2017-11-08 savings jar with growth

Estate Planning for Traditional IRAs

Most people today have an IRA, and sometimes more than one. IRA’s and 401(k)’s and other qualified plan assets have become more popular, taking the place of more traditional pension plans. Whether an employer makes any contributions, or not, people are increasingly aware of their own need to put money aside for retirement into pre-tax […]

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2017-11-03 Law Never Sleeps

The Law Never Sleeps

The law never sleeps.  While I am not sure this is a quotation I can attribute to anyone, in particular, the sentiment is all too true.  Recently the Illinois legislature made even more changes to the Illinois Marriage and Dissolution of Marriage Act (IMDMA) by the passage of Public Act 100-0520.  These changes follow on the […]

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working man with maintenance money

Review of Maintenance Under New Law

While many blog articles of late have dealt with the new child support statute in Illinois, the modification to the maintenance statute that went into effect on January 1, 2015, is still a topic that generates a lot of discussions.  This is especially true now as many cases decided under the old law are now […]

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canstockphoto16490524

National Pro Bono Week

The week of October 22-28 is National Pro Bono Week. When people think of attorneys, they probably don’t think of pro bono work, but a pro bono ethic is built right into the fabric of the legal profession. The phrase, “pro bono” is actually short for, “pro bono publico” meaning “for the public good.” In […]

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2017-09-06 Corporate Estate Planning

Advantages of Choosing a Corporate Trustee

The benefits of doing a living trust and transferring your assets into the trust during life are many. A primary benefit is that your estate will circumvent the probate process when you pass, if you do things right, saving your loved ones many months of administrative burdens, delays, attorney’s fees and other costs. You also […]

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2017-08-01 Child Support Money

New Child Support Law Initial Impressions

In case you have not heard, Illinois implemented the income shares model for child support determination, and it took effect July 1, 2017. If you are currently receiving child support, paying child support or are currently involved in child support proceedings or will be in the future, the new change may have a significant impact […]

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2017-07-28 attorneys shaking hands

Family Lawyer vs. Divorce Lawyer

We throw terms around without really thinking about them sometimes, but those terms influence how we think about the things those terms describe. Different terms have different connotations. For instance, the term, “family lawyer”, might generate a sense of wholesomeness; while the term, “divorce lawyer”, may conjure up a different set of feelings. These terms […]

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House on pile of Money (escrow blog)

The Truth about Escrow Cushions

The Real Estate Settlement Procedures Act (RESPA) addresses escrow accounts and the amounts that a lender may hold for payment of the borrower’s real estate taxes, homeowner’s insurance, and other items. A lender may retain a cushion, but the amount of the cushion a lender can maintain is limited by Section 10 of RESPA. Following […]

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Financial plan

Trusts Compared to Corporations

The concept of a trust is difficult for many people to grasp because a trust is a concept, and therefore is intangible.  Another intangible concept that is more familiar, and therefore seems easier to understand, is a corporation. Corporations have some similarities to trusts and, therefore, provide a helpful comparison. A quick look at the […]

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