After your divorce, it is extremely important for you to update any estate planning documents you may have executed during your marriage! This article from Wealth Advisor will help you understand why that is so.
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How to Revise Your Estate Plan After Divorce
If you own a franchise or multi-level marketing company, planning for the transition of your business after your death may not be as simple as you think! This article will give you some basic information on incorporating the transition of these types of businesses in your estate plan.
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Franchisees or Multi-Level Marketing Owners
What type of trust do you need? Read this article to learn more about the various types of trusts available to you.
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Top 10 Types of Trusts
Today, August 26th, is National Dog Day! Enjoy some quality time with your furry family member and read this article that I am re-posting regarding the inclusion of these loved ones in your estate plans. Contact our office today to ensure that your pets are properly provided if you become incapacitated or after your death!
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Don’t Forget to Plan For Your Pets!
Although colleges are starting the year in a remote learning environment (or they are moving that direction due to an increase in COVID-19 cases on campus), I am reposting this article to help parents prepare for the upcoming school year. Call our office if you need to have Powers of Attorney prepared for your college student or young adult!
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What Do You Mean My College-Bound Child Needs Powers of Attorney?
Do you need help getting your business account opened? Read this article for some assistance!
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How to Open a Business Account
BEWARE! Before you sign a deed as part of your refinancing, read this article. You may unwittingly be changing how the real estate is distributed after your death.
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Medallion Signature Guarantee
Many business owners create an entity with the State of Illinois and then do nothing to maintain it. If this is your approach to your business, please recognize that you are putting your personal assets at risk. Read this article about piercing the veil and the circumstances in which your business structure may fail.
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Risky Business
If your business received a PPP loan, there is now a simplified process for requesting forgiveness. Click below to learn more!
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Simplified PPP Forgiveness Process
Talk to your attorney before you refinance. Otherwise, you may drastically alter the distribution of the real estate after your death. Read the article below for additional information!
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Refinancing & Your Estate Plan
Although people are not travelling like they were before the pandemic, we are entering the holiday season when travel is generally higher. If your loved one dies outside of the United States, do you know what you need to do? Click the link below to learn more.
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What to Do When a Loved One Dies Abroad
President-Elect Biden has stated that he will change portions of the income and estate tax laws. Learn more about his proposed changes by clicking below.
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Election Update
We all need an estate plan but athletes should focus on this issue shortly after signing the contract. This article walks through issues and pitfalls that athletes should consider.
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An Athlete's Estate Plan
Why does your business need an Employer Identification Nnumber? Click the link below to learn more information about an EIN.
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Employer Identification Number
O'Connor Law Offices is so thankful for our clients, as well as our staff. During this difficult year, we pray for the safety and well-being of all. THANK YOU FOR BEING A BIG PART OF OUR LIVES AND ENJOY YOUR THANKSGIVING HOLIDAY!
Even celebrities can fail to plan their estates appropriately.
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The Tale of Two Celebrities
Although we are still experiencing the effects of the pandemic, please remember to take care of yourself this year. Read the following article to learn more about the staggering toll breast cancer takes on it victims, their families and society. In loving memory of 2 very special ladies to me that courageously battled this disease. You are not forgotten!
MARKETWATCH.COM
After Kelly Preston’s breast cancer death, a reminder of the disease’s financial toll
Good news for Illinois residents!
IBJONLINE.COM
State, FBI to coordinate crackdown on unemployment insurance benefits fraud
Have you inherited a retirement account from a deceased loved one? Here is some background information that may help you in transitioning the account to you.
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What Do You Do Now That You Have Inherited a Retirement Account?
Governor Pritzker has extended mask and social distancing requirements in Illinois for another 5 months!
PATCH.COM
Pritzker Files New Emergency Rule To Continue Mask, Social Distancing Mandates In Illinois
When you're the employer, understanding payroll can be difficult. Continue reading for an introduction to the payroll process and terms.
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Understanding Payroll When You Are the Employer
Here are some reasons why to have your trust own your timeshare. There are also so reasons why not to do that! Read on for more inforamtion.
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Should Your Trust Own a Timeshare?
