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Although you hold title to all of your assets jointly before doing estate planning, it may make sense to set up separate Revocable Living Trusts (RLTs) - one for each spouse. Some of the benefits are greater asset protection and ease of administration after the first spouse's death. Read this blog for a better understanding of why an estate planning attorney generally recommends separate RLTs for married couples in Illinois.

“Basis” is a term used frequently in tax law but you may not really understand it. A basic knowledge of the concept can be very helpful for understanding important estate planning strategies used by your attorney and financial or tax advisors. Read this blog to learn more about what basis is.

Multilevel marketing (MLM) businesses sell products or services directly to retail customers using commission-based, non-salaried representatives who are encouraged to recruit new representatives and form their own sales networks. Understanding how MLM businesses work can help you avoid wasting time and money on an opportunity that is not a good fit—or is an outright scam.

Depending on how long a prior marriage lasted, the former couple may have engaged in certain levels of estate planning together. When that is the case, it is important to understand how a subsequent marriage can impact the estate planning from a prior marriage. If you or someone named in your estate planning documents has remarried, there are several major issues that you should be aware of, as well as steps you should take to ensure your estate planning continues to be appropriate for your current situation.

You may not understand what estate planning is. Below are some basic Q&A about the subject, as well as how estate planning, or the absence of a plan, may impact your life.

A financial power of attorney (POA) allows one or more people to act on your behalf if and when you become unable to act for yourself. However, a financial POA is not valid in certain situations.

While the Americans with Disabilities Act (ADA), which applies to “places of public accommodation,” was designed with physical spaces in mind, the proliferation of online services means that digital spaces must also comply with the ADA. Accordingly, websites and mobile apps must be accessible to disabled individuals.

Getting a job begins a major chapter in your life. To protect the future you are creating, you need proper financial and estate planning. As you navigate this new territory, we are here to help ensure a prosperous transition.

Starting a new job is an exciting new chapter in your life. But you may feel overwhelmed by the introduction and review of the many different types of employee benefits. The human resources representative at your new company can address a lot of your concerns regarding your emplyee benefits and our estate planning attorney can help you create a proper estate plan to protect the legacy you are building. Call us today!

There are no bright-line rules to help business owners determine whether a noncompete agreement will be enforceable, so it can be challenging to craft one that will provide maximum protection without being vulnerable to a challenge in court. Call our office to get a referral to a trusted attorney to ensure that you are using the right document for your business protection needs and to navigate the applicable law in your local jurisdiction.

Is it time to update your estate plan? If so, is that something that you can (or should) do on your own? A quick examination of each of these changes, and the consequences of attempting to alter your own documents accordingly, may help you determine whether you need the help of a professional. Although it may seem harmless and straightforward at the time, unforeseen consequences can often arise when you attempt to edit such legal documents yourself.

After the death of a loved one, there are a variety of tasks that must be handled to wrap up your loved one’s final affairs. Selling the deceased person’s real estate is one of the more daunting tasks! This article contains a few of the key issues you should be aware of as you work through this process.

At some point, an LLC member may find that they want or need to withdraw from the LLC. But this change takes careful consideration and is often more complicated than anticipated. We can help you assess your options and navigate a member’s exit.

The chances of a married couple dying in a common accident are probably quite slim but it happens frequently enough that most states have laws to address the issue. What are these laws, why do we need them, and can we work around them if we need to?

Living, and Testamentary, and Constructive Trusts, oh my! Even though these three types of trusts all share certain terminology (i.e., the word “trust”), they are very different in certain respects. And in one case, the term has almost no relation whatsoever to the other types of trusts.

When operating a business, failing to keep a written record of the factors that lead to business decisions can increase the risk of liability if things ever go awry. As a result, it is best practice for every company to keep some form of meeting minutes.

Marriage as a legal institution has taken a variety of forms throughout history and how we identify marriage in our society also changes. In some states, a couple may be deemed married without having participated in judicial or religious ceremonies. These marriages are called common law marriages and their existence creates some estate planning issues.

Many of us do not start thinking about life insurance until we get our first full-time job and the company’s human resources representative asks us if we want to enroll in the employer’s group life insurance policy. Although this may be a good start, too few of us spend any more time thinking about that life insurance policy. Insurance can be complex, but you do not have to go it alone. Ask your insurance professional, financial advisor, and estate planning attorney to help you identify the risks that you may be facing that could be reduced by using a carefully crafted insurance policy, coordinated with your estate planning, to meet your unique needs.

Owning a business can impact every area of a person's life. The impact is uniquely felt within a marriage. Married business owners must consider the ways in which their marriage may impact their business and vice versa. Failure to think about how these two significant institutions interact ca...

Occasionally, we are asked by clients whether a disabled individual can serve as an Executor, Trustee, or Agent. The short answer is yes! In general, a disabled individual can serve in any of fiduciary role as long as their disability does not materially interfere with their ability to carry out the legal responsibilities and duties imposed on them by law.

When you met with an attorney, all you expected was a simple will. But now that you have signed your documents, you may be wondering, “Why is my trust so long?”

Corporate bylaws are one of the most critical documents to have in place as bylaws lay the corporation’s foundations and include important information that your directors will use to run and govern your business.

O'Connor Law Offices stands with those military families that have lost loved ones in military battles throughout the decades.

More people are entering long-term committed relationships without getting married. Unfortunately, many state & federal laws do not protect unmarried couples when it comes to inheritance, taxes, and decision-making powers. Therefore, it is important that you engage in comprehensive financial and estate planning to ensure your partner doesn't end up with nothing at your death.

For small business owners, deciding when and how to sell the business is arguably one of the biggest life decisions. Before selling a business, there are many factors the owner should consider before putting up the proverbial “for sale” sign.