2014 Board of Directors
Bruce Gottschall,
President Patricia Abrams, Vice-President Ofelia Navarro, Secretary Lawrence Grisham, Ex-officio Director Calvin Holmes, Treasurer Joy Aruguete Joel Bookman Pamela Gecan Timothy Hughes Edward H. Jacob Brenda Palms-Barber Rosanna Marquez Robert McGhee Guacolda Reyes William W. Towns Marva Williams Jeffrey Wright Staff
Kara Breems, Executive Director Teresa Lambarry, Outreach Director |
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Dear CCLT Homeowner, 
A lot of us don't even want to think about what is going to happen to our assets - like our home, investment accounts, and any other account that we want to leave for our heirs - when we pass. I know that whenever I bring it up, one of my sons gets really upset and changes the subject immediately.
In order to make sure that you protect your biggest and most valuable asset - your home - and make settling your estate a breeze for your heirs, we brought you the Will and Estate Planning Workshop that took place on Wednesday, April 9, 2014 from 6 to 8p.m.
Let me take this opportunity to thank the homeowners that attended. We had seven people in attendance. In this issue we continue with the theme. Hope you enjoy and use the articles in this month's newsletter.
I also want to take this opportunity to encourage you to participate in the Extreme Room Makeover. We had some good entries two years ago that did not win don't be discouraged re-submit and may the best entry win. The deadline for submitting your application is fast approaching: Friday, April 25, 2014 at noon!
Teresa Lambarry
CCLT Outreach Director
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Having a comprehensive estate plan in place is crucial to ensure your intentions are honored after your death. This requires advanced planning with your tax and legal advisors and frequent updating of all documents prepared for the disposition of your estate. Here are some fundamental elements that you should understand as you go through the estate planning process.
Wills
The primary tool to administer the distribution of your assets at death is a will. If you fail to have a will in place before you die, all individually owned assets not held in a trust will pass to your heirs according to the laws of intestacy as administered by a state court. In essence, you forfeit control over where and how your assets will be distributed.
Assets held jointly by you and your spouse, either in joint tenancy with the right of survivorship or in tenancy by the entirety, will pass to your spouse (or other surviving joint owner) when you die. However, if your spouse doesn't have a will when he or she dies, once again the intestacy laws of your state will determine how assets are distributed. It's critical that you and your spouse each have a will and keep it up-to-date by frequently reviewing the documents.
The Probate Process
Many people mistakenly assume that a will can keep their estate out of probate court. But if you have independently held assets, the opposite is true. After your death, all the assets listed in your will must pass through probate before the court can distribute them to your heirs. There are assets you own that a will doesn't cover. In these cases, procedures already exist to name proper beneficiaries and the probate process is usually not required. These include:
* Insurance policies
* Qualified pension plans
* Annuities
* Individual Retirement Accounts (IRAs)
* Property held in joint tenancy or in tenancy by entirety
* Property held in certain trusts (as long as the estate itself is not a beneficiary)
Probate proceedings vary from state to state and can be complex. For instance, if you own real estate in more than one state, you'll probably have to initiate probate in each state.
The probate process can be costly. In addition, there are privacy concerns. Any asset that goes through the probate process becomes part of the public record, allowing anyone to view your probate file.
Living Trusts
One way to potentially avoid probate is to create a living trust. This is a revocable trust, so it can be revised or cancelled at any time. You can even change trustees and beneficiaries at any time. As its name implies, this type of trust is meant to be in effect during your lifetime. It holds your assets for the benefit of one or more beneficiaries, which can be anyone or any entity you designate, including yourself. You can appoint yourself or anyone else as trustee to manage those assets according to your instructions. If you appoint yourself trustee, you'll also want to appoint a successor trustee to manage the assets when you die or if you become incapacitated.
The living trust also conveys your instructions on how your assets are to be allocated when you die.
Certain assets can be designated to remain in trust and distributed by your trustee at a future date. Unlike a will, assets held in trust don't have to go through probate. This allows assets to be distributed to beneficiaries more quickly. In addition, it keeps personal financial information out of the public record.
There may be assets that you didn't transfer to your living trust, such as items of sentimental value. These can be handled through a "pour-over will." It provides that any individually owned assets are "poured over" to your trust at death.
A living trust doesn't create adverse income tax or property tax consequences during your lifetime. Any income generated by assets in a living trust must be reported on your individual income tax return. It is simple to transfer assets such as bank accounts, securities, certificates of deposit and mutual funds into a living trust.
Transferring other assets, such as tangible personal property, real property or business interests, can be more complicated and often requires the help of an attorney.
Get Your Estate in Order Now
Estate planning is a critical aspect of your overall financial strategy. You should seek legal advice from an estate and trust specialist before finalizing your documents.
