Posted on August 30,2024 in Estate Planning

When it comes to estate planning, many business owners often overlook the importance of business succession planning. However, this type of planning ensures that your personal or family business continues to thrive even in your absence. Contact a lawyer to explore why including business succession planning in your estate plan is vital, especially for Illinois entrepreneurs.

Protecting Your Legacy

One of the primary reasons for business succession planning is to protect the legacy you have built over the years. A well-structured plan ensures that your business continues to reflect your vision and values. Business succession planning also ensures:

• The continuity of operations – A clear succession plan prevents disruptions in business operations during transitions.

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 Posted on August 25,2024 in Child Custody

The state of Illinois requires parents to complete a court-approved parent education course whenever they establish a first-time parenting plan. This applies to both married parents going through a divorce and couples who were never married but are now requesting a custody ruling by the court. In some cases, the court may require parents to take the course again if there has been a request for modification to the original court-approved or court-ordered custody plan.

If a parent does not complete the course, his or her parenting time could be impacted. Your Illinois family lawyer can help guide you through which class is appropriate for your situation.

How Do the Classes Work?

The purpose of the class is to provide parents with the information and tools to help them co-parent in a cooperative manner and to help them provide support for the child as the family navigates through the divorce/breakup process.

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 Posted on August 17,2024 in Estate Planning

There is a misconception that the only people who need to have an estate plan in place are those who are older or have significant assets. The truth is that every adult should speak with an Illinois estate planning lawyer to ensure their family will be protected should something happen to them.

One common group of people that A. Traub & Associates helps with estate plans is single parents. Many of our clients are going through divorces and child custody issues and seek out the legal help of our family lawyers. However, our estate planning attorneys know that it is especially important for single parents to have an estate plan in place to protect their minor children.

Do I Need to Choose a Guardian?

If your child’s other parent is active in their life, either through shared custody or frequent parenting time, then the likely outcome should something happen to you is that your child will be with the other parent full-time.

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 Posted on August 08,2024 in Family Law

Egg donation agreements are legally binding contracts that outline the terms and conditions between intended parents and egg donors. While these agreements are designed to protect all parties involved, circumstances may arise where terminating the contract becomes necessary. An Illinois lawyer can help you with the legalities of terminating an egg donor agreement, providing important assistance for both intended parents and donors during a sensitive time.

Make Sure You Understand the Grounds for Termination

Egg donor agreements typically include specific clauses that outline valid reasons for termination. Several common grounds for terminating an egg donation agreement include medical issues, breach of contract, mutual consent, legal or regulatory changes, and instances of fraud or misrepresentation.

Review your specific agreement carefully, as termination clauses may vary. Each agreement is unique, and the grounds for termination should be clearly stated within the document. Understanding these grounds is the first step in determining whether you have a valid reason to pursue termination.

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 Posted on July 31,2024 in Estate Planning

People in certain professions know they risk serious injury or death when they go to work. Roofers, pilots, police officers, firefighters, and others face the real possibility that they may suffer a major injury that leaves them incapacitated. Even for those in less dangerous lines of work, it is impossible to tell the future. A sudden car accident, fall, or illness can affect a person’s ability to make decisions for himself or herself, or what the law calls "capacity."

A person who is incapacitated is generally unable to make sound decisions about his or her own health. That is why many people hire an Illinois estate planning lawyer to draft a medical power of attorney, also known as an advanced directive. This is a legal statement in which an individual authorizes an agent to make medical decisions on his or her behalf if he or she becomes incapacitated.

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 Posted on July 25,2024 in Child Custody

Illinois law takes parental rights very seriously. The state views both parents as essential to the child’s life and development, mother and father in equal measure. By default, both parents have equal rights and responsibilities to the child. Courts do not look kindly on a parent who tries to undermine the parental rights of the other.

However, sometimes a court will terminate the rights of a parent. This is a serious legal procedure that ends a parent’s right to his or her child. Sometimes it is initiated by a parent voluntarily, and sometimes it is involuntary. This article will discuss parental rights termination and when it occurs. Consult an Illinois parental rights attorney with any questions about parental rights or obligations.

What Are Parental Rights?

Parents have a right to physical custody of their child, known in Illinois law as "parenting time." Both parents have an equal right to physical custody by default.

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 Posted on July 14,2024 in Estate Planning

You may have heard the term "estate plan" without being sure what it means, or you might think only the elderly or wealthy need to have one. The fact is, everyone who has children or assets needs an estate plan. If you do not make your wishes known while you can, someone else will make them once you are gone.

Although some projects are suitable for DIY, estate planning is not one of them. Planning your estate is best done with the help of an experienced lawyer.

What Is Estate Planning?

Your estate includes all the possessions and assets you accumulate through life, such as real estate, cars, stocks, bank accounts, and personal items. Estate planning lets you:

• Decide how you want those assets distributed after your death

• Preserve the value of your assets

• Minimize tax burdens for you and your beneficiaries

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 Posted on July 06,2024 in Divorce

Not all divorces are alike. Some couples end their marriages in a flurry of hostility and try to avoid any further contact after the divorce. Others maintain good relations and communication even after their marriages officially end. In some cases, a couple might feel it makes sense to continue living together post-divorce.

But even if you and your ex are willing to live together after the divorce, is it legal? This article will discuss whether you can live with your ex-spouse after a divorce in Illinois. However, it is always best to direct any questions about divorce to an Illinois divorce attorney.

Why Do Some Couples Want to Continue Living Together?

Although it may not happen very often, there are several reasons why some divorced couples choose to live together: 

• At least one spouse lacks the financial means to find other living arrangements. This is the most common reason couples choose to continue living together. It is also becoming more frequent as inflation skyrockets and fewer people can afford new housing.

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 Posted on June 29,2024 in Estate Planning

An estate plan is critical in securing your legacy and ensuring your requests are carried out after you pass away. While many people believe that having a will is sufficient, there are compelling reasons to consider establishing a trust, even if you already have a will in place. An Illinois lawyer can help you explore the benefits of trusts and why they might be valuable to your estate plan.

I Already Have a Will. Do I Need a Trust?

A will is an essential document that clearly demonstrates how you want your assets divided after you pass away. However, a trust can offer additional benefits that a will cannot provide. While a will goes through probate, becoming public record and potentially causing delays, a trust allows for quicker, more private asset distribution without court intervention. This privacy protection can be crucial for maintaining family confidentiality and preventing potential conflicts. A trust can also provide for your care if you become incapacitated, whereas a will only takes effect after death.

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 Posted on June 22,2024 in Estate Planning

When it comes to dividing your estate among your heirs, you should approach the process with careful consideration and planning. By taking the time to thoughtfully allocate your assets, you can ensure that your wishes are carried out and minimize potential conflicts among your loved ones. An Illinois lawyer can help you navigate the estate division process and give you advice about how to divide your assets.

The First Thing to Consider As You Divide Your Estate

Before diving into the specifics of asset distribution, taking a comprehensive inventory of your estate is helpful. This includes valuable possessions such as real estate, vehicles, and personal belongings and intangible resources like bank accounts, investments, and insurance policies. Having a clear understanding of your estate’s composition will serve as a solid foundation for the division process.

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