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Practical TODI Advice and Advanced TODI Topics in 2022

Public Act 102-0068, amending what is now known as the Real Property Transfer on Death Instrument Act, took effect on January 1, 2022. IRELA members have already sliced and diced the highlights of this legislation. But now the fun has begun: How will title companies insure title pursuant to a Transfer on Death Instrument? But just as important, how will title companies insure title around a TODI, when someone other than the beneficiary is taking title to the land? Dick Bales had put together comprehensive materials on both these subjects. He has also prepared materials on three other “advanced TODI Topics”: TODI Disclaimer, TODIs and Joint Ownership of Land, and Revoking a TODI.

Advanced Topics in Property Tax: Reassessment Update, Exemptions Explained, and Proration Disasters

Advanced Topics in Property Tax: Reassessment Update, Exemptions Explained, and Proration Disasters

Disclosure of Financial Interest: The New DS-1

In this 1.25 hour presentation, the Illinois Real Estate Lawyers Association brings regulators from the Illinois Department of Financial & Professional Regulation to its membership to discuss the implementation of the state's revised DS-1 form ("Disclosure of Controlled Business Arrangement"), which will go into effect on March 1, 2022. This presentation walks attorneys through the proper completion of the form, addressing the ethical and legal issues that face practitioners when they function in the dual role of attorney and title agent in residential real property conveyances.

Business Valuation Caselaw Update 2022

We address our 2021 financial caselaw since our last seminar regarding child support, maintenance and property cases. These include the ever-important imputing income for support and maintenance topic and foreseeability for modification purposes.

Changes To the Transfer on Death Instrument Act

The legislation that originally created the Transfer on Death Instrument became law in 2012. It is codified as 755 ILCS 27/1 et seq. (“The Act.”) This statute was amended in 2015. There is now a second amendment, Public Act 102-0068, which is effective January 1, 2022. Public Act 102-0068 is truly a major revision of the Act. Consider just a few of these new changes: The Act is no longer the Illinois Residential Real Property Transfer on Death Instrument Act because the Act is no longer limited to just residential real estate. Effective January 1, 2022, a spouse can now renounce a Transfer on Death Instrument and take his or her statutory share. Dick Bales has put together a comprehensive 26-page handout where he thoroughly discusses all the changes to the Act. When appropriate, he uses situational examples to better illustrate these changes. In addition, he has put together a list of what he feels are some areas of concern to both attorneys and title companies.