The Illinois Land Trust: Maximizing Benefits for Your Client

Covering the statute's history, recent amendments, and execution nuances for joint tenants, the session navigates recording essentials and beneficiary acceptance. Understand TODI's impact on probate/intestate succession, explore revocation formalities, and tackle complexities like disclaimers and trust beneficiaries. Stay current with insights into any recent TODI-related cases. This session delivers vital updates for real estate practitioners to enhance their understanding of TODIs in estate planning. Originally presented as part of the Taking, Holding, and Transferring Illinois Real Estate Titles 2024.

A concise exploration of choosing and managing entities in real estate transactions. Navigate the suitability of corporations, partnerships, LLCs, Series LLCs, and REITs based on client goals. Gain insights into property management and transfer decisions, and touch on key taxation considerations. Explore potential traps during entity abandonment, reinstatement ease, record-keeping requirements, and the nuances of transferring interests versus titles. This session provides practical guidance for real estate practitioners navigating entity choices and challenges. Originally presented as part of the Taking, Holding, and Transferring Illinois Real Estate Titles 2024.

Explore the intricate intersection of Real Estate Titles and Estate Planning and Administration. Delve into clients’ common estate planning goals for real estate and the best instruments & tools to carry out those goals. Be wary of titling or transfers to multiple beneficiaries having shared ownership rights and responsibilities in real estate, which often leads to dispute. Uncover pitfalls and misconceptions with living trusts, land trusts, joint tenancy with non-spouses, and transfer on death instruments (such as accidental disinheritance, exposure of assets to waste or creditors, unequal inheritances among beneficiaries, and more). Gain insights into the best practices for streamlining the transfer of real property to address a client’s (and client’s spouse’s) future disability and death. Learn the benefits of selling real estate during probate and trust administration, and which legal document/instrument to prepare and record. Obtain practical knowledge and real-world examples to enhance your proficiency and deliver optimal client outcomes. Originally presented as part of the Taking, Holding, and Transferring Illinois Real Estate Titles 2024.