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Recent Blog Posts
Commercial Real Estate Leases - What Every CRE Investor Should Know Before Renting Out Their Property
With more investors breaking into the commercial real estate sector, demand for reliable and comprehensive information on the selling and leasing of property increases. Granted, the information that one finds on the internet must be carefully vetted, and investors are highly encouraged to run all decisions and potential changes by their attorney, as this can help avoid the risk of lawsuits and financial loss. However, with a better understanding of the potential pitfalls, landlords can be better prepared, which can allow them to better plan for their future.
Being Prepared for the Challenges in Commercial Leasing
The stakes and risk of financial loss are far greater for the commercial landlord and tenant. There are also some nuanced issues in the CRE market that can significantly alter the needs and concerns of an investor. For example, there are different asset classes in the CRE market, and the challenges tend to vary for each one. In other words, the owner of a low-income apartment will have different needs than a hotel or casino owner.
Wills and Trusts - Understanding the Difference and Why It Matters
It can take decades to build wealth, so it only makes sense for guarantors to want a say over how their assets will be distributed upon their death. Wills and estate plans are valuable estate planning tools that can allow you to do just that. There are some distinct differences between these two options, however, and a variety of factors can dictate which option is most appropriate for your situation. Learn more, including how our seasoned estate planning lawyers can help protect your heirs, and your estate, immediately and long into the future.
What is a Will?
A will is a written document that explains how a guarantor’s assets should be distributed, upon their death. A guarantor can retract or amend a will at any point in their lifetime, and an update is recommended any time that a guarantor experiences a significant change in their situation (i.e. marriage, divorce, children, etc.). Wills can also be used to name guardians for minor children.
Is Your Company’s Non-Compete Agreement Enforceable? The Answer May Surprise You
Business owners often use non-compete agreements to protect their brand and trade secrets. Previously reserved for high-level executives, these contracts have even made their way into the “lower-income” sector. However, state law prohibits the use of non-compete agreements in some situations. Furthermore, such agreements must meet certain criteria to be considered enforceable by the courts. Where does your company stand on its use of “covenants not to compete?” The answer may surprise you.
What is a Non-Compete Agreement?
While non-compete agreements are not stand-alone documents, they do frequently make an appearance in other types of contracts, such as employment agreements and contracts for the sale or purchase of a business. Used to protect things like a company’s trade secrets, marketing tactics, client or customer data, and other sensitive business information, they prohibit the signer from working in a specific industry, trade, or geographical location. It may also prohibit the singer from working with specific competitors (prospective employers).
Preparing for Divorce in 2019 - Examining the Upcoming Changes to Illinois’ Spousal Maintenance Laws
Even though alimony is not awarded as frequently in divorce as it once was, it is still an important (and often contentious) element in some divorce situations. It can ensure a disabled or disadvantaged spouse has at least some financial resources as they attempt to rebuild their life (perhaps by going back to school to start a new career or re-entering their former career field). Alimony can also ensure a family unit is financially stable in the months immediately following a divorce.
Thanks to the passage of the Tax Cuts and Jobs Act, alimony laws in the United States will undergo some monumental changes in 2019. A provision, which has been in place for more than 70 years now, will be completely eliminated, and it is expected to negatively affect many divorcing couples in the year to come. Learn how you can prepare for the upcoming alimony changes, and discover how our seasoned Wheaton family law attorneys can assist with mitigating against the potential issues in your Illinois divorce.
Old Buildings and State-of-the-Art Technology: How to Have the Best of Both Worlds in Your CRE Investment Properties
Although simpler times have long since passed, a great many people still feel a sense of nostalgia when they step into an old building. Older, convertible buildings can also be a boon for real estate investors, as they are often priced below market value. Unfortunately, it can be difficult to retrofit these buildings to ensure they offer the state-of-the-art technology that most commercial real estate tenants want and need for their businesses. The solution? Find a way to have the best of both worlds.
When is Retrofitting an Old Building Worth the Cost and Effort?
Not every building can or should be retrofitted. Consider New York’s Pennsylvania Station as an example. The building, though a historical and architectural work of art, had become dilapidated to the point that it was a safety hazard, and the cost of repair was prohibitive. Without another practical use for the space, retrofitting seemed not only impossible, but also pointless. There are buildings that can be retrofitted, however - ones that would greatly benefit the community, investor, and potential tenant.
