Godfrey Illinois Law Blog
Do pour-over wills pass through probate?
Some people set up trusts to keep assets from going through probate. However, individuals with complex estates might neglect placing one or more assets into a trust before they pass away. To prevent this from happening, some Illinois residents compose pour-over wills...
Real estate tax realities under new tax code
While most people in Illinois know that income tax money funds many programs and services, it is understandable that residents wish to keep their tax liabilities to reasonable levels. The ability to deduct certain items from a tax return allows consumers the chance to...
Does Illinois offer tax credits to entrepreneurs?
Figuring out how state taxes work is often a challenge for entrepreneurs and small business owners in Illinois. Overestimating or underestimating your company's tax liability may create a difficult financial burden and make it harder to succeed. Fortunately, Illinois...
Common mistakes when starting a small business
Starting a small Illinois business is a balancing act. Your work and personal lives are about to change in big ways. Dedication is part of your successful formula. You also have to plan, plan and plan some more. Otherwise, you are setting yourself up for common...
What mistakes should I avoid with my startup?
Starting a business in Illinois is a huge undertaking. Finding success in the business world is difficult, and you have probably heard the statistics about business failure. However, that should not chase you away from following your dreams. You can help ensure your...
How do I decide on the proper bid for a home?
You have to make so many considerations when buying a home that you may forget about the most important one: how much you will pay for it. The fun part of buying a house is getting to walk through the different options and see what is available. It is also exciting to...
Can you terminate a revocable trust?
If you include a trust in your Illinois estate plan, you may later want to revoke it. In the case of revocable trusts, the grantor, or person who created the trust can terminate the trust in his or her lifetime. Whether you have a trust already or wonder about whether...
Potential tax implications of annuities
When people in Illinois start working on their retirement plans, they often consider annuities. In fact, Forbes notes that fixed annuities have experienced a rise in popularity over the past few years. The main reason people choose an annuity is to have enough income...
Steps to protect your business from a lawsuit
Having your own business can be a rewarding and profitable experience, but it can also bring about litigation, which occurs more and more often. To protect yourself and your business, it is important to set yourself up for success and cover all your bases as far as...
Wills or trusts: which gives me greater privacy?
In the current age of social media and fast-paced electronic news, some Illinois families fear what will be revealed about their family if a prominent relative passes away. If privacy is a concern, it helps to know whether a will, trust or both can provide you with...
