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The Law Offices of Alan E. Sohn Chartered

Blogs

  • By: Alan E. Sohn
  • Published: October 18, 2017

Illinois now has joined such states as Nevada by amending the Illinois Limited Liability Company Act (the “Act”) to provide further protection to members of an LLC, as well as to the assets of the LLC, from a member’s judgment creditor. The amendment provides that a charging order is the exclusive remedy of a judgment creditor seeking to enforce and…Read More

  • By: Alan E. Sohn
  • Published: March 22, 2017

Due to the surprising victory of Donald Trump and the success of the Republican party in the November election, many people may have come to the conclusion that they can put their efforts at establishing or updating their estate plans further back on the back burner for the reason that Republican control of the executive branch and Congress will spell…Read More

  • By: Alan E. Sohn
  • Published: March 22, 2017

The IRS has released final regulations that reflect the holdings of Obergefell v. Hodges, a 5-4 decision of the United States Supreme Court, which declared that same sex couples are guaranteed the right to marry by both the Due Process Clause and the Equal Protection Clause of the Fourteenth Amendment. The regulations define terms in the Internal Revenue Code describing…Read More

  • By: Alan E. Sohn
  • Published: March 22, 2017

Most people are under the impression that a mentally incompetent person is incapable of creating a will and/or trust. In fact, under Illinois statutory and case law, a disabled, incompetent person is capable of establishing an estate plan through a surrogate decision maker and with the approval of the probate court. A recent Illinois appellate court decision confirmed this principle.…Read More

  • By: Alan E. Sohn
  • Published: January 19, 2017

A Durable power of attorney for property (POAFP) is a very useful and essential financial and estate planning device. Such powers allow a trusted individual to handle a myriad of financial transactions for the creator of the POAFP. A POAFP can be effective from the moment of its execution, or from the time the creator becomes incapacitated. Whether to use…Read More

  • By: Alan E. Sohn
  • Published: December 21, 2016

A living trust, unlike a will standing alone, allows individuals to maintain confidentiality as to their assets as well as the provisions concerning the disposition thereof, during their lifetime and after their death. In addition, if a person becomes mentally incapacitated, a living trust will provide for a smooth transition to a successor trustee of one’s choice, and will not…Read More

  • 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

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