2000 McDonald Road, Suite 200 | South Elgin, IL 60177
847-695-2400
Recent Blog Posts
How to Uncover Hidden Assets During Your Divorce
During the divorce process, not everyone is honest, and spouses sometimes attempt to gain a financial advantage by hiding money or property from their former partners. Sometimes this is out of malice because one party blames the other for the divorce and believes they deserve a smaller share of marital property. Other times, a divorcing spouse hides assets because they are worried that they will have to give up important items or simply because they are dishonest and selfish. However, spouses are required to divide all of their marital property fairly and equitably, and if a person believes that their spouse is attempting to conceal money or assets, they will want to uncover the property that was hidden. Divorcing spouses who have concerns about hidden assets should work with their attorney to bring this issue to the attention of the court and ensure that their spouse will be held accountable for these wrongful actions.
Top Tips for First-Time Homebuyers in Illinois
Homeownership is an important goal for many people, and if you are considering buying a home, you will be looking to make one of the most significant and important investments of your lifetime. However, there are many complex financial factors involved in a home purchase, as well as a variety of legal issues that may arise during a transaction. If you are a first-time homebuyer, you will want to consider the following tips:
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Build and maintain a good credit score - Your credit score will affect your ability to obtain a mortgage as well as the interest rate on your loan. You can increase your credit score by paying bills on time and avoiding large credit card balances. You will also want to avoid doing anything that may decrease your credit score during the process of buying a home, such as closing credit card accounts, making major purchases, or taking out new loans or lines of credit.
How a Special Needs Trust Can Provide for a Loved One With Disabilities
As part of the estate planning process, a family may be looking to make sure they can help their loved ones provide for their needs. This is especially true for family members who have disabilities or other special needs, since they will often need assistance to make sure they will be able to cover their ongoing expenses. However, people with disabilities may also rely on government aid or public benefits, and in many cases, they will only qualify for these types of benefits if they have limited assets or income. This means that a gift of money or assets from a family member could make them ineligible for certain types of benefits. To avoid this issue, a family may be able to set up a special needs trust.
Resources That Affect SSI and Medicaid
Typically, people with qualifying disabilities can receive Supplemental Security Income (SSI) through Social Security, as well as healthcare benefits through Medicaid. To qualify for these programs, a person must own no more than $2,000 in resources, including cash, funds in bank accounts, investments, or retirement savings.
Can I Sue a Bar or Nightclub if I Was Injured Due to Inadequate Security?
When you visit someone else’s property, including a commercial establishment such as a bar or nightclub, the property owner has a legal duty to protect your safety. If you are injured in one of these locations, you may be able to hold the property owner liable through a premises liability lawsuit. Inadequate or negligent security is one common reason that injuries may occur at a bar or nightclub. By showing that the owner of an establishment did not take the proper measures to ensure that patrons were safe from harm, you may be able to recover compensation for your injuries and damages.
Injuries Caused by Negligent Security
In many cases, injuries at bars or nightclubs are intentionally inflicted by someone else rather than being accidental. When disagreements or arguments arise between patrons, bar fights may break out, and one person could seriously injure another, or an innocent bystander may be caught in the middle. To prevent these types of injuries, an establishment should have the proper security staff who are trained in how to prevent or break up fights, remove people who are aggressive towards others, and ensure that bystanders are not injured because of overcrowding or the presence of objects that could be used as weapons.
What You Need to Know as a Business Owner During Your Divorce
If you own a business, it is probably one of your most valuable assets. After putting years of time and effort into building your business, you will want to make sure you can continue to own and operate it, no matter what happens. Unfortunately, a business can sometimes be a tricky issue to address when couples get divorced. If your marriage has broken down, or if you want to address what will happen if you choose to get a divorce in the future, you will need to be sure to understand how the ownership of your business will be handled.
Business Assets as Marital or Separate Property
The first issue that business owners will need to address is whether their business is part of the marital estate. Typically, if a business was founded or acquired after a couple’s marriage, it will be considered marital property, even if only one spouse was involved in starting and managing the business. In these cases, the business will be part of the property division process, and both spouses will have an equal ownership claim.
Can a Personal Injury Victim Receive Compensation for Emotional Trauma?
