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Park Ridge Illinois Legal Blog

Four of the Most Common Retirement Mistakes

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If you want to retire at a reasonable age, you'll likely need to do some in-depth financial planning. Those who don't take great care and consideration when planning their retirement run the risk of either working until an advanced age, or struggling to get by financially during their twilight years, or worse yet, running out of money before your time comes.

Advantages and Disadvantages of Revocable Trusts

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When planning their estates, many individuals choose to utilize revocable trusts. A revocable trust is a separate legal entity that is controlled by its grantor until the grantor's death. He or she can put money in the trust and take money out whenever he or she pleases. And, during the grantor's lifetime, the revocable trust is transparent, i.e. ignored, for income tax purposes. But, after death, any remaining money will be legally transferred to his or her beneficiaries on the terms and conditions, and at the time specified in the trust by the grantor.

Understanding Donor Advised Funds

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If you're interested in giving substantial amounts of money to a charity, whether for a tax deduction now or because of detached generosity you might want to know about donor advised funds. A donor advised fund is an investment account into which a charitable donors can put money now, and get a federal income tax deduction now, but direct the distributions to charities of the donor's choice in future years. Many organizations sponsor these funds because they make charitable giving easier and more flexible for those who donate.

Understanding Buy/Sell Agreements

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Perhaps one of the more complex aspects of owning a business, yet one that is frequently overlooked, is succession planning, that is transferring a business to another person after the disability, death or departure of one of the owners. If there is no agreement in place prior to the occurrence of one of these events, the ownership of the business could be subjected to a whole host of personal and legal battles, or the value of the business could be materially impaired. This is why a buy/sell agreement is so important.

What to Consider When Hiring a Mount Prospect Estate Planning Lawyer

mount-prospect.jpgPlanning your estate is one of the more important things you can do. Doing so ensures that your assets are passed down to the proper beneficiaries, thus ensuring that your loved ones are financially supported after you are gone.

When planning your estate, it's wise to utilize the services of an estate planning lawyer. However, it's important to note that not all estate planning lawyers are created equally. To ensure that you choose a qualified one, there are a number of things which you should consider.

POAs for Health Care and/or Living Wills in Niles The Basics

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Often times, when people think of creating a will, they think of estate planning. While estate planning for your finances is certainly important, it's not the only aspect of planning for your future, including your demise and the legacy you leave. The other aspect you should consider is what to do for medical decisions when you can no longer make them, which is accomplished through an advance health care directive. This term collectively includes a living will or a power of attorney for health care.

Five Reasons to Hire a Business Lawyer

five-reason.jpgMaybe you're thinking about starting a new business? Perhaps your business is already up and running? While jumping into entrepreneurship is exciting, it can also be stressful. There are a variety of different issues and responsibilities which you'll have to handle.

Many of the responsibilities you'll encounter on your journey are legal in nature. Though you can try to tackle these responsibilities on your own, it might be wise to have a Glenview business lawyer provide you guidance.

Six Legal Tips for Starting a New Business

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Whether you are starting a restaurant or opening up a roofing business, there are a number of different business issues you must consider. Many of these issues happen to fall within the legal realm.

Failure to take care of these legal issues can jeopardize the legitimacy of your business and can even land you in legal trouble. Here are six legal tips for starting a new business.

Probate Terms You Should Know

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The term "Probate" refers to the process in which a will is legally proven in a court of law. This process is far from simple and can sometimes result in a number of complications along the way, especially if the will in question is legally flawed in some way.

Perhaps a will in which you have a personal interest in is about to go through the probate process? Maybe you want to more thoroughly understand the probate process? If so, here are some terms you'll need to know:

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