Ezzi Law Articles:
Over the past several years we have written on a variety of topics. These articles are intended to be informational with the goal of helping the everyday person understand the law.
Recent Articles
What Is Involved In Inheriting A Home?
By: Tony M. Abou Ezzi with Ezzi Law, and Dimitri Trivizas with Dimitrios P. Trivizas, Ltd.
By: Tony M. Abou Ezzi with Ezzi Law - As a lawyer who helps my clients with inheritance, I am frequently asked: What happens when I inherit a home, and once I have the property what should I be looking out for?
Depending on how the deceased held title to the home, the answer differs:
- A home held by Husband and Wife (Tenants by the Entirety) – the survivor gets the home, but once the surviving spouse dies the home will pass as if held by an individual (see below).
- A home held by Joint Tenants – generally there is a right of survivorship so if any joint tenant survives they get the property.
- A home held by Tenants in Common – A surviving Tenant in Common will take the deceased’s share of the home.
- A home held by a Trust – If the title is in the name of the Trust, then the Trustee may have the authority to transfer the home to the beneficiaries.
- A home held solely by an Individual – Whether the individual passes with or without a Will, the court must be involved to empower the Executor to transfer the home.
By: Dimitri Trivizas with Dimitri P. Trivizas, Ltd. – Although there are several factors to put into consideration, one major watch out of inheriting a home is its taxes and addressing them depends on what action you take with the property:
1. If you inherit a home and choose to sell it, do you qualify for the home sale tax exclusion?
Unfortunately, you will not because you would have had to move into the home and live there for at least two years before the sale to qualify. To deal with your potential capital gains tax exposure, you should consult with your accountant as you may benefit from the stepped-up basis rules for inherited property. In summary, a stepped-up basis means that the home's cost for tax purposes is not what the prior owner paid for it but what the fair market value is at the date of the prior owner's death.
2. If you inherit a home and choose to keep it, what can you do about the property taxes?
Transfers of property may result in either reassessment, loss of exemptions or both, which will likely increase the property tax liability on the home. Therefore, at the time of inheritance, you must make sure to find out what exemptions were active and the taxable market value the local assessor has proposed for the home.
- The common exemptions are the Homeowner, Senior Citizen and Senior Freeze and each has its own qualifications. Depending on the date of the prior owner’s death, if he or she qualified for any exemptions then you will be able to apply for the same exemptions and they would be only for the tax years the prior owner met the requirements. Thereafter, you should apply for all exemptions that you qualify for.
- The home’s assessed value is the primary component of the property tax bill and reduction thereof is instrumental in reducing the total tax liability. As each property is unique so should be your property tax management strategy and an appeal ensures a reasonable and accurate taxable market value for the home.
Tony Ezzi
Ezzi Law
33 N. Dearborn St., Suite 400 Chicago, IL 60602
[email protected]
(929)-322-3994
www.ezzilaw.com
Dimitri Trivizas
Dimitrios P. Trivizas, Ltd.
4957 Oakton St., No. 217 Skokie, IL 60077
[email protected]
(312) 256-7333
www.AssessorAppeal.com
______________________________________________________________________________________________________________________________________________________________
Is A Hospital The Most Dangerous Place To Go?
By: Tony M. Abou Ezzi, Esq. - 2/20/2017
How many times have you heard this: “I went to the Hospital and they gave me the wrong dose/medication/diagnosis/treatment.”
Hospitals are scary for more than one reason, but as with any service type business, they are always improving. That does not mean that you should unaware of everything you or a loved one is being treated for. It is important to have equal access to your health care file.
Why is it important for you to have equal access to your health care file?
It would seem to go without saying, but we are entitled to know what is going on with our body, to be informed and educated about our condition/s, and to be advised on the basis of professional knowledge of the various ways to proceed. Having equal access ensures that you have the right to ask questions and be able to provide critical information to help medical staff and your doctor identify the right diagnosis. Getting the right diagnosis, in turn, is crucial to receiving the right medical care and to increase the speed or likelihood of recovery from a condition.
