Godfrey Illinois Law Blog
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...
What are common real estate contingencies?
If you are looking at buying a new home in an Illinois neighborhood, you should be aware of real estate contingencies, since they may protect you from buying a home that has problems. A contingency is a provision in an Agreement of Sale that needs to be met or the...
What should I look for in a business partner?
Some Illinois business owners want to expand their operation by bringing in a partner. Alternatively, you might be starting off your first company and want to do it with a partner. No matter the reason, forming a business partnership is a crucial step that can make or...
Is my business required to collect tax for sales made online?
The Illinois 2020 tax expansion may require your business to collect sales tax from your customers for any purchases made through your company's website or the internet. As reported by the Madison record, businesses using online marketplace services such as Amazon,...
Understanding the building code precedence in Illinois
In Illinois, there are building codes and regulations for many of the counties, and even some at local levels. Many towns and villages have their own committees which oversee permits and regulations for the construction of any kind of occupied area. In the absence of...
When litigation becomes complex
In the legal world, some Illinois cases are straightforward. Many times, the case may reach a resolution through negotiation or mediation. Unfortunately, not all cases are simple and reach a quick, amicable resolution. At Farrell, Hamilton & Julian, P.C., we...
The necessity of having a partnership agreement in writing
No matter the type or size of a company that is set up in Illinois, it is a good idea that business owners set up important contracts and agreements in writing. This is considered to be a smart company practice due to the fostering of mutual understanding and...
