contact an experienced Illinois licensing attorney to handle your case. Call 773-635-0355 or go to Bellshah.com today to receive our top-tier, personalized counsel on the ins and outs of Illinois licensing laws and to discuss your options. We look forward to hearing from you.

Benefits of Setting up a Trust for Your Family

Benefits of Setting up a Trust for Your Family

A family trust is any legal trust that you set up for the benefit of your family members, and is commonly used nowadays in estate planning. You know your family best, and a family trust allows you to personalize the way you provide for them, both during your lifetime and thereafter.

Benefits of a Family Trust

A trust may be used to manage estate taxes, protect assets from creditors, and transfer wealth to succeeding generations. A family trust is a particular kind of trust that families can use to construct a financial legacy for the future. Among the numerous benefits of creating a trust for your family are the following: It allows you to (1) place conditions on how and when your assets are disseminated after your death; (2) reduce the amount of taxes associated with your estate; (3) efficiently allocate assets to your heirs without incurring the cost, delay, andpublicity related to probate court; and (4) better protect your assets from creditors and legal action.

 

Creating a Family Trust Requires Legal Know-how

If you’ve been considering creating a family trust, it’s important to understand that the process can be complicated to execute, so the assistance of an experienced lawyer who specializes in estate planning is essential. The attorneys of Bell Shah Law, LLC, provide clients with personalized support in all areas of their practice. And this approach is also essential to the process of creating a family trust. We ascertain our clients’ special needs and gauge the impact of estate taxes on families and beneficiaries. Then we convey the timeline for crafting the trust and guide them through the occasionally complex process.

Most clients contact us to draft a simple will. We secure the information necessary to generate the documents you need. And if estate taxes, probate or transfer of assets are a concern, we can formulate a family trust to safeguard your finances and property.

Call 773-635-0355 or visit Bellshah.com today to get the skilled, knowledgeable, and thoughtful counsel you need to set up your family trust. We look forward to hearing from you.

Need to Ensure Your Business is Safe? Call Us to manage Your Business Transactions

Need to Ensure Your Business is Safe? Call Us to manage Your Business Transactions

All the responsibilities and risks of starting or running a business, things like contracts for employees, leases for property, taxes, and insurance fall to the owner. Hiring an excellent attorney is essential. Bell & Shah, LLC can help.

How to Keep Your Business Safe

Protecting a business starts with choosing the right business structure. Whether it is a sole proprietorship, a partnership, a limited liability company, a type of corporation, a nonprofit, or a cooperative the business structure determines your taxes, paperwork, and liability. The nuances do matter though.

Entire books have been written on transaction laws. Consulting with Bell Shah Law, LLC provides an attention to the details in laws surrounding your business. Entrepreneurs and companies in the Chicago area seek our dedication and focus needed to maximize growth.

For real estate, the purchase is a legal process and an investment. We will represent clients for the entire process. Drafting and reviewing contracts, handling changes to contracts, tracking deadlines, preparing to close, and attending the close with or on behalf of the client are just some of the ways we can assist. Let us handle these complex issues so you can focus on other aspects of the business.

Protecting business transactions is a top priority for our team. This means creating and reviewing employment contracts, independent contractor agreements, executive compensation agreements, noncompete agreements. We also oversee complex mergers and acquisitions.

Our attorneys can also provide guidance and assist in small business formation. Once the business is established consultations can continue. With ongoing consultation for small businesses tax and liability risks are greatly reduced. Legal matters can be handled as they arise as well.

We Are Committed to Helping All Business Owners Around Chicagoland

With guidance from our attorneys who focus on a higher level of service your business can thrive. While growth is very positive it also carries some risks. Check out some tips we have on how to grow your business while still keeping it protected.

Our experts are happy represent our clients throughout the entire process of starting your business to protecting it all. Reduce the risks with Bell & Shah, LLC. Call us now to manage your current and future business transactions.

How to Leave Your Kids and Grandkids Money for the Future

How to Leave Your Kids and Grandkids Money for the Future

Bell & Shah Law, LLC understands the nuances of estate planning. Leaving your hard-earned assets to your loved ones does not have to be complicated. We can assist in protecting finances that can be subjected to taxation providing the maximum value for your children and grandchildren. There are some things to consider leaving assets to your children or grandchildren.

There is a generation skipping tax in addition to estate and gift taxes. A generation skipping trust can negate this tax. Paying for education can help some tax liability. There are a few account types to do this. A 529 plan, Uniform Gifts to Minors Act, and Uniform Transfers to Minors act. Our attorneys can help select the best plan for you and your family.

What are the circumstances?

You will have to analyze this to figure out where to start. What does your family need and does one person need more assistance than another? The recipient needs evaluated as well. How young is the person? Leaving a substantial amount to a young adult may have the opposite effect you intend. Consider a trust to set conditions for the assets to be released.

Talk with your children or grandchildren.

Adapt the plan to your, and your beneficiaries, circumstance. Inform them as to how the money should be used whether for housing, or education, or a vehicle for example. If they know you want them to use the funds productively and you are sure they will consider gifting money. You can gift up to $15,000 per year per person. This is the IRS take on gifting money.

Is there a retirement plan?

If the children or grandchildren are listed as beneficiaries, they receive required minimum distributions soon after your death and will be required to pay taxes on this money. IRAs do not have conditions for naming grandchildren as beneficiaries there are options.

Who distributes the assets?

Planning for our death is not pleasant. When we have finances or property that need to be distributed it is important to cover all the bases and ensure the least amount of stress to our loved ones. An unfortunate truth is these things can cause problems among your surviving relatives. Bell & Shah Law, LLC help you create a plan with a focus on your grandchildren or children so they can focus on healthy coping.

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