Resources
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Succession Planning Basics
Question: I am the sole owner of stock in a corporation in which my child is actively employed. I wish to pass my shares to my child but provide a continuing income stream to my spouse once I cease working for the company. I do not want my spouse involved with the business. Any thoughts on how I might get started?
Practical E-Discovery Approach Prevails
Most readers will remember the saga of Broadway Bank and its demise in early 2010 under the hand of the Giannoulias family. The public airing of the bank’s dirty laundry not only sank Alexi Giannoulias’ U.S. Senate bid that November, but inevitably spawned litigation that continues today in Chicago federal court.
Same Sex Marriage Planning Opportunities
Question: I am a partner in a same-sex marriage now residing in Illinois with my spouse. What actions, if any, should I take in light of the recent case treating same-sex marriages the same as conventional marriages?
The Labor and Employment Report: Getting the Workplace Ready for Illinois’ New Concealed Carry Law
On July 9, 2013, Illinois became the final state in the nation to allow residents to carry concealed weapons. The Illinois State Police intends to begin accepting applications for concealed carry licenses on January 5, 2014 and licenses will be issued thereafter. For employers concerned about the potential risk for increased violence in the workplace due to employees and others carrying concealed weapons, there are a few basic steps that they should consider taking.
Federal Court Saves ‘Ridiculous’ Argument
It was Napoleon, after retreating from Moscow in 1812, who famously remarked, “There is only one step from the sublime to the ridiculous.” In a compelling federal appellate opinion issued slightly more than 200 years later, the court found nothing remotely sublime about State Farm and its counsel labeling their opponent’s argument “ridiculous.”
Consummating Tax Planning Before Statutory Changes
Question: In anticipation of legislative changes, I was advised to engage in various gifting and other tax planning transactions at the end of 2012 which I did not do. Now that the law has essentially remained the same, is there any immediacy to embark on such planning?
Structuring Salary Continuation and Disability Insurance Plans
I. Statutory AnalysisA. Income Exclusion For Benefits. Gross income does not include amounts received through accident or...
Incorporating Disability Buyouts Into Stock Restriction Agreements
I. PURPOSES OF STOCK RESTRICTION AGREEMENTS (A/K/A BUY/SELL AGREEMENTS)
Sound Agreement Helps Rep Avoid Loss of Commissions
After signing a new contract with a principal, most reps will properly focus on generating sales within the newly assigned territory. Even in this era of corporations getting gobbled up or “restructured” on a regular basis, little thought is given to what happens if the principal gets bought out. Yet several important questions are usually presented.
Limits on Access to Social Media Communications are Inconsistent
Individuals suing companies, especially those raising personal-injury or employment claims, must recognize that their social media postings are increasingly subject to exploration in discovery. A plaintiff claiming debilitating back injuries, for example, would do well to avoid posting post-accident photos of herself on horseback.