Options for Protecting Medicaid and SSI Benefits after a Windfall By: SJ Chapman, J.D., Bielski Chapman, Ltd. If you are receiving a lump sum windfall, such as a lawsuit settlement, and you receive either SSI or Medicaid (or both), you will be temporarily cut off from your benefits until you re- qualify. You can avoid … Continued
Types of Assets Subject to Probate in Illinois By: SJ Chapman, J.D., Bielski Chapman, Ltd. Probate assets refer to any property (“asset”) owned by a decedent that must go through probate court to be transferred to the people who will ultimately inherit them. Probate is an expensive public proceeding, so if you want to maximize … Continued
As a general rule, spouses can transfer an unlimited amount of property to each other without paying tax on the transfer.[1] The rule includes transfers made upon death.[2] The so-called “unlimited marital deduction” delays taxation on the transfer of property until it is transferred out of the marital unit. The rule applies to US citizens … Continued
Listing your Chicago property on Airbnb may seem lucrative, but if you’re not careful, it can cost you. Homeowners who want to list their property must be careful to avoid penalties by paying attention to the restrictions in the Chicago Shared Housing Ordinance and their building’s governing documents. The restrictions are noted below, along with … Continued