Giving Your Heirs “Lifetime Gifts” Can Benefit You During the Estate Planning Process
If estate plans were only about money, they would not be so difficult to create. Instead, parties must first come to terms with their own eventual death, and they must consider where and how they would like money to be distributed. Since family matters can be highly complex and sometimes volatile, and the rules for handling assets upon one’s death can vary by type and situation, such decisions regarding inheritances can be more than just difficult. One possible solution is to use “lifetime gifts” as your guide. Learn more in the following sections, including how our seasoned estate planning attorneys can help with drafting your initial estate plan.
What is a Lifetime Gift?
Lifetime gifts are often used as an estate-planning strategy for reducing federal and state taxes, which means they are most commonly used in estate plans that exceed either the $4 million Illinois state estate tax exemption or the $5.5 million federal estate tax exemption. Each gift, which may equal up to $15,000 in value each year ($30,000 maximum for married couples giving a joint gift), reduces the value of the estate, thereby reducing the amount that heirs will be taxed when they inherit it. Lifetime gifts can do more than simply lower the tax load of one’s estate, however. They can also benefit the guarantor during the estate planning process.
Tips for Protecting Your Interests While Negotiating a Business Contract
Although there are many key elements to running a successful business, few can outweigh the importance of successful contract negotiation. This single element can determine everything from a businesses’s profit margin for each transaction to the legal recourse that a business owner may take if a client or partner infringes on the company’s intellectual property. As such, it is critical that company owners understand the elements of effective business contract negotiation.
Examining the Five Elements of Contract Negotiation
An effective business contract should do more than simply state the terms of an agreement; it should detail a reasonable arrangement that mutually benefits all involved parties, and it should clearly define the environment and conditions under which the parties are willing to operate. To reach such an agreement, business owners are encouraged to implement all five elements of contract negotiation, which include:
An Overview of Illinois’ Landlord-Tenant Laws
While, in most cases, a landlord and tenant can complete the term of a lease without issue, there are scenarios in which legal assistance may be needed, either by the landlord or the tenant. Some even require the assistance of an attorney. To help you determine if you might be facing such an issue, consider the following overview on Illinois’ landlord-tenant laws.
Required Leasing Disclosures for Landlords
Under Illinois state law, landlords are required to disclose specific information to tenants. Usually, done through the lease agreement, this information includes:
- Utilities that are included in the price of rent (paid by the landlord but billed to the tenant);
- Rent concessions must be detailed in a very specific manner. If a landlord fails to comply with this law, they could face both civil and criminal penalties;
Assigning a Power of Attorney - Reasons, Considerations, and the Steps to Take
When drafting an estate plan, guarantors are often asked whether they have selected a power of attorney to represent them during a period of incapacitation. Do you really need such a person and how do you decide which person to name in your will or trust? More importantly, how can you ensure that the person you select is able to effectively represent your interests? Learn the answers to these questions in the following sections, and to discover how the assistance of a seasoned wills and trusts lawyer can protect the best interests of you, your heirs, and your estate.
Why Assign a Power of Attorney?
Although it can be unnerving to legally name and assign someone to handle your financial and healthcare decisions during a period of incapacitation, doing so can benefit you, your family, and your estate. First, it can ensure that you are not given medical treatments that you do not wish to receive. You are also less likely to experience the financial consequences that tend to occur when one’s finances go unmanaged (i.e. late fees, extreme loss in the stock market, unpaid bills, etc.), which can ensure your estate remains preserved for your heirs, should you eventually pass away.
Establishing a Business in Illinois - What Entrepreneurs and Small Business Owners Need to Know
Few things in life are as satisfying as running your own company and being your own boss, but such a privilege requires a lot of hard work and dedication. There are also multiple steps - some strategic, some legal - to starting your own company. Learn more about establishing a business in Illinois, discover what resources are available to you, and obtain detailed information on how a seasoned business law attorney can ease the process and help to ensure your business is protected in the years to come.
Preparing for Business - The Initial Steps
Ideally, business owners would start preparing for business long before they plan to open their doors. They would have a complete a market analysis and have an in-depth business plan, and they would have already started to engage with people on social media to ensure they have a solid customer base before opening their doors for business.The world is not perfect, however, and sometimes business owners jump in, head-first, without really knowing what it takes to be successful in today’s digital world.
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