U.S. Bank and its representatives do not provide tax or legal advice. Each individual's tax and financial situation is unique. Individuals should consult their tax and/or legal advisor for advice and information concerning their particular situation.
The information provided represents the opinion of U.S. Bank and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. It is not intended to provide specific advice or to be construed as an offering of securities or recommendation to invest. Investors should consult their investment professional for advice and information concerning their particular financial situation.
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Summary of Will and Estate Planning Workshop
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For those of you that did not make it to our workshop, here is a brief summary of what we all learned. Hope it is as helpful to you as it was to us.
For Will and Estate Planning you need 6 essential documents:
Living Trust Financial Power of Attorney Medical Power of Attorney/Living Will Pour-Over Will Document Locator Letters of Instruction
For a more detailed explanation of these 6 essential documents please click here.
One of the 6 essential documents is the Document Locator: please click here to get a copy for yourself.
Our presenter, Tom Fortino, also mentioned several interesting and helpful things: Change your options of where your contributions are applied in your 401k to go into a Roth IRA, if that is an option that they give you. In a 401k you are not paying tax on the money that you are putting into it but you will have to pay income taxes once you take it out. In a Roth IRA, you pay taxes upfront, but won't when you finally take it out for retirement. If you don't have that option than maybe you should consider adjusting your contribution to your 401k and starting up a Roth IRA.
Another interesting suggestion was buying an insurance policy for a parent (thinking of it as a retirement plan).
Our presenter's mother suggested this option to him and he and his brother bought a Univeral Guaranteed Life policy on their mother. I will suggest this to my own children. Insurance policies are never taxed and they are a liquid asset, same as cash.
If you ever inherit a large amount of money, do not cash the check but take it and invest it in a Inherited IRA - Stretch IRA. Withdraw small amounts as needed, and the money will not be taxed.
Tom Fortino made himself available to answer any questions that we might have regarding estate planning and assets.
He also mentioned that he has a talk show on 560AM every Saturday from 9 to 10 a.m. I encourage you to listen to it! |
CCLT Homeowner Tip of the Month
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The biggest reason attributed to the sustainability of Land Trust homeowners is the continuous contact between the Land Trust and its Homeowners. Keeping that in mind please reach out to me if you change your phone, job or any other tidbit that would be helpful to me in trying to reach out to you.
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Get Involved in Your Community
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When I say Community I don't just think about our Community as to the Area where we live but the world community. Celebrate Earth Day (Tuesday, April 22) at the Peggy Notebaert Nature Museum by learning to meditate with "Mindful in May" (MIM). Then pledge to meditate to recruit funds to purchase water for parts of the world that lack it. Please click here for more information, to sign and join or contribute.
It is not too late to get involved in your Community. On Saturday, April 26, 2014 join a community organization that is part of the CLEAN & GREEN VOLUNTEER CLEAN-UP. Click here to get more information about how to volunteer.
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Monthly Calendar of Events
| You kept your promise during Lent to sacrifice something, so now you deserve to treat yourself. Check out these events.
Modern pop festival
April 10 - 19, 2014
International Pop Overthrow (IPO) is a cutting-edge pop and rock music festival based in Los Angeles that brings 70 of the latest bands to The Red Line Tap. Cost
Easter egg hunts April 11 - 19, 2014 Find Easter egg hunts and other activities taking place around Chicago at the city parks by clicking on a date on the Chicago Park District Calendar. Free
Brunch at Brookfield Zoo April 12, 13, 19, 20, 2014 Breakfast with the Bunny is an all-you-can-eat buffet and a visit with the Easter bunny at Brookfield Zoo. The gourmet Easter Champagne Brunch is April 20. Cost Comic and Entertainment Expo
April 25 - 27, 2014
Chicago Comic and Entertainment Expo (C2E2) is a convention for fans of comics, graphic novels, anime, manga, video games, toys, movies, and pop culture at McCormick Place. Cost.
Bach festival
April 25 - May 4, 2014
Bach week festival is a series of four classical music concerts in North Chicago and Evanston.
Wrestling festival
April 26, 2014
Watch wrestlers of all ages do demonstrations and compete at the World Sport Chicago Wrestling Festival in Festival Hall B at Navy Pier.Free.
Home show in Wheaton
April 26 - 27, 2014
Find renovation help at The DuPage County Home Improvement & Landscaping Expo at DuPage County Fairgrounds in Wheaton. Free.
Party at the Nature Museum April 29, 2014 (6 to 9 p.m.) See all the exhibits, join a trivia contest, and visit the bar during Nature on Tap for teens and adults at the Peggy Notebaert Nature Museum. Cost. |
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CCLT
Homeowner
Corner
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Last month we asked all of our homeowners to share their tips and thoughts on Will and Estate Planning. Emmanuel Bellegarde shared some great thoughts with us - and as the only one to share a submittal this month, he is the April winner of the Home Depot gift card! Congratulations, Emmanuel!