Do you know the rules regarding the preparation of 1099s for your vendors that are structured as limited liability companies? Here is some helpful information. Please discuss with your tax advisor, as well.
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Limited Liability Companies & 1099 Reporting
https://www.doconnorlawoffices.com/can-dual-citizenship-ruin-your-estate-plan
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Can Dual Citizenship Ruin Your Estate Plan?
If you own a business with someone else, you need to have a Buy-Sell Agreement to set forth the terms of your ownership and the "rules" for selling your interest or buying your partner out. Read this article for more information on this critical business document.
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What You Need to Know about Buy-Sell Agreements
Are you preparing your estate plan? Having trouble with who to select as a successor trustee? This article provides pertinent information regarding this critical role and how to help your successor trustee to be prepared when the day comes.
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The Importance of a Successor Trustee
Illinois issued updated priorities for COVID vaccinations.
PATCH.COM
IL Revises Coronavirus Tiers, Will Prioritize Inmate Vaccinations
Here are a some key points to consider before signing a noncompete agreement.
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Key Considerations for Noncompete Agreements
There are ways to sever joint ownership. Read this article to get a better understanding of how to accomplish - or avoid - that!
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Severing Joint Ownership of Property
If you have agreed to serve as the successor trustee of a loved one's trust, you need to read this article.
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Things You Need to Know as Successor Trustee
While estate planning is important for everyone, it is critical for those families that have a loved one with special needs. Learn more about third-party supplemental needs trusts here.
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Third-Party Supplemental Needs Trusts
If you are struggling with who should serve as your successor trustee, this article identifies pertinent things to consider in the decision-making process.
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How to Choose a Trustee
Struggling to select a successor trustee? We have some key takeaways for you to consider that will help you make that final call. Read them here:
https://www.doconnorlawoffices.com/who-should-be-your-successor-trustee
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Who Should Be Your Successor Trustee?
If you are a shareholder in a corporation, you need to know what your rights are. This article will help you preserve and protect those shareholder rights.
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Protecting Your Rights as a Shareholder
A loved one’s passing can be traumatic, making seemingly simple decisions feel overwhelming. Here’s a simple checklist to help you organize your thoughts and begin the necessary processes.
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My Loved One Has Died
Are you a member of a LLC? Do you have a disagreement with the other members? If so, this article may help you.
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What Happens When LLC Members Disagree
Read this article if you want to include a non-US citizen as a beneficiary in your estate plan.
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Including Noncitizens in Your Estate Planning
Each of us should have an estate plan that communicates our wishes for asset distribution after our death. Here is a summary of the estate plans - or lack thereof - of celebrities that passed away in 2020.
JDSUPRA.COM
Celebrity Deaths in 2020: And the Six Estate-Planning Lessons We Can Learn | JD Supra
Can't find your loved one's documents? Read this article:
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What If I Can't Find My Loved One's Documents
Is your new business not going the way you planned? Here are a few steps to lead you in the right direction.
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Common Mistakes People Make When Forming a Business
Wondering what to do after a loved one has passed? Read this article for more information:
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Reviewing Your Accounts and Property upon the Death of a Loved One
Retirement account rules and the protections they offer change when the account is passed on to loved ones. If you are concerned about asset protection and the impact that creditors could have on your beneficiaries, take a few moments to learn how to best avoid potentially devastating seizures:
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Caution: Creditors Are a Threat to Inherited Retirement Accounts
Conversations about death and dying are rarely fun. This article includes advice on the right approach when talking to your parents.
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How to Talk to Mom and Dad about Creating an Estate Plan
If someone is missing, there are practical issues that must be addressed at some point. This article provides information on addressing, and protection, a missing loved one's assets.
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Handling the Legal Affairs of a Missing Person
Are your retirement accounts at risk? Learn the top five reasons why you should focus on protecting your investments today!
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Five Reasons to Protect Your Retirement Accounts Now
Did you know that creditors can seize your IRA when you pass away? Want to know how to properly protect it, especially if you have a surviving spouse who is meant to inherit it? Then read this blog:
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Warning- Don't Let Creditors Inherit from You or Your Spouse
Looking to move your business to another state? Read this article for some tips.
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How to Move a Business to Another State
