The Pros and Cons of Prenuptial Agreements A prenuptial agreement, more commonly known as a “prenup,” is an agreement entered into by a couple before they get married. The central purpose of forming a prenuptial agreement is to protect each spouse’s property rights in the unfortunate event that the marriage ends in a divorce.
Illinois Estate Tax Exemption and Calculation Planning your estate is a necessary step in making sure your heirs get the property they are entitled to. In Illinois, like the federal government, there is a tax placed on the estates of individuals that must be paid before any money can be dispersed to their heirs. This
1031 Exchanges Only two things in life are certain: death and taxes. Death is impossible to avoid, but I’m going to let you in on a little secret; you may be able to defer paying taxes on the sale of real property that is used as an investment. There are very specific rules governing
Declarations for Mental Health Treatment Preparing for the worst isn’t always easy, but it is sensible. The Mental Health Treatment Preference Declaration Act is an easy way to prepare for an unfortunate event that may leave an individual “incapable.” The Act seeks to provide peace of mind to people who may have certain requests
Cannabis Legalization: What You Need to Know Recently, the Illinois General Assembly passed the “Cannabis Regulation and Tax Act” which will legalize recreational use of cannabis in Illinois. Beginning on January 1, 2020, adults age 21 and older will be allowed to purchase cannabis from licensed sellers throughout the state. Although the recreational use of
Cracking Down on Distracted Drivers: Texting While Driving New Penalties for Drivers Beginning July 1, 2019, texting while driving in Illinois will become a moving violation. Up until July 1, 2019, drivers who were issued citations for texting while driving (or using an electronic communication device in general) were subjected to a simple fine. Now
Does Illinois Recognize Common Law Marriage? No, Illinois does not recognize common law marriages. There is one exception to the rule, but before we get into the details, lets go over the basics. What is a Common Law Marriage? A common law marriage occurs when a couple lives together for a length of time and
If I get a DUI in Illinois will I lose my license? In Illinois a person is “Driving Under the Influence” (DUI) if he has a blood alcohol concentration (BAC) of .08 or more, has used any illegal substance, or is impaired by medication. Receiving a DUI citation can be a life altering event that