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January, 2016 Archives

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Archives for 2016

New Chicago Regulations Change Winter Business Liabilities

Posted on January 25, 2016 //

During the winter months, Chicago pedestrians face a variety of challenges that serve to make their trip more dangerous. One of these hazards is the accumulation of snow and ice on the sidewalks. A change to the Municipal Code (4-4-310 & 10-8-180) went into effect in November 2015, making the removal of snow and ice from adjacent sidewalks the responsibility of business owners. Unsafe sidewalks pose challenges to all walkers. Those who are very young, elderly, or disabled face increased … [Read more...]

Filed Under: Commercial //

Should Your Company Implement a BYOD Policy?

Posted on January 23, 2016 //

Companies that establish a Bring Your Own Device (BYOD) program allow employees to bring their own digital devices to perform job-related tasks. The federal government joined the trend and issued a BYOD tool-kit to aid voluntary implementation in certain government agencies. BYOD can be a smart move for all concerned. Still, the reality of employees using their personal digital devices for work-related tasks is a new idea for most businesses. It will take time for companies to get a feel for … [Read more...]

Filed Under: Business Transactions //

Death and Debts

Posted on January 21, 2016 //

Dying with debt isn't something anyone wants. However, it's becoming a very common experience. The good news is that when we die our debts don't follow us. With more than 1 in 5 Americans now reporting they owe debts they won't be able to pay off in this lifetime, that can provide a little bit of solace to a solemn experience. However, while your debts won't follow you into the grave, they may follow your heirs. For this reason, it is important to take steps now with your probate attorney to … [Read more...]

Filed Under: Probate //

Maintaining Your Corporate Status

Posted on January 16, 2016 //

From protecting personal assets to limiting business liability and risk, maintaining corporate status in Illinois is a key component of running a successful business. Once the corporate veil is pierced, unhappy clients or other businesses can reach past the protection that corporate status gives and attack personal resources. There are many well-documented cases where not incorporating a business puts a business owner's family home, personal savings, and even retirement resources at risk. … [Read more...]

Filed Under: Corporate Law //

The Impact of Divorce on Your Retirement Plans

Posted on January 14, 2016 //

Getting a divorce after age 50 can have a big impact on retirement. It can reduce income and force full-time or part-time employment in retirement years. According to statistics, one in every four divorces during the last few years was among the baby boomer generation. Whether these figures are the result of failed marriages or longer life spans isn't certain, but divorce among this age group will certainly affect retirement lifestyles. (Article continues below infographic.) A … [Read more...]

Filed Under: Estate Planning //

Will New Real Estate Lien Law Prevent Messy Title Issues?

Posted on January 11, 2016 //

An amendment to the Illinois Mechanics Lien Act should decrease the real estate transaction problems caused by contractor’s liens. Public Act 99–0178 changes the Lien Act as of January 1, 2016. The new provision allows a property owner or “...other person having an interest...” to substitute a surety bond for lien rights. A bond can free the property from a contractor's attachment while allowing him to retain his right to recover payment. The property can be sold while payment disputes are … [Read more...]

Filed Under: Real Estate //

New Year’s Resolution #1: Get Estate Documents in Order

Posted on January 7, 2016 //

The New Year is the perfect time to plan for the future. While your energy is high and your spirits are up, be sure to fit estate planning into your schedule this month. Getting it out of the way now means you won't have to worry about it for the rest of the year. The following are key documents you should prepare, review, then place in secure storage. Living Will. This written statement details your desires should you become incapacitated and unable to make medical decisions for yourself. … [Read more...]

Filed Under: Estate Planning, Real Estate //

What to Expect During Probate

Posted on January 5, 2016 //

If probate is necessary, it begins when the executor of a will files the will with the local circuit court. Once filed, the executor's attorney will send a notice of proceedings to the deceased's heirs. If an individual passes away without a will, the executor's attorney will send these individual's notice regardless of the fact they were not formally named within a will. Creditors The executor's attorney will also publish an announcement of the individual's death in a local newspaper. The … [Read more...]

Filed Under: Probate //

2016 Estate & Gift Taxes at a Glance

Posted on January 3, 2016 //

Estate planning is not something that should be taken lightly. As the rules change, and limits are adjusted, individuals should stay on top of their estate plans to ensure that transfer of their estate is smooth and efficient after their passing. 2016 Estate Exemption Limit The IRS has recently announced the 2016 estate and gift tax exemption. They have increased it to $5.45 million. This means that an individual may leave this amount to their heirs without them having to pay federal estate … [Read more...]

Filed Under: Estate Planning, Real Estate //

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