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Recent Blog Posts
What Rights do DuPage County Landlords Have During an Eviction?
The pandemic changed countless aspects of our society, including the process of evicting a tenant from a rental property. Because so many people were unable to work during the pandemic, special protections, including eviction moratoriums, were put in place to prevent renters from being evicted from their homes.
These measures were designed to prevent additional hardships for tenants already facing major challenges. However, landlords often found themselves in a difficult situation when it came to dealing with tenants who could not pay their rent. The moratorium on forcible entry and detainer actions has been lifted, but landlords still face substantial challenges in 2023.
The good news is that landlords have rights during an eviction process. If you are a landlord, you do not have to tolerate non-payment of rent, illegal use of property, and other lease violations. However, you do need to follow specific procedures when taking legal action or evicting a tenant.
Franchise Versus Startup: Evaluating the Advantages and Disadvantages
Business ownership is rarely easy, but it can be deeply fulfilling. When you own your own business, you become your boss and take full responsibility for your company's future. Many entrepreneurs choose to pursue the dream of business ownership by launching their own startup or investing in a franchise. Each option has its benefits and drawbacks, so it is important for potential business owners to know what they are getting into. Business ownership is a massive responsibility, and anyone considering the move should consider their options carefully.
Should I Buy a Franchise or Start My Own Company?
A startup is a business that is founded and owned by an individual entrepreneur or group of entrepreneurs. It may be a new concept, or it may build on an existing idea or service. Startups have great potential for growth, but they also involve considerable risks, as the owners must build an audience from scratch and work hard to develop a reputation.
5 Tips for Your Small Business Year-End Review
The end of the calendar year is a great time to take stock of your business and plan for the upcoming new year. An end-of-the-year review gives you an opportunity to celebrate the triumphs and evaluate the losses the company experienced in the last 12 months. Here are five tips to help you get started on your year-end review.
End-of-the-Year Company Review
Building and maintaining a successful business is no easy feat in any circumstance, but the last few years have been extremely hard on small and medium-sized businesses. To stay competitive, you must regularly assess your company for strengths, weaknesses, and areas for improvement and recalibrate your plans accordingly. As you conduct your 2022 end-of-the-year review, consider the following tips:
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Take an Honest Account of Your Business's Performance - As you review your performance in the last year, it is important to take an honest look at both your successes and failures. This will allow you to get a clear picture of where your business stands and how you can move forward in the coming year.
Tips for Choosing Who Will Act as Power of Attorney
Most people wrongly assume that drafting a will is all there is to estate planning. However, there are several other estate planning instruments that can be greatly beneficial in the event of incapacitation or death. A power of attorney is one such instrument. A power of attorney is a document that grants someone else the authority to handle your financial and medical affairs in the event of your incapacitation. If you suddenly became extremely ill, who would you want to speak on your behalf? Answering this question is rarely easy, so it is important to weigh your options and choose carefully.
Power of Attorney for Finances
Appointing a person as power of attorney for finances authorizes them to make financial decisions on your behalf. This could mean anything from writing checks, to accessing bank accounts and making investments. When selecting someone to be your agent in this capacity, consider the person’s trustworthiness, ability to manage money responsibly, and willingness to act in your best interests. Choose an individual who will be able to competently manage your finances, pay bills on time, make responsible decisions regarding investments, and communicate with financial institutions on your behalf if needed.
Common Reasons Couples Sign Postnuptial Agreements
If you are like most people, you have probably heard of prenuptial agreements but you may be less familiar with postnuptial agreements. Postnuptial agreements are very similar to prenuptial agreements with one major difference: A postnuptial agreement is agreed to after the couple is already married while a prenuptial agreement is signed before the wedding. This blog will discuss some of the common reasons that married couples negotiate postnuptial agreements and the benefits these agreements may provide.
Basics of a Postnuptial Agreement
Similar to prenuptial agreements, postnuptial agreements or "postnups" are legally binding agreements between two parties. The specific terms of a postnuptial agreement vary from case to case. However, many postnuptial agreements are used to define certain assets as non-marital assets, separate marital assets from non-marital assets, protect business interests, and confirm estate planning wishes.
