A Little Known, But the Best Way to Own Your Home or Any Property

In real estate jargon, four of the most common ways that people own real estate are: ownership in severalty (owned by one person or entity), co-ownership, tenancy by the entirety (limited to husband and wife), and community property.

However the common thread that runs through each of these types of ownership is that whoever has title to the property that name or names are recorded in the public records for the entire world to see. 
If it's fine with you for the entire world to know that you own your home and perhaps other properties, the option under discussion in this article will not benefit you. However, if you would like to keep your ownership away from the eyes of attorneys, bill collectors, tenants, and other similar types, then having your property in a land trust should be a clear and beneficial choice.

In Illinois, as in Florida, Virginia, North Dakota, Indiana, and Hawaii, by statute or court cases, the option of owning your property in a valuable way by using a land trust is available to you. Essentially a land trust is a type of ownership in which a trustee holds title to the property while the beneficiary of the trust (whose name is concealed) has the power to dispose of the property, manage the property, receive income from the property, and retains the obligation to pay the taxes on the property. 

A trustee can only act under written direction of the beneficiary who can instruct the trustee to buy, sell, exchange, or mortgage the property. In other words, the sole function of the trustee is to hold title and sign documents, to transfer title to another, and to lease or finance the property all under the direction of the beneficiary.

Another benefit is that the beneficiary's ownership is considered personal property and not an interest in real estate. The values of having the beneficiary interest considered as personal property are as follows: 

• personal property has different probate requirements than real property; 
• the beneficiary is protected against liens and other laws regarding real estate; 
• a land trust allows the beneficiary to sell or give away portions of his interest without subdividing the property or deeding a partial interest in the real estate; 
• personal property transfers are generally not recorded in the public records, the trustee is simply notified of any transfer of beneficial interest; and, the beneficiary of a land trust could even be another trust, perhaps a living trust.

Once again, a beneficial interest in a land trust is considered personal property and does not appear on the public records. You can easily and quietly transfer your interest in a land trust to someone else whenever you desire.

If you value privacy, ownership in a land trust should be seriously considered. Anyone searching the public records on your property will only you see the name of the trustee and not know who owns the beneficiary rights to the property. Let it suffice to say that whether you are a homeowner or investor, a good choice for you would be to use a land trust and let the title of your property be in the name of your trustee.

What are your thoughts. Leave your comments below.

Are You Ready for the 2016 Medicare Enrollment Period?

Again this year the Annual Enrollment Period (AEP) period for Medicare recipients with Part A and Part B runs from October 15th to December 7th.

Beyond this (AEP) there is a Special Election Period (SEP) for those receiving the Medicare Low Income Subsidy and for those with Special Needs or a chronic illness, usually diabetes. 

The Special Election Period
This SEP specifically refers to the population which includes: the dual eligible, those with chronic illness, and those who are institutionalized. The dual eligible are those who qualify for both Medicare Part A and B and Medicaid. Those who have a chronic illness are those who a physician has certified as being treated for a qualified medical condition that is specifically designated in the plan. And those  institutionalized refers to those who are confined to a long-term care facility.

The Medicare Supplement Plan Enrollment
Finally, if you're interested in a Medicare Supplement Plan  you can enroll in it year around if you have Original Medicare A and B. If they accept Medicare, a Medicare Supplement Plan allows you to go to any doctor or hospital of your choosing . Also, you can change your Medicare Supplement Plan any time. 

It certainly may be a good idea to have a qualified agent to evaluate your coverage to see if you can save some money on your policy.

Call (773) 614-3201 for help in choosing the best Plan for yourself. 

Medicare ABCs You Need to Know

With the huge clutter of information available on the internet and otherwise about Medicare, it can be both confusing and overwhelming to you. 

Here I want to cut through the maze and to help you make the best decision when to comes to your health care. Remember, if you are age 65 and on Medicare is your concern is not Obamacare. Always feel free to call or e-mail me if you have any questions.

Part A Medicare
Part A usually costs nothing as people have already paid for it through payroll deductions.  It covers hospitalizations, inpatient services in a skilled nursing facility, home health care services, hospice services, and blood.  For beneficiaries who did not pay for Part A in payroll deductions, the payment is about $426 a month.

Part B Medicare
Part B usually cost about $104.90 per month. If you are a higher earner, you have to pay a higher monthly premium. And, if you are just signing up for Part B for the first time, your premium will be $159.30 per month. Part B covers other medical services, such as doctor visits, outpatient care, home health care services, durable medical equipment, ambulance services, chiropractic services, diabetes supplies, and preventive services. 

Many people buy Medicare Supplemental Insurance, commonly referred to as Med Supp or Medigap, to cover the services original Medicare does not cover.

Part C Medicare
Medicare Advantage Programs (Part C) are Medicare products that are offered by Medicare through private health insurance companies.  They are Medicare regulated, approved, and monitored, and usually offer more benefits at a lower cost.  For instance, unlike original Medicare, MA plans have yearly maximum out-of-pocket cost protection and may cover vision, hearing, and preventive dental coverage.  Medicare advantage plans are available with or without integrated part D prescription drug coverage, which may include zero co-payments for certain generic medications.

Part D Medicare
Medicare part D covers prescription drugs. 

Medicare beneficiary with original Medicare Part A and Part B, a Med Supp policy, and a stand alone Part D may pay about $250 or more each month in premiums.

Additionally, private health insurance may have long-standing relationship with Medicare to process claims under the original Medicare program.


Have a question regarding your Medicare benefits. Just call I'm ready to help.