One of the common mantras in estate planning that appears over and over is to avoid probate as much as possible. In 2012 Illinois made this a little easier by enacting Transfer-On-Death (TOD) instruments under 755 ILCS 27/1 et seq. Continue reading
Today’s post on DIY documents takes the pre-made LLC and kicks up the temperature a few notches.
My last post, a foray into the exotic pizza industry, revealed how a simple LLC agreement can lead to disaster without a little fine-tuning by a skillful pair of eyes. Here I’m going to show you how a simple real estate LLC setup, when prepared without consulting an attorney, by using only free advice from sites/books like NOLO (or the many other Internet voices out there), can wreak havoc similar to having a major volcano eruption on one of your real estate properties. Continue reading