A recent Illinois Appellate Court decision underscores the difficulties homeowners might encounter in a sale where they repaired water damage to their home during the time they owned the home, if the source of the water damage is not identified and corrected. In...
In appellate law, there is a common saying: “If it’s not in the record, it didn’t happen.” Appellate Courts have disposed of many appeals by ruling that the record was insufficient to properly review the trial court’s judgment. In the event the trial court rules...
Q: True or False: If you are divorced and you were awarded your IRA or 401(K) your ex-spouse will not have any claim to the funds if you die before you change the beneficiary designations? A: False- at least according to a recent decision by the Fourth District...
For decades, attorneys, CPAs, and multiple websites have encouraged business owners to organize their business as a limited liability company (LLC), primarily to protect themselves from personal liability. That is still a good plan. However, both existing and new...
The Illinois Real Estate License Act of 2000 (RELA) regulates real estate businesses and ensures the competency of real estate professionals. RELA was created to promote stability in the real estate industry, as well as to protect both the public and real estate...
In an effort to track down financial fraud, the Financial Crimes Enforcement Network (FinCEN), an agency of the Federal government, has imposed new reporting requirements of most corporations and entities. The rule requires companies to file what is known as a “BOI...
In today’s housing market, when you find a house that you love, the temptation is to rush to sign the contract to ensure you don’t lose the property you fell in love with. However, there are important details any buyer should consider. Some of these items can have a...
As an agent for someone under a Power of Attorney in Illinois, you are generally entitled to collect a fee for the services that you provide. Managing someone’s assets when they have trouble managing them on their own can be an expensive and time consuming job,...
Congratulations! You have formed your own business, choosing the limited liability company as its corporate structure. With hard work, skill, and dedication, your new business is sure to go places. Now you are hearing about something called an “operating agreement”;...
Senate Bill 208, also known as the Paid Leave for All Workers Act, will affect both employees and employers throughout Illinois. On its face, the idea of the Act appears simple: for every forty hours that an employee works, employers are required to approve one hour...