Farrell, Hamilton & Julian, P.C.

December 2018 Archives

Illinois leads the pack for veteran entrepreneurship incentives

Though Illinois ranks as the least friendly state to start or operate a small business, it ranks in the top 10 for most veteran entrepreneur-friendly states. According to the State of Illinois Department of Veteran Affairs, the state has 89,110 veteran-owned businesses, earning the seventh spot on the top 10 list. There are several reasons for this, which the IDVA outlines in depth. 

Do I need a succession plan for my family’s business?

Every family business should have a succession plan to help create business stability and prevent family infighting in times of change. Succession planning can foster a smooth leadership transition for the time you choose to retire from your business or are forced to step away due to health. However, it should be completed well before either of these events transpire.

The basics of trusts

People in Illinois who think about estate planning might automatically think about a will or a trust. However, they may not be aware of how a trust works or that there are many different types of trusts. A person's assets and wishes can help direct them to select the right trust for their situation.

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