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Recent Blog Posts
Examining the Most Common Estate Planning Myths
People may put off estate planning for a variety of reasons. Most are born out of estate planning myths - assumptions that simply are not true. Learn why estate planning is an important task for everyone, regardless of their situation, and discover how a seasoned estate planning lawyer can assist you with the process in the following sections.
“Only the Rich Need an Estate Plan”
Perhaps one of the biggest estate planning misconceptions is that the process is only for the extremely wealthy. While, yes, a comprehensive estate plan is important for reducing the tax load of the wealthy, even those with moderate to small estates can benefit from the process. Often, people do not know their true value. They may have assets that they have forgotten about, or their savings and retirement accounts may have accrued more interest than expected. If the individual has children, this alone facilitates the creation of a will, as it is important that families ensure their children end up with the guardian or guardians they feel to be the most suitable.
How the New AHP Could Increase the Risk of Lawsuits Against Your Small Business
Small businesses have long struggled to provide the same quality healthcare benefits to their employees as larger corporations. As a result, their hiring pool is often smaller, and they sometimes lose good workers, solely because they lack the ability to provide certain benefits. Thanks to the new AHP, that could all change. Franchisors and small businesses need to tread lightly, however, as there are some aspects of the law that could increase their risk of a lawsuit. Learn more in the following sections, including how a seasoned small business lawyer could help to mitigate this risk for your company.
A Closer Look at the New AHP
At their core, AHPs allow small businesses to band together to purchase healthcare coverage for their employees, but unlike the older version, this new AHP allows companies to band together based on more than just industry or field. Instead, they can be linked by geography, or simply the desire to offer healthcare coverage. Set to start in September, the new AHP will apply to all small businesses, and even self-employed individuals, which were originally excluded.
Financial Experts Are Encouraging Wealthy Clients to Divorce Before 2019 - Is It Sound Advice?
Divorce can be an expensive process, and there are many financial pitfalls that can further increase its cost. For the wealthy, things are about to get even riskier. Starting in 2019, the tax credits afforded to those paying alimony will be gone, and that can lead to some significant financial losses. The cost is so great, in fact, that many financial advisors are telling their clients to get divorced before the beginning of next year. Unfortunately, this may not be the best option for your case.
For the Love of Money - Rushing Your Case Could Have Severe Consequences
Money is one of the biggest and most frequent sources of contention in divorce - and for good reason. You may already have to scale back your life to accommodate the division of assets that typically occur in a divorce. What is more, you may be ordered to pay alimony to your former spouse. Should this happen, you may want to try and avoid the loss of the tax credit.
Women Face Unique Challenges in the CRE Market
Although great strides have been made in achieving gender equality in America, women continue to face significant challenges in the commercial real estate market. In fact, studies show that women are still making less than their male counterparts, even though they are doing the same work. Learn how you can overcome the issues you are facing in the CRE market, and discover how a seasoned attorney can assist you in the process.
Gender Equality Issues in the CRE Market
In a study published by RETS, a commercial real estate recruitment and staffing firm, 618 women in entry- to senior-level CRE market positions revealed their biggest concerns. A startling 87.2 percent said they are concerned about the lack of equal pay, and 65 percent said they had learned that a male counterpart made more than them. Of those, 75 percent claimed they had heard on two or more occasions that a male agent made more than them.
Single and Retired? Try These Strategies When Creating Your Illinois Will or Trust
While those who are married or have kids typically have a built-in plan, should anything happen to them, singles rarely have this option. As such, they may find themselves incapacitated or ill with no one to protect their interests. Even worse, if they pass away, their entire life’s earnings could be lost. Thankfully, there are ways that single people can protect themselves from such a fate. Learn more, and discover how a seasoned will an trust lawyer can assist with the process.
Examining the Role and Responsibilities of a Proxy or Trust
A trust or proxy is someone who makes medical, financial, or estate decisions for an incapacitated or deceased party. Used by single and married people alike, this person must be appointed by the individual in question ahead of time, and their roles and responsibilities must be clearly outlined. These may include:
Small Businesses in Illinois Are Experiencing Record Profits But There May Still Be Trouble on the Horizon
During the Great Recession, many small business owners struggled to make ends meet. Many had to close their doors. Today, things look very different. In fact, small businesses have been a major contributor to the nation’s recovery, and most are seeing record profits. Sadly, financial experts believe there could still be trouble on the horizon. Learn how you can safeguard your company against some of the challenges that may arise over the next few years, and discover how a seasoned small business lawyer can help with the process.