How do you create effective communication with your Doctor?
Repeat back what your Doctor tells you so you can make sure you understand what you are being told. Don’t be afraid to self-advocate and ask for a written clarification from the medical staff or doctor. Don’t be afraid to call the office or the doctor to ask follow-up questions, remember this is about your health. Avoid using a family member to interpret what a doctor or health care professional is telling you. Why? Family members are far more likely to get emotional and be biased, and while they mean well, having a family member interpret can lead to getting the wrong or distorted information.
Have a decision maker named in case something happens to you!
The Health Care Power of Attorney is a document where you nominate a loved one as a decision maker to make medical decisions when you are unable to. Ensuring your loved one has the same equal access to your health care information is critical to timely decisions being made. Make sure if you have a Health Care Power of Attorney that it is included with your medical file.
If you or a loved one has an issue involving your treatment at a Hospital, or if you need help with the preparation of a Health Care Power of Attorney, please don’t hesitate to ask Ezzi Law by calling or emailing us 33 N. Dearborn St., Suite 400, Chicago, IL 60602 929-322-EZZI (3994) [email protected].
For more information on how to help prevent medical errors, look at the US Department of Health and Human Services, which has a great article on this topic. https://archive.ahrq.gov/patients-consumers/care-planning/errors/20tips/index.html
Why do you NEED an Estate Plan or Will?
Written by Attorney Tony Ezzi, Owner of Ezzi Law. - 6/17/2016
You hear the terms: “Estate Plan”, “Will”, “Power of Attorney” and “Trust” thrown around like they are commonly understood, but the truth is they are not. What do these terms really mean and why are the documents they refer to so important for YOU?
What is an Estate Plan? – Your “Estate” includes all assets held in your name (ex: home, car, boat, checking and saving accounts, stock and retirement accounts). Ideally, you should plan ahead and indicate what you want to happen to your assets when you pass and you do that through an Estate Plan.
What is a Will? – A Will indicates how your Estate should be distributed and who is in charge of making sure your wishes are followed (the person in charge is also known as your Executor). If you have minor children you can also nominate someone to care for them (a Guardian). Without a Will, State law controls how an Estate will be distributed and who will care for any minor children. However, just having a Will does NOT necessarily avoid Court supervision, also called Probate. Probate can be an expensive, frustrating, and time-consuming process where the Court transfers ownership to the appropriate individuals.
What is one way you can avoid Probate? By having a Trust.
What is a Trust? – A Trust is a legal document where you put a Trustee in charge of distributing to your Beneficiaries, the persons who will benefit from the Trust. Assets held in a Trust can be distributed without Court supervision (a.k.a. Probate). There are benefits such as tax advantages and options for controlling the ages that distributions will occur that are not otherwise available in a Will. During your life you can change your Revocable Living Trust as you wish and continue to add and remove assets.
Just protecting your heirs is not enough! You need to protect yourself too.
What are the Powers of Attorney? – The Powers of Attorney take effect during your life if you suffer a disability and cannot make your own decisions. They refer to two documents: 1.) Healthcare and 2.) Property Powers of Attorney. In these documents you indicate your wishes and appoint an “Agent” to make medical and/or financial decisions for you. Without the Power of Attorney documents, if you are unable to make your own decisions, the State or a loved one will need to be appointed your “Guardian” through the court to make decisions for you.
Attorney Tony Ezzi practices in Estate Planning, Probate and Adult Guardianship. He realizes that Estate Planning involves extremely difficult topics and decisions, but he is here to support you through the entire process. If you or someone you know would like to learn more, please contact Ezzi Law. Home based appointments are available! Or meetings may take place at our Naperville location, 50 S Main St., #200, Naperville, IL 60540.
33 N. Dearborn St., Suite 400, Chicago, IL 60602 929-322-EZZI (3994) [email protected]
Written by Attorney Tony Ezzi, Owner of Ezzi Law. - 6/17/2016
You hear the terms: “Estate Plan”, “Will”, “Power of Attorney” and “Trust” thrown around like they are commonly understood, but the truth is they are not. What do these terms really mean and why are the documents they refer to so important for YOU?
