The divorce process can be long and expensive. However, the work does not end once the divorce decree is signed. In order to ensure that your assets and estate planning wishes are carried out in light of this major life change, there are three things you must do as soon as possible. Change Beneficiary Designation On Life Insurance A life …
Business Law: Letters of Intents v. Term Sheets
A letter of intent is used in many types of businesses to list the terms of a proposed deal between prospective parties. While the letter of intent is usually signed by both parties, it contains language stating that this letter does not create a binding obligation on either party. Despite this fact, there has been a great deal of litigation …
Meet Kat Bork
Accuracy is important to Rincker Law, PLLC so we have recently added Kat Bork to our team concentrating on proofreading and editing. She will be working from our Illinois office on a part-time basis. Kat earned her Juris Doctorate from the University of Illinois College of Law and is licensed to practice law in Illinois. During law school, she was …
AJSA North Central Regional Classic
I will be at the American Junior Simmental Association (“AJSA”) North Central Regional Classic today in Springfield, Illinois. Rincker Law is the business sponsor of the photobooth and I have been working on the opening ceremonies. If you are there, please come by and say hello. If you aren’t, then follow along on Twitter, Instagram and Snapchat! Share this Article
Illinois Property Law: A Word on Partition Proceedings
In a partition lawsuit, all of the parties who have an interest must be sued. See 735 ILCS 5/17-103. The suit must be filed in the county where the property is located. See 735 ILCS 5/17-101. When jurisdiction over everyone is established, the judge appoints a commissioner to investigate the property. See 735 ILCS 5/17-106. For things like farm land, …
Trusts and Estates: Which life events that require an immediate estate plan update?
Estate planning is the process of developing a strategy for the care and management of your estate if you become incapacitated or upon your death. One commonly known purpose of estate planning is to minimize taxes and costs, including taxes imposed on gifts, estates, generation skipping transfer and probate court costs. However, your plan must also name someone who will …
Do It Now: Name a Guardian for Your Minor Child(ren)
We know it’s hard. Thinking about someone else raising your children stops us all in our tracks. It feels crushing and too horrific to consider. But you must. If you don’t, a stranger will determine who raises your children if something happens to you – your child’s guardian could be a relative you despise or even a stranger you’ve never …
Illinois Agriculture Law: Farm Estate and Succession Planning
This presentation will be given to the Illinois Beef Association this Thursday in Galina, Illinois, at its annual meeting. It discusses the differences between estate planning, succession planning and business planning. Then it delves into the Who, What, When, Where, How and How Much. It too discusses how to have those difficult conversations and using mediation in this process. [slideshare …
Steps For Starting the End-of-Life Conversation
No one wants to discuss death and dying. And yet, it’s a critical time in everyone’s life and one for which we know we need to prepare. While many people have the desire to share their wishes, something is preventing people from openly communicating with their families. As an important part of estate planning, healthcare decisions need to be talked …
Illinois Employment Law: Overview of Farm Labor Laws
This expansive outline on farm labor laws was created for the 2018 Illinois Specialty Crops, Agri-Tourism and Organic Conference in Springfield, Illinois. It covers employment classifications (e.g., employer, employee, independent contractor), unpaid farm labor (e.g., internships, apprenticeships, volunteer farm labor, hiring and firing practices, wage and hour laws (including child labor laws), the Family Medical Leave Act, and employee handbooks. Share …
Chart on Illinois Business Entities
This helpful chart for Illinois business entities was used for a speaking engagement last spring with Illinois Farm Bureau. It illustrates some of the major differences among different choices of business entities in Illinois including but not limited to sole proprietorship, general/limited partnerships, limited liability companies (including series LLC’s), and corporations. I’m a visual person so I love charts and …