Category: Uncategorized

Selling a small business is never an easy decision.  As a business owner, you put a lot of time and effort into building the business.  Therefore, it is often not just a financial decision, but an emotional one as well.  For this reason, it is important to have as much information as possible before moving forward.  If you do come to the conclusion that selling is the best route, be sure to avoid these common mistakes.

Not selling at the right time

Timing is everything when it comes to selling a small business.  Before listing your business, there are steps you should take to ensure it is best-positioned for a profitable sale.  Gather financial and tax documents for the last several years as well as legal documents such as leases agreements or client contracts.  Additionally, you should get the physical working area organized and in good working order by cleaning and completing necessary repairs.  While preparation is important, it should be done in a timely manner, since waiting too long to sell can also be a mistake.  The market can change quickly, and many factors can affect a buyer’s willingness to make an offer.  Evaluate your situation carefully and list when business is good in order to increase your chance of a good sale.

Not valuing the small business properly

In order to determine a reasonable listing price for your business, you must be sure that you have an accurate valuation.  You don’t want to lose money by selling it for too little, but listing it at too high of a price can scare off potential buyers.  It’s a good idea to get a professional business valuation which will give you an objective opinion of a reasonable selling price, based on the strengths and weaknesses of your business, its financial soundness and a comparison of your competitors and similar sales.

Trying to do it alone

Selling a small business is a complex process.  So it is unrealistic to expect that you could successfully navigate the whole process without any help.  This is your life’s work, so it is important to call in the experts to make sure the deal goes smoothly.  For the best support and guidance, surround yourself with a competent team.  First, this should include a business broker who can be extremely valuable in matching the right buyers and sellers.  Next, a good accountant will advise on your financial status, including your assets and liabilities and what will be included in the sale.  Finally, an experienced attorney is essential throughout the process for negotiating, preparing the necessary agreements to legally transfer the business, as well as ensuring that you complete the sale free from any further obligations or liabilities.

Not being financially prepared for life after the sale

When selling your small business with the intent of retiring, you must make sure you are prepared financially for life after you’ve sold it.  With no business to draw regular income from, you should have confidence in your savings and investments, as well as have a solid estate plan in place for security.  Working with an established attorney before you retire can help you develop a sound financial strategy for wealth protection throughout your retirement years.

The team at Churchill, Quinn, Richtman & Hamilton, Ltd is experienced in mergers and acquisitions and will be a valuable partner in selling your small business.  From transfer agreements to non-disclosure agreements to negotiating the best terms for your sale, we have decades of experience offering innovative approaches to complex transactions.  Additionally, our estate planning experts will help ensure your wealth is protected now and for future generations.   Contact us at 847-223-1500 or visit us online to learn more.

Additional information can be referenced here

While nobody wants to think of their eventual passing, getting your estate in order now is the best thing you can do to protect those you love in the future.  When you pass without a solid estate plan in place, your family may be subject to a lengthy probate process before your estate can be distributed.  One of the most important things you can do to make the process easier is to select a trustworthy executor to make sure your wishes are carried out as you intended.

Role of an executor

An executor is responsible for carrying out the terms of a deceased person’s will.  The will is a document that specifies a person’s final wishes and how they want their estate dispersed after they pass.  Acting as an executor is a big responsibility, as they become the legal representative of the deceased person’s estate.

Appointing an executor

There are a few basic requirements a person must meet in order to be named as an executor in the state of Illinois.  They must be at least 18 years old, a U.S. resident, and must be of sound mind. Additionally, Illinois prohibits anyone from serving as an executor that has a previous felony conviction.  It is wise to name an executor who lives close by, as the responsibilities may require a great deal of time, and may involve in-person appearances within the court system. However, if the executor lives outside of the state of Illinois, they may be required to post bond in some cases.

Above all, when preparing a will it is very important to name an executor who is responsible and who you trust to carry out your final wishes.  A person can refuse to accept this role, so it is smart to ask first, and then review a copy of the will beforehand to make sure everything is clear so there is no confusion after you pass.

Important duties

The primary focus of an executor is to manage and distribute a deceased person’s assets along with paying their debts.  A more detailed description of responsibilities could include (but is not limited to) the following:

• File the will and death certificate
• Notify others of the death (such as friends, family, financial institutions or government agencies)
• Get legally appointed by the court to be the executor to begin the probate process
• Set up an estate bank account
• Represent the estate in court
• Make an inventory of assets
• Properly care for the estate’s assets until they can be distributed
• Pay debts and taxes
• Distribute assets

We are estate planning and probate experts

Whether you are planning the best way to protect your estate for your heirs or trying to navigate the probate process after a loved one has passed, chances are you will need some help along the way.  Being named as an executor can be particularly overwhelming, especially if the estate is large or the will is complicated.  Our team is highly experienced in all areas of estate planning and probate and we can help alleviate some of the stress that is often involved when dealing with these matters.  Contact our office at 847-223-1500 for further information on probate, will preparation, estate planning, trust administration and more.

 

Additional information can be referenced here

Most people understand the important role an insurance policy can play as a form of financial protection in various areas of their lives.  And if the need arises to file a claim, they would also expect a quick and fair settlement from the insurance company.  But unfortunately (and surprising to many), purchasing an insurance policy does not automatically mean that your claim will be paid.

