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The Gierach Law Firm

Naperville, Illinois Business, Tax and Estate Planning Attorney

The Gierach Law Firm

1776 Legacy Circle
Suite 104

Naperville, Illinois 60563

Phone(630) 756-1160
Fax (630) 955-0599

Website www.gierachlawfirm.com
E-mail  Contact Denice Gierach

Other Offices: Oak Brook (IL)  

Free ConsultationFree ConsultationContingency Fee CasesContingency Fee

Law Firm Overview

The Gierach Law Firm serves Naperville, Illinois and the surrounding area in business law, tax law, and estate planning. We are proud to serve area businesses, families, and our community with outstanding legal representation.
With over 30 years of experience focused on the needs of businesses and business people, you can trust us to have the particular knowledge and skills to successfully handle your situation.

Lead attorney Denice A. Gierach is a highly experienced business litigator and negotiator, as well as a Certified Public Accountant. She understands where her clients are coming from, with a proficiency in financial principals that any businessperson will find comforting in a lawyer. You can rest assured that your unique concerns and interests will be taken into account with the Gierach Law Firm.

Along with an in-depth understanding of accounting and tax matters, we also pride ourselves on having a personal touch with our clients. We will work closely with you to listen to your needs, understand your specific situation, and construct a plan of action that best suits your circumstances. Whether you’re looking to solidify your business’s legal situation or your family’s future security, the Gierach Law Firm is here to assist you with the most knowledgeable, innovative, and personalized counsel available.

Year this Office was Established: 1988

Languages: English, French

Areas of Law


Additional Areas of Law: Probate and Trust Litigation; Ownership, Partnership, and Shareholder Disputes; Breach of Business Contract; Breach of a Commercial Lease Agreements; Breach of Fiduciary Duty; Vendor and Supplier Disputes; Commercial Real Estate Disputes; Property Sales; Commercial Leases; Planned Unit Developments; Plat of Subdivisions; Environment Studies; Environmental Clean Up; Tax Liability; Medicaid Planning.


Areas of Law Description

The Gierach Law Firm assists clients with the following legal matters:

- Business Law

Whether you are in the early stages of starting a business of your own, or you've invested your life in building a successful venture, you have a lot of hopes — and often money — at stake. A successful business is hard work, but getting good legal advice to help you make decisions, minimize risk and protect your finances need not be difficult.

*Business Formation
One of the biggest business decisions you will make when starting a business is the choice of entity. The formation of your business will affect your personal exposure to liability and your personal and business tax consequences. Tax planning is a major factor in entity selection. In most instances, a business formation attorney will work with your accountant to determine the choice of entity that will best meet your needs.

*Business Contracts
Business contracts can have both legal and financial repercussions should the parties involved in the contract have a different understanding of the nature of the contract. To ensure you receive the benefits you intend from your business agreements, retain a business lawyer to negotiate, draft, or review your business contract before you sign on the dotted line.

*Business Litigation
Business disputes are costly, both in terms of the money involved in the dispute and in terms of the time they take away from day-to-day business. An early resolution is always preferable to taking a case to court, but when a fair and reasonable solution cannot be found, then court may be inevitable. If your business is facing a business contract dispute or other legal dispute, the Gierach Law Firm can help. We keep our eyes on the big picture while advising our clients on the most effective strategy to obtain a successful result.

*Partnership or Shareholder Disputes
No one enters a business partnership expecting it to fail, but unfortunately a large percentage of businesses do run into problems, whether because of the business climate or from disputes among the owners. If you and your business partners or co-owners have run into a serious dispute that threatens the future of your business, legal help is essential. At The Gierach Law Firm, our business attorneys can work with you to identify the scope of the problem, the possible options for resolution, and methods to arrive at a solution — whether it be through arbitration, mediation or business litigation.

- Employment Law

A skilled employment attorney can help business clients develop and maintain proper business practices and minimize the risk of employment disputes and litigation. We draft personnel policies and hanoks, employment contracts and non-compete agreements, and advise employers on severance practices.

Deferred compensation plans and stock options are often used to lure high-performing employees into the fold. We help employers draft employment agreements and deferred compensation plans that clearly define the performance measures required of the incoming employee.

- Estate Planning

The estate planning lawyers at The Gierach Law Firm can help you reach your estate planning, tax planning and charitable giving goals. We offer a variety of estate planning packages that include wills, trusts, living wills and powers of attorney. We work with families who own family businesses to help them with family business succession planning. We also help families consider the financial consequences of long-term care begin planning for Medicaid eligibility.

