Tag: Illinois
What Is the Amendment to the Probate Act of 1975? | IL
Posted on September 30, 2024
HB 1268 amends the Probate Act of 1975, providing that a person who has been convicted of a felony is qualified to act as an executor of an estate if: The bill’s sponsor stated during Senate debates that individuals who have committed a felony and served their time should be allowed to help their families. A person chosen to serve as an executor following incarceration for a felony must be at least 18 years of age and must not be unsound in mind or body. Another Senator argued against the […]
What Do I Need to Know About Franchising in Illinois?
Posted on September 6, 2024
Perhaps you have considered a franchise in Illinois. If you are unsure how to start and run a franchise or the legal nuances associated with it, solid legal information regarding buying or selling a business is essential. Franchising refers to a contractual relationship between the franchisor and the franchisee. The franchisor owns the brand and the business model, and the franchisee is the person who will operate a business with guidance from the franchisor and the right to use the business trademark. A franchise often gives entrepreneurs a much better […]
How Can You Benefit from a Grantor Retained Annuity Trust? | IL
Posted on September 6, 2024
Those who want to secure their financial future and legacy might consider a Grantor Retained Annuity Trust, abbreviated as a GRAT. This type of trust allows those with a certain level of assets to pass those assets on to their beneficiaries while significantly minimizing estate tax liabilities. A GRAT is an irrevocable trust, meaning once it is put into place, it cannot be altered or dissolved. Because of this, it is essential that you speak to an experienced Naperville, IL, estate planning attorney from Gierach Law Firm, who can help […]
Which Business Structure is Right for Me? | IL
Posted on August 31, 2024
Becoming a new business owner can be exhilarating, exhausting, and full of stress and anxiety, all at the same time. Many new business owners fail to put in the necessary amount of thought and research into these early business decisions, only to be forced to make changes down the line. Business formation is a crucial aspect that can determine the success or failure of your business. Excitement about a new business is natural, but to ensure success, the decisions you make now must be just as valid years from now. […]
What Are the Five Significant Risks of DIY Estate Planning? | IL
Posted on August 31, 2024
Many people put off estate planning as long as possible. The most common reasons for not having an estate plan include being too busy, not having sufficient assets, and not knowing where to begin. The thought of making an appointment with an estate planning attorney may create anxiety for those who are uncertain of how the process will go. In response to these feelings, some people will go on the internet and choose a DIY form that allows them to create their own estate plans. While some things in life […]
What Are the New Restrictions on Child Labor in Illinois?
Posted on August 10, 2024
For the first time in 75 years, Illinois has fully addressed its child labor laws. Public Act 103-0721, signed by Governor JB Pritzker, is a total revamping of the child labor laws across the state. “Piecemeal” changes through the years did nothing but create conflicting provisions; this new bill essentially gutted child labor laws in the state, replacing many and making them all easier to understand. Business laws can be complex, and as a business owner, you need to ensure your business stays up to date. If you are an […]
What Mistakes Should You Avoid in Estate Planning and Updating?
Posted on August 10, 2024
Creating an estate plan is one way of showing your family members how much you care about them. While confronting our own mortality is never easy, having an estate plan in place and then updating it regularly can be beneficial for you and your loved ones. When you leave behind a well-thought-out estate plan, clear directives in the plan will help your family members avoid disputes and conflicts. If you have done well for yourself financially, proper estate planning can help preserve your wealth for future generations and establish a […]
How is a Special Needs Trust Created?
Posted on July 30, 2024
People with disabilities or other special needs often require financial assistance, which can come from multiple sources. Family members or other loved ones can provide much-needed support by assisting with expenses and in many cases, the best way to do so is through a special needs trust. This kind of trust helps ensure that a person with a disability will be able to receive financial support without jeopardizing eligibility for government benefits. An experienced attorney can help a disabled person, his or her family members, and other involved parties navigate […]
What Are the Most Common Employer-Employee Disputes?
Posted on July 30, 2024
There are a variety of situations where business owners may become involved in disputes with other parties, and in some cases, these issues may need to be resolved through litigation. Employers often encounter disagreements with their employees, and several different types of workplace issues may need to be addressed. If they are not handled correctly, these disputes can affect a company’s ability to continue doing business effectively. An experienced attorney can help employers navigate these legal challenges and determine the best ways to resolve disputes with employees. Common Types of […]
How Can I Transfer Business Assets to Family Members?
Posted on July 10, 2024
For business owners, the estate planning process involves a variety of complex financial issues related to the assets they own, the transfer of these assets to family members, and the plans that ensure that their businesses will be able to continue operating successfully. If you are a business owner, you should begin making plans for how you want to transfer business assets to family members during your lifetime or after your death. Taking the right steps now is essential for ensuring the continuity and longevity of a family business. Family […]
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