Whether you have a personal or business insurance policy, there is always a chance of your claim being denied.  Some examples of insurance policies that often encounter disputes might include:

• Auto insurance
• Residential homeowners insurance
• Title insurance
• Commercial property insurance
• Commercial general liability insurance
• Workers’ compensation insurance
• Medical insurance
• Life insurance
• Disability insurance

Why an insurance company may deny your claim

Insurance companies, like any business, want to maximize their revenue and minimize their losses.  Therefore, they often look to limit their payouts or even completely deny claims when possible.  Some common reasons that an insurance company could use to deny a claim would include:

• Coverage may not have been in effect due to missed payments or other factors
• There is a question of liability, or who was at fault, in the case of an accident
• The terms of the insurance policy may have been violated
• The information you provided on your original insurance application may be in question

Bad faith denials

One common and particularly frustrating form of denial is when the decision by the insurer is made in bad faith.  This means that the insurance company intentionally denies the claim when there is no valid reason to do so.  Or similarly, they could drag out the case for an extended period of time thereby delaying a settlement indefinitely.  If you believe you are a victim of bad faith by your insurer, you should speak to one of our attorneys who can help determine if a lawsuit would be an appropriate course of action.

An experienced attorney can help get a denial overturned

Insurance litigation is a very complex area of law.  An insurance policy tends to be very long and filled with legal fine print that is essential to understand if you want to succeed in a dispute with a large insurance company.  Our legal team at Churchill, Quinn, Richtman & Hamilton, Ltd is highly qualified to represent both individual and business clients in matters of insurance disputes and have helped our clients achieve successful resolutions in a wide range of situations.  Schedule your initial consultation to learn more about resolving your insurance claim dispute by calling 847-223-1500.

A medical environment, whether a hospital, doctor’s office, clinic or nursing care facility, can be chaotic at times.  In addition, extended wait times and unhappy patients can put added pressure on the medical staff.  However, this does not mean that the care you receive should be less than you deserve.  Medical malpractice can occur in any number of situations and it is something every patient needs to be aware of.

What Constitutes Medical Malpractice

Medical malpractice occurs when a medical professional or organization fails to provide appropriate care to a patient, which then results in injury or harm to the patient with damaging or lasting consequences (such as pain, suffering or other hardship).  This law refers to the actions of a doctor, nurse, hospital, surgical center, or any other professional or place that provides medical treatment.  It should be noted that a poor medical outcome is not always due to malpractice.  However, every patient has the right to a certain standard of care.  If that right is violated, legal action can be taken.

Examples of Medical Malpractice

There are different forms of medical malpractice which can be noted throughout the healthcare process.

• Diagnosing errors – doctors have the difficult responsibility of observing a patient’s symptoms, medical history and other contributing factors to determine what is wrong with them. Failure to correctly diagnose a patient can lead to an incorrect treatment plan and loss of time to appropriately cure what they actually suffer from.  Unfortunately, in a case of a serious disease, an initial diagnosing error can mean the difference between life and death.

• Surgical errors – surgeries are serious procedures, and patients put a lot of trust into the ability of their doctor and team to perform them safely and correctly. When a doctor makes a mistake during a surgical procedure, the results can be disastrous.  Errors such as operating on the wrong body part, nerve or tissue damage, or even leaving a foreign object inside a body are all grounds for legal action for medical malpractice.

• Medication errors – it is extremely common for a doctor to prescribe medication as part of a treatment plan. This practice, however, allows for a variety of situations in which errors can occur.  Prescribing a dose that is too high or too low, prescribing a medication that a patient is allergic to or has dangerous interaction with other drugs the patient is taking, or administering the wrong medication altogether can all be serious forms of medical malpractice.

What to Do if you Suspect You are a Victim

Again, not everything that goes wrong in a doctor’s office or hospital is a result of medical malpractice.  Certain criteria must be present if you want to successfully bring a claim against a medical provider.

• A duty of care was owed by the medical professional or hospital
• An action, or a failure to act, by the medical provider has breached the duty of care
• That breach directly results in injury or harm to the patient
• The patient experiences considerable physical, emotional or financial damage as a result of the breach

Medical malpractice claims are complex and it can be difficult to go up against a large medical practice or facility.  Call our office at 847-223-1500 to schedule your complimentary consultation to discuss your case.

Additional information can be referenced here

Investors of rental property are in the business of making money.  Whether on a small scale, like a residential property, or larger scale, as is the case in commercial leasing, landlords depend on consistent monthly rent payments in order to not only profit, but to cover their own financial obligations, such as mortgages, taxes, insurance, etc.  COVID-19 is the underlying reason behind many missed rent payments these days, and it is affecting landlords at all levels.

Residential Landlords

For landlords who are renting out an individual property (such as a single-family home, condo, townhouse or 4-unit building), non-payment of rent can be a difficult situation, as they often know their tenants on a more personal level.  Additionally, a smaller, residential landlord may not have a large cash reserve to cover the bills in the event of even one month of missed rent.  Here are a few suggestions for landlords that are trying to maintain a relationship with their tenant while determining what their legal options are.

• Unemployment is at an all-time high due to COVID-19 so your tenant may want to pay their rent but is simply unable to, due to a job loss. If it is at all possible to work with them on a temporary reduction in rent or other payment options, such as forgiving a month of rent now while adding it to the end of the lease, it could give your tenant the break they need to keep up future payments.
• Check with your own mortgage company to see if there are any options for the same type of payment assistance.
• Be aware that a federal order was issued by the Centers for Disease Control and Prevention (CDC) on September 4, 2020 to temporarily halt residential evictions through December 31, 2020 in order to prevent the further spread of COVID-19.  This order does not release your tenant from their obligations of the lease and rental terms, but it may be difficult to evict them if they stop paying.  Our attorneys can help you understand what your eviction rights are and if there are options, even with the order in place.

