630-665-2500
128D S. County Farm Road, Wheaton, IL 60187
Recent Blog Posts
Choosing an Executor for Your Estate
Estate planning is arguably one of the most important things a person will do during their entire life, and as such, everything matters. The slightest discrepancy may be attacked, and your wishes may not be honored if your estate is not set up and administered properly. Perhaps the most important choice you must make while estate planning is picking your executor, who can ensure that your wishes are carried out as you prefer and act on your behalf.
Responsibilities of an Executor
A person who has been named executor in Illinois has 30 days following the death of the testator in which to either submit the will for probate or refuse the appointment. The responsibility of managing another’s estate is significant, and with that in mind, it is important to pick the right person. The instinct for many is to choose their spouse, but this is not always the best choice, especially if you are of similar ages. He or she may be elderly and/or ill when the time comes for them to assume the role.
How to Protect Your Business from Personal Injury Lawsuits
If you own a business, there is a good chance that your employees, suppliers, vendors, and, obviously, your customers will regularly on your property. You will, undoubtedly, work hard to protect the well-being of each person who visits your business and to give them a safe and comfortable experience at your place of business.
Unfortunately, however, accidents do happen from time to time, and when they occur, people are sometimes injured. Believe it or not, injury-causing accidents can even occur on your property, leaving you potentially open to a personal injury claim. The good news is that there are several things that you can do to limit your possible liability if someone is even injured while visiting or working at your company.
Proactive Measures
The best way to limit your personal injury liability, of course, is to prevent accidents from happening as much as possible. This means that you need to have preventive measures in place against potential injuries instead of reacting to accidents when they occur. Such preventive measures generally include comprehensive safety policies, procedures, and protocols throughout your business.
A Cohabitation Agreement Can Protect an Unmarried Couple’s Property and Finances
More and more couples are choosing not to get married. It is possible that many people avoid marriage for the simple fact that so many marriages end in divorce. Other couples have personal reasons for putting off tying the knot. However, legal and financial issues can arise when an unmarried cohabitating couple breaks up. Unlike when a married couple splits, a cohabitating couple does not have legal protections which ensure that their property is fairly split.
Illinois does not recognize common law marriages so there are no laws which direct how an unmarried couple’s property and debts should be divided when they break up. One way to protect yourself when living with a partner who you are not married to is a cohabitation agreement.
What Is a Cohabitation Agreement?
A cohabitation agreement is similar to a marriage agreement or prenuptial agreement in that it is a legally-enforceable contract that dictates how an unmarried couple’s property will be divided if they break up. A cohabitation agreement can be used to decide each party’s financial responsibilities in advance. More specifically, a cohabitation agreement can allow you to:
What Should I Do If My Tenant Stopped Paying Rent?
If you own and lease out residential or commercial real estate, it is almost a certainty that you will be forced to deal with tenants who pay their rent late. You may offer a grace period to help your tenants, but sooner or later, someone will fail to pay on time. As a landlord, there are few things you might wish to consider—and some things you must do—before initiating formal eviction proceedings.
Communicate With Your Tenant
Communication is the key to preventing misunderstandings and solving small problems before they become major issues. If your tenant has missed the window for on-time payments, reach out to him or her to find out what is going on. Send a text message, make a phone call, or stop by, especially if this is the first time this tenant had a problem.
During your conversation, try to determine if the tenant’s financial situation has changed. If he or she is concerned about no longer being able to afford to meet the rental obligations, consider offering to let the tenant out of the lease. Be sure that the tenant knows that he or she will only have a few days during which your offer is valid—say five to seven days. You might be surprised by how quickly your tenant comes up with the money to pay.
The Importance of Updating Your Will After a Divorce
Have you drafted and signed a will that outlines your wishes regarding your property and other concerns in the event that you were to die unexpectedly? If so, you are in a better position than most American adults are. In fact, recent estimates suggest that approximately 60 percent of adults in the United States have no formal estate plan in place—not even a basic will. Having a will is a good thing, of course, but it is important to remember that certain life events can have a dramatic impact on the applicability of your existing estate plan. If you are considering a divorce, you will need to think about how it will affect your estate plan.
Your Ex-Spouse in Your Will
It is common for a married person to name his or her spouse as an heir in his or her will. In fact, many married individuals decide that their entire estate should go to their surviving spouse. Additionally, a person could also appoint his or her spouse to serve as the executor of the estate.
