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Recent Blog Posts
Tips for Protecting Your Children with a Carefully Crafted Will
No parent wants to think about dying before their children reach adulthood. Sadly, it does happen, and often before the parents have had the chance to create a will. This can leave children in limbo, create problems for their financial future, and ultimately impact their quality of life. Know how to protect your child with a carefully crafted will.
Designate First Responders
While most parents know who they would want to serve as a long-term guardian for their children, and may have even already discussed the idea with the selected person, many fail to consider what will happen in the minutes, hours, and days immediately after their death. For example, consider the following scenario: You are on your way to pick up your children from school but are killed in an accident. What happens next? Who will pick up your children and ensure they are cared for?
Choosing the Right Structure for Your New Business
You have the idea, the business plan, and may even have an estimate of just how successful your business will be. Still, you are not quite sure which business structure you should choose. Believe it or not, this is actually a very common issue among new business owners. Often, this is due to the legal and financial complexities of each structure. Get information on the basics with the following information, and then learn how an attorney can assist you with finding the right structure for your new business.
Sole Proprietorship
This is the most basic of all business structures, and it is often the simplest in regard to taxation. However, there are some serious limitations. You may have a hard time obtaining a business loan if you do not have good credit, and you are responsible for all of your debts, assets, and liabilities. So, if you run into financial troubles, you run the risk of losing your business. Also, in Illinois, you have to file your business with the county clerk's office if the business is not the same as your full legal name, and you must file for a Federal Employer Identification Number if you plan to hire employees.
Protecting Your Finances During a Divorce
Divorce is a financially complex process that can long-term consequences. If, however, you effectively manage your finances during divorce, and ensure that you seek skilled legal counsel with the process, you can greatly increase the chances of a favorable outcome. Learn what you need to know about protecting your finances during your Illinois divorce.
Tackle Debt Problems First
A lot of couples jump into divorce, knowing that their marital assets will be divided. However, many fail to consider that their debts are usually divided as well. If you have a significant amount - particularly any debts that your spouse has not disclosed to you - it could lead to financial problems later on down the road.
To reduce the risk of future financial problems, ensure you gather information on all of your marital assets, and your debts. Know what you own, what you owe, and, if at all possible, work together to pay down your marital debts before actually filing. If you know that have more debt than you can handle, consider credit counseling or filing for bankruptcy. For situations involving undisclosed debts or assets, the assistance of an attorney may be needed.
What the Estate of Prince Can Teach Everyone About the Importance of Wills
Prince Rogers Nelson, one of the most beloved pop icons in history, spent his life fighting to maintain creative and legal control over his career. Yet, in the months that followed his death, it became evident that he had not been quite as vigilant when it came to legally documenting what would happen to those assets after he died. In other words, Prince died without a will. As a result, his substantial estate - his alleged vault of unreleased music, his roughly $300 million in various assets - have become a cautionary tale that everyone can learn from.
What Happens in the Absence of a Will?
Prince's estate is being handled by the state. This means that the state appoints an administrator (who may not be a person you would approve of), and your assets will be distributed to the next of kin. This can be problematic for a number of reasons. First, the state must establish who your true heirs are. Second, the distribution to those heirs may not resemble your wishes.
Buying or Selling a Business? Avoid the Pitfalls and Secure a Favorable Deal
Whether you are buying or selling a business, there are factors that should be considered to ensure a favorable deal. Furthermore. It is also important that you know how to avoid potential pitfalls that could cost you money, cause legal complexities, or result in delays. Start off on the right foot by conducting thorough research and seeking assistance from a skilled legal professional.
Selling Your Business
No matter the type of business you own, no matter the size, it critical that you take the time to find the right buyer to secure a favorable deal. In some cases, you may even want to ensure that your legacy and vision are preserved. And, in the weeks and months leading up to the sale, you will need to take some proactive steps to prepare your business for the transaction, including:
Ways Divorce Can Actually Improve Your Life
Divorce is a complex, mentally, and emotionally taxing process that can affect every area of your life. For some, the impact is so great that it can feel as if the chaos will never end. Take heart: it can, and does, get better. In fact, if you allow yourself to see it as such, divorce can actually lead to a happier, better life. The following are just a few examples.
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Finding Ways to Save for Retirement
According to the several financial studies, between 40 to 60 percent of Americans live paycheck to paycheck, meaning that they earn just enough to get by. For many, the thought of an early retirement—or any retirement—is not a current achievable goal because there are no funds left over each week to put into retirement savings.
Financial advisors have discovered ways that can free debt committed paycheck funds and can therefore be redirected into a retirement savings nest egg. For example, only one in three households in this country prepare and follow a monthly budget as a way to track their spending. This can lead to a lot of wasteful spending. By following the trail of where those paycheck funds go, you may be surprised at how much is actually coming in and going out.
Failure to Obey Income Withholding for Support Order Can Be Expensive
When a person thinks of all the legal issues that a business owner may have to deal with, the last thing that probably comes to mind is child support. After all, child support falls under the bailiwick of family law, not business law. However, as one Illinois business recently found out, not abiding by all the rules that the state of Illinois has in place can be costly—to the tune of $2.3 million.
The business, located in Cook County, is a car dealership. Its former finance manager was ordered to pay child support for children he and his ex-wife had together. The funds for that support were supposed to be deducted from the father's paycheck, however, the dealership did not follow those court orders and the money was never withheld.
By 2010, the amount owed to the mother was over $7,000, so she therefore filed a lawsuit against the dealership and the business was ordered to pay her the full amount.
When Divorce Wreaks Havoc on Your Credit
A person going through a divorce has to deal several emotional issues that arise when ending a marriage—a time when it is very easy to not stay 100 percent focused because of those issues. Additionally, he or she also needs to stay on top of financial matters.
A divorce is like the death of a marriage. As you are going through the grieving process and dealing with potentially heart wrenching issues like child custody and who gets the family home, the whole process can wreak havoc on your financial standing before you even realize it.
Many married couples not only have joint bank accounts but joint credit cards and loans (such as a mortgage) as well. One of the most common financial issues that occurs when a couple has divorced is that these accounts still exist. Moreover, the spouse who is supposed to have taken financially responsibility for the accounts either makes the payments late or stops paying anything. This not only damages their credit, but it also damages the other spouse's credit because his or her name is still attached. Therefore, this makes the spouse legally and financially responsible. Creditors do not care about your divorce agreement. They just want their money.
Due Diligence when Purchasing Commercial Real Estate
One of the most exciting steps a small business owner can take is purchasing a piece of commercial property in order to expand his or her business. Whether the purchase is because the business is expanding and needs a bigger facility or the business is generating more than enough income to go from renting commercial space to owning it, the excitement can be akin to a person purchasing their first home. However, it is critical for any business owner to do due diligence on any commercial property they are considering buying.
The first step a potential buyer should take is to hire a title company to ensure the property has a clean title. A title company search can reveal actual owners, any liens, any covenants, any easements, or other restrictions which could hinder plans for the property.
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