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Recent Blog Posts
Do I Need a Power of Attorney for My Estate Plan in Illinois?
When you think of estate planning, many people jump directly to a will. While a will can be an important part of your estate plan, you should also consider implementing a power of attorney and adding it to your plan. Many people may not be familiar with powers of attorney, but they can be an essential part of any estate plan. A power of attorney is a document that allows another person to make a decision on your behalf if you are unable to do so yourself. There are various types of powers of attorney that you could enact depending on your situation and your needs. If you are thinking of adding a power of attorney to your estate plan, hiring a knowledgeable estate planning lawyer is your best option for creating a valid and enforceable power of attorney.
What Is a Power of Attorney?
In basic terms, a power of attorney is a document that gives another person the power to make certain decisions for you if you are unable to do so yourself. The person you give these powers to, usually referred to as your “agent” or “attorney-in-fact,” is a person of your choosing. In many cases, a person may designate their spouse or child to be their power of attorney. You can also customize your power of attorney to include (or exclude) certain decision-making powers.
What Would Make a Prenuptial Agreement Unenforceable in Illinois?
Prenuptial agreements have always had some sort of societal taboo on them, but in recent years, society’s opinion of prenuptial agreements, or prenups for short, has evolved and more people have accepted their role. A prenuptial agreement is a document that both people sign before they get married that spells out the terms of their divorce if they were to ever get one. As a legal agreement, your prenuptial agreement is subject to certain standards and rules in order to be enforceable. If the agreement violates any of those standards or rules, those sections may be invalidated, if not the entire agreement. If you are thinking about getting a prenuptial agreement, it is important to make sure your agreement follows the rules, so it will be enforceable if you ever need to use it.
Not Having Full Financial Disclosure From Both Spouses
Before you sign a prenuptial agreement, both you and your spouse are supposed to disclose all of your financial information. This includes any property that you own, inheritances you expect to receive, and any liabilities you may have, such as student loans or credit card debt. Without full disclosure, the argument could be made that you did not fully understand what you were agreeing to when you signed the agreement.
What Is Included in a Purchase Agreement When Buying a Home?
Shopping for a new home is an exciting process, especially once you find a home that fits everything on your checklist. Purchasing a home is a big accomplishment for many people, but the process that you must go through can be confusing and overwhelming for many people. Before you can move into your new home, there are a few things that you need to take care of on the legal side. No home sale can be completed without a contract, also referred to as the purchase agreement, in addition to an array of other forms and documents. Your purchase agreement is one of the most important documents involved in the home-buying process. Once you and all applicable parties sign the agreement, it is considered to be legally binding, which is why you should know what is included in the agreement you are signing.
Components of a Home Purchase Agreement
Once you have found your dream home, you will have to submit your offer to the buyer in written format. Certain information is always included in the purchase agreement, such as the contact information for both the buyer and the seller, a description of the property, including the property’s address, the purchase price, the condition of the property, and any items that may be included in the sale, like the appliances. In most cases, there will be other conditions that need to be met before the agreement can be valid. These are called contingencies, which spell out the rights and obligations of both the seller and buyer. Some of the most common contingencies include:
Difference Between a Power of Attorney and Guardianship
Even though we often complain about it and dread the aesthetic and physical effects, aging is simply a part of life. Though we should not worry too much about our hair turning gray or falling out, it is not a bad idea to make arrangements that would help in the event you are no longer able to make decisions for yourself. There are various options available to you to do this, but two of the most commonly used options are powers of attorney and guardianships. Both options are similar to one another, but they also have various differences. Understanding these differences is important in making the best decision for you and your family.
Powers of Attorney
A power of attorney (POA) is a legal document that gives another person the authority to make certain decisions in the event you are unable to do so yourself. The person appointed to make those decisions called the “agent,” must do so according to the terms of the document. When the document is created, the person must be able to legally give their consent to relinquish decision-making power if they become incapacitated.
Advice When Starting a Business in Illinois
For many people, starting a business is the ultimate dream and though it may seem unattainable to some, it has been a reality for millions of Americans. According to the Small Business Administration (SBA), there were 31.7 million small businesses operating in the United States in 2020. Small businesses play an essential role in the U.S. economy, as they are responsible for employing nearly half, or around 47.1 percent of the American workforce. Starting your own business may seem daunting, especially when it comes to the legal side of things, but a business formation attorney can help guide you through the process. Here are a few things you should keep in mind when starting your business:
Make Sure You Have a Clear and Understandable Business Plan
The first step to creating any successful business is having a business plan written out. A business plan is exactly what it sounds like -- a plan for your business. A thorough business plan will contain information about the industry in which your business will operate and information about the scope of your business itself, a sales and marketing plan, how the business will be owned and managed, the way the business will operate, and basic information about the business finances.