Commercial Landlords

COVID-19 has wreaked havoc on the businesses of our country.  Restaurants and bars have been forced to close or operate in a greatly limited capacity. Consumers are spending less money so demand for services and goods has been diminished.  Businesses of all types and sizes are suffering, and these commercial tenants are losing their ability to pay their rent.  Commercial landlords need reliable legal guidance now more than ever.

• Tenants may look to invoke a force majeure clause if it was included in their lease agreement, which could excuse their requirement to pay rent. Determining if the COVID-19 pandemic affords the legal right to do so is a complicated issue, and you will definitely need the assistance of a qualified attorney to defend your position.
• If your tenant is showing good faith efforts to attempt to make rent payments, it is best to try to accommodate them if you can. Negotiating new payment terms can help keep a good tenant in your space. However, always consult with an attorney to ensure the new documents protect your interests and are properly prepared.
• Opting to evict a tenant due to non-payment of rent can take much longer than in the past. Courts are extremely backed up right now so landlords should be prepared to expect extended delays in the process.

The legal team at Churchill, Quinn, Richtman & Hamilton, Ltd has decades of experience helping our business clients succeed through difficult challenges.  Now more than ever, business owners need help navigating the new legal issues that COVID-19 has presented.  For guidance in a landlord-tenant dispute, contact our office at 847-223-1500 to schedule your consultation.

Heading into retirement should give you a feeling of relief that your working days are over and your estate has been protected for you and for your beneficiaries.  To this end, there are certain actions you can take before you retire to ensure that your personal and financial affairs are in order.

Prepare or Update your Will

It’s never too early to begin your estate planning.  And a will is one of those important documents you can (and should) initially prepare at a young age.  However, as you get older, it is important to review your will to make sure your early intentions have not changed.  The distribution of your wealth and assets should be clearly detailed and your beneficiaries updated as you see fit.  As you retire, you’ll want assurance that when the time comes, your heirs will be taken care of according to your wishes.  In this respect, if you have not yet prepared a will, it is important to discuss the options with your attorney as soon as possible.

Have a Living Will Prepared

A will is necessary to protect your heirs after you pass, but a living will (as the name suggests) is meant to protect you while you are still here.  This important legal document outlines the type of medical care you want for yourself if you are unable to make the decision.  For example, pain management directives, organ donation and whether or not you would want to be kept alive by a machine would all be included in a living will.  You certainly don’t need to wait until you retire to have a living will prepared.  However, if you find yourself without one at retirement age, it is best to get one in order for your own peace of mind.

 Gift Wisely Before and After you Retire

If you have assets that you want to pass on to relatives, it is important to develop wise gifting strategies based on your needs.  There are advantages and disadvantages to gifting portions of your wealth before you pass versus after.  With both financial and emotional implications to consider, it is important to work closely with your attorney here at Churchill, Quinn, Richtman & Hamilton, Ltd to develop a strategy based on your specific circumstances.

Consider the Types of Trusts Available

When fine tuning your estate plan before you retire, you should consider if a particular type of trust could help you achieve your financial goals for yourself and for your heirs.  There are a number of advantages of establishing a trust. For example, a trust can establish a plan for managing your assets if you become incapacitated, as well as allow you to pass on your assets while avoiding probate.  Additionally, certain trusts have the potential to reduce estate and gift taxes.  There are a wide variety of options out there, but our attorneys can help you decide which trusts would be most beneficial for you and your family.

Our legal team at Churchill, Quinn, Richtman & Hamilton, Ltd is looking forward to helping you retire with confidence.  Call our office at 847-223-1500 to schedule a consultation or visit us online to see why our community has trusted us for legal guidance for over 100 years.

 

Additional information can be referenced here

By Mark Van Donselaar, Partner – Churchill, Quinn, Richtman & Hamilton, Ltd

 

It wasn’t long after I started practicing law (commercial litigation in particular) in 2005 that I came to realize I wasn’t very good at explaining what it was that I actually did.  At parties or social events, it was easy enough to say, “I’m an attorney”.   I was capable of that.  And don’t get me wrong, I understood what I did. I understood (at least marginally well) the issues of law that I was dealing with and the procedural aspects of the law. But when it came to telling others what kind of work I did, that’s where I struggled.

Commercial Litigation is Wide Reaching

You see, from the outset of my legal career, I practiced primarily in the area of commercial litigation – sometimes also referred to as business litigation. Whether called commercial litigation or business litigation, either can refer to an astounding variety of litigation. If I were to just scratch the surface as to the types of matters that could be included under the umbrella of “commercial litigation” it would include, but by no way be limited to: breach of contract disputes, fraud cases, breach of fiduciary duty claims, debt collection cases, construction cases, all manner of real estate disputes, shareholder and partnership disputes, mechanics lien cases, landlord-tenant disputes, restrictive covenant claims, and the list goes on and on and on.

One thing that I’ve always loved about my type of practice, is that there is endless variety. However, you can imagine that when explaining to other people (especially non-attorneys) what it was that I did, it didn’t take long for their eyes to glass over. I was jealous of the family law or criminal defense attorney who could explain his or her area of practice, which nearly everyone could easily relate to.

