Recently, the Internal Revenue Service announced what the gift and estate tax limits would be for the year 2015. These numbers, which are adjusted annually to account for inflation, matter to those who work with their estate planning attorney in Illinois to reduce their estates by gifting assets and money to family members or friends. The federal state tax exemption The federal estate tax exemption refers to the amount a person can leave to his or her heirs without needing to pay federal … [Read more...]
What is a Certificate of Zoning Compliance?
Posted on March 4, 2015 //
When those in Illinois work with their Chicago real estate lawyer to transfer ownership of or sell residential property, a Certificate of Zoning Compliance must be obtained. These certificates verify that the number of residential dwelling units contained in the property meet legal requirements under the Chicago Zoning Ordinance. However, the ownership or sale of cooperative buildings or condominiums do not have to comply with this requirement. The definition of a dwelling unit Under … [Read more...]
Should my business carry professional liability insurance?
Posted on March 3, 2015 //
A recent report from Chubb Corp. found that many privately held companies are critically underinsured. Only one-third of the survey participants had purchased professional liability insurance, which protects a business against a number of risks. As any Chicago business attorney knows, any company – public or private – can benefit from carrying such a policy. It is important for business owners in Illinois and across the country to understand what the insurance does and how it works. What … [Read more...]
I’m ready to hire employees: Now what?
Posted on March 2, 2015 //
According to the Illinois Department of Employment Security, there are roughly 6 million people employed in the state. Compared to a year ago, the data now reflects a nearly 1 percent increase in the number of jobs. As a business lawyer in Lake County knows, it is a good sign for the economy and for the business when hiring is on the rise. Yet as important as it is to get and maintain employees, it is crucial to follow the right process to bringing people on board. Doing otherwise could … [Read more...]
How does probate work in Illinois?
Posted on February 11, 2015 //
Probate is a process that occurs in court and is sometimes, but not always, required after a person passes away. The main purpose of the probate process is to make it clear who should inherit the deceased person’s assets and ensure taxes and other debts are paid. During this process, the estate’s executor, who is the person named in the deceased person’s estate planning documents with the help of an Illinois estate planning attorney, must have the estate’s assets appraised, identify and … [Read more...]
