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 …
Intellectual property law is confusing, to say the least. Trademarks, copyrights, patents, trade secrets – oftentimes attorneys themselves can hardly distinguish between these concepts. In an attempt to chip away at the mystery that is intellectual property, this blog answers six common questions about copyright law. What kind of work can be copyrighted? Copyright law protects works of authorship that …
When a spouse dies without a will, we call this dying “intestate” and the surviving spouse will have the right to an intestate share. Intestacy laws vary by state, but in Illinois, if the decedent has no other descendants, the surviving spouse will receive the entire estate after all just claims are fully paid. If the decedent has descendants, the …
Starting a small business entails significant risk. You forego the security of a steady paycheck to create economic opportunities for yourself. Business failure rates have remained steady over the years, but the statistics are pretty daunting: by the five-year mark, around half of small businesses have failed. While the reasons for small business failure vary, it almost always comes down …
While many wines get better with age, the same cannot be said for some irrevocable trusts. Maybe you’re the beneficiary of trust created by your great grandfather over seventy years ago and that trust no longer makes sense. Or, maybe you created an irrevocable trust over twenty years ago and it no longer makes sense. Wine connoisseurs may ask: Is …
We all need a “do over” from time to time. Life changes, the law changes, and professionals learn to do things in better ways. Change is a fact of life – and the law. Unfortunately, many folks think they’re stuck with an irrevocable trust. After all, if the trust can be revoked, why call it “irrevocable”? Good question. Fortunately, irrevocable …
Arbitration provisions, which allow legal disputes to be settled outside of the court system, are increasingly found in contracts of all kinds, including employment contracts. A series of court rulings over the years has spurred the increased use of arbitration clauses. Around one-half of American workers are now subject to mandatory arbitration, although a recently passed federal law makes them …
If you have a revocable living trust, you probably named yourself as the initial trustee so you can continue to manage your financial affairs. Eventually someone else will need to step in when you are no longer able to act due to incapacity or after your death, however. Your successor trustee plays an important role in the effective implementation of …
Illinois courts can reconsider a child support calculation once there has been a “substantial change in circumstances.” What’s new? As any parent would know, the cost of caring for your children can change throughout the years. The expenses of a toddler will surely differ from those of a teenager. At the same time, the income of one or both parents …
A common misconception is that estate planning equates to death planning. But planning for what happens after you die is only one piece of the estate planning puzzle. It is just as important to make a plan for what happens if you become mentally incapacitated. What Happens Without an Incapacity Plan? …
What is Parental Alienation? Parental Alienation occurs when a child shows extreme preference for one parent (the “Preferred Parent”) over another parent (the “Rejected Parent”) as a result of efforts by the Preferred Parent to alienate the child from the Rejected Parent. Parental Alienation can significantly complicate a divorce and the accompanying allocation of shared parental responsibilities. Parental alienation is …
Many people who put together an estate plan do so when they start a family – assuming they put an estate plan together at all during their lifetime. While putting an estate plan together is a good thing to do, many people make few updates once the plan has been created, despite other key life events happening over the years. …