Divorce is rarely simple. When two people’s lives are intertwined—physically, emotionally, and legally—separating the individual strands can be a task akin to untying the Gordian knot. The longer a couple has been together and the more they share, the more difficult this task becomes. It can be even more difficult if the divorcing couple co-owns a business or one spouse …
Do I need a prenup before I get married? No one gets married with the intention of getting divorced, but it is always a good idea to protect your rights and your property in the event that life does not goes as planned, regardless of your financial circumstances. Divorce is inevitably complicated, contentious, and unpredictable. In Illinois, the law requires …
Your new business needs a capital infusion to get off the ground. The only problem is that a new business is not established enough to have generated a business credit report. It may also be lacking assets that can be used as loan collateral. Without a business credit report or business assets, lenders cannot judge whether your company is a …
Corporate directors act as the governing body of a corporation. They manage the corporation’s business on behalf of the individuals who own the corporation. Directors serve on a board, and the board acts as a group to exercise the corporation’s powers. The board of directors makes major business and policy decisions for the corporation that are carried out by corporate …
While estate planning allows you the freedom to choose who will receive your money and property upon your passing, struggling to determine who should receive your accounts and property at your death may prevent you from starting the process. You should not let this stop you from creating an estate plan, however. Whether it is naming a person or organization …
There are some activities we engage in outside of work strictly for personal reasons, with no thought of ever profiting from them. You might, for example, enjoy photography, hiking on the weekends, or collecting classic records. There is no monetary gain—and no expectation of making a profit—from these pastimes. You do them simply because you like to do them. Then …
You have searched for and found the love of your life, maybe your first love, or maybe after a previous marriage. As you have built your life together, you have probably weathered your fair share of storms and grown stronger because of them. To prepare for the future and the possibility of no longer being around for your spouse, it …
A resume is a “snapshot” of your experience, skill set, and education which provides prospective employers insight into who you are and how you will perform. Imagine not updating that resume for 5, 10, or even 15 years. Would it accurately reflect your professional abilities? Would it do what you want it to do? Likely not. Estate plans are similar …
You might think that a board of directors is something that only big companies have, but all S corporations and C corporations—even small businesses—are legally required to have boards of directors. Specific rules for the board of directors are established in the corporate bylaws and other corporate documents. Some requirements for boards of directors, including duties they owe and when …
S corporation status is one of several tax classifications that you may be able to elect for your enterprise. For C corporations and limited liability companies (LLCs) that qualify, S corporation election offers shareholders advantages that include pass-through taxation and a lower overall tax bill. However, not every business can be classified as an S corporation. There are strict Internal …
Being named as a successor trustee in someone’s revocable living trust document can be considered a great honor. But with that honor comes responsibility. Whether you were appointed to this role due to someone’s death or incapacity, we are here to assist you with understanding your role in the trust administration process and to offer you support each step of …
A pet trust is an excellent way to make sure your beloved pet will receive proper care after you pass on. The problem, of course, is that you won’t actually be there to see that your wishes are carried out. It’s critical to set up a pet trust correctly to ensure there are no loopholes or unforeseen situations that could …