Thinking of Buying a Business? Watch Out for These Warning Signs
Are you considering buying a business? Being a business owner is a challenging and rewarding career, but it can also be a risky endeavor. Many entrepreneurs purchase a standalone company or a franchise location with the best intentions, but then later realize that they have gotten into something they wish they could get out of. While you are on the hunt for your new business venture, make sure to be on the lookout for the following telltale signs that a particular business purchase is not in your best interest.
The Franchisor Seems Focused Only on Upfront Fees
Many potential business owners choose to invest in a franchise location of an existing company because it is often less risky than investing in a standalone company. When you buy a franchise, you already have an established brand and business model. Furthermore, you will likely receive guidance, supplies, and training from the corporate team. However, an unprofessional or incompetent franchisor can nearly ruin your chances of success. If the franchisor you are considering purchasing from offers to decrease future royalties in exchange for increased upfront fees, this could be a red flag that the company is desperate for funds.
Coping Strategies for Dealing with the Emotional Burden of Divorce
If you are considering filing for divorce or you have already decided to end your marriage, you are probably dealing with a litany of emotions. Some people feel a sense of relief when they decide to finally end a bad marriage. Others are overwhelmed by feelings of grief or regret. Whatever you are going through, understand that having a strong reaction to the end of your marriage is perfectly normal. Furthermore, there are several steps mental health experts say can help you deal with the barrage of feelings you will experience when you choose to get divorced.
Allow Yourself to Experience Grief and Other Negative Emotions Without Judgement
The Holmes-Rahe Life Stress Inventory is a ranking of the most stressful life events a person can experience. Among the ranking of life events are things like being fired from your job, the death of a close family member, pregnancy, and more. You may be surprised to know that getting divorced is actually the second-most stressful life event on this list. Only the death of a spouse is considered more stressful than divorce. This is just one illustration which proves that anyone going through a divorce deserves to give themselves a break. Do not worry about the feelings you are or are not having. Try to allow yourself to experience these emotions without judgment.
What Is a Judicial Foreclosure?
If own your home, you probably are familiar with the concept of foreclosure. You more than likely know that if you fall seriously behind on your monthly mortgage payments, your lender has the legal right to initiate proceedings through which the lender can seize your home. What you may not realize, however, is that foreclosure is a rather complicated series of steps and that Illinois law mandates that the court system must handle the foreclosure process. This means that every foreclosure in the state is known as a judicial foreclosure.
How Other States Handle Foreclosure
There are 16 states, including Illinois, which require the courts to oversee foreclosures. Five other states use judicial foreclosures almost exclusively—but as a customary practice rather than a legal requirement. Non-judicial proceedings are used in the 29 remaining states, either as just an option or because the law prohibits judicial foreclosures.
Common Estate Planning Myths Debunked
A survey conducted by the American Association of Retired Persons (AARP) shows that only about 40 percent of Americans have a will, trust, power of attorney, or other estate planning document in place. There are countless reasons that so many adults have neglected to create their estate plan. One reason is that many people do not understand the benefits that estate planning can offer them and their families. Some may only have a vague notion of what estate planning even entails and feel too overwhelmed by legal jargon to research estate planning further. Television and movies have not presented estate planning in a very positive light either. There are many myths and misunderstandings surrounding estate planning which are simply not true.
Myth: I Do Not Need to Worry About Estate Planning Until I am Older
When most people imagine someone writing a will, an image of an elderly or sick person comes to mind. The truth is that waiting until you are older to start formulating estate plans is a poor idea for several reasons. The validity of a will can be questioned if the person writing the will, called the testator, is not of sound mind due to advanced age or cognitive decline.
Common Reasons to Consider Selling Your Business
For many people, owning and operating a small (or medium-sized) private business is the realization of a lifelong dream. Reaching one’s dreams, of course, does not happen without many years of hard work, focused research, and an attitude of perseverance during the difficult times. When you stop to think about how much time, talent, and treasure that you have invested in your venture, you could be forgiven for being hesitant to realize that your run with the company is nearing its end. There are a few things you should keep in mind that might be indications that you should consider selling your business.
Reason #1: You Are Losing Your Passion
When you first started your business, you probably woke up every morning excited to get to work. Building a successful business and satisfying customers were more than daily operations—they were ideals that drove and motivated you into working as hard as you could.
Contact Our Firm
The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.
I have read and understand the Disclaimer and Privacy Policy.
