Starting in August 2015, the Consumer Financial Protection Bureau's newly required changes to the Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z) will go into effect.
"What on earth does that mean for me?" In short, this change will directly and fundamentally impact the protocols involved in closing most types of residential real estate sales. Among other changes, there are new closing documents to replace the current disclosure forms, and changes in the timing of a purchaser's receipt of information about the closing costs.
The intention of these changes is to protect consumers by making the real estate closing process and its associated costs more simple and transparent. The best and clearest explanation of the background and implications of this change that we have found is published by the CFPB and can be read here. Any real estate closings that originate before August 1, 2015 will not be affected. You can rest assured that we are ready to hit the ground running when the changes take effect.
A Power of Attorney for Health Care is one of the most important legal documents that you can sign as you plan for your own and your family's future. The purpose of the Power of Attorney for Health Care (POA Health) is to designate an agent to carry out your health care decisions if you are unable to do so yourself. The guidance provided about your decisions can alleviate some of the uncertainty and confusion that inevitably accompanies a medical crisis.
In January 2015, a revised Illinois statute went into effect that simplifies the language and changes the format of the older form. The purpose of the POA Health remains the same. All previously executed POA Health forms are still considered valid under the statute, so you do not need to rush in to change your existing POA Health document if you already have one in place. However, our office is in the process of transitioning to the new form for clients who are initiating or revising estate plans, and I would like to share some information about the changes that will now be in effect.
Pierson & Strachan
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The information on this website may address some questions, but is not intended to be a comprehensive analysis of the topic or legal advice.
Independent tax and legal advice is recommended.
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