Putting your estate in order

A document about Estate planning

Estate planning for business owners.

For business owners, an effective estate plan addresses a number of concerns over and above the desire to care for surviving family members. Control over who will run the business, conservation of the owner’s assets in the face of legal expenses and taxes, and the liquidity to pay estate taxes due shortly after death are just some of the most pressing issues.

For the sake of their heirs, business owners should plan for the orderly transfer of their wealth including their business interests well in advance.

Prepare for Estate Taxes:

Depending on the value of business and personal assets at the time of death, the law may require that estate taxes be paid on the value of the business. If there is not enough cash on hand, heirs may have no choice but to sell the business prematurely or for less than the real value.

Some business owners use an irrevocable life insurance trust to purchase policies on their life, collect any death benefits, and distribute the money according to prearranged terms. The proceeds can be used to pay any estate taxes due, so heirs are not forced to sell a business, property, or other assets they would prefer to keep in the family. The use of these approaches can involve a complex web of tax rules and regulations. You should consider the counsel of an experienced estate planning professional before implementing such strategies.

Plan for Successful Succession:

A buy-sell agreement may be forged between the owners or shareholders of a business, outlining the terms for a buyout in the event of death or disability. It usually includes a pre-negotiated sale price, but can also explicitly request individuals to sell their interests to others or indicate who should manage the business operations.

Payments from a life insurance trust may also be used to buy assets from an estate, such as transferring ownership of a family business according to a pre-existing buy-sell agreement.

Your business is not just your livelihood. It’s likely to be the largest portion of your estate and thus the core of the legacy and security you intend to leave behind for your family. A solid estate plan can help keep your business intact through the most difficult transition of all.

Tips On Avoiding Home Safety Risks

Home Safety icon on a white background

Now that you’ve weathered the winter, the door is open for you to focus on the maintenance of your home not only the inside of your home but outside, too, making sure the house is safe and properly maintained. Doing this will help to prevent safety risks and costly repairs in the future. Therefore, here are some simple suggestions:

Inspect the deck: Wooden decks can become damaged and corroded from the harshness of winter. See if nails or screws are popping up. Clean the deck and seal it. 

Check electrical outlets and extension cords: Replace any loose-fitting plugs or frayed extension cords to prevent a fire hazard.

“Degrease” the garage: If the family car has been leaking oil or other fluids onto the garage floor all winter, now is a great time to clean it up. A greasy garage floor is slippery and potentially a fire hazard. Use nontoxic, nonflammable, biodegradable degreasers such as Simple Green. Pour the concentrate on liberally and scrub with a nylon brush. Cover the area with about an inch of kitty litter and let it sit for 24 hours. Sweep away the kitty litter for a clean floor at low cost.

Improve the yard with size in mind: Look to see how plants and trees have grown during the past year. They may be too large and could cause damage to the home’s structure. Leave enough space between the house and those baby shrubs you’re planting to allow 12″ between the plant and wall. This provides adequate ventilation and reduces the risk of future damage.

Clean the A/C: Use your garden hose to rinse off the evaporator coil fins on your A/C condenser unit. 

Check the garage door: The garage door can weigh up to 400 pounds. Springs and balancing mechanisms can fail over time, which can cause great damage to the door and harm to people around it. Now’s a good time to take a close look at the springs.

To avoid safety risks and expensive repairs down the road, it’s always a good idea to get a complete home inspection from a reputable and established company such as Pillar To Post. 

Inspect smoke, radon, and carbon monoxide detectors: Test them and change the battery every three months or as needed. Be certain there is a detector on each floor of the home.

Illinois Real Estate License Act (RELA) signed into law

Gov. J.B. Pritzker signed the Illinios Real Estate License Act (RELA) into law, a move that strengthens rules for training and professionalism and enhances consumer protections.  

Public Act 101-0357 was signed on August 9, 2019. It is a rewrite of the Illinois Real Estate License Act, which by statute must be revised every decade to reflect industry changes. 

New Illinois law prohibits landlords from evicting tenants…

Illinois has become the second state to prohibit landlords from evicting tenants solely because they’re living in the U.S. illegally.

The measure Democratic Gov. J.B. Pritzker signed into law also prohibits landlords from reporting or threatening to report tenants’ immigration status to authorities in order to intimidate them, or as retaliation for exercising their rights as tenants, or to force them to move out.

Read more in the article posted in the Chicago Tribune.

https://www.chicagotribune.com/politics/ct-jb-pritzker-immigrant-tenant-protection-20190821-vh32aefcwnaurp2a5d4u3v37ni-story.html

Fake Checks

This is a great article posted on the BBB website that talks all about fake checks.

https://www.bbb.org/article/news-releases/18367-dont-cash-that-check-bbb-study-shows-how-fake-check-scams-bait-consumers

Give A Smile-Get A Smile

In today’s world of technology, we do not have ample opportunity to get personal. Life is fast-paced and everyone seems to be in a rush. We dial the phone and we talk to machines. We spend long hours on the computer playing games, emailing one another or working with our web pages. Even in the office environment, we email the person in the cubicle 3 feet away instead of walking over to hand them a task list.

Don’t get me wrong. I love technology. I cannot imagine ever being without my computer and am guilty of spending a large part of my day working online. The computer and the Internet afford many opportunities. Now at no charge outside of my Internet connection, I can communicate with persons all over the world. If screened carefully young people have a world of education available at their fingertips. I could continue to expound on the many benefits that technology has brought into our lives. However, that is not the gist of this article.

As a result of the technological age of today’s world, our personal touch with one another is decreasing. We need to take full advantage of the opportunity to be personal. Humans are becoming strangers to one another. People are in a hurry to get on with the business of living and walk past each other on the street without even a nod.

Have you wondered why there is so much clinical depression in the world today? Ask yourself why our young people are so distressed. Why so many of them attempt suicide or worse the murder of their classmates or families. Do you conclude as I do that we need more of a personal touch?

Have you taken notice to how you felt when you were standing in line at a bank and someone turned and smiled at you? Prior to that smile, you were feeling very anxious, possibly tapping your foot in impatience. You weren’t very happy to be there waiting in a long line. You had things to get done and you were getting more frustrated by the minute. It was one of the mundane drudgeries we all have to go through. Then comes this smile from the person in the line next to you and suddenly you feel much better. You are compelled to smile back. You do so without giving it thought, as though it is a natural inclination to reciprocate the smile.

Think about it, don’t you feel compelled to smile back when someone smiles at you? Doesn’t if lift your mood, and bring you out of a frustrated frame of mind? But that smile does so much more than that. It makes you feel accepted and liked. Somebody cares and shares the things you go through. It makes you part of a group, an integral part of the human race. If you do not think that our society, do research into why our young people join gangs. The kids will tell you they are seeking to belong, to be a part of something. The gang becomes an extension of the family.

There is power in the smile, you see. Its as though that instant someone waved a wand and all the drudgery disappeared. You suddenly feel warm and responsive and the person who offered you a smile has just gone from a stranger to be wary of to a kindred spirit. Sometimes a conversation is started and now the mundane drudgery has actually become an enjoyable experience. You no longer feel frustrated and rushed and in spite of yourself and enjoying yourself. The world is now warm and fuzzy instead of cold, fearful and bitter.

I do not mean to imply that giving and receiving a smile is the solution to the world’s problems, but it is a very good place to start. We all need to feel that sense of belonging. We are after all members of the same human family. We should feel moved to embrace each other in our hearts and minds.

So go ahead and smile. I dare you. But be careful. You might find the world a friendlier place to live. You might find that people are warm and kind and appreciative. Your smile might just make their day.