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Recent Blog Posts
CRE Developers Continue to Experience Lending Troubles
To make a commercial real estate development project a success, one needs capital. Sadly, it seems that lenders are still being stingy with commercial real estate developers. Learn more about the issues that CRE developers are facing in today's lending market (and why), and discover how you can improve the outcome of your next CRE development project with a strategic approach and the assistance of a seasoned real estate attorney.
How CRE Trends and the Recession Have Influenced Lending
Since the Great Recession, banks have been less willing to take risks - especially large commercial ones - but there is more to the lending pull-back than the financial state of our country. Trends in the industry, supply and demand, and even the internet are changing how and to whom banks lend money.
Uncertainty and Changing Tax Laws Should Not Delay Estate Planning
While some people may be rejoicing the recent pass-through of the House's Tax Cut and Jobs Act, others may be experiencing uncertainty over the future. Sadly, this apprehension can cause those individuals to delay or even completely forgo estate planning. Learn why this is usually a poor decision, gain insight on how the bill might affect your heirs if it is passed into law, and discover what an experienced attorney can do to protect your family after your death.
The Danger of Estate Planning Delays
It can be tempting to put off estate planning, especially if you are young and healthy, but doing so can have dire consequences. Accidents occur, and even the healthiest of people can suffer a tragic illness. If one occurs and you pass away or are rendered incapacitated, you and your heirs may suffer. For example, there may be no one to make medical decisions for you, so you may be forced to endure the standard of care, despite not wanting resuscitation. Another possible consequence is that your family could be left without access to money for bills and daily expenses if you have not named a power of attorney. Thankfully, such issues can be mitigated against (and perhaps even avoided altogether) with a carefully thought-out estate plan.
Illinois Sues a Second Business Over Non-Compete Agreement - What Employers Need to Know
While most small businesses are only interested in making ends meet, there are large corporations and franchises out there, trying to take advantage of blue-collar workers. Sadly, when employees are paid low wages and asked to fill out a non-compete agreement, they may find themselves stuck, with no way out.
That is why Illinois now has a law on non-compete agreements; two companies have been sued in the past year for violating it. Learn more about this law and what it could mean for your company, and discover how an experienced business law attorney can help you avoid legal problems over improper use of non-compete agreements.
Understanding the Purpose of a Non-Compete Agreement
Non-compete agreements are not meant to keep wages low or violate an employee's rights. Instead, they are supposed to ensure that a company's reputation and trade secrets are protected from its competitors. That is not to say that low-wage paying companies are lacking in trade secrets or that their reputation should not be protected, yet by forcing low-wage employees to sign non-compete agreements, they are protecting their company in a way that is detrimental to the employee. In a country where wages have become stagnant, unfair treatment of low-wage employees is an offense that Illinois is no longer willing to overlook.
Study Suggests Divorce May Increase the Risk of Alcohol Use Disorder - Mitigate Yours
Divorce can be an unpleasant and time-consuming process. A new study also suggests that it may increase your risk of developing an alcohol disorder. Thankfully, you can also mitigate this risk. Learn how and discover what an experienced divorce attorney can do for you in your case.
More on the Study
Previous studies have indicated that divorce may be spurred by the presence of alcohol disorders, but the new study reveals that divorce can also lead to alcohol disorders. Nearly a million Swedes were included in the study - none of which had experienced an alcohol disorder diagnosis prior to their divorce. After a divorce, men were six times more likely to be diagnosed with a first-time alcohol use disorder. Women saw a seven-fold increase in their risk. Rates also remained elevated, even after the researchers accounted for confounding factors, such as low parental education, previous problem behaviors, and a familial risk of alcohol use disorder.
Cybercrimes in the Real Estate Market - What Homebuyers Should Know
Cybercrimes may not be a new issue, but they have become more prominent over the past few years. In fact, you may have even heard about some of the biggest breaches, such as those that happened to Equifax and Yahoo. What you may not know is that these crimes are found in almost every industry, including the real estate industry, and changing your passwords, freezing your credit report, and upgrading your computer security may not save you. Learn what homebuyers are up against and discover how you can protect yourself during the closing transaction on your new home purchase.
