May, 2014 Archives

Archives for May 2014

Trucking companies and hazardous loads in Illinois

The Illinois Department of Transportation reports a slow but steady increase in the number of serious accidents including large trucks, with 874 crashes taking place in 2012 alone. … [Read more...]

Understanding Illinois’ estate tax law

The estate tax is a tax placed on a deceased person’s right to transfer property after their death.  The total amount of assets in the person’s estate is known was their gross estate. … [Read more...]

Placing safeguards for underage beneficiaries in Illinois

Having a child can complicate life in many ways, especially when it comes to estate planning. When parents have an underage child they should know that, there are several estate planning methods they can use to protect their child in the event that they should die unexpectedly. … [Read more...]

Illinois legislation seeks to amend property tax code for tool and manufacturing business property

Recently, Chicago Business announced that a manufacturing company has decided to relocate to Illinois from Indiana. The company is the latest business to move to Illinois and revealed that one of the deciding factors was the offer of a tax abatement in Munster. … [Read more...]

Settling a business dispute without litigation

Although companies hope that clearly defined contracts and strong business relationships will prevent disputes, disagreements are bound to happen from time to time. … [Read more...]

Independent contractor contracts

Independent contractors work in many professions and their earnings vary widely. It can be difficult to pinpoint the thing that groups them together into a single category, apart from the fact that they bear full responsibility for paying income taxes. … [Read more...]

Tax registration for businesses in Illinois

Anyone who is setting up a business in Illinois must go through the steps required to complete tax registration. Sole proprietors, tax-exempt organizations and government agencies that deal with Illinois residents also need to register with the Illinois Department of Revenue to legally conduct business. … [Read more...]

Establishing a power of attorney in Illinois

Many people in Chicago, Illinois, worry about the possibility of becoming incapacitated and incapable of looking after their own affairs. One action that can bring individuals and their families peace of mind is establishing a power of attorney. … [Read more...]

Which legal structure is right for your business?

Among all of the choices made when a business is formed, legal structure is an important decision many people in Chicago, Illinois, overlook. Legal structure determines how a business is taxed, how much liability the owners take on and even how much paperwork owners must maintain. … [Read more...]

The 5 Illinois Estate Planning Secrets You Need to Know Part 5

5. Do not overlook the need for a power of attorney for property.  Just like you need a health care power of attorney, you also need a property power of attorney to communicate your wishes regarding who will make financial decisions in the event that you become incapable of doing so. There are a number of situations in which you could be alive, but incapable of managing your financial affairs due to a deteriorating mental or physical condition. Without a property power of attorney, any … [Read more...]

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