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...
Month: December 2020
What should I put in a partnership agreement?
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...
Using a special needs trust to provide for a sick relative
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...
How can I prepare for an emergency succession?
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...
When are estate tax returns required?
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...
How can you provide for your pet after you are gone?
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...
Antitrust Laws and Their Impact on Businesses
Comprehensive knowledge of business law is the key for entrepreneurs to explore opportunities to grow their enterprises. Insight into Illinois and federal statutes – specifically antitrust laws – can not only be a path to significant success. It can help them survive...
Estate planning strategies for family farmers
If you own a family farm, you have likely put a lot of thought into who will take over your operation. If you do not yet have an estate plan, you have the opportunity to create smart succession strategies that preserve your life's investment. Review these estate...
How do I handle digital accounts in my estate plan?
Given the frequent use of digital online accounts in modern society, it is likely you have an email account, a social media account and perhaps an online banking account. These assets are valuable to you, which is why you should consider what might happen if you were...
When should you fund your trust?
The use of a trust can benefit both you and your family, providing money for you if you suffer incapacitation, allowing your assets to avoid probate, and providing your children money and property while cutting down on estate taxes. However, creating a trust is just...