Beware of Real Estate Closing Transaction Scams
Over the past year, hackers have intercepted more than $1 billion in real estate transaction money. Mostly, they target large transactions, but even smaller ones can be at risk. Two recent cases - one last May, in which a couple lost $1.57 million on a wire transfer of their settlement funds and one in January, in which a Denver couple lost $272,536 of their down payment - are prime examples of just how varied the targeted transactions can be.
Estate Planning for College - Why Every Young Adult Needs a Will
Most people assume that estate planning is only needed when you are old and nearing death or retirement. Quite the opposite is true, however. In fact, adults of all ages - even those just heading off for college - should have a comprehensive estate plan in place. Learn why, discover what estate planning documents are important, and see how an experienced estate planning attorney can help you get started.
Why Estate Planning is Important for Young Adults
Young adults may not have a lot of assets or possessions to speak of; they may not even have an income, but they still need an estate plan. The reason for this is simple: like everyone else, they still run the risk of incapacitation, should an accident or injury occur. Without the proper documents in place, parents may be unable to obtain pertinent medical information about their adult child's condition or prognosis; they may also be denied the ability to make medical decisions for their child. Parents may also be denied access to their child's financial accounts, which could endanger the student's ability to return to school or dorm.
Is Your Small Business Violating Federal Labor Laws?
All businesses - even small ones - must comply with applicable federal labor laws. How do you know if your small business is violating one? The first step is to examine the four most commonly violated labor laws. The second is to ensure you have an experienced attorney on your side. Learn more with help from the following information.
The Family Medical Leave Act (FMLA)
The Family Medical Leave Act is meant to provide employees with up to 12 weeks of unpaid leave per year for certain medical or family issues (i.e. death, birth or care of a newborn child, placement of an adopted child or foster child, and caring for an immediate family member with a serious health condition). However, not all employees or businesses may be entitled. Companies with fewer than 50 employees may not be obligated to provide family medical leave, and any employee who has not worked at least 1,250 hours over the past 12 months may be ineligible for this protection.
Protecting Your Credit and Financial Future in an Illinois Divorce
Separating your finances and assets in a divorce can be a contentious and downright frustrating process. Matters can be made worse once parties learn that a divorce decree does not protect them if a spouse fails to make timely payments on a joint credit account. Thankfully, it may be possible to reduce the risk of long-term credit and financial damage after divorce. Learn how, and discover what an experienced divorce lawyer can do for you, with help from the following.
The Truth About Debt and Divorce
While most people recognize that assets are divided in a divorce, not everyone realizes that debts must also be divided. To determine who owes the debt, the courts will examine several different factors, including who benefited most from the debt and who originally took out the line of credit. Debt is then assigned to the parties, much like assets, but that is where the similarities between debts and assets end.
Buying Foreclosed or Bank-Owned Property
Purchasing a foreclosed or bank-owned property can save you a lot of money on the purchase of your home or investment property. However, this is not always the case. Instead, buyers need to be diligent, resourceful, and savvy to decrease the odds of a financial loss. The following information can help you learn more about buying a Real Estate Owned (REO) property, and it explains how an experienced real estate lawyer can assist with the process.
Be a Savvy Home Buyer
Whether you are investing with the hopes of one day making a return on the property, or are planning on making an REO your full-time residence, be a savvy home buyer. Make sure you are pre-approved for a loan or have the cash on hand to smooth the process, and know that some homes (particularly those with significant damage) may be ineligible for certain types of loans. If the property is distressed, an FHA loan may be your best option. Just keep in mind that some buyers might not be eligible for an FHA loan. In such situations, cash may be required.
Video Wills - Are They Right for Your Estate Planning Needs?
Talking to your family through video and letting them know your wishes once you are gone sounds like an innovative idea. At the very least, it is indicative of the times, but is such a method considered valid by the courts? Learn more about the validity of video wills, including how to determine if they may be appropriate for your estate planning needs, and discover where you can find quality legal assistance with your Illinois will or living trust.
Are Video Wills Legally Binding?
Video wills are not typically considered valid by probate courts or judges. The reasons behind this are many, but one of the biggest concerns is that a judge may be unable to determine whether the person speaking was of sound mind at the time of the video's creation. Furthermore, the judge may be unable to determine if the person was under any form of mental, physical, or emotional duress at the time that the video was made. As such, only a written and notarized will would be considered valid by the courts.
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