WELCOME TO OUR FIRST FIRM NEWSLETTER
In June, 2001, The Law Offices of Thaddeus M. Bond, Jr. & Associates, P.C. will celebrate the five year anniversary of its establishment. To commemorate this achievement, we have established a newsletter that will be published to the growing number of friends and clients of the firm three times a year. By doing so, we hope to provide you with helpful information about legal matters and recent changes in the law that may affect you. We also hope to help you learn more about the members of our staff and their accomplishments. Our goal has been and will continue to be providing the highest quality legal representation to individuals, families and small to mid size businesses.
Bond & Associates, P.C.
In this issue…
In Illinois, there are three different ways that two or more individuals can own real estate. Make sure you have chosen the method that is best for you. If a change needs to be made or you are considering acquiring real property, please contact us to make sure you select the best option.
1) Tenancy in common
Tenants in common each own a specific percentage of the property. If the deed of conveyance does not specify otherwise, they will own equal shares. Upon the death of a tenant in common, her share will pass to her heirs, not to the other co-owners.
2) Joint tenancy
Each joint tenant owns the entire property jointly with the other joint tenant(s). Upon the death of one joint tenant, the survivors will receive the decedent’s interest in the property regardless of who the decedent’s heirs might be.
3) Tenants by the entirety
Tenancy by the entirety is very similar to joint tenancy. However, it also protects the property from being sold by certain creditors. Real property can be owned in tenancy by the entirety only by a married couple and only for the marital residence. It cannot be used for second homes or investment property.
The state legislature confirmed the right of Illinois citizens to own property in tenancy by the entirety in 1995. If you purchased your marital home prior to 1995, you most likely own it as joint tenants. As a method of sound estate planning, you should consider transferring ownership to tenancy by the entirety. Our firm can prepare the necessary paperwork to transfer your method of ownership and have the paperwork put on the public land records for a flat fee of only $100.00. Please contact us if we can be of service.
The legal requirements for establishing each type of ownership are very strict. Failure to follow the letter of the law can result in title being held in a form different from what you intended. Our advice: Never acquire ownership or change ownership of real estate without the advice and assistance of competent legal counsel.
FAMILY LAW UPDATE
By June M. Peterson-Gleason, Attorney at Law
GRANDPARENT VISITATION UNDER ILLINOIS LAW
You may have recently heard about a grandparent visitation case that came out of the State of Washington. The United States Supreme Court decided that Washington’s statute allowing grandparent visitation infringed upon a parent’s fundamental interest in raising their children as they see fit.
In Illinois, we have a statute that allows a grandparent to petition a court for a visitation schedule so long as a judge determines that visitation is in the child’s best interest. In order to sustain the petition, the grandparent must prove that the parents of the child do not reside together, that one parent is deceased or that one of the parents consents to the proposed visitation.
The Illinois Supreme Court recently issued a ruling that the Illinois statute also infringes upon a parent’s fundamental interest in raising their children as they see fit. Grandparent visitation has become a hot political issue so we can probably expect the Illinois legislature to revise the statutes to restore the important role of a grandparent to a child’s life.
Our firm keeps up to date on changes in the law relating to grandparent visitation. If you are effected by this ever evolving area of the law, please contact June M. Peterson-Gleason to find out how she can assist you.
TED BOND, JR. is the founder of the Law Offices of Thaddeus M. Bond, Jr. & Associates, P.C. A licensed Illinois attorney since May 1991, Ted has concentrated his practice in the areas of real estate law, civil litigation, worker’s compensation claims and personal injury law. Ted cares about his clients and promises prompt, courteous service.
Over his career, Ted has handled thousands of real estate transactions, successfully completing the transfer of all manner of property. As house counsel for the first and still one of the largest title insurance agencies in Illinois, Ted has an unsurpassed knowledge of the finer points of real estate law.
Ted began his legal career as house counsel for a large national insurance company. Since 1995, he has been engaged in private practice based in Lake County, Illinois. He has tried dozens of cases to verdict before judges, juries and administrative courts throughout Illinois. Ted also has vast experience before the Appellate Courts of Illinois. In 1998, he argued before the Illinois Supreme Court, a rare experience for the small firm practitioner.
Let Ted and his firm put their experience to work for you.
REFERRALS ARE OUR BEST SOURCE OF BUSINESS
If you are receiving this newsletter, one or more of the members of our firm has represented you in a past legal matter or dispute and we thank you for your business. Were you satisfied with the service you received and the results we obtained? Did you feel that our fees were fair and reasonable? If so, please feel free to refer our firm to your friends, family and acquaintances. We strive to make our clients happy and nothing says thank you better than repeat business or a referral.
AREAS OF PRACTICE
Our firm handles a wide variety of cases. While we may have helped you in one area of the law, you may not be aware that we also handle:
- Real estate law
- Residential closings
- Commercial closings
- Landlord representation
- Title disputes and litigation
- Family law
- Child support
- Orders of protection
- Prenuptial agreements
- Personal Injury
- Motor vehicle accidents
- Slip and fall
- Dog bites
- Products Liability
- Medical Malpractice
- Wrongful Death
- Worker's compensation
- Civil litigation
- Wills and trusts
- Small business formation and representation
- Criminal Law and Traffic Violations: Although we do not handle these types of cases, we can refer you to competent legal counsel
INITIAL CONSULTATIONS ARE ALWAYS FREE
SE HABLA ESPANOL