Most people understand that having some sort of an estate plan is a good thing. However, many of us don’t take the steps to have an estate plan prepared because we don’t understand the nuances between wills and trusts – and dying without either. Here’s what will generally happen if you die, intestate (without a will or trust), with a …
You have worked hard for years, have family members and friends you care about, and have approached a time in your life when “estate planning” sounds like something you should do, but you are not exactly sure why. You may feel that you are not wealthy enough or old enough to bother or care. Or you may already have a …
For an introduction to copyright law, see my previous blog post on Copyright Law: Six Common Questions and Answers. This blog continues to build on the subject of copyright law, exploring three additional topics: Cease and Desist Letters, the Fair Use Exemption, and Plagiarism. What is a Cease and Desist Letter? A Cease and Desist Letter is used in copyright …
You are probably aware of employment laws that could create liabilities if your company fails to comply with them. However, even before a person becomes an employee, certain antidiscrimination laws protect them during the application process. Most employers must comply with employment laws enforced by the U.S. Equal Employment Opportunity Commission (EEOC). Your state, county, city, or town may also …
Did you know that students with divorced parents in Illinois may be entitled to court ordered assistance with educational expenses by both parents? If you’re former spouse isn’t paying their fair share, read on to learn more about getting your child the help they need. How much support will a court order? Illinois courts have significant discretion to set the …
You may have been running around for weeks, getting your new college student off to school. It’s exhilarating, and your heart likely is bursting at the seams. You’re probably prouder than words can express, but you’re also a little afraid, too. How can you make sure your kid is going to be safe at school, their new home away from …
Confused about the differences between wills and trusts? If so, you’re not alone. While it’s always wise to contact experts like us, it’s also important to understand the basics. Here’s a quick and simple reference guide: What Revocable Living Trusts Can Do – That Wills Can’t Avoid a conservatorship and guardianship. A revocable living trust allows you to authorize your …
Benjamin Franklin famously quipped, “If you fail to plan, you are planning to fail.” From the very beginning, you had a plan for your business to succeed. You set goals and developed methods to achieve those goals. Your business has stood the test of time because you anticipated problems and solved them. But if your plan for success does not …
Part of the reward of being a small business owner is seeing your hard work pay off over the years. The many sacrifices you made for your business can all seem worth it on the day you close a deal to sell your company. But if you are dreaming of that day, it will take some work to get you …
Under federal income tax laws, irrevocable, non-grantor trusts (such as Bypass Trusts and Dynasty Trusts) are subject to highly compressed income tax brackets. In 2014, the top 39.6% tax rate kicks in at only $12,500 of trust income. In addition, trusts in the top tax bracket are subject to the 20% long-term capital gains rate and a 3.8% surtax on …
What is a Farm Equipment Lease Agreement? A farm equipment lease is a long-term rental agreement between the owner of farm equipment (the lessor) and an individual or company that wishes to use the farm equipment (the lessee) in exchange for cash rent. Farm equipment leases are far from simple agreements. A properly drafted agreement will navigate the following five …
Trust protectors are a fairly new and commonly used protection in the United States. In short, a trust protector is someone who serves as an appointed authority over a trust that will be in effect for a long period of time. Trust protectors ensure that trustees: maintain the integrity of the trust, make solid distribution and investment decisions, and adapt …