Rockford Illinois Business Law and Estate Planning Legal Blog
How do you pick your estate executor?
Illinois residents put time and care into considering your estate executor. After all, they will handle matters of your estate when you cannot. They will contact your loved ones and work with your lawyer. It is crucial that your choice suits your estate. But how do...
What will happen to my farm after I die?
Whether your farm has been in the family for generations or you started the enterprise a few years ago, your farm is a source of family pride. If you want your legacy to live on after your passing, you need to plan ahead. It is crucial that you have a solid plan for...
Don’t buy into these estate planning misconceptions
Estate planning can look daunting. But when life throws you a curveball, you want to be ready for whatever comes your way. Estate plans are crucial for controlling asset distribution. That's especially the case if you possess things like a family farm, a business,...
Is my non-compete agreement valid?
There are many reasons why you may choose to institute a non-compete agreement as part of your onboarding paperwork when hiring employees. Non-compete agreements are helpful when it comes to protecting sensitive information and preventing former employees from...
What are the startup costs for a new business?
Starting a new business gives you the opportunity to turn your passion into profit. However, to see your venture succeed, you need to invest some money upfront. The expenses involved in the formation of a new business are startup costs. Covering them often requires...
Is it time to update your estate plan?
One of the biggest failures when it comes to estate planning is not that people do not begin to plan, but it is that people do not revisit their estate plan later. When it comes to estate planning, you need your plan to match your life as closely as possible. Do you...
What is the difference between a partnership and a corporation?
Choosing a legal structure is one of the first things you have to do when starting a business in Illinois. You may need to change your structure when you expand your operations. If you want to involve people besides yourself in running your business, you may choose...
Wills, trusts and your second marriage
If you have had an estate plan in place for some time, you may feel that you have done a good job at being proactive and getting your affairs in order. While this is true, it is also important to remember that even the best estate plan should be reviewed from time to...
Private business sales and valuations
Regardless of an entrepreneur's plans for a new company, the potential for the business to eventually be sold should be considered from the outset. Owners who are starting a company that they wish to eventually pass on to a family member may be wise to outline the...
Do you still need an estate plan if you have no heirs?
When you have children, it is easy to imagine how you would like your estate to be dispersed after you are gone. Most people leave all or a portion of their wealth to children and the surviving spouse, along with other family members or close friends. However, not...
SERVING NORTHERN ILLINOIS FOR DECADES
SERVING NORTHERN ILLINOIS FOR DECADES