*Business Succession Planning
You've worked hard to build your business. You've invested your life in developing products, relationships, and the financial rewards that a successful business brings. Now you are thinking ahead to new opportunities, whether that be retirement or a new business venture. Consider working with an experienced business attorney who can walk you through an orderly process of business succession planning. At the Gierach Law Firm, we work with Chicago area business-owning families as they consider their options for transferring ownership and assets of a business.

*Probate & Estate Administration
Have you been named the executor of an estate? Are you responsible for estate administration? Ms. Gierach can assist you in probating an estate through Illinois probate court.

*Tax Planning
Tax planning is a major concern for every business. Improper planning could result in several negative consequences, including an extremely high tax bill and an Internal Revenue Service (IRS) audit. In addition to the federal income tax, there are a number of other tax issues that a business must consider. There may be state tax, local tax, sales tax, payroll tax, employment tax, capital gains tax, estate tax and gift tax obligations for which the business must plan. A comprehensive tax plan can help ensure that your business complies with all the applicable tax regulations. A tax attorney can assist your business with creating a complete tax plan.

*Charitable Giving
Once an individual or family has accumulated a degree of wealth, it's not uncommon to begin thinking of how this wealth can be shared with children, with other family members, and even with the community at large. Planned giving is often part of a comprehensive estate planning process, but charitable giving and gifting strategies can also be addressed as part of an annual tax planning process.

*Eminent Domain
If your land is the subject of a government taking, you want to make certain you are receiving fair compensation for your property. At the Gierach Law Firm, we know how to ensure you receive top dollar for your property. You are entitled to the value of your land for its highest and best use. That means if you own a farm and it is zoned for commercial use, you are entitled to the higher value of the land as commercial land, rather than the lower value of the land as farm land. We have a network of appraisers and realtors to assist us in determining the highest and best use of your land and assessing a value range for your property. We then aggressively protect your interests and pursue the best possible price from the government entity. If we are unable to attain a fair price, we will pursue your claim in the courts.

*Trusts
There are as many different types of trusts are there are goals people are seeking to achieve through the use of a trust. The primary differences between these many types of trusts: the tax consequences for the donor and the degree of control the donor has over the assets held in trust.



Affiliations

  • Illinois State Bar Association
  • Chicago Bar Association
  • DuPage County Bar Association
  • Naperville Chamber of Commerce

Attorneys

Denice Gierach Ms. Denice A. Gierach
Managing Attorney
Business and Industry, Business Formation, Business Law, Commercial Law, Contracts

  

More Information on The Gierach Law Firm

Naperville, Illinois Business Law Firm
Estate Planning Attorney in Naperville, IL
Naperville, IL Eminent Domain Lawyer
Probate Law Firm in Naperville, Illinois
Naperville, IL Estate Tax Planning Attorney
Medicaid Planning Lawyer in Naperville, IL
Naperville, IL Business Litigation Law Firm
The Gierach Law Firm Blog
The Gierach Law Firm News and Publications

Articles Published by The Gierach Law Firm

 What to Do about Year End Tax Planning

It is hard to believe, but in less than two months the year is over. This year, doing year-end tax planning is full of uncertainty, as the tax rules for 2011 are not set. It is not probable that Congress will act in the lame-duck session now that the elections are over. As a result, it is difficult for a person to decide what to do, in order to lower the overall tax bill for 2010 and 2011.

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 Seniors – Planning Ahead is Key to Financial Stability

Recently, there was a case in the news of a Brooks Astor, a New York socialite, who is now 104 years old. Her grandson is in a heated battle to remove his dad as Mrs. Astor's caregiver. In court papers that were filed, the grandson accused his father of ignoring Mrs. Astor's health and personal needs and requested a friend of Mrs. Astor's be appointed as her guardian.

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 Your Business Attorney Is Your Trusted Advisor

When you have given birth to that business idea, you want to take the idea and run with it. You may or may not have experience to know the legal items that you will need and you may or may not have the accounting background to do a proper financial plan. While both money and time are at a premium when you start a business, it is a good idea at that point in time to begin growing your team of advisors, one of which is a good business lawyer.

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 Look for Changes in the Estate Tax Laws in the Fourth Quarter of 2009

Back in 2001, there was a major change in the estate tax law. One part of this change involved the amount of exemption for federal estate taxes. The significance of the exemption amount is that when a person dies, the total of their assets must exceed the exemption amount before their estate was required to pay any federal estate taxes.

