Worker’s Compensation Insurance for Condominium Associations – Is it Necessary?

Do condominium associations need Worker’s Compensation? For a large high rise with 24 hour security, building engineers and janitors the answer is obviously yes, since all these people are full time employees of the association. For smaller condominium associations the answer is less obvious. Recently the board treasurer of a 16 unit condominium association asked me about whether his condominium…read more →

Secretary of State Warns of Scam on Corporations

The Illinois Secretary of State posted the following warning of a scam to charge a fee for filing corporate minutes. As the Secretary of State warns corporations are not required to file their corporate minutes. WARNING! A non-governmental firm called “Illinois Corporate Compliance” or “Annual Corporate Compliance” is contacting Illinois businesses in an attempt to collect a $150 fee to…read more →

Will Essentials

A Will is a very important document. You should review it periodically to make sure that it expresses your intentions. Along with the provisions that deal with to whom you are leaving your property, there are several other provisions that are equally important to make sure that your Will functions that way you intend. Here are a few provisions that…read more →

Estate Planning Not Just for the Wealthy

Estate Planning is not just for the wealthy. Estate Planning also is important for people with modest means too. A recent article in the Chicago Tribune titled Estate planning saves headaches for heirs discussed reasons that estate planning is important for people with modest means. The article highlights some of the challenges people are now facing such as providing for…read more →

Providing for Parents in Your Will

This linked article provides two good examples of why it can be appropriate to include your parents and or grandparents as beneficiaries of your Will or Revocable Trust. If you currently are supporting either your parents or grandparents or even if you anticipate needing to provide some support for them in future, it would make sense to include a provision…read more →

Illinois Estate Tax

New Illinois estate tax legislation may provide a way to defer Illinois estate tax. Currently there is $1.5 million difference between the Illinois and Federal estate tax credits. This could result in some estates for Illinois residents having to pay Illinois estate tax even though they were exempt from Federal estate tax. For 2009 the Federal estate tax credit is…read more →

Good Estate Planning – Not Just a Will and a Trust

A good estate plan includes not only a Will and possibly a Living Trust, but also includes a review of beneficiary designations. It seems obvious that a Will transfers property in your estate.  But what may not be so obvious is that if you have beneficiaries named for bank accounts, brokerage accounts, life insurance policies those would not be part…read more →

US Targets Smaller Businesses for Hiring Illegal Aliens

The Department of Homeland Security announced last week that it is going to be targeting businesses that employee illegal aliens for prosecution.  In a fact sheet, the Deparment of Homeland Security indicated that it will target smaller businesses for prosecution.  Previously, the Homeland Security targeted business with at least 150 illegal employees.  Now Homeland Security is targeting business with at…read more →

Condo Insurance Requirements

If you live in a condominium or manage a condominum Illinois law specifies minimum amounts of insurance the condominium association must carry.   As you probably know, in Illinois, most aspects concerning a condominium are governed by statute in 765 ILCS 605, commonly known as the Illinois Condominium Property Act(the “Act”).  Specifically, Section 12 of the Act discusses the insurance…read more →

Secretary of State Jesse White on Online Filing Fees

In a January 23rd post , I wrote about Illinois Secretary of State premium/penalty for filing annual reports online.  The premium that Secretary of State charges for filing online is 50% above the normal filing cost.  Since then I had the opportunity to speak with Illinois Secretary of State Jessie White personally. I gave Secretary White my reasons opposing his…read more →