Tag: Naperville
What Does an Estate Executor Do?
Posted on November 10, 2024
Following a person’s death, all their assets and property become part of an estate. An estate executor is the person who administers the estate. The executor’s specific role will vary depending on the estate and on whether or not the person who died, called the decedent, left a will. Generally, the role includes the distribution of assets, payment of debts and taxes, and other important tasks related to settling an estate. There are certain requirements for who may be an executor, but most executors are usually family members. An attorney […]
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 […]
How to Perform Due Diligence During a Business Merger
Posted on May 24, 2024
Merging two businesses is a complex process that requires thorough preparation and analysis. Due diligence is a critical component of any successful business merger. It can ensure that all aspects of the merging entities are evaluated and understood. An experienced attorney can help navigate these legal complexities and facilitate a smooth transition during a business transaction. The due diligence process will address many different aspects of both companies, and it may include: Financial Due Diligence It will be important to conduct a comprehensive review of the financial statements and performance […]
What Is a Minor Breach or a Material Breach of Contract?
Posted on May 17, 2024
When engaging in any contractual agreement, it is important to understand the requirements that will apply to each party and the options for addressing violations of the contract’s terms. A full understanding of the implications of a breach of contract is crucial. A breach of contract occurs when one party fails to fulfill their duties as stipulated in the contract. However, there are different types of breaches, and the ways they will be handled will depend on how the parties and the contract as a whole have been affected. An […]
When Do Beneficiaries Need Legal Representation During Probate?
Posted on April 25, 2024
The death of a family member can be difficult, regardless of the circumstances. As families deal with the emotional fallout of a loved one’s death, they will also need to address financial concerns, and they may need to make changes to their lives as they adjust to living without their deceased family member. In the midst of all of this, a family will need to address the legal concerns that may arise during the probate process. Navigating the complexities of probate can be challenging for all who are involved, but […]
How Can Historic Preservation Laws Affect Real Estate Projects?
Posted on April 25, 2024
For developers and property owners in DuPage County, understanding the impact of historic preservation laws on real estate projects is crucial. These regulations can influence everything from the planning stages to the execution of a project, and failing to comply can lead to significant delays, increased costs, or even legal action. Working with an attorney who has experience in local real estate transactions and historic preservation laws can ensure that a developer can navigate these challenges effectively. Understanding Historic Preservation Laws Historic preservation laws are designed to protect buildings, landscapes, […]
How Can Arbitration Be Used to Resolve Contract Disputes?
Posted on April 18, 2024
In today’s fast-paced business world, contract disputes are a common challenge that can disrupt a business’s operations and drain its resources if they are not managed effectively. While there are a variety of options for addressing these issues, arbitration has become a popular way to resolve legal disputes efficiently and privately. An experienced business law attorney can provide guidance and representation during the arbitration process, helping address legal issues swiftly and effectively. What is Arbitration? Arbitration is a form of alternative dispute resolution (ADR) in which the parties will work […]
How Should Intellectual Property Be Addressed in an Illinois Estate Plan?
Posted on April 18, 2024
Intellectual property (IP) can sometimes be overlooked during the estate planning process. However, these assets can be among the most valuable parts of an estate. Authors, artists, inventors, or entrepreneurs who own intellectual property will need to understand the value of these assets, the steps that may be taken to protect their family’s financial interests, and the best options for addressing these concerns in an estate plan. By doing so, a person can ensure that his assets will be managed according to his wishes both during his lifetime and after […]
When Should an Illinois Business Partnership Agreement Be Updated?
Posted on April 10, 2024
The creation of a business partnership requires careful planning and consideration. A well-drafted partnership agreement is crucial for the smooth operation of a business involving two or more partners. This agreement outlines the responsibilities of partners, profit-sharing ratios, and other essential terms. However, as a business evolves, so do its needs and circumstances, making it imperative to revisit and update the partnership agreement periodically. An attorney with experience drafting, negotiating, and executing partnership agreements and other types of contracts can provide guidance on the best ways to keep critical documents […]
How to Use Donor-Advised Funds for Charitable Giving
Posted on April 4, 2024
Charitable giving is not just an act of generosity; it is a pivotal component of strategic estate planning. While there are many different types of charitable giving strategies, donor-advised funds (DAFs) can be an especially effective vehicle for philanthropy, offering a blend of flexibility, convenience, and tax benefits. Understanding how to leverage DAFs can significantly enhance your charitable contributions and play a crucial role in your estate plan. An experienced attorney can provide guidance on the use of these tools and other strategies that can help you manage your assets, […]
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