Over the years, I think I’ve gotten better at explaining the area of law in which I practice and the type of work that I do. I’ve found that giving good concrete examples of what I’ve done for clients is often better than saying “I practice in the area of commercial litigation”. That leads me to a recent client success story.

A Success Story for our Commercial Client

A client came to me in September of 2019 with a problem.  This client is engaged in business as a material supplier for construction work.  In other words, they sell everything from lumber, trusses, windows, and millwork that are used in construction.  As is typical in the world of construction and material suppliers, this client typically sells materials to its customers on credit. They were having problems with a customer who was well outside of its payment terms, so my client was looking to help to secure and collect upon the debt owed by the customer.

Upon reviewing the situation with the client, I learned that they were still able to perfect their mechanics lien rights for the majority of the balance that was owed by the customer. The mechanics lien allowed us to stake a claim against the real estate where the client’s materials were used, for the balance due my client for the materials that it provided.  We perfected our mechanics lien on the real estate, and shortly afterwards we brought litigation based on that lien.

We served the owner of the real estate with the lawsuit, and it didn’t take long for discussions to begin between myself and the attorney for the owner of the real estate. The customer was also served with the lawsuit, but it quickly became obvious that the customer had no ability to pay my client. Further discussions and informal discovery (sharing documents) with the owner’s attorney took place. Finally, the property was inspected to confirm that the materials furnished by my client were actually used for the construction and were of good quality.

I’m happy to report that after all of the foregoing, my client received the full dollar amount of the mechanics lien that we recorded on their behalf.  This matter was a textbook case demonstrating the value and importance of having a mechanics lien. The mechanics lien that we recorded secured the client’s ability to recover payment from the owner of the real estate where the work was done. Without the mechanics lien, the client’s claim would have been limited to a claim against its customer, which had no ability to pay.

I’ve been representing clients on mechanics liens throughout my career. While it (and commercial litigation in general) is sometimes a hard area of law to explain to other people, and does not make for the best stories at cocktail parties, the reward that comes with it are results like we recently obtained for our client.

Contact Churchill, Quinn, Richtman & Hamilton, Ltd for Your Business Needs

Whatever legal dispute your business may be faced with, our experienced team can provide the necessary support to successfully win your case.  Contact our office at 847-223-1500 to learn more or to schedule a consultation.

 

Covid-19 has deeply affected businesses of all sizes.  In these uncertain times, “business as usual” just doesn’t exist.  Employers are trying their best to keep their businesses open while also focusing on employee safety during a pandemic.

Develop Procedures to Prevent Infection

Having procedures in place that help reduce the chance of infection can go a long way in the fight for employee safety, and to promote a healthier and safer workplace.  Some examples could be:

• Encourage frequent hand-washing
• Provide hand sanitizer throughout the workplace that is at least 60% alcohol
• Keep individual work spaces and office equipment (such as phones or desks) isolated by installing additional barriers and/or discouraging use by more than one employee
• Maintain regular or enhanced cleaning procedures throughout the workplace. This could include more frequent cleanings, electrostatic spraying, etc. to disinfect high-touch areas and equipment
• Encourage mask or other PPE use by employees when appropriate, and ask customers or visitors to wear face coverings
• Increase ventilation rates to improve indoor air quality

Identify and Isolate Sick Employees

If an employee becomes infected, it is important to take steps to prevent them from transmitting the virus to other employees.  One way to do this is to ask employees to check their own temperatures before leaving for work.  Anyone that registers a fever should be instructed to stay home and follow CDC-recommended procedures.  Additionally, employers can safely and respectfully perform wellness checks for all employees and visitors upon arrival, through screening questions and temperature checks.  Those who show symptoms should be asked to refrain from entering the workplace.  Likewise, employees who become sick during the day should be sent home or to a medical facility immediately and their workspace should be closed off and thoroughly disinfected.

Allow Flexibility in the Workplace

One of the best ways to accommodate and protect employees is to make their workplace and schedules more flexible.  If it is not absolutely necessary for an employee to physically be present in the office, allowing them to work from home can go a long way in keeping them safe.  In addition to work-from-home options, policies should be in place for flexible sick leave for employees to care for themselves or family members if necessary.  These days, people need flexibility without a fear of losing their job. These flexible options will show that as an employer, you are keeping employee safety at the top of your priority list.

It may seem overwhelming right now to keep track of constantly evolving guidelines for employee safety at your place of business.  The above tips are just a small sample of the protective measures you can put in place to enhance the safety and security of your workplace and your employees.  At Churchill, Quinn, Richtman & Hamilton, Ltd, we understand your challenges and know that legal issues may arise due to current circumstances.  We are here to help guide you through these difficult times.  Contact us at 847-223-1500 or visit us online for more information.

More comprehensive information for employers can be found HERE and HERE

It can be so difficult for parents to send their child off to college for the first time.  After all, there are crazy things going on in the world and you won’t always be there in person to make sure they are alright.  While it’s difficult letting go, you still want to make sure you have the ability to help if they need it.  It should be noted that once a child turns 18, they are legally an adult and therefore a parent may not have the authority to step in and make decisions if necessary.  One way to provide some much-needed protection is to have a power of attorney (POA) prepared before they head off on their own.

