Lake County Residential Property Tax Appeals If you are a Lake County, Illinois homeowner, you have undoubtedly been upset by the continued increase in your real estate taxes. Lake County real estate taxes are some of the highest in the nation, and the continual increase in taxes risks pricing homeowners out of the market. Every year, the Lake County Tax Assessor for your taxing township assesses the value of your home. This value is then the basis for which the property tax is calculated. When the township assessor has assessed the properties within the township, the assessor mails out assessment…

Effect of SECURE Act on Estate Planning In December 2019, the federal government passed the Setting Every Community Up for Retirement Enhancement Act of 2019, also known as the SECURE Act. This was an attempt by the federal government to ensure that older Americans would not outlive their savings, and is essentially an end-of-year appropriations act and tax measure that will assist many Americans.   Understanding the SECURE Act There are several major components to the SECURE Act, however, overall the intent was to help American workers as they save for their retirement. According to the U.S. Bureau of…

Denied Paycheck Protection Program (“PPP”) Financing? You may Have Legal Recourse. Congress appropriated, and President Trump approved the deficit-spending of $350 million dollars of our taxpayer money to help small businesses. It is becoming clear that a great portion of these funds were unlawfully diverted away from Small Businesses to increase banks’ profits, and was at the expense of small businesses across the country. This apparent theft was against the law, and our firm is working to expose the wrongdoing and right this wrong. Please see below how you can investigate your company’s delay/denial of PPP funding.   The COVID-19…

(Our firm practices bankruptcy law and is considered a debt relief agency by federal law. We help people file for bankruptcy relief under the Bankruptcy Code).   The COVID-19 (“Novel Coronavirus”) pandemic has undeniably altered all aspects of life not only for the foreseeable future, but potentially, permanently. Many thousands of individuals have been personally impacted, as they themselves individually or their loved ones suffer through medical emergencies related to COVID-19, including, at an alarmingly increasing rate, mortality. For those families personally impacted from a medical perspective, they have likely been impacted on another front as well by virtue of…

  Shareholder Oppression in Closely Held Businesses in Illinois If you are a minority shareholder of a closely held business in the state of Illinois, you have rights when the majority shareholders or directors of a non-public corporation are acting inappropriately or in an illegal way. Learn about shareholder oppression and what types of actions qualify as shareholder oppression in Illinois. What Is Shareholder Oppression? The Illinois Business Corporation Act states that when shareholders or directors of a private company behave in such a way that is considered oppressive, fraudulent or illegal, minority shareholders have the ability to act to…

The IRS Announces the 2020 Estate Tax Exemption and the 2020 Gift Tax Exemption Every year the Internal Revenue Service (IRS) releases the annual estate tax exemption for those passing away during the calendar year as well as the annual gift tax exemption for those gifting assets within the calendar year. For the calendar year of 2020, the IRS has announced the following exemptions. 2020 Gift Tax Exemption: $15,000.00 (Curious how to maximize your gift tax exemption? Read below.) 2020 Estate Tax Exemption:  $11,580,000.00 (Curious how to maximize your estate tax exemption? Read below.)   What Does the 2020 Gift…

Things to Consider When Buying and Selling Businesses in Illinois If you are considering buying a business or selling your business, you may feel overwhelmed with the process. Contracts, filings, and state laws all need to be followed to ensure the legality of the sale, as well as to ensure that you are avoiding potential liabilities and causes for legal action in the future. Finally, the point of either buying or selling a business is to make profitable gains for yourself personally. All these moving parts can prove challenging to navigate. The following are things to consider when either buying…

Deed Restrictions: What Every Prospective Homeowner Needs to Know Before Buying Finally! After attending countless open house events, you’ve done it. You have found your dream home. As you begin to take in the excitement of it all, and plan all of the projects you will take on to really make this your dream home, you’re blindsided by a list of restrictions on what you can and cannot do. A limit on the number of garages you can have, a requirement that all outside improvement must be approved by the HOA, and a restriction on what the land can be…

Filing Claims Against an Estate in Probate If a person who owes you money dies, you have the right to file a claim against the decedent’s estate to attempt to obtain the compensation you are owed. It is a possibility that the deceased person had a last will and testament and their estate is in the probate process. If probate has not been commenced, you the creditor may have a right to commence the probate proceeding to bring your claim in court. The claim you will file will go through the probate court. While filing this claim in probate …

Child Support and Alimony Calculations in Illinois If you are currently faced with the possibility of a divorce, you may have questions about child support and alimony. Knowing how maintenance (formerly child support or alimony) is calculated in Illinois helps spouses know what to expect should a maintenance award be granted during proceedings. As of January 1, 2019, the way maintenance is calculated in Illinois changed, and being aware of the changes is a necessity for any individual who may be in a position to make (or receive) maintenance payments. When is Maintenance Awarded? In certain proceedings, such as for…

Determining “Pet Custody” in Illinois         The age-old saying of a dog being “man’s best friend” shows just how much our furry friends mean to us. Animals show people affection, bring people joy, and provide a sense of championship that can otherwise be elusive. Having that sense of championship is what creates such a strong bond between an animal and its owner, and loosing that companionship is devastating. If you are going through a divorce, you may be concerned about which partner will get to keep the animals, and ultimately that sense of companionship. In a time when one source…