When a person is injured because of someone else’s actions or negligence, they can be affected in multiple ways. Some of the damages that a person may experience can be easy to understand and place a monetary value on. For example, a car accident may result in medical bills and the need for vehicle repairs, and a person’s injuries may cause them to be unable to earn income while they are recovering. By detailing their expenses and the economic impact of their injury, a victim can pursue compensation for these financial losses. However, an injury may also result in emotional trauma, and a victim may also receive compensation for pain and suffering. During a personal injury case, it is important to work with an attorney to ensure that a victim will be fully compensated for all the damages they have suffered.
How Is Child Support Calculated in Illinois?
For any parent, one of their primary concerns is ensuring that they can provide for their child’s needs. All parents are required to support their children financially, and when parents are not married or living together, child support orders will need to be established. In these situations, which may involve parents who are getting divorced or unmarried parents who are separated, parents will want to understand how child support obligations will be determined.
Illinois’ Child Support Laws
For many years, child support payments in Illinois were calculated by taking a straight percentage of the paying parent’s income. While this was a straightforward method, it did not address the income earned by the recipient of child support, which could sometimes put the paying parent at a financial disadvantage. To address this, Illinois revamped its method for calculating child support in 2017, and the state now uses an income-sharing process that bases child support on both parents’ incomes.
What Employers Need Know About COVID-19 Vaccine Requirements
Over the past year, many businesses have made accommodations in their workplaces to ensure that employees are safe from becoming infected with COVID-19. Due to the increased availability of vaccines, many people who have been working from home are beginning to return to work in person, and employers are taking steps to ensure that their workplaces are safe for employees. However, many employers are uncertain about their requirements related to COVID-19 vaccines for employees, so they should be sure to understand how the authorities in Illinois are addressing these issues.
Can Employers Require Employees to Be Vaccinated?
Currently, the State of Illinois is leaving decisions about COVID-19 vaccinations for employees up to the discretion of employers. An employer may require employees to be vaccinated, or they may allow employees to choose whether or not to receive the vaccine. However, if an employer requires employees to be vaccinated, they must compensate employees for the time spent obtaining the vaccine. Typically, an employer will provide paid leave while employees receive their first and second doses of the COVID-19 vaccine.
How to Respond to Identity Theft Related to Unemployment Benefits
In a recent blog, we looked at the issue of tax-related identity theft, which can occur when a person steals someone else’s information and files a fraudulent tax return in their name. Another form of identity theft that is sometimes related to these illegal practices involves a person applying for unemployment benefits in someone else’s name. Unfortunately, this practice has become more widespread during the COVID-19 pandemic as scammers attempt to take advantage of expanded unemployment programs. Individuals and families who are building a wealth protection strategy will want to address any forms of identity theft quickly and take the proper measures to ensure that they will not be victimized by this type of fraud.
Reporting Unemployment-Related Identity Theft
In many cases, people become aware that they have been the victim of identity theft when they receive notice of unemployment benefits being paid in their name, even though they never applied for these benefits. In other cases, a person may receive a 1099-G tax form stating that they received unemployment benefits and are required to pay taxes on the amount that was paid out.
How Can I Avoid Tax-Related Identity Theft?
The first few months of every year are known as “tax season,” and during this time, many taxpayers compile their financial information and prepare to file their tax returns, which are due on April 15th. Unfortunately, many taxpayers may become the victims of identity theft during this time. If a taxpayer’s personal information is compromised, scammers may file fraudulent tax returns in their name, access their accounts, or use their information to open new accounts or obtain employment. A person’s identifying information may also be used to file false unemployment claims (we will be providing more information about this type of identity theft in an upcoming blog). However, families can take steps to prevent identity theft as a part of their larger wealth protection strategy.
Signs of Identity Theft
Scammers may use a variety of methods to obtain a taxpayer’s personal information, such as calling a person, claiming to be an IRS agent, stating that the person owes money, and asking for details such as bank account numbers or the person’s Social Security number. They may then use this information to file a tax return and claim a refund in the person’s name.
2000 McDonald Road, Suite 200, South Elgin, IL 60177
Phone: 847-695-2400
10101 Route 47, Suite 200, Huntley, IL 60142
Phone: 847-669-5020
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