People frequently ask me how much they can give to someone at any one time. The answer for most of us is any amount you want. The federal government imposes a transfer tax on all American citizens and residents, but there is an exemption of $13,610,000 per person as of Jan. 1, 2024. This amount […]
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Buying a business
If you want to work for yourself, you may well be thinking about purchasing an existing small business. It could be a printer, restaurant or distributor, for example. The current business owner may be looking to retire or is simply tired of the stress of owning and managing a business. Chances are the business doesn’t […]
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Dealing with mine subsidence
You may have been shocked to hear that mine subsidence forced Lutheran High School to relocate in 2022. The idea of your place of business or residence being affected by a similar event might seem alarming at first. Springfield is known for the presence of underground mines, so this possibility might be more common than […]
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Statutes of limitation
All too often we operate under the rule of: Why do today what can be done tomorrow? But, under the law, that kind of delay may well result in certain rights being forever barred. Illinois law has specific rules regarding time limits within which claims must be brought as lawsuits. These rules are strictly enforced […]
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New laws
Our legislature has been at it again, passing a slew of new bills that have now been enacted into law. Mandatory paid leave Perhaps the most significant new law is the “Paid Leave for All Workers Act.” Illinois was the third state to pass a law requiring employers to provide paid leave to employees […]
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Mandatory retirement plans and more
The state of Illinois employs more than 76,000 people, the governor’s office has 157 staff members and every senator and representative has several staff members. I assume most of these people have no idea what it is like to run a small business, but they love to pile on the requirements for those of you […]
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Who’s in charge of mom and dad?
Unfortunately, something we see frequently in our law practice are disagreements among siblings over who is in charge of caring for mom and/or dad when they become incapable of caring for themselves. Who decides who is in charge, and what limits are there for that person? Mom and dad can decide for themselves who will […]