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Recent Blog Posts
Blended Families and Navigating Through FAFSA
It is that time of year when parents of high school seniors and college students begin the process of navigating through the educational financial aid process. This process can be difficult enough to figure out; however, when the process involves children whose parents are divorced, it can feel as if you are traveling through a maze. Moreover, it can become more complicated when one or both parents have remarried and there blended families are involved.
When applying for financial aid in the form of grants or loans, every student must fill out the Free Application for Federal Student Aid (FAFSA) form. This can be done online or via regular mail using a paper copy. Most college advisors recommend doing it online if possible because there are online instructions which help guide you the process and the school you are applying to will receive the application quicker. Additionally, there are steps that divorced parents can take to help ensure their child receives the best available financial aid package available for their situation.
The Illinois Mechanic's Lien Act
It is an all too common scenario for contractors and suppliers: work is performed and/or materials are supplied for construction on a piece of property, yet the work or materials are not reimbursed. As a result, contractors and suppliers feel that they will never see the funds owed them. However, under Illinois law, contractors and suppliers may file a mechanic's lien against the property owner.
Under the Illinois Mechanic's Lien Act, a contractor, subcontractor, or supplier can place a lien on a property if he or she has not received payment. The Act offers an additional source of protection for the contractor because it guarantees that filers of mechanic's liens will be paid before anyone else who may also have a lien on the property—the assumption is that the work done on the property (for which the funds are owed) improved the property, which increased its value.
Under the statute, there are strict criteria regarding the circumstances under which a mechanic's lien can be filed, as well as the time period in which it must be filed. The lien must also be filed in the county where the property is located.
How Will New Social Security Rules Affect Your Retirement Plans?
The Bipartisan Budget Act of 2015, which the President signed on November 2, 2015, contains multiple changes to payment strategies that many people utilized in determining when and how they would collect their Social Security retirement benefits. These changes eliminate "unintended loopholes" which ultimately financially benefited many claimants, and will particularly affect those who turn 62 years of age after 2015.
The first major change will be the elimination of double claiming. Many married couples—aged 66 years or older—have had the option of first claiming spousal payments (if the spouse was a higher earner) and then are able to switch to their own benefit amounts, which are now higher because they delayed in claiming. The longer one waits to claim his or her Social Security benefits, the higher monthly benefit amount will be.
DOL Implements New Rules for Joint Employment
Legal analysts predict the new joint employment policy changes recently put into place by the U.S. Department of Labor (DOL) could increase the risk of businesses being penalized for overtime and/or minimum wage violations.
The DOL was prompted to make these policy changes as more and more businesses turn to subcontractors, staffing companies, and other outside service providers to take care of duties which in the past were traditionally done in-house by a company's own employees. Some of the more common types of services which are now being outsourced include grounds keeping, human resources, janitorial and payroll.
This common practice has often left employer liability in question and the Labor Department hopes these new regulations will clear up any confusion.
One of the new policies implemented addresses vertical joint employment. According to the DOL, this is when a person is employed by two employers, leaving both of those employers responsible for the employee under the law.
Parental Alienation Syndrome: Real Issue or Fallacy?
Parental Alienation Syndrome (PAS) is a theory that was introduced in the 1980's to describe the emotional behavior of a child whose parents have split up. According to those who believe in the theory, PAS occurs when one parent either consciously or unconsciously alienates the child from the other parent, through such actions as criticism, belittling, or lying to the child about the other parent. For example, the custodial parent may tell the child that the non-custodial parent does not want to see him or her. However, the truth is that the non-custodial parent is sick. In extreme cases, false accusations of child abuse may occur in an attempt to keep the child away from the other parent.
PAS is not recognized as a medical disorder at this time. In its latest Diagnostic and Statistical Manual of Mental Disorders (DSM-5), the American Psychiatric Association refers to the issues as a relationship dysfunction, but not a mental disorder, because there are no mental health issues involved.
