April, 2015 Archives

Archives for 2015

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...]

Fleet expansion considerations

According to Truckinginfo.com, the vast majority of carrier fleets in the U.S are made up of 25 trucks or less. Many of these companies are likely interesting in expanding their fleets in hopes of growing their company and profits. A Libertyville transportation lawyer understands that a fleet expansion can either make or break a business. Small carriers who are looking to expand their fleets should consider the following key issues before they make any final decisions. Service is … [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...]

What 3 things should you consider when closing a business?

Making the decision to close a business can be a difficult step to take. Whatever the reason behind the choice, business owners should take the time and effort to ensure that they close their businesses properly. … [Read more...]

2015 brings 2 changes to estate tax law

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?

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...]

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