Reasons They Need a Power of Attorney

When deciding if a power of attorney is really necessary, consider the following situations in which the document could be used:

• If they suffer from an illness or disability that prevents them from making financial decisions for themselves, a POA can give you the authority to make decisions for them
• If they were to experience a medical emergency, it can be very difficult for a parent to get any information from medical staff or make any medical decisions. This is because once they turn 18 years old, HIPAA (Health Insurance Portability and Accountability Act of 1996) laws prevent this disclosure, unless your child specifically gives them permission.
• Financial matters such as managing bank accounts, paying bills, filing taxes, or any other number of issues, can be difficult for your child to handle from a distance. A POA can allow you to step in to help when your child needs assistance.

Different Types of Powers of Attorney

There are 2 different power of attorney documents, and each serves a different purpose.  Thus, your best bet is to have both forms prepared in order to cover any possible scenario.

Medical Power of Attorney – If your adult child ends up in the hospital, this document can give you the authority to make medical decisions for them if they are unable to do so.  Without one, all medical decisions would be made solely by the doctors.

On this same note, it is also a good idea to complete a HIPAA authorization form.  If your child was involved in an accident, for instance, the law would prevent you from obtaining any information over the phone regarding their medical condition.  This form would give you legal authority to receive their private health data.

General Durable Power of Attorney – This document gives you the authority to make financial decisions on your adult child’s behalf.  This can allow you to help manage bank accounts or pay bills, or make larger decisions if they are unable to due to illness or disability.  Additionally, it can give you access to your child’s grades and transcripts.  Many parents do not realize that this information is not automatically available to them just because they are paying the tuition bill!

There is certainly a lot to think about before your child leaves for school.  At Churchill, Quinn, Richtman & Hamilton, Ltd, we are here to make that job a little less stressful.  Our knowledgeable team of attorneys can provide you with all the essential documents you need, so you can be confident they will be protected financially and medically.  Contact our office at 847-223-1500 to learn more.

Additional information can be referenced here

In today’s competitive market, businesses are often faced with many legal issues when it comes to protecting their assets. While trade secrets and other confidential information can be safeguarded through non-disclosure agreements, in some cases an employer may want to ensure an employee does not compete against them after termination. In this case, a non-compete clause can be beneficial.

 What is a Non-Compete Clause?

A non-compete clause (NCC), is a legal contract that prohibits an employee from conducting business in direct competition with an employer within a certain period of time after leaving the company. In some cases, it may also be referred to as a covenant not to compete (CNC) or a non-compete agreement (NCA).

Why is a Non-Compete Clause Important?

A non-compete clause is important because it protects a company’s confidential information and prohibits a former employee from using those secrets for their own advantage in competition against the business. For example, if a salesman leaves a larger paper company and goes into business for himself, a valid non-compete clause could specify that he would not be able to set up his paper company within 50 miles of the large company for a duration of two years after leaving.

What Happens if you Violate a Non-Compete Clause?

In order for a judge to uphold a non-compete agreement, the contract must be valid and “reasonable,” meaning it can’t be too restrictive. The contract should be clear with details such as how long it lasts and exactly what constitutes “competition”.

It is important to note that some states do not enforce non-compete clauses or are very limited in what they will allow, in the interest of free enterprise. In states where a non-compete clause is found to be valid, and has been violated, the result can include hefty fines and lengthy litigation.

Whether you are an employer who wants to protect your business trade secrets, or an employee who has been asked to sign a unclear non-compete agreement, our highly-qualified attorneys are ready to help. Contact Churchill, Quinn, Richtman & Hamilton, Ltd in Grayslake to get started!

Additional info referenced here and here.

If times have been especially hard financially, and you are wondering how to find relief, know that you are not alone.  Increasingly, many people are struggling with this exact problem.  More and more employees have been laid off, or have had their income decreased, and are dealing with unpaid bills.  In some cases, creditors are trying to offer solutions, but it may not be enough.  If you believe a bankruptcy is the way out, read on for important information you’ll need to get started.

There are Different Types of Bankruptcy

One size does not fit all when it comes to a bankruptcy.  Indeed, different situations call for different approaches.  The two types of bankruptcy to consider are:

• Chapter 7 – The quickest way to eliminate all, or most, of your debt is to file a Chapter 7  This type of bankruptcy can clear away your unsecured debt in a matter of months.  However, you will likely lose possession of much of your personal property.  Additionally, it can have a lasting negative impact on your credit report.
• Chapter 13 –A Chapter 13 bankruptcy is a structured repayment plan that allows you to pay off your debt over 3-5 years, based on your monthly income. If you have the means to make monthly payments, this might be a good choice.  Perhaps most importantly is because with this plan, you can stop foreclosure proceedings and avoid losing your home.  However, with this plan you are not actually getting rid of your debt all at once.  You are just paying it off with a modified payment plan.  This might not be the right choice if you need a more immediate solution.

When you speak to one of our attorneys, we will discuss your specific circumstances and help you determine which of these options, if any, is most beneficial for your family.

Only Certain Debt can be Included in a Bankruptcy

You might be wondering what type of debt you would be able to eliminate if you decide to file a bankruptcy.  The rules do differ a bit for chapter 7 and 13. However, both should allow you to discharge debt from credit cards, medical bills, personal loans, utility bills, back rent, lawsuit judgments or most other unsecured debts.  Secured debt, such as a mortgage or car loan, can also be discharged.  However, this also means that you would give up possession of that property.