What is an Estate Plan? – Your “Estate” includes all assets held in your name (ex: home, car, boat, checking and saving accounts, stock and retirement accounts). Ideally, you should plan ahead and indicate what you want to happen to your assets when you pass and you do that through an Estate Plan.
What is a Will? – A Will indicates how your Estate should be distributed and who is in charge of making sure your wishes are followed (the person in charge is also known as your Executor). If you have minor children you can also nominate someone to care for them (a Guardian). Without a Will, State law controls how an Estate will be distributed and who will care for any minor children. However, just having a Will does NOT necessarily avoid Court supervision, also called Probate. Probate can be an expensive, frustrating, and time-consuming process where the Court transfers ownership to the appropriate individuals.
What is one way you can avoid Probate? By having a Trust.
What is a Trust? – A Trust is a legal document where you put a Trustee in charge of distributing to your Beneficiaries, the persons who will benefit from the Trust. Assets held in a Trust can be distributed without Court supervision (a.k.a. Probate). There are benefits such as tax advantages and options for controlling the ages that distributions will occur that are not otherwise available in a Will. During your life you can change your Revocable Living Trust as you wish and continue to add and remove assets.
Just protecting your heirs is not enough! You need to protect yourself too.
What are the Powers of Attorney? – The Powers of Attorney take effect during your life if you suffer a disability and cannot make your own decisions. They refer to two documents: 1.) Healthcare and 2.) Property Powers of Attorney. In these documents you indicate your wishes and appoint an “Agent” to make medical and/or financial decisions for you. Without the Power of Attorney documents, if you are unable to make your own decisions, the State or a loved one will need to be appointed your “Guardian” through the court to make decisions for you.
Attorney Tony Ezzi practices in Estate Planning, Probate and Adult Guardianship. He realizes that Estate Planning involves extremely difficult topics and decisions, but he is here to support you through the entire process. If you or someone you know would like to learn more, please contact Ezzi Law. Home based appointments are available! Or meetings may take place at our Naperville location, 50 S Main St., #200, Naperville, IL 60540.
33 N. Dearborn St., Suite 400, Chicago, IL 60602 929-322-EZZI (3994) [email protected]
What is Probate?
Written by Attorney Tony Ezzi, Owner of Ezzi Law. - 8/12/2015
“Listen, my Mom/Dad died and the bank told me that I cannot get access to her/his money without opening Probate. What is Probate?”
I think it is about time someone answered your question in plain English before you have to deal with this situation yourself. If you are currently dealing with this situation and want help, please feel free to contact me. Probate refers to the court process where the wealth of Dad, someone who has died, is passed to the beneficiaries by a Will or by statute after expenses and taxes are paid. The beneficiaries, for example, are those family members, friends, charities, etc. that are entitled to receive a benefit from the estate. The estate refers to all the stuff Dad acquires during his life.
“Yeah, that’s all great, but I have a Will…a WILL! Can I avoid Probate”
Just having a Will alone may not be enough to avoid Probate.
“What?!”
That comes as a shock to most clients, and not in a good way.
“But Dad always said he took care of his Estate Planning. Why can’t I just show his Will to the Bank?”
There are several issues: First the law in Illinois requires that you file a Will within 30 days of the death of someone. Second, you should really only file an Original Will. Third, someone needs to be appointed to determine what stuff Dad has and what he owes in taxes, debts and expenses. The court also needs to determine if the Will is valid and complies with the law, and has the authority to appoint an Executor/Administrator.
“Are there any situations where I don’t need to open Probate?”
Yes, there are some assets that do NOT require probate: 1.) Small estates (involving a personal estate of $100,000 or less, with no real property ownership); 2.) certain Joint Tenancy Assets (where there is a surviving joint tenant, title immediately transfers to the survivor); 3.) Assets not held in Dad’s name or designated to a beneficiary; 4.) assets that are titled in the name of a Trust or that name a Trust as a beneficiary, and 5.) Life Insurance Policies (only insurance policies payable to Dad’s Estate require probate).
