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When you create a limited liability company (LLC) or a corporation, the concept of limited liability is one of the key rationales for those entity choices. Limited liability is typically available when you create distinct legal entities that separate your personal assets from your business assets...

For individuals who own real estate, it is important to consider the best way to structure your ownership. When you are just starting out as an investor in real estate, you may hold title to the real estate personally, but that may not be the most advantageous method of ownership. Another option ...

The limited liability company (LLC) is a popular business structure for new businesses, but what does it really mean to own an LLC? LLCs provide unique opportunities to customize business ownership to fit the particular needs and circumstances of the owners. Here is what you should know about LLC...

Franchise and multi-level marketing (MLM) businesses are often attractive because they offer people the chance to start a small business with a well-known brand and an established business model. However, they present different estate planning challenges than other types of small businesses becau...

Considering the myriad of trusts available, creating the right estate plan can seem daunting. However, that is what we, as estate planning attorneys, do every day! We know the laws and will design a plan which addresses your specific circumstances.  Here is a brief summary of ten common trusts t...

Retreating to a warmer climate for the winter sounds like an ideal way to spend a few months. To help make this dream a reality, some individuals choose to rent out their second homes when they are not in use. But before you list your second home for rent, there are a few things you should cons...

New business owners often wonder which action items to prioritize when launching a new venture. If you recently started or are about to start a business, one of the most important steps you should take is to open a business bank account that is separate from your personal account. Opening a separ...

When my sister moved to the South, she frequently used the term “snowbirds” to refer to people who lived in the northern part of the United States during the summer months and in the southern part during the winter months. Living on the Gulf of Mexico, many of her neighbors and friends were ret...

Although it is rare for anyone to look forward to the passing of a loved one, many people cannot help wondering about a future inheritance. Often when a person dies and leaves money or property to heirs or beneficiaries, the first thing the recipients want to know is the overall value of the esta...

When it comes to returning to school in the fall, the details are just now being revealed. Will students be attending classes in person, or will classes continue to be online (i.e., e-learning)? Will college students be allowed on campus, or will they be bunking with mom and dad for the fall se...

Bankruptcy may be one of the last things on your mind when you are creating an estate plan. The number of bankruptcy filings declined when the economy improved, but there were still a whopping 969,397 bankruptcy filings during the period from June 30, 2018 to September 30, 2019. And we've only ...

I've written several blogs about avoiding probate, including the reasons you should execute an estate plan, the various documents in an estate plan and the general process for getting it done. However, a probate matter may be thrust upon you if a family member has already passed away and left o...

As state leaders continue to develop guidelines for reopening safely, you may have questions about the requirements for maintaining a safe environment for your business. Specifically, you may be wondering how to document the steps you have taken if someone in your workforce is exposed to COVID-...

The bad news: When a deceased person's estate (all of their money and property) has to go through probate (the court-supervised process of distributing a deceased person's assets), it can be subject to a variety of costs stemming from attorneys, executors, appraisers, accountants, courts, and s...

Recently, I wrote about serving as an Executor or Trustee in someone's estate plan and how to graciously say “no”. Now, I would like to review who you would ask to fulfill these vital roles in the event of your incapacitation or death. As you know, the person you choose to be your executor ...

It is important to think carefully about your ability, and willingness, to serve as an executor or trustee for someone else. If a family member or friend has asked you to serve as the executor of his or her estate, or as trustee of a trust he or she is creating, there are a number of factors yo...

With the recent pandemic, there is so much to be thankful for, including our country's independence. The United States of America is not a perfect nation and we have suffered our fair share of issues over the past few years. However, Americans are free to express their own thoughts and views wi...

Many people have collections about which they are quite passionate. The collections may be very valuable, such as art collections, coins, stamps, or designer handbags, or they may have more sentimental value than monetary value, such as license plates, political bumper stickers, postcards, or r...

We live in a litigious society! Unfortunately, even family members sometimes file lawsuits because they are dissatisfied with what their parents or loved ones leave them in a will or trust. Some are so disgruntled that they decide to contest, or challenge, the validity of a will or trust, which...

It is not uncommon for couples to enter into marital agreements stating what property is separately owned by each spouse and the property rights each spouse will have in the event of separation, divorce, or death. They are most common when one or both of the spouses is wealthy, owns a family bu...

It may seem a bit “old fashioned” but savings bonds have been around for decades and grandparents are still buying them for their children or grandchildren. A savings bond is defined as “a debt security issued by the U.S. Department of the Treasury to help pay for the U.S. government's borrowin...

Some of you may not be old enough to remember Gladys Kravitz, the nosy neighbor that lived across the street from Darrin and Samantha Stephens on the television sitcom, Bewitched. She was always peering out her window witnessing Samantha's acts of witchcraft but no one would believe her, espe...

Many people love to spend part of their summer vacation at the beach, enjoying the ocean and sunshine. This is especially true this year given the recent stay-at-home orders that we had to abide by due to the COVID-19 pandemic. But there may be unseen dangers that are crucial for beachgoers to ...

For many people, a revocable living trust is a valuable tool to ensure that their finances are well managed during periods of incapacity and that their loved ones are financially secure upon their passing. However, most people are shocked to learn that signing the trust agreement doesn't end th...

Despite the uncertainty that has accompanied the COVID-19 pandemic and that still lies ahead, one thing remains certain: Most businesses will eventually reopen. On April 16, 2020, President Trump set forth guidelines for the reopening of businesses in the United States and most of Illinois just...