Lawmakers Revise Illinois Condominium Laws
The new year brought with it the enactment of many new laws in the state of Illinois. Included in that batch of statutes were changes to the Illinois Condominium Property Act. Some of these changes have already become effective; however, some will not go into effect until June or July of this year.
Owners of condominiums own the unit they have purchased and, depending on the type of unit, may own a small portion of land around the unit. Ownership of the common areas and amenities of the development is shared by all the owners and is governed by a condominium association. All owners are members of the association, and they typically elect a board to oversee the policies and expenses of the development. Expenses are paid using funds collected for association fees all owners are required to pay.
When a buyer purchases a condo, they are required to sign a contract agreeing to abide by the association's rules and regulations. The Illinois Condominium Property Act establishes what rules and regulations the association can require.
Do Not Overlook Estate Planning Documents During Divorce Process
Just as June is typically referred to as the wedding month, January is quickly earning the moniker of divorce month. Statistically, there is a glut of divorce filings which occur on the first Monday of January, and those filings continue to occur on a steady pace for the rest of the month.
A person who is going through the process of divorce typically struggles with decisions such as child custody issues, property and asset division, as well as many other legal—and emotional—issues. Given all these upheavals, it could be very easy to overlook one very important issue which a divorcing person needs to address—the updating of estate planning documents.
If you currently have a will drafted, it most likely names your soon-to-be ex-spouse as an heir. There is also a good possibility that your spouse is also the executor of your estate, which means he or she controls whether or not your last wishes will be kept.
New Year, New Employment Law Changes in Illinois
January 3rd brought changes to the Illinois' Unemployment Insurance Act, with these changes reflecting compromises made between both employee and business groups. Included in these changes are an expansion of the type of actions which could result in the termination of an employee's right to collect unemployment benefits, as well as reinstituting the rights of seniors who are laid off to collect unemployment benefits.
Under the prior version of the Act, the misconduct of an employee which would terminate his or her right to unemployment benefits was only defined as "the deliberate and willful violation of a reasonable rule or policy." However, under the new rules, misconduct may now be defined as:
- Providing false information in an employment application;
- Consuming alcohol or illegal drugs while on the job;
Tips for Staying Healthy During a Divorce
Staying healthy during a divorce is extremely important. Not only does taking good care of yourself make the divorce process easier, it also impacts well being far into the future.
Divorce may leave you in emotional turmoil—a slippery slope that can lead to depression or other serious mental health issues. By taking small steps to keep yourself physically and mentally happy, your divorce process itself will be easier and your future well being will be protected.
Why is Health Important During a Divorce?
Experts often liken divorce to the death of a loved one. The stress and grief that accompanies divorce is very similar to those of a physical loss. Taking care of yourself while coping with the death of a loved one is extremely important, and divorce is truly no different. You may feel sick to your stomach, overcome with sadness or anger, or even unable to get out of bed each day. Experts warn that neglecting yourself during a divorce not only impacts how you handle the process in the moment, but can also have serious effects down the road.
Steps to Dissolving a Business
If you are considering dissolving your business, there are many things to be aware of before you begin the proceeding. The first is that you should speak with a business attorney to determine the bests steps to take and whether or not your business is applicable for tax breaks and what financial legal burdens you have to handle before you walk away. Also be aware that you have to file an annual tax return for the year that you go out of business, even if your business closes in the first quarter. Other financial burdens that must be resolved include the closing of all accounts and the resolution of all business debt.
These tax returns are in addition to the reports that you must file to officially dispose of your business, which must be filed no matter what type of business you operate. This is true for a corporation, S corporation, LLC, or trust. If you fail to file these dissolution papers, you could still be liable to pay taxes and filings. If you are operating as a partnership or sole proprietorship, you may not be required to fill out these dissolution papers. If you have any question as to whether or not you should file these, it should be discussed with a legal professional.
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