September, 2014 Archives

Archives for 2014

Children and inheritance: Avoiding unnecessary battles

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...]

What is a testamentary trust?

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. … [Read more...]

The family business and your estate plan

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. … [Read more...]

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

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...]

The advantages and disadvantages of using trade secrets

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...]

Finding the right location for your business

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...]

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

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...]

Common mistakes trucking companies make in hiring drivers

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...]

Banks accused of violating property owners’ rights over illegal break-ins

According to Illinois law, homeowners who default on their mortgage payments are allowed to stay in their homes until the foreclosure process is completed. If the occupant moves out before the foreclosure process is over, it is up to the bank to maintain the property. In many cases, the bank turns over these responsibilities to another company. In Illinois, Safeguard, a company that contracts with mortgage lending services, allegedly abused their responsibilities and had a case filed against … [Read more...]

Medicaid planning: The risks of doing it on your own

According to the Congressional Budget Office, research suggests that more than two-thirds of seniors over the age of 65 will need some type of assistance during the remaining years of their life to deal with a loss in their ability to function independently. Although the price of long-term care varies, LongTermCare.gov estimates that it costs: $6,235 a month for a semi-private room in a nursing home facility $21 an hour for the assistance of a home health aide $3,293 a month for care … [Read more...]

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