Call Us630-665-2500

128D S. County Farm Road, Wheaton, IL 60187

DuPage County Commercial Real Estate LawyerReal estate investors often buy commercial properties with the intention of updating, modifying, or improving the property. If you are buying commercial real estate, it is crucial that you understand the zoning and land use laws that will affect you. Strategic commercial development avoids zoning violations that will cause legal and financial headaches. If you are building on commercial property, work with a real estate lawyer who can help you complete your development project efficiently and legally.

Zoning Laws and Land Use Rules

Like most things in commercial real estate, modifying or building on a commercial property comes with a considerable amount of red tape. Anyone beginning a development project will want to understand how land use and zoning laws apply to the project.

Make sure you understand your obligations regarding:

...

Continue Reading...

DuPage County Living Will LaywerThe pandemic has made many of us more acutely aware of our own mortality.  It has also forced us to confront the difficult question of what our end-of-life wishes would be if we were to become seriously ill.

A living will is a legal document that allows you to spell out your preferences for medical treatment in the event that you are unable to communicate them yourself. Creating a comprehensive estate plan, including a living will is important regardless of your current age or health.  It is especially important if you have a chronic or terminal illness, or if you are over the age of 65.

What Does a Living Will Cover?

A last will and testament describes how your earthly possessions are distributed to heirs. A living will, on the other hand,  is all about your healthcare and treatment preferences. It allows you to make decisions in advance about the kind of medical care you would or would not want to undergo if you were extremely sick. This spares your loved ones from having to guess what your wishes are.

...

Continue Reading...

DuPage County Residential Real Estate LawyerIf you are in the process of buying or selling a home, you may be wondering what to do if you come across a mechanic's lien during your transaction. A mechanic's lien is a claim that a contractor or subcontractor has against a property for unpaid work. If you are the buyer, this can be a huge problem because it means that the property you are interested in purchasing may have a debt attached to it. If you are the seller, a mechanic's lien can also complicate things because it may reduce the amount of money you ultimately receive from the sale.

What is a Mechanic’s Lien? 

A mechanic's lien is a claim that a contractor or subcontractor has against a property for unpaid work. For example,  if you hire a contractor to build a deck and the contractor is not paid for their services, they may put a mechanic's lien on your property. This means that if you try to sell your home, the contractor can come back and claim the money they are owed out of the proceeds from the sale. Unfortunately, some homeowners find themselves facing mechanic liens even if they believe they have already paid their contractor in full. 

Addressing Mechanic’s Leins During Residential Real Estate Transactions 

If you are selling your home, but there is a mechanic’s lien on the property,  the first thing you should do is try to negotiate with the contractor who placed the lien. You may be able to come to an agreement about how the debt will be paid off so that it does not interfere with your sale. Work with an attorney who can advocate on your behalf during negotiations and provide the step-by-step guidance you need. If you are buying a home and there is a mechanic's lien on the property, you may need to work out an agreement with the seller about how the debt will be paid before you can close on the home. 

...

Continue Reading...

Wheaton Probate AttorneyThe last will and testament is the fundamental estate planning document. However, there are many other estate planning tools that can better meet unique financial needs and personal objectives. Unlike a will, a trust is a separate legal entity that can own assets and distribute them according to the terms of the trust agreement. A key advantage of a trust is that it can help avoid probate, which is the legal process used to validate a will and distribute a deceased person's assets.

There are two main types of trusts: irrevocable and revocable. As the name suggests, an irrevocable trust cannot be modified or revoked once it has been created. A revocable trust, on the other hand, can be modified or revoked at any time by the grantor, as long as they are alive and competent. Both types of trusts have their own advantages and disadvantages that should be considered before deciding which is right for you.

Advantages of an Irrevocable Trust

Asset Protection - One of the main advantages of an irrevocable trust is that it can protect your assets from creditors and lawsuits. Once you transfer assets into an irrevocable trust, they are no longer legally owned by you. This means that creditors cannot go after them to satisfy your debts.

...

Continue Reading...

IL business lawyerAs any business owner can tell you, running a business means constantly having a lot on your plate. From paying employees to making sure contracts get completed on time, to running inventory and making helpful community connections, the life of a business owner rarely involves downtime. In the hustle and bustle of everyday commerce, it can be easy to lose track of exactly how much a business is worth. How do you know your business’s worth, anyway? Will it depend on who you ask and which method of valuation you use? An Illinois business law attorney can help you answer these questions while ensuring that you have the legal representation you need.

Methods of Valuing Businesses

There are many ways to determine a business’s value. The right one for you will depend on the type of business you own and your goals. For example, determining a business’s value for the sake of securing a loan may be done differently than determining the value for the sake of getting a divorce. The three primary methods of business valuation are:

  • Comparable analysis - Also known as the market value approach, this method compares the value of your business to other similar businesses in the area
  • Asset-based approach - This method calculates a business’s value by comparing the business’s total assets to a business’s total liabilities
  • Earnings approach - This approach assesses a business’s value by determining how much revenue the business has the potential to produce in the future, looking at past earnings, existing contracts, and expected future cash flows
  • Whichever method you use, be prepared to gather extensive documentation on things like:
  • Your business’s reputation
  • Your business’s age
  • Trademarks
  • The uniqueness of the product or service your business offers
  • Past tax filings
  • Employee pay records
  • Expense records and invoices

When Does a Business Owner Need to Assess a Business’s Value?

There are many situations in which a business owner may need to assess the exact value of her business. These include, but are not limited to:

...

Continue Reading...

Back to Top