What Are the Benefits of Using Mediation During My Divorce?
For many spouses, contemplating the multitude of issues that will need to be addressed during the divorce process can be very stressful. As you consider how you and your spouse will divide your marital property, how you will share custody of your children, and other concerns related to the dissolution of your marriage, you may be preparing for a difficult and contentious battle. However, you may be able to make matters easier by determining how you can avoid conflict and cooperate with your spouse to make decisions about your divorce. Instead of resolving legal issues through a costly and time-consuming divorce trial, you can use alternative dispute resolution. Mediation is one of the most popular and beneficial methods of resolving disputes. Whether you choose this option on your own or are ordered by the court to proceed to mediation, you can realize a variety of benefits.
Tips for Estate Tax Planning in Illinois
The topic of estate planning is important, but it can seem daunting to think about. When a person dies, an estate tax is imposed on the value of the estate left behind, before any beneficiaries (family members or close friends) inherit anything.
An inheritance tax is imposed on an individual who receives any type of inheritance. Although some states do have inheritance taxes, there is no federal or state tax imposed on inheritances in Illinois. It is important to distinguish between these two kinds of taxes in order to protect the rights of those on the receiving end.
Understanding the Illinois Estate Tax
There is both a federal estate tax and an Illinois estate tax, however, the size of the estate must be significant for either one of these types of estate tax to apply. The Illinois estate tax rate is graduated and can go up to 16 percent, but it is only applied on estates worth more than $4 million. This means that if a decedent’s total estate is worth less than $4 million, the estate does not have to pay anything to the state. If an estate is worth more than $4 million, there is a progressive estate tax rate, and the estate will have to pay before money can be distributed to any heirs.
Tips for Using Social Media During Your Illinois Divorce
It is difficult to imagine life before the Internet or social media. Information that used to be found in libraries can now be found on a computer or phone with the click of a button. Sites such as Facebook, Instagram, and Twitter are popular with people of all ages and backgrounds. Many individuals find them an ideal way to keep in touch with family or friends who may live far away since they can post photographs and videos of themselves or their kids. Watching a soccer game or musical performance online can be a good substitution if someone cannot be there in person, especially this past year due to coronavirus restrictions. Although there are many benefits of social media, there can be negatives, too, especially if a couple is going through a divorce. In some cases, posts or comments made on a website can be used as evidence in legal proceedings such as asset division, spousal maintenance, or child custody.
How Can the New Stimulus Relief Bill Protect an Illinois Business?
There is no denying that the spread of COVID-19 caused a health and economic crisis throughout the United States. Fortunately, the United States House of Representatives recently passed a $1.9 trillion COVID-19 relief package, which contains $1,400 stimulus checks for individuals (who make up to $75,00 annual gross income), unemployment benefits extension, and billions of dollars in federal aid to help small businesses and non-profit companies. President Biden is expected to sign the bill, and Democrats consider the American Rescue Plan Act of 2021 not just a bill to combat the financial downturn caused by the coronavirus pandemic but also an anti-poverty measure in general.
Financial Assistance for Business Owners
With several brands of vaccines being administered across the country and certain restrictions lifted, the economy has shown signs of rebounding. However, millions of Americans are still unemployed. The American Rescue Plan Act will provide $350 billion to cities and states and $130 billion to schools to aid in reopening them. In addition, the stimulus bill will devote billions more to a national vaccination program, expanded COVID-19 testing, food stamps, and rental assistance, to name a few. As more and more people are vaccinated, non-essential businesses that were temporarily shut down may be allowed to open their doors for customers again. This can include salons, casinos, bars, restaurants, movie theaters, concert venues, as well as other small businesses.
Understanding How Mechanic’s Liens Affect Real Estate
Commercial and residential real estate matters can be complicated since they often involve a lot of paperwork and legal terminology. However, it is important to understand all of the terms to avoid losing time or money. One such real estate issue many people may not be familiar with is a mechanic’s lien, which is a legal document that is filed against a house or other similar type of property. Mechanic’s liens are a means by which subcontractors and suppliers can seek payment for upgrades or enhancements that were performed on a property if they are not getting paid per the terms of their contracts.
Making Home Improvements
Homeowners can face a mechanic’s lien even if they do not miss repair or home improvement payments. For instance, if you have your kitchen remodeled and the contractor does not pay the material supplier, that individual or company can put a lien against your house as a way of recovering the money they are owed. You are then responsible for paying any subcontractors, suppliers, or workers for their labor (time) and materials.
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