Many businesses and individuals in Illinois will only ever have limited exposure to the courts, whether it is state or federal court. After all, litigation usually only arises when other potential options to resolve an issue have been exhausted. However, when...
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Godfrey Illinois Law Blog
A quick look at the prerequisites of class action lawsuits
Litigation can be complex. Facts can be numerous and challenging to decipher, there can be multiple parties with various interests, and the court’s and a jury’s interpretation and application of the law can be somewhat of a mystery. This can be especially true when it...
Dealing with estate taxes
Death and taxes. Many people in Godfrey not only view those as the two basic inevitabilities in life but also two things that are inextricably linked; when you die, you (or more appropriately, your estate) will have to pay taxes on the assets that you earned during...
Why you need a business partnership agreement
When you start a business, you are investing in your future. It likely is the biggest financial decision of your professional life. You will feel the impact, bad or good, for decades. When you go into business with a partner, your life becomes even more complex. Your...
What should your partnership agreement contain?
If you contemplate setting up your new business as a partnership, your partnership agreement will become your foundation document. As such, it should not only be written, but also carefully drafted so as to cover all major potential issues that could arise. FindLaw...
Homestead laws may help protect property owners during bankruptcy
When you experience financial hardship in your life, you may find yourself in a position where you can no longer afford your mortgage payments. This is a scary situation for many people who are facing bankruptcy and you may wonder if you will end up homeless. We...
Is my estate plan valuable before my death?
Many people wrongly believe that estate planning is just planning for death. A well-thought-out plan can be so much more than just dictating what you want to happen after your death. It can be a valuable tool that proves useful during your life. This makes estate...
What mistakes should you avoid while planning your estate?
Many people who plan for their future tend to look at the positives instead of the negatives. Estate planning is no exception to this. Those who do plan usually plan for the best-case scenario. However, it may be beneficial to think about potential issues you may...
What to expect as the subject of an IRS audit
In the big scheme of things, only a small percentage of taxpaying Americans have the IRS audit their tax returns. However, finding out that you are now the subject of an audit may prove stressful and anxiety-inducing. It may help calm your nerves to recognize that...
Is the seller trying to hide something about the home you want to buy?
Finally, you have found a house in Illinois that you love. The down payment and mortgage are no problem, but there is more to do before officially moving forward. Home inspections are a critical part of the process, but you can take a few steps on your own to...