Report from Counsel 
The story of a divorcing couple in Arizona demonstrates why you need to update your estate plan at divorce. The couple, who were in their early 40s and had been married for several years, had created a multimillion-dollar business together. When they filed for divorce, the process became bitter and full of disagreements about small … Read more
When you’re reviewing your estate plan, it’s important to think about how to divide your estate among your children. While you don’t need to leave children equal shares, be aware that inheriting unequal amounts can cause arguments among children after you pass. To avoid disagreements from the get-go, you may want to leave your children … Read more
Consider year-end gifting and tax planning options with your advisors. One option is to make charitable gifts of appreciated assets (which have been held for more than 1 year) to charities or to a Donor Advised Fund. If you are over 70½, one generous move is to make gifts directly from your traditional IRA to … Read more
Choosing Wisely It is important to name reliable individuals as (1) guardian for minor children or an incapacitated family member in your will, (2) executor of your will, (3) successor trustee of your living trust (in the event of your disability or death), (4) agent under your power of attorney for property, and (5) agent … Read more
Businesses need to get paid to stay afloat, and it’s no fun to spend a lot of time collecting a debt from a customer. When someone doesn’t pay and you need to collect, here are some tips for doing it: Be sure you know the rules where you live. State law debt collection rules vary. … Read more
Businesses that insert GPS trackers in their employees’ cars tend to see improved productivity, efficiency and safety. These devices also come with concerns over employee privacy, but the benefits often trump the risks.
Imagine your grandfather left a portion of his estate to his sister, but Great Aunt Irma has been gone for years. In order to probate his will or other legal documents, you may need to find Irma’s date of death. Where do you start?
The landscape around marijuana use has changed dramatically over the past couple of decades. While possession of even a small amount of marijuana used to be a crime across the country, 33 states and the District of Columbia have legalized its use for medical purposes, and 11 states (including Illinois on January 1, 2020) and the District of Columbia permit recreational use of marijuana as well.
Raising a child with special needs can be a rich experience. It’s also a costly one that comes with unique challenges for your financial future and estate plans.
If you’re single with no kids, or married without kids, you have some unique estate planning needs. You’ll require special strategies for health care, emergencies and division of your estate.