The Law Offices of Alan E. Sohn Chartered

Call Now for a Personalized Case Evaluation

(312) 236-7005

The Law Offices of Alan E. Sohn Chartered

Blogs

  • By: Alan E. Sohn
  • Published: November 30, 2016

I have been asked many times: “Why do I need a trust?” There are many reasons to set up a trust during your lifetime. Answer Number 1, which is probably the most common, but not necessarily the most important reason given, is that it can achieve the result of avoiding probate. Many people have a “fear” of probate because of…Read More

  • By: Alan E. Sohn
  • Published: December 31, 2015

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 their value during the marriage of their owners. Therefore, if one or more of such owners should be divorced, the owner’s interest in the business will be subject to division…Read More

  • By: Alan E. Sohn
  • Published: December 31, 2015

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 has been widely discussed. While these discounts are well-justified by reason of the limited marketability and lack of control inherent in such fractional interests, the IRS has viewed such discounts as tax…Read More

  • By: Alan E. Sohn
  • Published: December 31, 2015

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 of the same sex or between members of the opposite sex, as illicit relationships. In 1979, while that policy remained in force and effect, the Illinois Supreme Court in Hewitt vs. Hewitt,…Read More

  • By: Alan E. Sohn
  • Published: December 31, 2015

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 a protected state from their individual creditors where the debt is not the joint debt of the couple. Oftentimes, married couples who have created a revocable…Read More

  • By: Alan E. Sohn
  • Published: December 31, 2015

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 per person and the possibility for married persons of “porting” the unused portion of the exemption of the first spouse to die, that they no longer need be…Read More

  • By: Alan E. Sohn
  • Published: October 17, 2013

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, from financial exploitation to ensuring that certain financial agreements are consistent with the person’s power of attorney. NEW LAWS TO SAFEGUARD THE ELDERLY Governor Pat Quinn…Read More

  • By: Alan E. Sohn
  • Published: September 30, 2013

Recently an Illinois appellate court determined whether the following was actionable defamation: “(He) pocketed the money”; Was a “corrupt director”; “Used bully tactics to try gain yet more money”; “Failed to give the deliverable that was contracted for”; and Was operating a “fraud machine”. What do you think? If your answer is yes, you would be wrong according to the…Read More

  • By: Alan E. Sohn
  • Published: September 30, 2013

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 not be used to pay pre-retirement debts. However,when the owner of the IRA dies, whether the exemption continues may depend upon where the beneficiary resides and what relationship the beneficiary had…Read More

  • By: Alan E. Sohn
  • Published: September 30, 2013

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 profits of certain amenities as allegedly promised in Trump’s marketing materials. Mr. Trump has now again defeated a claim by a defaulting purchaser…Read More

Page 2 of 4:«1234»