“Well, can I open Probate on my own?”
Most courts do not allow someone to proceed through Probate without being represented by an Attorney. The process will either be supervised by the court or independently administered. Supervised administration involves the court at all phases of Probate and is generally requested when something is contested in the case. Independent administration allows the appointed Executor/Administrator to handle the estate with little court intervention, usually requiring that the representative appear in court only to open and close the estate. The Will in most circumstances must be followed.
End of life planning is not an easy topic, nor does it come without cost, but the benefits far outweigh the cost. Probate is time consuming and stressful, even the most basic of cases. Having a properly prepared Estate Plan, which may include a Will, Trust, and Powers of Attorney, will prevent many issues from later developing.
Please let me know whether I can be of assistance in helping you or a family member go through Probate or in regards to creating your Estate Plan. If you have any questions, please feel free to contact me using the following information.
Sincerely,
Anthony M. Abou Ezzi
Ezzi Law
33 N. Dearborn St., Suite 400,
Chicago, IL 60602
929-322-3994
[email protected]
Written by Attorney Tony Ezzi, Owner of Ezzi Law. - 8/12/2015
“Listen, my Mom/Dad died and the bank told me that I cannot get access to her/his money without opening Probate. What is Probate?”
I think it is about time someone answered your question in plain English before you have to deal with this situation yourself. If you are currently dealing with this situation and want help, please feel free to contact me. Probate refers to the court process where the wealth of Dad, someone who has died, is passed to the beneficiaries by a Will or by statute after expenses and taxes are paid. The beneficiaries, for example, are those family members, friends, charities, etc. that are entitled to receive a benefit from the estate. The estate refers to all the stuff Dad acquires during his life.
“Yeah, that’s all great, but I have a Will…a WILL! Can I avoid Probate”
Just having a Will alone may not be enough to avoid Probate.
“What?!”
That comes as a shock to most clients, and not in a good way.
“But Dad always said he took care of his Estate Planning. Why can’t I just show his Will to the Bank?”
There are several issues: First the law in Illinois requires that you file a Will within 30 days of the death of someone. Second, you should really only file an Original Will. Third, someone needs to be appointed to determine what stuff Dad has and what he owes in taxes, debts and expenses. The court also needs to determine if the Will is valid and complies with the law, and has the authority to appoint an Executor/Administrator.
“Are there any situations where I don’t need to open Probate?”
Yes, there are some assets that do NOT require probate: 1.) Small estates (involving a personal estate of $100,000 or less, with no real property ownership); 2.) certain Joint Tenancy Assets (where there is a surviving joint tenant, title immediately transfers to the survivor); 3.) Assets not held in Dad’s name or designated to a beneficiary; 4.) assets that are titled in the name of a Trust or that name a Trust as a beneficiary, and 5.) Life Insurance Policies (only insurance policies payable to Dad’s Estate require probate).
“Well, can I open Probate on my own?”
Most courts do not allow someone to proceed through Probate without being represented by an Attorney. The process will either be supervised by the court or independently administered. Supervised administration involves the court at all phases of Probate and is generally requested when something is contested in the case. Independent administration allows the appointed Executor/Administrator to handle the estate with little court intervention, usually requiring that the representative appear in court only to open and close the estate. The Will in most circumstances must be followed.
End of life planning is not an easy topic, nor does it come without cost, but the benefits far outweigh the cost. Probate is time consuming and stressful, even the most basic of cases. Having a properly prepared Estate Plan, which may include a Will, Trust, and Powers of Attorney, will prevent many issues from later developing.
Please let me know whether I can be of assistance in helping you or a family member go through Probate or in regards to creating your Estate Plan. If you have any questions, please feel free to contact me using the following information.
Sincerely,
Anthony M. Abou Ezzi
Ezzi Law
33 N. Dearborn St., Suite 400,
Chicago, IL 60602
929-322-3994
[email protected]