When we review your outstanding bills, we can determine exactly which of your debts could be included, based on your specific case.

Some Accounts Cannot be Included

While a bankruptcy can offer you a fresh start, there are some types of debt that generally cannot be discharged in either type of filing.  Some common examples would include child support and alimony, student loans, many types of taxes, fines or penalties owed to the government or courts, or personal injury debts that resulted from a drunk driving accident.  Debts that are not included on your bankruptcy petition are also typically not discharged, so it is important to have a qualified attorney help you complete everything correctly.

Filing for bankruptcy is a serious decision.  Therefore, it is important to consider both the pros and cons. You may think it is a necessary action, but it may not actually be the right choice.  Speaking to a knowledgeable attorney is the best first step to determining your options.  If you do decide to file for bankruptcy, you will need strong legal guidance along the way to make sure all of the paperwork is completed and filed properly.  Contact Churchill, Quinn, Richtman & Hamilton, Ltd at 847-223-1500 to schedule your appointment with one of our experienced lawyers to discuss your case.

 

If you own real estate in Lake County, Illinois, you should have recently received your 2019 (payable in 2020) real estate tax bill. After picking your jaw up of the floor and otherwise recovering from the shock caused by such an unfortunate event, you’re probably wondering, now what? Though there isn’t anything that can be done to challenge the bill you just received, there are things that can be done so that next year’s real estate tax experience is less painful.

First Things First

The unfortunate reality (something you’d think we are becoming more accustomed to these days) is that the tax bill you just received in the mail cannot be challenged. All you can do now is grit your teeth and pay the bill.

But There Is Good News

The good news is, an ordinance recently passed by the Lake County Board does give taxpayers more time to pay the bill that they just received. Ordinarily, the first installment of taxes would have been due on June 8, 2020 and the second on September 8, 2020. This year, in response to the economic hardship being caused by the COVID-19 pandemic, an ordinance has been passed allowing deferred payment of real estate taxes. Under the new payment schedule, taxes may be paid in four (4) installments that are due on

• June 8
• August 7
• September 8
• November 9

While the deferred payment schedule offers some short term relief, the total amount of taxes that must be paid remains the same.

How Do They Calculate Your Taxes?

Before we go further, let’s pause to go over how real estate taxes are calculated. In Illinois, the amount owed for real estate taxes is based, for the most part, upon the assessed value of the property and the applicable tax rate. Legal challenges to the applicable tax rate are somewhat impractical and not all that successful. Therefore, to challenge and reduce your real estate tax bill we must turn to the assessed value of the property.

What Does Assessed Value Mean?

What is meant by the “assessed value” of the property? Assessed value is 1/3 of the “fair cash value”. Fair cash value is defined by law as “the amount for which a property can be sold in the due course of business and trade, not under duress, between a willing buyer and a willing seller.” Think of fair cash value as being the same as what is typically referred to as market value.

That takes us to the heart of the issue, how can you reduce your real estate taxes. Remember, you can’t contest the tax bill you just received. You can, however, begin preparing to contest next year’s taxes. Part of how you can prepare is by understanding the process.

Let’s Talk Tax Bill Process

Each year, from late summer to the late fall, assessments are mailed to taxpayers in Lake County. The assessment is printed on blue paper and is often referred to as the “blue sheet”.  Receipt of the blue sheet is crucial because Illinois law provides that challenges to the assessment must be filed within 30 days of the assessment being mailed to the taxpayer. This is why, when tax bills are received (which is when most people tend to be the most passionate about the amount they pay for taxes), it is not the time to act. Several months later, after the sting of receiving the tax bill has worn off, a strange, innocuous looking blue piece of paper is received in the mail. Countless times, the blue sheet is missed in the mail or disregarded, and thus, the opportunity to challenge the assessment of the property is missed.

How Can You Contest Your Taxes?

This year, we urge you to prepare well in advance to contest the assessment of your real estate. While the sting and the reality of your Lake County real estate tax bill is still fresh in mind, contact us to have us review your real estate tax situation.  This means you should make an appointment NOW.

What If You Don’t Win My Appeal?

If your property is correctly assessed, there’s no fee for our services. If we appeal your assessment, and we obtain a lower assessed value for your property, only then will you have a fee.  Our fees are 100% contingent upon successfully lowering the assessment and tax on your property.

You Need To Prepare NOW

Because you will have such a short window to contest your assessed value, it is best to have your case reviewed right now.  Then, when you receive your dreaded blue sheets, you will already have someone in your corner, fighting for you.  We are open for business right now.  We can talk with you and review your value via phone and by sending documents electronically.  Let’s see if we can save you money!  Contact us today at (847) 223-1500 to appeal your 2020 real estate taxes.

Adopting a new family member is a huge decision that can be both exciting and stressful. From selecting which type of adoption is best for you, to understanding the adoption laws that vary from state to state, the process itself can be challenging even for the most prepared adopters. It’s a good idea to hire an adoption attorney as step #1 in the process.

In addition to the legal obstacles, there are many myths surrounding adoption that may prohibit interested parties from adopting. Here’s the truth behind three common myths, and tips on how an attorney can help you through this important process.

All adoptions are very expensive

One of the most popular myths surrounding adoption is that it’s completely unaffordable for the average family. While it is true that some adoptions can be very expensive due to factors like international travel and private agency fees, not all work like this. There are many different methods of adopting and some even include subsidies and tax credits. One of the least expensive ways to adopt is through a foster program. Depending on the state, some foster adoptions cost under $1,000. Speaking with an attorney can help you clarify which type of adoption will work best for you, while still fitting within your budget.