Record Profits for Small Businesses Across the Nation
According to the new Small Business Optimism Index, published by the National Federation of Independent Business, small businesses are experiencing record profits, nationwide. What is more, the reporting of poor sales has fallen to a near record low. Sadly, there are some concerns over whether this trend will continue, especially in Illinois, where business taxes may soon increase, thanks to the state’s massive debt level. For smaller companies, the increase could be especially crippling, as many are pass-through entities, meaning they pay taxes out of their own personal income.
How to Protect Your Right to a Fair Divorce Settlement if a Spouse is Hiding Money
In an Illinois divorce, parties are supposed to equitably split their assets. Unfortunately, there are spouses who will go to extreme lengths to conceal marital assets so that they can obtain more than their fair share. This act, known as asset hiding, often begins long before the start of a divorce, which can make it all the more difficult for one to track down hidden money. Thankfully, disadvantaged spouses do have some resources at their disposal. Learn more about them in the following sections, and discover how a seasoned divorce attorney may be able to help you determine whether asset hiding may have been an issue in your marriage.
Women Uncovers Multiple Properties in Divorce Proceedings
For decades, an Australian woman lived on a strict budget. Her husband, who worked and handled all the finances, had told her that they did not have enough money to meet their basic living expenses, so she scrimped and saved as much as she could while raising their children. When she finally decided to leave him, she went to an attorney to try and determine how much her settlement might be. That is when her attorney discovered that he owned a total of 15 properties. The woman, shocked but also relieved, sought her fair share of the assets. Her lawyer managed to get her a settlement that amounted to half of all the marital assets. While it is unfortunate that she did not discover the assets sooner, the outcome of her case was positive because, for the first time in her life, she could live comfortably.
House-Flipping in Illinois - Where Are the Hottest Spots to Invest?
House-flipping has become somewhat of a trend in the United States - and for good reason. Financing options are more plentiful and far easier to obtain than they once were, and the housing market is finally starting to recover from the Great Recession. However, not all areas are profitable for investors. The following information can help point you into some of the hottest communities to flip in, and it provides you with details on what a seasoned real estate attorney can do to protect your investment portfolio and financial future.
Chicago and Surrounding Cook County Areas
Of all the areas in Illinois, the most promising for flippers can be found in Chicago and the surrounding areas in Cook County. Experts say that investors are seeing as much as a 97.7 percent ROI, which is much higher than most areas in the nation. To break that down into dollar terms, the average purchase price for flipped houses is at about $88,500. Those houses have sold for an average of $175,000. While that is a decline of about 2 percent from last year (and thereby suggestive that opportunity in the market is slowly diminishing), homes can still be purchased at a deep discount in the area.
Cryptocurrencies in Your Estate Plan - What You Need to Know
Bitcoin, Ethereum, and other types of cryptocurrencies have made many savvy investors quite wealthy - and many of them have been able to keep their wealth secret. Unfortunately, the very thing that makes such currencies appealing can also endanger the wealth of one’s heirs. Learn how and why you should add your cryptocurrencies into your estate plan, and discover how a seasoned Illinois wills and trusts lawyer can assist with the process and mitigate any financial loss.
The Hidden Nature of Cryptocurrency Creates Issues for Heirs
Because the money is entirely digital, cryptocurrencies can be easily lost. In fact, there are stories about investors who have had to dig through their trash after losing their password and login information. Others choose to keep their currency stored offline, on a thumb drive. However, even this presents a problem in estate planning.
Avoiding the Most Common Business Partnership Killers
Savvy entrepreneurs often pool their skills and resources to increase the chances of success. Unfortunately, when a partnership is formed under the wrong conditions, this pathway to success can quickly become a business owner’s worst nightmare. Learn how you can avoid the most common business partnership killers in the following sections, and discover how a seasoned business law attorney can help you proactively mitigate the possibility of a failed partnership.
Partnerships Born from a Lack of Money or Skill
In an ideal partnership, business owners have “synergy,” or a way that they complement one another. As an example, one partner might have the marketing tools and resources that the company needs to be successful while the other has a knack for thinking “outside the box.” Unfortunately, if one partner “needs” another in order to achieve success - perhaps one person has the idea and marketing skills while the other possesses the capital to start the business - any potential benefit of a partnership may be lost. To avoid this issue, partners are encouraged to share expenses, not capital. Also, you should never give away something that is yours (i.e. information, ideas, etc.). Instead, create an iron-clad contract that can protect your ideas and concepts, even if the partnership ultimately fails.
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