While it is an honor to be named as an executor of a will or estate, it can also be a sobering and daunting responsibility. Being an executor (sometimes called a personal representative) requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries receive the assets to which they are entitled. …
Ag Law Today Podcast: Grazing Leases (Episode 1)
I’m very excited to announce that I have my very own podcast! It’s called “Ag Law Today” and coordinated and published with the help of Purdue University Extension Education. Its website is here– and you can watch the podcast feed here. Tiffany Dowell Lashmet from Texas A & M University Extension Education is my guest for the premier podcast – …
New York Employment Law: Sick Days in New York City
In New York State, there is no requirement for employers to provide sick day benefits to employees (either paid or unpaid). However, Section 195.5 of the New York Labor Law states: “Every employer shall notify his employees in writing or by publicly posting the employer’s policy on sick leave, vacation, personal leave, holidays and hours.” If an employer does not …
Making an S Corporation Election as a Married Business Owner
If you’re a married business owner and you want your business to be taxed as an S corporation, there are several things you need to know. The difference between community property and co-ownership of an asset Let’s take the example of owning a car. If you and your spouse are both on the title to a car, you co-own the …
Ask Cari: Do I Really Need a Last Will and Testament?
Most Americans do not have a simple will as part of their estate plan. You might believe that a will is only for the rich and famous, and not the average person who has a far smaller net worth. On the other hand, you may think that a will is entirely unnecessary since you have a trust, jointly owned property, …
Ask Cari: What is the United States Customs and Border Patrol’s role in Wine Importation?
United States Customs and Border Patrol requires Alcohol and Tobacco Tax and Trade Bureau (“TTB”) permits and compliance with labeling and certificate of origin documentation requirements. Upon one’s first import, entry for the goods should be filed for under the Remote Location Filing (“RLF”) Prototypes and Electronic Invoice Program (“EIP”) managed by U.S. Customs. There will be codes attached to …
Illinois Business Law: Registering LLC’s Formed Out-of-State
What happens when you form an LLC in another state but want to regularly conduct business within the State of Illinois? These are called “foreign LLC’s.” A foreign LLC must be admitted by the Illinois Secretary of State to transact business in Illinois. To do this, the foreign LLC must submit an application for admission to transact business as a foreign …
How Does an IRA Fit Into Your Estate Plan?
When you think of IRAs, you probably think of retirement. But what happens to your IRA money after you’re gone? The answer depends on how you go about creating your estate plan and selecting beneficiaries, and you might be surprised to find out that your money could end up with the wrong people or cause an unexpected tax bill if …
Ask Cari: Do I Have to Pay my Illinois Employees Mileage?
I was asked the following question from a local entrepreneur in Central Illinois: What is the law with regard to reimbursing employees for mileage? To begin, Illinois has no laws regarding whether an employer must pay for mileage for business travel. However, if an employer chooses to reimburse for mileage, they should use the rate used by the IRS (currently …
I Need To Hire Someone for My Business; What Do I Need To Know?
The goal of most businesses is to grow – at least somewhat. However, in order to grow or to be able to step away from the business for a personal life, vacation, or other ventures, you’ll need help with day-to-day operations. If you’ve never hired someone before – or it’s been a long time – don’t worry – here’s the …
Four Reasons Why Estate Planning Isn’t Just for the Top 1 Percent
There is a common misconception that estate plans are only for the ultra-rich – the top 1 percent, 10%, 20%, or some other arbitrary determination of “enough” money. In reality, nothing could be further from the truth. People at all income and wealth levels can benefit from a comprehensive estate plan. Sadly, many have not sat down to put their …
Ask Cari: Does My Estate Plan Need to Include My Vacation Property?
Yes! If you own a vacation home, timeshare, investment property, or any other asset outside of the state where you are domiciled you must make sure it’s included in your estate plan. If you fail to include these in your estate plan, or fail to have an estate plan at all, your heirs will encounter issues, and usually the expense …