Only young, married, heterosexual couples can adopt

This is simply no longer true. You do not have to be wealthy, under 40 years old, or married to adopt. Families are more diverse today than ever, and adoptive parents now include single people and same-sex couples. It is important to note that, while you may be able to adopt from a particular state or country, you still have to navigate through the legal process. A lawyer can assist you in understanding the various laws and restrictions that may stand in the way of your adoption.

The adoption process will take many years

Adoptions certainly take time, but not all of them take years and years. In fact, wait times are determined by many factors, including the type of adoption, your preferences, if you are using an agency versus a private adoption, if you are adopting internationally, and many more. The right attorney can help speed up the process by ensuring that you are taking the proper steps from the very beginning. Having all of your certified, notarized paperwork in place, being fully prepared for a home study, and having finances ready are a few ways that you can speed up the process, all of which can be facilitated by your attorney.

A qualified adoption attorney at Churchill, Quinn, Richtman & Hamilton, Ltd can answer your questions and ensure you are following the path that is best for both you and your growing family! Contact us today at 847-223-1500 to get started.

Additional information referenced here and here.

When you find yourself in need of legal help, it’s important to hire an attorney from a law firm that you can truly trust. Many people, however, scramble to search online or asking friends and family for last-minute recommendations. The lawyers of the law firm of Churchill, Quinn, Richtman & Hamilton, Ltd. are not only trustworthy and dependable, they are members of the Grayslake community themselves. Get to know your local lawyers – we are here when you need us!

Our History

For over 100 years, our family-owned practice has been headquartered in the same building on the corner of Whitney and Center Street in Grayslake. Our founder, R.W. Churchill, believed that a law firm should be a fundamental pillar of the community, and always operate with honesty and integrity. Over the decades, we have continued to honor that vision by serving and supporting the Grayslake community in many different capacities.

Our Attorneys

Since 1903, our firm has grown to include numerous family members, including R.W.’s son, George Churchill, and grandsons, Robert and William, in addition to others.

Today, our ten attorneys are some of the most skilled lawyers in the state of Illinois. And while we may boast the expertise and experience of a large law firm, you will receive one-on-one, personalized customer service like nowhere else. Our motto says it all: Large Firm Results, Small Town Focus.

 Our Specialties

Our numerous, highly-skilled attorneys are able to offer an expansive range of legal support to both individuals and businesses. From helping a single parent adopt a child, to litigating on behalf of large, multifaceted organizations, our law firm is committed to helping you navigate your legal challenges.

Should you find yourself in need of legal assistance, do not hesitate to call on the community law firm of Churchill, Quinn, Richtman & Hamilton, Ltd. We are honored to serve northern Lake County communities such as Grayslake, Round Lake, Gurnee, Libertyville, and many more. Contact us online or call 847-223-1500 to learn more.

Estate planning & Will planning may be on everyone’s mind a bit more during this crisis.  The experienced lawyers at Churchill, Quinn, Richtman, & Hamilton are here for you as always.  We are ready to assist via phone at (847) 223-1500.

We’d like to share some information from a recently published article in the Chicago Tribune:

Legal services were deemed an essential service as part of Gov. J.B. Pritzker’s stay-at-home order, which means attorneys are still working during the coronavirus pandemic. An attorney in Homer Glen said his one-man firm is carrying on. Just this week, he had a couple come in to sign their will and while he said he’s not inundated with calls from prospective clients during this pandemic, he has seen an increase in calls.

“Last Saturday, I met with an elderly woman who lives with her daughters who both work in the health care services industry,” he said. “She was terrified that one of her daughters is going to contract it through one of the patients and bring it home. So, it was sort of a wake-up call to put her will in place.”

With more time behind closed doors, attorneys are saying estate planning “might be something that people want to turn their attention to” after figuring out how to get toilet paper and keeping their kids from driving them crazy while they’re working from home.

 

A recent survey by Caring.com, a caregiving resource, found that the number of American adults that have a will or another type of estate planning document has decreased by almost 25% since 2017 and the number of older and middle-aged adults with estate planning documents dropped by 20% and 25% since 2019, respectively. When asked why they have put off estate planning, many cite a lack of knowledge or the cost of tackling it as their main reason.

We’re all sitting at home, and we need things to occupy us, so it’s a great time to ask your attorney to send over copies of your current documents, update your financial statements, to help your attorney review your current plan.

An Evanston lawyer says he’s getting more calls from existing clients who may have been “dillydallying” about getting their wills completed, who are now calling him wanting to get them finished.

“The estate planning process is often one characterized by fits and starts, like somebody knows they have to do it, but for most people, it’s the last thing on their list because they’re off busy living, and not thinking about dying,” he said.

Hopefully, things like electronic witnessing and notarization will exist in Illinois soon. She said it wouldn’t surprise her if this becomes a permanent change that comes out of this pandemic.

Amid coronavirus concerns, people may be thinking about their mortality, but attorneys say don’t rush when getting it done.  Find a proper estate planner by going through an established firm.

