So you have done the hard work of establishing an estate plan. Good for you! However, you still have serious work to do to ensure that the strategy you have selected will maximize your peace of mind and protect your legacy. Estate plans should be like living, breathing creations that reflect the changes in your life. Your life can and …
Over the last year or two, people in every walk of life have grown accustomed to holding important meetings in the virtual environment. This is true for legal proceedings as well. Mediators are now adept at facilitating negotiations in the virtual world. However, the parties who are engaged in the negotiations don’t necessarily have as much experience. When it comes …
It has been a tough couple of years for many small businesses, but, as the adage goes, what doesn’t kill you makes you stronger. Small businesses that survived the challenges of 2020 and 2021—the worst pandemic in US history, a nationwide labor shortage, supply chain volatility, and rising inflation—are heading into 2022 with fresh hope. According to a new survey …
Estate plans are almost magical: They allow you to maintain control of your assets, yet protect you should you become incapacitated. They take care of your family and pets. And, if carefully crafted, they reduce fees, taxes, stress, and time delays. Estate plans can even keep your family and financial affairs private. But one thing estate plans can’t do is …
Real estate encompasses not only one’s primary residence but also other real estate such as a vacation home or a rental property. The ideal form of ownership varies depending on the type of real estate you own. Below, we take a look at the different types of real estate and offer advice about the best form of ownership for each. …
Surprising to most people, the federal estate tax is a voluntary tax. Estate planning attorneys used to say, “You only pay if you don’t plan.” Now, portability of the federal estate tax exclusion provides both an alternative and a back up plan to lifetime tax planning. This means you might be able to minimize or even eliminate federal estate taxes …
Small business owners are no strangers to risk management. Owning and operating a small business entails a certain level of unpredictability. Despite your best efforts to stay on top of supply chains, marketing, sales, competitors, employees, and cash flow, unexpected issues can knock you for a loop. You have survived plenty of bumps in the road and emerged stronger than …
Whether or not you currently have estate planning documents, one important item to add to your calendar is getting an estate plan checkup. Don’t Have an Estate Plan? If you don’t already have an estate plan, then getting one in place should be at the top of your to-do list. Why? Because without an estate plan, you and your property …
An estate plan that includes a revocable living trust is an excellent way to protect yourself and your loved ones upon your passing or in the event you are unable to manage your own affairs. As opposed to other estate planning options, a revocable living trust gives you the ability to keep control of and enjoy your accounts and property …
If you are thinking of getting divorced, then you have probably realized that there are so many important matters to attend to. If you have children, then that is on the top of your list of issues to sort through prior to the divorce. There is allocation of parental responsibilities, child support, and parenting time schedules. What Are Some Benefits …
Generally speaking, there are two ways an egg producer can sell their flock’s eggs in Illinois. Under Illinois law, producers can sell eggs produced by their own flock directly to household consumers for their personal use without a license or inspection if the eggs are sold directly from the premises where the eggs are produced. If, however you wish to …
The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits Many people believe that once they set up a Revocable Living Trust and transfer assets into the trust, those assets are protected from lawsuits. This is absolutely not true. While Trusts commonly provide asset protection for beneficiaries, few trusts protect assets owned by the person who created the trust. No …