Transfer on Death Instruments, or TODIs, have become a popular estate planning tool in Illinois. They allow real estate to pass directly to named beneficiaries when the property owner dies, all without the need for probate. But what happens if the deceased
owner had unpaid debts and the property transferred through the TODI is the only substantial asset? Can creditors go after the property? Do beneficiaries have to pay off those debts? Under Illinois law, the answer isn’t as simple as many assume.
A TODI is a legal document that enables a property owner to designate someone to receive real…
Continue Reading Are Properties Transferred at Death by a Transfer on Death Instrument (TODI) Subject to the Debts of a Deceased Owner in Illinois?

Illinois may soon see a major update to its Small Estate Affidavit process. On June 20, 2025, the Illinois General Assembly passed Senate Bill 83 and sent it to the Governor for consideration. The Governor has until August 19, 2025, to sign or veto the bill. Since
the General Assembly is currently out of session, failure to act by that date will result in an automatic veto.
Senate Bill 83, introduced by the Illinois State Bar Association’s Trusts and Estates Section Council, is designed to modernize and expand access to the Small Estate Affidavit, a tool that allows certain estates…
Continue Reading Proposed Update to Illinois Small Estate Law Heads to Governor’s Desk

A new bill, Senate Bill 1667, has been sent to the Governor’s desk and could soon bring meaningful updates to the Illinois Trust Code. If signed into law, this legislation would create additional obligations for trustees, especially regarding document retention and the recovery of unclaimed trust assets. These proposed changes reflect a broader movement to modernize trust administration and promote long-term accountability.
At the heart of the bill are two key provisions. First, trustees would be required to keep a copy of the trust instrument for a minimum of seven years after the trust has terminated. This post-termination retention period…
Continue Reading Senate Bill 1667 Would Add New Obligations for Trustees in Illinois

A New Era of Tax Policy for Business Owners
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, ushering in sweeping changes to the federal tax code. While the law has drawn national attention for its b
roader political implications, it contains several key provisions that Illinois business owners should take seriously. These changes affect everything from depreciation schedules and pass-through deductions to employer tax credits and employee compensation planning.

Continue Reading What Illinois Business Owners Should Know About the One Big Beautiful Bill Act (OBBBA)

Small business owners and startup founders now have a powerful reason to take another look at Qualified Small Business Stock (QSBS). A new federal law, the One Big Beautiful Bill Act, signed on July 4, 2025, makes QSBS more valuable than ever for growing companies and their stakeholders.
These changes give business owners, employees, and early investors more flexibility and larger tax breaks when selling shares. Whether you’re raising capital, attracting top talent, or planning an exit, this law could have a direct impact on your bottom line.
What Changed And Why It Matters

Continue Reading Big News for Small Businesses: QSBS Rules Get a Major Upgrade

Many employers rely on confidentiality agreements to protect sensitive business information. But not all confidentiality provisions are created equal, and if your agreement isn’t drafted properly, it may not hold up in court. While courts tend to scrutinize non-compete clauses, confidentiality provisions are usually enforceable, provided certain legal requirements are met. Here’s what employers need to know to ensure their agreements are valid and effective.
Include the Required Whistleblower Language
Under the federal Defend Trade Secrets Act of 2016 (DTSA), employers must include a whistleblower immunity notice in any confidentiality agreement. This notice informs employees that they won’t be held…
Continue Reading Is Your Confidentiality Agreement Enforceable?

A new federal law, officially titled the One Big Beautiful Bill Act, has introduced significant tax changes that directly impact employers in service-based industries. The legislation, signed into law on July 4, 2025, offers new income tax deductions for employees who earn tips and overtime pay, while also expanding tax credits for certain
employers. Businesses that rely on tipped or hourly labor should take a close look at how these changes affect their operations.
Tip Deductions for Employees, But Reporting Still Matters

Continue Reading Major Federal Tax Changes Affect Tipped and Hourly Wage Employment

The recent deaths of Hollywood legend Gene Hackman and his wife of the past three decades, Betsy Arakawa, very close in time to one another have led to a potentially messy situation in which one of Hackman’s children might be contesting his will. The scenario highlights why it’s important that trust and estate documents account for all possible outcomes and give those you leave behind an unambiguous path to disbursing your assets.
Official reports appear to show that Arakawa died from the rare disease hantavirus and that Hackman—suffering from Alzheimer’s disease and likely not lucid enough to have called police…
Continue Reading Gene Hackman’s Death Underscores Need for Fleshed Out Estate Documents

Fen Cen Announcement

URGENT NEWS…..What Small Business Owners Need to Know
Small business owners have been scrambling to comply with the Corporate Transparency Act (CTA), a new federal law requiring companies to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). However, recent developments have provided temporary relief.

Continue Reading HERE WE GO AGAIN…FinCEN Announces Temporary Non-Enforcement of BOI Deadlines

Reporting under the CTA is on again!

The ping-pong game regarding compliance with the Corporate Transparency Act (CTA) continues.
On February 17, 2025, the U.S. District Court for the Eastern District of Texas granted the government’s motion to stay the nationwide injunction that had previously halted enforcement of the Corporate Transparency Act (CTA). This decision in the case of Smith v. US Department of the Treasury, No. 6:24-cv-336-JDK, was influenced by the Supreme Court’s earlier ruling to stay a similar injunction in the Garland vs. Texas Top Cop Shop, Inc. case.

Continue Reading REPORTING UNDER THE CTA IS REINSTATED (AGAIN!)