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September, 2014 Archives

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Archives for September 2014

How much money should property buyers set aside for a down payment?

Posted on September 30, 2014 //

When buyers in Illinois purchase a new home, they are typically required to provide their lender with a down payment. This, in addition to the purchaser’s credit score, annual income, total debt and credit history influence how much funding they qualify for. Typically, home buyers should plan on saving approximately five to 20 percent of the sale price of their home in cash to qualify for a conventional loan, but this specific amount varies depending on the purchaser’s individual … [Read more...]

Filed Under: Real Estate //

Transportation of goods expected to increase by 23.5 percent

Posted on September 27, 2014 //

America’s reliance on moving goods is one thing that is not likely to go away anytime soon. Chicago companies and consumers alike rely on the freight industry to ship products to customers all over the globe, stock grocery store shelves and more. In an era where technology-fueled industries have taken center stage, transporting goods remains a critical component to keeping the world working. Big things ahead The U.S. Freight Transportation Forecast for the period 2013 to 2025 was … [Read more...]

Filed Under: Transportation Law //

Children and inheritance: Avoiding unnecessary battles

Posted on September 26, 2014 //

When their parents died, four children inherited the couple’s home. However, More magazine reports that outside of the property itself, there were few details given about how the siblings would divide the remaining assets and items. As a result, the children, all grown adults, wound up arguing about everything from wedding china to how, or whether or not, to sell the house. One of the children, a 42-year-old woman, said they were forced to make very tense decisions that pitted them against … [Read more...]

Filed Under: Estate Planning //

What is a testamentary trust?

Posted on September 24, 2014 //

Many people want to ensure that after their death, children or survivors will not suffer financially. However, according to a LexisNexis report, more than half of American adults do not have a will in place, which can lead to a lengthy and complicated probate process. There are a number of ways to set up financial plans to prevent family members from a messy court battle. When doing their estate planning, people in Illinois should consider a testamentary trust as a reliable option. … [Read more...]

Filed Under: Estate Planning //

The family business and your estate plan

Posted on September 23, 2014 //

In 1998, a Philadelphia couple took a trip to Long Island and decided to buy a winery. According to The Wall Street Journal, they dove head-first into wine-making and were largely successful. Their children were not involved in the business, which did not pose a problem until the end of June, when both parents died within a week of each other. The couple had not put together a plan of succession for the family-run business, and the children say they have not decided whether or not to sell the … [Read more...]

Filed Under: Estate Planning //

U.S. Department of Transportation launches commercial driving waiver for military veterans

Posted on September 22, 2014 //

Obtaining a commercial driver’s license in Illinois requires the participation in special training and testing in order to ensure safety on the roads. The ground transportation industry is expected to grow by as much as 17% in the next six years highlighting the need for additional commercial drivers to keep the nation’s products—and economy—moving. The Military Skills Test Waiver Program to the rescue The Federal Motor Carrier Safety Administration launched a program in 2011 that was … [Read more...]

Filed Under: Transportation Law //

The advantages and disadvantages of using trade secrets

Posted on September 21, 2014 //

Most Chicago businesses have some sort of special ideas or plans that they believe to be unique to them and integral to their success. Whether a marketing plan or a completely new product concept, these trade secrets are generally considered highly confidential by business owners and entrepreneurs. However, there may be both pros and cons to this approach. The value of social impact and change While protecting intellectual property can be highly essential for some entities, a Forbes … [Read more...]

Filed Under: Business Transactions //

Finding the right location for your business

Posted on September 20, 2014 //

When starting an all-new company or looking to relocate an existing company in Chicago, finding the right location can directly impact the ultimate success—or not—of the business. Many things can contribute to what makes a business location the right one and those can vary depending upon the nature of the business. However, the following considerations can apply to most companies when seeking that perfect location. Traffic and accessibility Getting customers in the door is a must for … [Read more...]

Filed Under: Business Transactions //

Buying a commercial property for your business can be a good investment

Posted on September 19, 2014 //

Although purchasing commercial real estate has its risks, entrepreneurs and business owners in various industries in Illinois can benefit from buying commercial space. However, buying commercial property is not the right fit for every situation and is a decision that should be approached carefully by business owners. Buying versus leasing In many cases, business owners are forced to pay higher rental costs when the real estate market slows down. Purchasing commercial property eliminates … [Read more...]

Filed Under: Real Estate //

Common mistakes trucking companies make in hiring drivers

Posted on September 18, 2014 //

Small and large trucking companies alike can struggle with the best ways to solicit and find good commercial drivers. The risks involved with hiring the wrong drivers are extremely great yet all too many employers proceed hastily only to find themselves in bad situations later on. Following are some all-too common mistakes that Chicago-area transportation companies should avoid in order to make their next driver hiring experience a good one. Stereotyping Even within the trucking … [Read more...]

Filed Under: Transportation Law //

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