According to wealth professionals like Robert Westley, vice president and wealth adviser at Northern Trust in the greater New York region, estate planning isn’t only about money. If you have assets that you want to go to certain people, you should create a document that specifies who gets what, Westley said. Specifically, for those with young children, a will is necessary because “it names the guardians of minor children, and you will want to ensure that you, and not the courts, are naming their guardians.”

Estate planning is something that people tend to put off, but a pandemic or a national disaster kind of wakes people up that they really need to get something in place.  Make sure you are deliberate and careful about it. Instead of just trying to do a DIY will, you really should meet with a professional.

Ready to give this planning a go? Here are some basic documents to consider:

• Will: A document that ensures assets are passed to designated beneficiaries, in accordance with your wishes. In the drafting process, you name an executor, the person or institution that oversees the distribution of your assets. If you have minor children, you need to name a guardian for them.
• Letter of instruction: This may contain appointment of someone who will ensure the proper disposition of your remains, which is important if you are choosing a method that is contrary to your family’s tradition.
• Power of attorney: Appointment of someone to act as your agent in a variety of circumstances, such as withdrawing money from a bank.
• Health care proxy: Appointment of someone to make health care decisions on your behalf if you lose the ability to do so.
• Trusts: Revocable (changeable) or irrevocable (not changeable) trusts may be useful, depending on family and tax situations. According to Bart, a will is effective only at death and has to go through probate (court proceedings). An advantage of a revocable trust is avoiding probate. “If I have a great amount of confidence in the people that I’m naming as successive trustees then I can simplify the whole process for them by using the revocable trust,” she said.

We hope you found the article excerpt useful.

As always, the trusted, local lawyers at Churchill, Quinn, Richtman, & Hamilton are here to help you through the process.  Whether you are looking to write a will, appoint a power of attorney, set up a trust, etc, you can count on the firm that has been in Grayslake for over 100 years.

If you have questions, we have answers – give one of our lawyers a call today at (847) 223-1500.

Source:  Chicagotribune

By now we’ve all heard about the sweeping aid provided in the Coronavirus Aid, Relief and Economic Security (CARES) Act. The highlights of the CARES Act that initially garnered the most press and attention were the overall amount of aid provided ($2 Trillion – yes Trillion, with a “T”) and the direct assistance that would be provided to qualifying individuals ($1,200 to adults and $500 for children).  But of greater significance to the small business community is the aid provided by way of the Paycheck Protection Program (PPP).

The purpose of the Paycheck Protection Program is to encourage small businesses to retain and continue to employ their employees.  The PPP incentivizes small businesses to maintain their employees by providing loans to employers which may be used for “payroll costs”, which is broadly defined to include salaries, paid sick or medical leave, insurance premiums, mortgage, rent and utility costs. Simply having a loan available is a good start, and certainly is a valuable asset to a small business. However, the PPP doesn’t stop there. The icing on the cake, if you will, is that the loans made under the PPP may be forgiven if the employer maintains its payroll during the current financial crisis or restores its payroll afterwards.

It is expected that lenders will begin taking loan applications as early as April 3, 2020. Details regarding how loans made under the PPP will be administered are still being worked out. Fortunately, many key details about the PPP are known at this time and permit the potential applicants to weigh their options.

Crucial PPP terms to consider:

Who is eligible for PPP Loans?

• Businesses (including 501(c)(3) non-profits) that were in operation on February 15, 2020 and have fewer than 500 employees
  • Those who operate as a sole proprietorship, independent contractor or self-employed individuals are also eligible
  • Applicants are required to make a good-faith certification that the loan is necessary due to the uncertainty of current economic conditions caused by COVID-19

How is loan size determined?

• The maximum loan size is $10 million
• For a business in existence in 2019, the maximum loan is equal to 250% of the business’s average monthly payroll costs in that time. For businesses not in existence in 2019, the average monthly payroll cost for January and February 2020 is used for calculation purposes, and the maximum loan is 250% of that average.

What costs are considered payroll costs?

• Compensation including salary, wages, commissions, or similar compensation, payment of cash tip or equivalent
• Payment for vacation, parental, family, medical, or sick leave
• Allowance for dismissal or separation
• Payment required for the provisions of group health care benefits, including insurance premiums
• Any payment of retirement benefit
• Payment of State or local tax assessed on the compensation of employees

What costs are not considered payroll costs?

• Most commonly, compensation payments made to an employee earning more than $100,000 annually

What may loan proceeds be used for?

• Payroll costs
• Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums
• Employee salaries, commissions, or similar compensations
• Payments of interest on any mortgage obligation
• Rent
• Utilities
• Interest on any other debt obligations that were incurred before the covered period

How is the forgiveness amount calculated?

Forgiveness is equal to the amount the borrower spent on the following items during the 8-week period beginning on the date of the origination of the loan:

• Payroll costs (using the same definition of payroll costs used to determine loan eligibility)
• Interest on the mortgage obligation incurred in the ordinary course of business
• Rent on a lease agreement
• Payments on utilities (electricity, gas, water, transportation, telephone, or internet)
  • Loan forgiveness is limited if there is a reduction in the number of employees or a reduction of greater than 25% of wages.

Anyone considering whether to apply for a PPP loan or any other relief under the CARES would be well-advised to discuss their options with their trusted accountant and attorney.  As has been done throughout our long history, the attorneys at Churchill, Quinn, Richtman & Hamilton, Ltd. continue to serve our clients and the community at large.  Contact our office at 847-223-1500 to put our expertise and experience to work for you.

For additional information on the PPP, click HERE