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Illinois house shopping, DuPage County Real Estate AttorneyPurchasing a new home can be both exciting and intimidating. Looking at different real estate listings, daydreaming about your ideal home, and gathering different decorating ideas can be fun. However, dealing with the financial requirements and trying to understand the real estate and legal jargon can be confusing. Therefore, consulting with your own DuPage County real estate attorney when you are ready to make the move is essential.

There are several common mistakes made when shopping for a new home, and knowing what those mistakes are can help you avoid those pitfalls.

Mistake #1: Looking Before You Are Ready

The first factor to consider is if you are really ready to purchase a home. Although you may prefer to build equity each month instead of handing your money to a landlord, most real estate specialists agree that if you are planning on moving away from the area in which you are currently living, then you should avoid purchasing a home until you know where you will be settling. If you purchase a home now, you may not be able to resell or rent the home when you move away.

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living will, Wheaton estate planning lawyerYou may have already considered how you want your assets distributed to heirs after you pass away, but this is not the only issue that estate plans can address. Have you ever wondered what types of medical treatment you would want if you became incapacitated through a serious illness or injury? For example, if you were involved in a car accident and left comatose, would you want doctors to do everything possible to extend your life? Would you want a feeding tube, mechanical ventilation, or other death-delaying procedures? Would you want to let nature take its course?

Through a living will, you can make these types of decisions in advance. This saves your loved ones from being forced to make these decisions for you and also gives you the peace of mind knowing that your medical wishes will be followed.

The Terri Schiavo Case Emphasized the Need for a Living Will

Although it was over 20 years ago, many people still remember the media frenzy surrounding Terri Schiavo. The young woman fell into an irreversible persistent vegetative state after suffering a cardiac arrest at age 26. Her husband believed that Terri would not want to be kept alive via long-term life support and elected to have her feeding tube removed. The woman’s parents strongly disagreed and wanted their daughter to continue receiving artificial hydration and nutrition. The case resulted in a seven-year legal battle.

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sole proprietorship, Wheaton business law attorneysIf you are considering starting a business, you have a number of important decisions in front of you. One of the most critical decisions you will ever make about your business is what type of business structure you should choose. Your business structure will determine how you pay your taxes, to what degree your personal assets are at risk, your day-to-day operations, and more. Some of the most common business structures include S-corporation, partnership, limited liability company, and sole proprietorship. Each structure has its own advantages and drawbacks and the types of structure you choose will be based on your needs and business goals. In this post, we will be discussing the benefits associated with a sole proprietorship.

What is a Sole Proprietorship?

In a sole proprietorship, there is no legal distinction between the business entity and the business owner. A sole proprietor is solely responsible for the ownership and management of his or her business and does not share ownership with other partners. A sole proprietor receives all of the business’s income but is also responsible for the business’s liabilities, debts, and taxes. The business assets are not separate from the owner’s personal assets as with many businesses.

Sole proprietorships are a popular choice for many new business owners because establishing a proprietorship is often more affordable and less complex than other types of business structures. As a proprietor, a business owner has full decision-making power over his company. Of course, with this power comes significant responsibility. If the company incurs debts, the owner may be held personally liable. A business is automatically considered a sole proprietorship if it is not registered as another type of business. If you start a business and do not register your business with the state, you must pay your business taxes as a sole proprietor. A sole proprietorship may be the right choice for you if you want to start a low-risk business or you want to test your business idea before establishing a more formal business structure. Once your business starts to grow, you may choose to restructure the business as a corporation or other business type in order to meet your evolving needs.

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valuation, Wheaton divorce attorneysWhen you are going through a divorce, financial and property considerations are often among the most complex elements of the process. Dividing marital assets can be intensely personal, as well as extremely confusing, depending on what your marital estate includes. For example, if you and your spouse bought a particular piece of furniture, you may both have a sentimental attachment to it and deciding who should get to keep it may cause an argument. However, if you or your spouse own a business—or part of one—determining how those interests are to be handled in divorce may be much more challenging.

Proper Valuation Matters

To ensure the entire process of dividing property is completed equitably and in accordance with the law, you will need to establish the value of the business interests to be included in the marital estate. In fact, a business valuation is important even the company is non-marital, as personal assets of each spouse must be taken into account as well.

There are several commonly accepted methods of completing a business valuation. Each involves a different philosophy of business analysis, and, while none is objectively superior to the others, the approach you choose will probably be based on how you see your company:

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coronavirus, Wheaton real estate attorneysAs a novel (new) coronavirus continues to spread in the United States and around the world, governmental authorities and agencies have taken serious steps to limit the reach of the virus. Here in Illinois, Governor J.B. Pritzker first ordered the closure of non-essential businesses, eventually to be followed by a “stay-at-home” or “shelter-in-place” order that became effective last weekend.

For many families, the COVID-19 outbreak coincided with their search for new homes or their attempts to sell their current homes. If this describes your situation, you may be wondering about the status of your transaction, as well as what the road ahead might look like.

Real Estate Is an Essential Industry

According to the governor’s list of essential and non-essential businesses, the real estate industry is considered essential. Under the Illinois shelter in place executive order, real estate businesses—including real estate brokers and attorneys—are permitted to remain operational, but they must remain compliant with social distancing and other required preventative measures. This means keeping a safe distance from other people, conducting as much business as possible using telephone, email, or video conferencing, and absolutely staying home if you feel sick.

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