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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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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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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What Exactly is Foreclosure? Foreclosure is a legal mechanism by which a lender files suit against the owner of the property for failure to pay back a mortgage note according to its terms. The lender is claiming the owner is in default, and is requesting that the balance of the mortgage be paid in full…
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Illinois continues to be an employee friendly state in some ways, including in the area of non-compete clauses. A non-compete clause, or covenant not to compete, is a provision of a contract in which one person agrees not to compete against another person or business after termination of the relationship. Employers often require employees to…
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In May, the Department of Labor issued its final rules regarding overtime minimum salary levels and other regulations under the Fair Labor Standards Act. The new Illinois overtime rules take effect December 1, 2016, and require employers to provide overtime to all “white collar” employees making less than $913.00 per week or an annual salary of…
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One of the most often misunderstand terms in estate planning is “probate” and what it means so we answer the most common FAQs about probate here: WHAT IS PROBATE? The term “probate” refers generally to the process by which the estate of a decedent (person who died) is administrated and distributed to the heirs and/or people named…
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These are the some of the most dangerous words a business person can speak: “It is not about the money; it is about the principle.” I cannot tell you how often I have heard those words spoken to me as I sat across the table from a client, or would-be client. I shudder to think…
DetailsThe Magna Carta is 800 years old this month. I was signed 800 years ago on June 15, 1215, (to be exact) at Runnymede, England. The Magna Carta is a pivotal document. It set a foundation for the Rule of Law in the West unsurpassed by any written document other than Scripture. The Magna Carta was…
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Social pundits have said that kids who grew up in the 1970’s are part of the “me generation”. They are forty and fifty somethings now. Our survival-of-the-fittest world encourages people to “look out for number one”. In that context, the fiduciary idea is counter-cultural.