Having just gotten married and being a homeowner the thought of passing away with my assests not appropriately distributed between my family is an alarming thought. Most recently I learned, even if you
have no kids and are married your spouse may not get everything depending on the state in which you live. In some states, deceased spouse's parents, siblings, nieces or nephews and even more distant relatives receive a cut. This is why attending workshops such as this is important.
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Next Month's Homeowner Corner:
Are you a gardener? Do you have any tips/advice or stories about your own garden that you would like to share with us? If you live in a condo - or don't have a yard - how do you exercise your green thumb?!
Email Teresa with your thoughts and solutions (or just send us photos of your gardens/flowers!) by May 12th for a chance to win a $25 gift card to Home Depot.
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Joel Bookman is the President and CEO of Bookman Associates, Inc., providing consulting services in economic development, comprehensive community development, commercial corridor development, and strategic planning.
Previously, he served as Managing Director of the Institute for Comprehensive Community Development, a venture of the Local Initiatives Support Corporation (LISC), and Director of Programs for LISC Chicago.
The Institute was established in 2009 to advance the field of comprehensive community development and the positive impact it has in urban and rural communities across the country. Under his leadership, the Institute provided technical assistance and training to over 1,700 participants from 80 cities and 4 foreign countries in community and economic development, commercial corridor revitalization, and comprehensive approaches to urban redevelopment.
At LISC Chicago, for 8 years, Bookman guided the work of LISC staff in its New Communities Program, the nation's largest and most successful comprehensive community development program. He directed LISC economic and commercial development programs, providing financing, grants, and training to 40 retail corridor initiatives. He guided the management and operations of LISC MetroEdge, providing commercial market analysis and assessments in 21 Chicago neighborhoods and more than 40 communities across the country.
Over the past 35 years, Joel Bookman served as the Executive Director of the North River Commission and the Lawrence Avenue Development Corporation (LADCOR), and the Chief Executive Officer of the Kimball Plaza Development Corporation (KPDC) and the Mayfair Commons Senior Living Center LLC, on Chicago's northwest side, leading redevelopment efforts that catalyzed over $350 million of investment and the creation or retention of over 3,500 jobs. He has served as a consultant in strategic planning, economic and community development, and nonprofit management since 1981. Mr. Bookman has a Master's in urban planning and policy from the University of Illinois at Chicago.
Q. How long have you been involved with the CCLT?
A: I joined the board about 2 years ago in 2012 and I participate in the Projects Committee.
Q. What motivates you to continue to work with the CCLT?
A. I believe that affordable housing is critical for the future of the City and its neighborhoods. We need a broad range of strategies to provide safe, affordable housing for those who need it. CCLT is an important tool for keeping housing affordable now and in the future.
Q. Any recommendations for our CCLT homeowners?
A. No, only congratulations and thanks - for being an important part of the solution - living in the City, in a CCLT property helps preserve our communities and our affordable housing. You are helping to make our City and our neighborhoods a vibrant and dynamic place for all.
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Community and Ward Information |
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CCLT homeowners live in the 2nd, 3rd, 26th, 28th, 35th, 46th, 47th, and 49th Wards. Click the links below for information regarding your Alderman, your Ward, and your Community, including links to City events in your Ward! If you are in a different Ward or do not know what Ward you are in, please give me a call or shoot me an email and I will let you know.
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Event Calendar
| Genesis Housing Development Corporation:
Financial Coaching & Wealth Building Training
Tuesday, April 29, 2014
6 - 7:30 p.m.
4448 South State Street
Chicago, IL 60609
For more information and to RSVP please use this link.
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Visit the CCLT's google calendar for the latest information on Post Purchase CCLT homeowner classes and workshops sponsored by us and our partners, all of which are offered at no cost. |
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Let your family and friends know!
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CCLT RESALE UNIT LARGE TOWNHOME $181,000
4 bedroom - 2.1 baths, located in Logan Square! Open floor plan with hardwood floors, washer and dryer in main level, maple kitchen cabinets, 9' ceilings, space on 2nd level for a sitting/office room, large unfinished basement.
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Your total household income
must be equal or less than 80% AMI
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1 person $41,250
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2 persons $47,150
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3 persons $53,050
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4 persons $58,900
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5 persons $63,650
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6 persons $68,350
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7 persons $73,050
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8 persons $77,050
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Must meet income requirements and have a bank pre-approval in order to view. Please call Nadia Stewart at 773. 909.6384 to make an appointment.
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And remember...
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You can visit us online for information on the CCLT.
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