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May, 2015 Archives

Archives for 2015

Avoid legal battles over your estate with these 3 tips

Chicago Cubs legend Ernie Banks left behind a sizeable estate when he passed away. According to My Fox Chicago, he had a will in place, but a judge is determining whether or not he had the mental capacity to legally sign the document. Banks’ estranged wife and children are arguing that the woman to whom he left assets should not receive anything. As a Buffalo Grove estate planning lawyer has seen, failing to take the correct steps ahead of time can lead to legal disputes such as this. Here … [Read more...]

What does business insurance cover?

Purchasing insurance is just smart business. No matter their size, businesses should always take the time and money required to ensure they are protected against many of the most common and most costly events that businesses can face. Business attorneys in Wheeling are often asked what protections businesses can find to cover their damages. Several of these commonly purchased types of insurance are offered by major insurers and are often bundled into plans. Others may be available on an … [Read more...]

What is a balloon mortgage?

When homebuyers in Illinois go to purchase a new home with the help of a real estate attorney in Gurnee, one financing option available to them is a balloon mortgage. These loans require a payment at the end of a specific time period that is larger than the regular monthly mortgage payments. Typically, the balloon payment is twice as much as the loan’s average monthly payment and can often equate to tens of thousands of dollars. The benefits of a balloon mortgage There are many benefits … [Read more...]

3 things you should look for in a real estate agent

When property owners in Illinois get ready to sell their home or find a new one, they often seek the assistance of a Lake Bluff real estate lawyer and a real estate agent. To ensure the buying or selling process goes smoothly, there are a few different qualities buyers and sellers should look for in their real estate agent. Creativity Some real estate transactions go exactly as planned, while others are fraught with delays and other unique situations. Although buyers and sellers cannot … [Read more...]

Avoid estate taxes by setting up an irrevocable life insurance trust

In 2013, the U.S. Congress approved a permanent estate tax exemption for people who have assets that total less than $5 million. Factoring inflation into the equation, that means that people today can avoid the 40 percent federal tax with as much as $5.43 million in assets. The state of Illinois can also impose a 16 percent tax on any estate valued at more than $4 million. Any Buffalo Grove estate planning attorney knows that cumulative assets that go above the $5.43 million federal … [Read more...]

Is your estate plan missing these 3 items?

A woman worried about her pets’ wellbeing was motivated to start a sanctuary for animals whose owners have passed away. According to the Huffington Post, dozens of animals have gone to stay with the woman, as their owners did not include the pets in their estate plans. As an estate lawyer in Libertyville has seen, pets are just one item that are often left out of legal documentation. For those who are planning, it is important to remember to include these three items: Pets For many … [Read more...]

Should unmarried couples in Illinois establish an estate plan?

According to data from the U.S. Census Bureau, the number of people who are choosing to cohabitate rose by 25 percent between 2000 and 2010. Those in Illinois and across the country who don’t want to get married should know that the law is not necessarily on their side when it comes to taxes, property division and health care decisions. As a Cook County estate planning lawyer may have seen, it is possible for people in these situations to mistakenly disinherit each other. What’s more, not … [Read more...]

What kind of voting rights can I assign to shares in my business?

When investors hold shares of a privately held corporation, they are granted certain rights as partial owners of the company. While state corporation laws must be adhered to, private corporations’ articles of incorporation and bylaws can grant and govern many of these shareholder rights, including voting rights. A transportation attorney in Lake County understands that voting rights are shareholders’ greatest tool for creating change within a corporation. What are stock voting … [Read more...]

What are the potential liabilities if you rent out your half of a duplex?

For many property owners in Illinois, owning a duplex and renting out the other half of it is a beneficial arrangement. However, before embarking on the renting process with the assistance of a real estate lawyer in McHenry, those interested in becoming landlords should familiarize themselves with some of the potential liabilities they face. Property damage Not all tenants are as careful about maintaining their living space as others. In some situations, duplex owners may find that their … [Read more...]

Is there a benefit to outsourcing for small businesses?

Outsourcing is a business practice that has been around for decades. In order to save the costs associated with hiring skilled workers in certain areas, companies can send that work to other businesses that specialize in those areas. This, ideally, allows the work to get done by competent professionals while keeping more money within the business. Some small business owners may believe that outsourcing is out of their reach, or that it will end up costing them in the long run. However, a … [Read more...]

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