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Recent Blog Posts
Minimum Wage Bill Vetoed to Give Small Business Owners Time to Adjust
Several employment law changes have occurred over the last couple of years; a minimum wage hike, which would have raised the pay to $15 an hour by 2022, was expected to be yet another. However, after passing in the state House and Senate, both with majority votes, it was vetoed at the last minute by Governor Bruce Rauner. The following explains why it was vetoed, and it provides some details on finding employment law assistance for your small business.
Why the Bill Was Vetoed
Although the minimum wage bill pulled a great deal of support from employees and government officials alike, Governor Rauner chose to veto it because it could have placed unnecessary stress on small businesses. Supporters of the bill argue otherwise, but a study on the minimum wage increase in Seattle found that workers suffered from the changes.
Getting Remarried? Why You May Want to Consider a Prenuptial Agreement
Many people move on to have happy and healthy relationships after a divorce. Some even remarry, perhaps for the last time. However, the divorce rate for second and third marriages is substantially higher than the rate of divorce for first marriages. Furthermore, there are some challenges, both in terms of money and relationships, that couples may face in a subsequent marriage. Some can be mitigated with frank and honest discussions, but others may require legal documentation. Learn more about how a prenuptial agreement can mitigate against issues in your second marriage, and how an experienced attorney can help.
Examining the Challenges of Subsequent Marriages
When a divorced individual remarries, they may lose out on certain benefits from their first marriage, such as alimony or social security benefits. Such losses are damaging enough, in and of themselves, but when children from a previous marriage are added into the mix, things can become extremely complicated. For example, if each party has their own assets from before the marriage and the items then are co-mingled during the union, children may stand to lose an inheritance, educational fund, or another asset if their parent and step-parent divorce.
Deconversion of a Condominium - Is a Bulk Sale the Right Choice for Your Property?
Across the country, condominiums are suffering. Some units are sorely outdated. Others are unable to maintain an occupancy rate that can sustain the association's annual investment. Whatever the reason, deconversion may be the answer. However, it may not be the appropriate option for every condominium association. Learn more about the deconversion of condominium units, including how to tell if it may be the right choice for your property.
The Rise of Deconversion
In the early 2000s, condominium units were all the rage. They were so popular, in fact, that many apartment complexes were converted into condos. Sadly, the boom died out, which is why many condominium associations are now struggling to fill their units. This lack of occupancy, paired with the cost of maintenance and upkeep, has been the catalyst for the rise in deconversions - a process in which condominium units are converted to apartments.
Estate Planning Basics: Choosing a Guardian for Your Children
No parent wants to think about passing away before their children have grown, but tragedies happen every day. Sadly, if families are unprepared for such an issue, their children may be further traumatized by the events that occur after their loss. As such, all parents are encouraged to name a guardian for their child in a legally drafted will. Learn more about this process, including how to choose the right person for the job, with help from the following.
Guardianship is Not Automatic
Above all else, parents need to know that guardianship is not automatic after a tragedy. For example, you may assume that your parents would automatically receive your children if something happened to you, but this is not the case. Instead, anyone that is interested in custody of your children can come forward and request it. Then a judge must hear each person's side and determine which home may be most appropriate.
Examining the Advantages and Disadvantages of a Sole Proprietorship
In a sole proprietorship, an individual proprietor (the owner), manages and runs their business. They receive all income for the company, but they are also responsible for its debts, liabilities, and tax obligations. Learn more about this widely used business structure, including its advantages and disadvantages, and how an attorney can assist with the setup.
Advantages of a Sole Proprietorship
Of all the business structures that one can choose, sole proprietorships tend to be the most affordable and easiest to start. Paperwork and other legal items are generally less extensive, and the sole proprietor is only required to comply with state and federal tax laws, zoning laws, and other local regulations, such as licensing laws.
Nesting Divorce Becoming More Common Among Couples with Children
Families have changed significantly over the last several years, and that includes the way that they do divorce. In fact, one trend is gaining some serious momentum among divorcing parents. Known as birdnesting, or just nesting, it is a parenting plan that bucks all things traditional. The following can help you understand this new way of parenting after divorce, and it can help you decide if it may be the right option for your family.
What is a Nesting Divorce?
In a traditional divorce, one parent might keep the home and the children might go and visit the other parent at their home. In a nesting divorce, the children keep the home (so to speak). They reside there full-time, and then parents take their turns rotating in and out of the home to care for the children. Some couples also have a joint apartment where each one stays while the other is with the children.
Home Buying Basics for Illinois Residents
Buying a home is a significant milestone that can give you and your family years of joy and a lifetime of fond memories. Unfortunately, the process itself can be highly complex, and missteps along the way can delay home ownership. Thankfully, there are ways to smooth the process. The following information explains, and it provides details on where to find assistance with your next (or first) Illinois home purchase.
Working with a Realtor
While homeowners may want to skip the real estate agent to save money on the sale of their home, this decision can be a grave mistake for buyers. Real estate agents do more than just show potential homes. Knowledgeable on the communities, market conditions, and median home prices in the area you are searching in, real estate agents can work with your family's needs and budget. They can aid you in preparing pertinent documents, such as your viable offer. Best of all, the agent's commission is typically covered by the seller (covered in the purchase price) once the home closes. Just remember to shop around. Find one that has experience representing buyers, good references, and an understanding of the area.
Transfer on Death Instrument or Living Trust - Which One Should You Use?
Historically, estate planning has been overlooked by the non-wealthy. Times are changing, however. Retirees and even younger adults are starting to recognize the benefits of an effective estate plan - especially when there is a smaller estate. You see, probate can quickly eat away at the value of a moderate estate, which may lead to significant losses for beneficiaries. In situations where the only transferable item is real estate, the loss may even prevent the procurement of the asset.
Thankfully, there are some preventative strategies that you can use, including Transfer on Death Instruments (TODI) and living trusts. How do you decide which is most appropriate for your situation? The following explores these two solutions and explains where to find assistance with your Illinois estate planning needs.
Encouraging and Protecting Diversity in the Workplace
Diversity in the workplace can offer varying perspectives, improve the company's image, and may even result in capital gains. However, many businesses struggle to achieve true diversity and those that do often struggle to protect it. Do things differently, avoid litigation, and ultimately improve your company's chances of success with help from the following.
Why Diversity is So Important
At first glance, diversity may not seem like the most important aspect of running a business. Instead, most owners focus their attention on things like recruiting experts in their field, reducing overhead costs, and creating a platform from which they can market - and yet these aspects of running a business often come naturally for those that support diversity. As an example, a business that strives to maintain ethnic diversity in the workplace may have a better understanding of cultural differences that may impact their sales and marketing strategies.
Splitting the Family Business in an Illinois Divorce
Small, family-owned businesses have made a comeback over the last several years, and they were instrumental in our country's post-recession recovery. Unfortunately, family businesses still face some unique and potentially devastating challenges; one of the most concerning is the risk of failure, closure, or liquidation during a divorce. If you have a small family-owned business and would like to avoid liquidation or closure, the following information may help.
How Family Businesses Are Treated in Divorce
Family-owned businesses are typically considered marital property during a divorce. There are a few exceptions, of course. For example, a business might be considered a non-marital asset if one party started the company before the marriage began and never used marital funds for business-related expenses. Even in these situations, couples are encouraged to speak with an attorney. After all, many nuances, exceptions, and exclusions can alter the outcome of a divorce case; businesses often complicate the already complex process even further.
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