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Park Ridge Estate Planning Law Blog

What are the Different Types of Business Structures in Illinois?

Starting up a business is an exciting prospect. However, it can be stressful, too, and not quite as easy as you may initially think.

There are a number of different factors to consider in starting a business, many of which relate to legal requirements that are not common knowledge.

One of the significant factors in starting a business is choosing the right type of legal business structure. The structure you choose will have a material effect on your company's income and payroll tax liability, and consequently your ability to conduct business while preserving after-tax income and cash flow. 

These are some of the more commonly used business structures in Illinois.  

CPA vs Tax Lawyer: What's the Difference?

When it comes to handling complex tax matters, it's not always easy to do so on your own. Tax language and tax laws are detailed, complex, and often difficult to understand.

It's for this reason that you might consider hiring a tax specialist to help you with your tax issues. For the most part, you can get the help you need from two different types of tax specialists: CPAs (Certified Public Accountants) and tax lawyers.

Each of these types of tax specialists serves a valuable purpose, but how do they differ? Let's review the highlights for each.

What are the Benefits of Estate Planning?

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If you're planning on passing down your assets to your loved ones after you've passed away, estate planning is an absolute necessity. Those who don't officially plan their estates leave their assets subject to the laws of their respective states, which may or may not give you a result you want.

There are many benefits of estate planning. Here are 5 of them.

Pass the Maximum Amount of Assets Down to Your Loved Ones

There are a variety of fees and taxes associated with an estate. Regardless of whether or not you engage in estate planning, your estate will have to pay some of these fees and taxes.

But if you proactively engage in estate planning, you will be able to substantially reduce the costs of these fees and taxes, and perhaps eliminate some of them. This means that you'll be able to pass more of your estate's assets down to your loved ones, and your estate will pay less of it to the government.

Should You Hire a Business Lawyer When Expanding Your Small Business?

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Maybe you are the owner of a small business and you're thinking about taking your business to the next level? Perhaps you are looking to expand your business so that you can take on more clients and work with customers in an expanded geographic footprint?

It's great to grow your business, but keep in mind that you're taking on a great deal more risk and responsibility. You might be wondering if you'd benefit from hiring a business lawyer.

In most cases, it is wise to hire a business lawyer when expanding a small business. Here's why.

Are You Being Sued for Breach of Fiduciary Duty?

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A person or party that has been granted fiduciary responsibility is responsible for dutifully handling the estate and assets of a business or an individual. It is mandatory that the fiduciary handles the estate and assets in a responsible and unbiased manner.

Fiduciaries that do not handle estates in such a manner are breaking the law and can be held legally liable for doing so.

Are you are being sued by another party for breaching fiduciary duty? Maybe you are wondering about the potential legal hurdles that you may face in the future. Here are some general topics and terms you need to know to avoid legal liability.

4 Questions to Ask Before Hiring a Small Business Lawyer

As a small business owner, you will come across a number of situations which will require some level of legal expertise. If you have only a limited knowledge of the relevant laws and regulations, it may be in your best interests to retain an attorney.

However, before hiring an attorney, you should perform a careful review of their credentials.

The best way to do this is by asking questions. Here are 4 questions to ask before hiring a small business lawyer.

5 Reasons to Contest a Will

When someone passes away, their last will and testament generally determines who their estate will be passed down to. In the majority of cases, where a will exists, the probate process is fairly smooth with few issues.

However, sometimes issues arise, often due to parts of the estate being passed down to individuals who close relatives feel are undeserving.

In many cases, there is little, if any recourse for parties who believe that a will is unfair. However, in some instances, there are legitimate legal reasons to contest a will. Here are 5 of them: 

5 Reasons for Small Businesses to Hire a Tax Lawyer

Small businesses have a great deal to worry about. From payroll, to public relations, to maintaining client relationships, small business owners have to navigate a variety of challenges on a daily basis. One of the most complex challenges that small businesses face is taxation.

Filing individual tax returns is complicated enough, but filing taxes as a business can be considerably more complex. In order to help your business get through the process, you would be well-served by hiring an experienced tax lawyer.

Interested to know how your small business can benefit from a tax lawyer? Read on to find out!

Dying Without a Will: What are the Legal Repercussions?

While most of us hope to live forever, the truth of the matter is that it's just not in the cards. Death is inevitable, and you have to be prepared for it.

When you die, all of your assets are passed to someone. Who that person is depends completely upon you, and whether you have acted to sign documents for what you want. If you haven't, the state where you live makes the decision for you because you've not acted.

If you've got a last will and testament effectively signed, your estate will go to the people whom you've specified in your will to receive it. If you don't have a last will and testament that is signed, your estate is subject to the laws of the land.

So, what does that mean exactly? Let's discuss.

These are the legal repercussions of dying without a will.

5 Situations in Which You Should Hire a Real Estate Attorney

Matters of real estate are almost always complex, and generally involve much more money than any other purchase or sale transaction you may conduct. You would think only the buyer and seller, the true parties in interest, are affected, but there are many other persons at the table with a financial interest in closing a real estate transaction. The only one in the room other than you who has your best interests at heart is your lawyer.

Real estate law and its effects can often be difficult for most people to process and understand completely. Virtually all persons engaged in buying or selling real estate, even other lawyers, would be best served by hiring a real estate attorney.

Questioning whether or not you should hire a real estate attorney? Here are 5 situations in which it would be wise to do so.

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