House on pile of Money (escrow blog)

The Truth about Escrow Cushions

The Real Estate Settlement Procedures Act (RESPA) addresses escrow accounts and the amounts that a lender may hold for payment of the borrower’s real estate taxes, homeowner’s insurance, and other items. A lender may retain a cushion, but the amount of the cushion a lender can maintain is limited by Section 10 of RESPA. Following […]

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Trusts Compared to Corporations

The concept of a trust is difficult for many people to grasp because a trust is a concept, and therefore is intangible.  Another intangible concept that is more familiar, and therefore seems easier to understand, is a corporation. Corporations have some similarities to trusts and, therefore, provide a helpful comparison. A quick look at the […]

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New Restrictions on Non-Compete Employment Contracts

Illinois continues to be an employee friendly state in some ways, including in the area of non-compete clauses. A non-compete clause, or covenant not to compete, is a provision of a contract in which one person agrees not to compete against another person or business after termination of the relationship. Employers often require employees to […]

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FAQs About Probate

One of the most often misunderstand terms in estate planning is “probate” and what it means so we answer the most common FAQs about probate here: WHAT IS PROBATE? The term “probate” refers generally to the process by which the estate of a decedent (person who died) is administrated and distributed to the heirs and/or people named […]

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The Legacy of the Magna Carta

The Magna Carta is 800 years old this month. I was signed 800 years ago on June 15, 1215, (to be exact) at Runnymede, England. The Magna Carta is a pivotal document. It set a foundation for the Rule of Law in the West unsurpassed by any written document other than Scripture. The Magna Carta was […]

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The Fiduciary Idea

Social pundits have said that kids who grew up in the 1970’s are part of the “me generation”. They are forty and fifty somethings now. Our survival-of-the-fittest world encourages people to “look out for number one”. In that context, the fiduciary idea is counter-cultural.  (more…)

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