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New Illinois Laws for 2012
ARE THERE ANY NEW ILLINOIS LAWS FOR 2012? Yes, there are over 200 new laws that are effective in 2012. WHAT ARE SOME OF THE NEW LAWS THAT ILLINOISIANS SHOULD BE AWARE OF? SEATBELT LAW One of the new Illinois laws going into effect in the New Year requires...
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Lose your anchor, lost your business
Large stores such as Sears or K-Mart are referred to as “anchors” because they draw business into a shopping center, and that business provides traffic to the other smaller businesses which share the building. Sears recently announced that it will be closing 79 stores across the country,...
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Revocable Trusts and Wills
One of the more common questions we estate planners hear during initial consultations is for an explanation of the difference between a will and a trust. Both documents provide a mechanism by which to distribute a person’s assets upon his/her death. Depending on the circumstances, one rather...
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Felony Procedure in Illinois
There are principally three types of crimes in Illinois. The most minor violation is called a petty offense. This type of violation can be punished only by the imposition of a fine. The next level is a misdemeanor. In Illinois, these can range from a Class C which carries a maximum of 30 days in jail...
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IRS Audits of Millionaires on the Rise
The IRS recently released statistics related to the number of taxpayer audits in 2011. If you expect to report earnings of $1 million or more on your 2011 federal income tax return, you should pay attention. According to these statistics, 12% of individuals earning at least $1 million...
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Mediation and the Legal Process
Mediation can play a valuable role in the litigation process. Typically, mediation is used to help bring warring parties together in an effort to resolve a particular piece of litigation. In some instances, even if settlement is not reached, the positions of the parties become clearer and it becomes...
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Divorcing When Your House is Under Water: It IS possible
For many years, the standard process of getting a divorce included dividing up the marital residence. Whether the divorcing couple decided to sell the home and split the proceeds or allow one spouse and the children the ability to continue to living in the house, the marital residence was considered...
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