Building on Commercial Real Estate? Do Not Let These Zoning Issues Derail You
Real estate investors often buy commercial properties with the intention of updating, modifying, or improving the property. If you are buying commercial real estate, it is crucial that you understand the zoning and land use laws that will affect you. Strategic commercial development avoids zoning violations that will cause legal and financial headaches. If you are building on commercial property, work with a real estate lawyer who can help you complete your development project efficiently and legally.
Zoning Laws and Land Use Rules
Like most things in commercial real estate, modifying or building on a commercial property comes with a considerable amount of red tape. Anyone beginning a development project will want to understand how land use and zoning laws apply to the project.
Make sure you understand your obligations regarding:
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Fire escapes and exits - Often, commercial buildings will require special fire escapes or exits. These may need to be added or updated as part of your development project.
Six Key Considerations for Your Illinois Living Will
The pandemic has made many of us more acutely aware of our own mortality. It has also forced us to confront the difficult question of what our end-of-life wishes would be if we were to become seriously ill.
A living will is a legal document that allows you to spell out your preferences for medical treatment in the event that you are unable to communicate them yourself. Creating a comprehensive estate plan, including a living will is important regardless of your current age or health. It is especially important if you have a chronic or terminal illness, or if you are over the age of 65.
What Does a Living Will Cover?
A last will and testament describes how your earthly possessions are distributed to heirs. A living will, on the other hand, is all about your healthcare and treatment preferences. It allows you to make decisions in advance about the kind of medical care you would or would not want to undergo if you were extremely sick. This spares your loved ones from having to guess what your wishes are.
Illinois Child Support: Clearing up the Confusion
Illinois adopted a new methodology for calculating child support in July 2017. Child support obligations are now calculated using the Income Shares formula. The amount a parent pays is based on both parents’ net incomes and the number of children involved. Although Illinois has used this calculation method for several years now, there is still a significant amount of confusion about establishing, modifying, and enforcing child support payments. This blog will present an overview of child support laws in Illinois and answer some of the most frequently asked questions about child support obligations.
How Do I Start Receiving Child Support?
Any parent can confirm that raising a child is expensive, and single parents often rely on financial support from the other parent to make ends meet. If a mother wants to receive child support from a child's father, she must first confirm that paternity is established. Paternity may be established through a Voluntary Acknowledgement of Paternity, an administrative order, or adjudication from the court.
How to Deal With a Mechanic Lien During Your Residential Real Estate Transaction
If you are in the process of buying or selling a home, you may be wondering what to do if you come across a mechanic's lien during your transaction. A mechanic's lien is a claim that a contractor or subcontractor has against a property for unpaid work. If you are the buyer, this can be a huge problem because it means that the property you are interested in purchasing may have a debt attached to it. If you are the seller, a mechanic's lien can also complicate things because it may reduce the amount of money you ultimately receive from the sale.
What is a Mechanic’s Lien?
A mechanic's lien is a claim that a contractor or subcontractor has against a property for unpaid work. For example, if you hire a contractor to build a deck and the contractor is not paid for their services, they may put a mechanic's lien on your property. This means that if you try to sell your home, the contractor can come back and claim the money they are owed out of the proceeds from the sale. Unfortunately, some homeowners find themselves facing mechanic liens even if they believe they have already paid their contractor in full.
Irrevocable Trusts Versus Revocable Trusts: Determining What is Right for You
The last will and testament is the fundamental estate planning document. However, there are many other estate planning tools that can better meet unique financial needs and personal objectives. Unlike a will, a trust is a separate legal entity that can own assets and distribute them according to the terms of the trust agreement. A key advantage of a trust is that it can help avoid probate, which is the legal process used to validate a will and distribute a deceased person's assets.
There are two main types of trusts: irrevocable and revocable. As the name suggests, an irrevocable trust cannot be modified or revoked once it has been created. A revocable trust, on the other hand, can be modified or revoked at any time by the grantor, as long as they are alive and competent. Both types of trusts have their own advantages and disadvantages that should be considered before deciding which is right for you.
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