There are several parts to an estate plan, one of them being a living trust. Common factors that prompt someone to create a trust include privacy, tax benefits, avoiding probate, and caring for family members with special needs. Estate planning also lets you dictate how your assets will pass on to future generations after your death. Avoiding Probate One of …
Illinois Divorce Law: Can My Spouse See My Medical Records?
Medical records are required to be produced if they are relevant for spousal maintenance. If the spouse requesting maintenance is claiming he or she cannot work because of a medical condition, then the other spouse is entitled to the medical records. During the discovery phase of litigation, the parties may request documents that are relevant to the divorce, including spousal …
Managing the Money Aspect of Your New Business: It’s Easier Than You Think
Coming up with a great idea that can be turned into a prosperous business venture takes a certain talent. Knowing how to get your great idea financed and properly managed, takes another. However, it may be easier than you think. What You Need, What You’ve Got, and Where to Get the Rest If you think you’re in over your head …
Pre-Employment Background Checks: 10 Tools to Consider
Employers often need to perform pre-employment background checks on applicants to assess honesty, criminal background, credit history, military service, school records, and other related matters. While the type of job will generally determine whether to perform a pre-employment background check, and what kind, the following 10 tools should be considered: Credit Reports. Under the Fair Credit Reporting Act, businesses must …
Ask Cari: Can You Bequeath Your Frequent Flyer Miles?
If you’re a frequent airline traveler, one of your estate planning concerns may be what will happen to your accumulated miles once you’re gone. They could be worth thousands of dollars, so you probably don’t want them to just disappear, but some airline policies say that’s exactly what will happen. The law doesn’t consider airline miles assets that can be …
Ask Cari: What is the Wine Label Approval Requirements and Process by the Food and Drug Administration?
The Food and Drug Administration does not regulate labeling for wine containing over 7% of alcohol. The Alcohol and Tobacco Tax and Trade Bureau (“TTB”) regulates labeling. However, foreign alcohol manufacturers must register with the FDA per the FDA Food Facility Registration Regulation. Regarding the FDA, when importing into the United States, commercial imports of all food and beverages (including …
Illinois Family Law: Relocation
When a divorced or separated parent who has physical custody of the child(ren) wants to relocate, he or she is required to give at least sixty (60) days’ prior written notice of the change of residence (“relocation”) to the other parent, unless such notice is impracticable or unless otherwise ordered by the court. See 750 ILCS 5/609.2(d). This notice must …
Are your LLC Interests Actually Securities?
Securities law is a complex minefield that terrifies even the most seasoned lawyers. As a small business owner, it is your responsibility to make sure you’re complying with all the securities laws, both federal and state, that may apply to your business. Most people think that only corporate stock qualifies as securities, but did you know that LLC ownership interests …
The Employee Handbook: The Holy Grail of Your Business
Employee handbooks address the who, what, where, why, and how of your business operations. Your employee handbook will protect you and your business by setting appropriate expectations, and providing consistency for your employees when situations arise. What Information Should an Employee Handbook Include? Ideally, employee handbooks address anything significant related to your company, employees, operating policies, and applicable laws – …
Debt After Death: Why You Should Think About It When Estate Planning
If you carry debt, do not assume that your death or incapacity will make it automatically disappear. To the contrary, the money you owe may eat away at the assets you were planning to leave to your heirs or — if you owe a large amount of money — may wipe out your estate completely. Debt comes in many different …
Illinois Family Law: Supervised Visitation
Supervised visitation requires the presence of a third party during parenting time. 750 ILCS 5/600(m). This restriction on parenting time can only be imposed after a hearing where the court finds the child’s physical, mental, moral or emotional health is “seriously endangered.” This is not as a strict a restriction of termination of parental rights. Instances where supervised visitation may …