Thomas J Polinski & Associates, Ltd. in Chicago, Illinois, provides legal services to clients in the city and the surrounding vicinities.
- Bankruptcy Documents
- Divorce Documents
- Powers of Attorney
- Quitclaim Deeds
- Automobile Accident
- Buying a Home
- Financing a Home
- Living Trust
- Living Wills
- Selling a Home
- Starting a Business
- Workers’ Compensation
- Your Rights (If Arrested)
To help with “Sale by Owner” transactions, we can prepare your Real Estate Sales Contracts for only $250.00.* This amazing deal offers you great savings compared to the standard 5% of the sales price charged by many real estate agents.
To avoid the traumatic situation experienced by Terri Schiavo, her husband, and her family, we offer discounts on Living Wills and Medical Powers of Attorney. Avoid the fate that befell Terri Schiavo. Make your wishes known in writing if at any time in the future you should contract an incurable and irreversible injury, disease or illness diagnosed as a terminal condition by your doctor.
We also offer discounts on complete Living Trust Packages and can attend to all of your estate planning requirements.
*Prices subject to change without notification.
Beware of Quitclaim Deeds
Many older people add their children on the title to their homes in order to simplify things in the event of their death.
However, this is not always a sure thing. If one of your children has legal or financial problems, your home could be put at risk.
One real life example is of a widow who lost her entire home, after adding her daughter on title with a quitclaim deed, because of her daughter’s tax obligations to the Internal Revenue Service.
One of your children could be sued for divorce, or be involved in an automobile accident. These are real life situations that could cause an entire forfeiture of any of your assets which are held in joint tenancy with that child.
Talk to an attorney prior to retitling any of your assets or prior to signing a quitclaim deed.
There may be alternatives that would be more beneficial for you, such as Living Trusts, depending on your individual circumstances.
by Thomas Polinski
Call Thomas J Polinski and Associates at (773) 282-9372 for all of your real estate needs. Our attorneys are seasoned professionals experienced in all areas of real estate.
What Is the Best Way to Leave My House to My Children?
Q. I am a recent widow, age 63, with three grown children. All of my late husband’s assets and mine were held in joint tenancy. Of course, as the surviving joint tenant, I am now the sole owner and nothing went through probate. Neither our bank accounts, CDs, securities, or our debt-free house.
Just as all these assets passed to me with little or no hassle, I would like these assets to pass just as easily to my children when I die. With this in mind, is there any reason why I shouldn’t put everything into joint tenancies with my children?
A. The passage of property held in joint tenancy works best when the joint tenants are related to each other as husband and wife. It might not be as wise when those joint tenants are related to each other as parent and child. Here are at least three reasons why.
Let’s say that during the next 20 years or so you decide to sell the house. You might have eliminated up to three-fourths of the benefit of the tax-free exclusion of $250,000.00 capital gain on the house. You’d be the owner of only one-fourth of the house, and thus could exclude from income-tax liability only one-fourth of the capital gain.
The next reason can be summed up in one word: Independence. You now need all of your children’s signatures to transfer, sell or refinance your property. Your efforts will be thwarted if one of your children refuses to sign.
But the most important reason by far is that any of your property held in joint tenancy with your children, or anyone else, could become subject to whatever financial or marital problems any of them might now have or encounter sometime in the future.
Perhaps a living trust might be the most appropriate estate planning vehicle for you. This will avoid all of the problems discussed above. You should consult with an attorney experienced in real estate transfers and estate planning. Please call Thomas J Polinski and Associates at (773) 282-9372, if you wish to discuss these matters in greater detail.
Thomas J Polinski & Associates, Ltd.
5844 W Irving Park Rd.
Chicago, Illinois 60634
Phone: (773) 282-9372
Fax: (773) 282-9806
Hours of Operation:
Monday to Friday
9:00 AM – 5:00 PM
Saturday and Sunday
Additional hours by appointment
All major holidays
Chicago and near vicinity,
Contact Us Now
Call our helpline for more information about our products and pamphlets.
Phone: (773) 282-9372