Wills and trusts both represent important estate planning components. If you expect to leave assets to your children and grandchildren when you die, one or both of these structures will guide your wishes for your estate. Review the differences between wills and trusts...
You feel ready to look for a successor for your Illinois-based business. What qualities should you seek to feel comfortable with your decision? The Minority Business Development Agency offers several tips for choosing viable candidates. Provide yourself with peace of...
The discussion about the minimum wage is ongoing in the U.S. Many people want to raise the wage, but those who oppose it say it will destroy small businesses. According to CNBC, both sides have valid arguments about the impacts of a minimum wage increase. Increases...
Past posts on this blog described scenarios where one must file an estate tax return. Among these situations is when an estate is subject to estate tax. Yet these posts also detail the fact that if the total taxable value of your estate comes in under the federal...
As a business owner, you will likely eventually sell your share of the business. This can happen due to other obligations, health reasons or a simple wish to retire and move on to different ventures. Once you reach that point, what are your options? How do you pass...
Creating a partnership agreement for your business will ensure you protect yourself and your partners. You may think it is awkward, especially if you go into business with family and friends, but in the end, you will be glad you did it. The U.S. Chamber of Commerce...
Even though modern medicine offers many ways to treat disease, some medical conditions are both chronic and progressive. If your loved one has Alzheimer’s disease, ALS, diabetes or any other serious ailment, he or she may not be able either to work or to support...
You have probably composed a long term plan for someone to succeed you as the owner or manager of your business. Unfortunately, not all business owners enjoy a smooth transition into retirement. A sudden event like an accident may deprive you of the ability to carry...
If you are in the middle of setting up an estate plan, or if you are in charge of a loved one's estate and they recently passed away, there are many issues you need to take into account. However, it is important to review issues related to estate taxes, such as filing...
As you work on your last will and testament in Illinois, you may have already included your pet. Instructions such as what kind of food to give it, who should care for it and when it should be taken to the vet are all important. But once the probate process is over...
