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DUELING EXEMPTIONS

Most people who are concerned about the payment of estate taxes concentrate their thoughts on the federal estate tax. Recently with the federal estate tax exemption having been increased to $5.34 million Read more...

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TRUST OWNERSHIP OF TENANCY BY THE ENTIRETY PROPERTY

As most of us know, married couples may hold title to their homestead property as tenants by the entirety. This classification of ownership allows a married couple to hold title to such property in Read more...

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ILLINOIS APPELLATE COURT ALLOWS EX-MEMBER OF LONG TERM UNMARRIED RELATIONSHIP TO ASSERT A PROPERTY CLAIM FOLLOWING SPLIT UP

Over the past three decades, legislative enactments have had the cumulative effect of eliminating what had been the long-standing public policy of Illinois which treated unmarried relationships, whether Read more...

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DISCOUNTS MAY BE ELIMINATED FOR FRACTIONAL INTEREST GIFTS: NEW REGULATIONS FROM IRS

Over the past several years, particularly under the Obama administration, the subject of eliminating discounts for gifts of limited liability company and limited partnership interests to family members Read more...

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ILLINOIS APPELLATE COURT ENFORCES THE PROVISIONS OF LLC OPERATING AGREEMENT CONCERNING THE HANDLING OF A DIVORCING MEMBER’S LLC INTEREST

Many businesses, whether operating as a limited liability company (LLC), a corporation or a partnership will have more than one owner. These businesses are often started or experience appreciation in Read more...

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NEW LAWS TO SAFEGUARD THE ELDERLY

Governor Pat Quinn recently signed a number of bills that are intended to protect senior citizens from financial or physical harm. The new laws are designed to protect seniors in a variety of ways, Read more...

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DEFENSE OF MARRIAGE ACT OVERTURNED

What does the Supreme Court’s 5-4 decision declaring DOMA unconstitutional mean to Illinois same-sex couples?

Well, while a great moral victory and as portents for the future, a great deal; in the Read more...

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TRUMP TRUMPS AGAIN!

Recently Donald Trump was successful in his defense of a claim by a woman who claimed that he was guilty of fraud for failing to allow condominium unit purchasers in the Trump Tower to share in the Read more...

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ARE INHERITED IRAs EXEMPT FROM CREDITORS? WELL, IT DEPENDS.

Does an inherited Individual retirement account maintain its original exemption from creditor’s claims? Under Chapter 7 of the Bankruptcy Code, funds that are set aside for retirement needs need Read more...

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Pop Quiz: Is this Defamation?

Recently an Illinois appellate court determined whether the following was actionable defamation:

A. “(He) pocketed the money”;

B. Was a “corrupt director”;

C. “Used Read more...

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