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 Giving Something Back, a Wise Investment

Business people generally get a bad rap in the general press and the movies trying to make the business of making money a bad thing. The reality is that many businesses that are successful have a genuine desire to give back to the community, which they do in many ways.

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 Consider a Donor Advised Fund

Many people give small amounts to numerous charities, without considering whether and how to give more of their total charitable gifts to those organizations that assist in dealing with issues near and dear to their heart, which may range from scholarships to educational institutions, research on cancer, Alzheimer’s disease, mentoring programs, helping children, humane societies, to name but a few.

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 Beware of Advertisements on Tax Reductions

Most probably you have heard ads on the radio or seen spots on the television for businesses who claim to be able to help taxpayers who are behind on their tax liabilities. The ads claim that they are able to represent the taxpayers and can settle cases for pennies on the dollar. The ads chime—why pay more?

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 What to Do after Retirement

Now that you have made the decision to retire (or the decision was made for you by the company that you worked for as a result of the economy), it is time to decide what to do with your life.

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 Transferring Wealth to your Children

Is this a good time to transfer your wealth to your children? With the interest rates at a really low rate, and with the economic fallout from the present economy, even people with money do not feel flush now and may decide that they do not want to make gifts to the next generation. Even though the economy has been in recession many times before and has come out of it to prosperity, sometimes it is hard to look beyond the present time to see that prosperity.

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 Buying a Franchise

Is buying a franchise your best option? Many people who are looking to buy a business consider buying a franchise. After all, they think that the franchisor has a cookie cutter approach that can’t miss and that they can just “walk into” the new business which will be flush with cash. In the numbers that I have read, four out of five new franchise businesses will not be around in five years. The numbers of franchises that fail are staggering.

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 Taking Care of Elderly

Most clients talk with their attorneys about what may happen to them as they become older and are unable to care for themselves.

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 Rise in Medicare Premium in 2010

The Medicare program has announced its 2010 premium and coinsurance rates. Due to an anticipated increase in medical costs, there will be an increase in Medicare-related premiums, although not all recipients will have to pay the new rates.

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 Updates on the Federal Estate Tax Law

Recently, there was a report that President Barack Obama and Democratic lawmakers planned to freeze the estate tax at the current level of $3.5 million exemption per estate, which would prevent the temporary one year repeal of federal estate taxes in 2010, with the tax returning in the following year with only a $1.0 million exemption, along with a tax rate of as much as 55%.

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 Trend in Non-Competition Agreements

There is an increasing amount of litigation between employers and former employees over non-compete agreements and other forms of restrictive covenants.

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 The New ADA Regs Change the Employment Landscape

On January 1, 2009, a new act known as the Americans with Disabilities Amendments Act went into effect, broadening the meaning of the word “disability”. Both employers and employees awaited the regulations from the Equal Opportunity Commission which would give guidance to the current state of the law. Many believe that the regulations have changed the employment landscape completely.

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 Care of Elders in Nursing Homes

With a growing population that is aging, many elders spend the last year or two of their life in a nursing home. Many of the elders have to do this as they have Alzheimer’s or dementia and their family is not able to care for the elder nor can they afford to be a full time caretaker in the elder’s home. There have been many stories about the care they elders receive in a nursing home.

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 Why Have Share Transfer Restrictions for Closely Held Corporations (or even LLC’s)

Most people have investments that include stocks that are publicly traded, with the New York Stock Exchange or the NASDAQ. It is expected that shareholders will from time to time trade their shares. There are such large numbers of stock issued by a particular corporation that usually no transfer even affects who controls the corporation.

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 Walking Away from your Home?

Ask a tax professional before losing or walking away from your home. These days in this shaky economy and what the experts are calling the “jobless recovery,” there are many people still out of work. Perhaps the reader of this article has friends or family that are currently out of work, but have been actively seeking work.

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 The Gierach Law Firm - We Want to Be Your Resource

We at The Gierach Law Firm want to be your resource for information that is useful to you. In order to bring you such information, we will occasionally bring to you an article which you may find of interest by someone outside of the firm or we may offer you a free or reduced fee service which we think you may find beneficial.

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 When Vacation Home Becomes Domicile

As many Napervillians become more successful in their businesses, they may purchase another residence in another state. As time goes on, they may choose to spend more time in that state (especially in the wintertime). The other state may be more attractive, because that state might not have an income tax or an estate tax upon death. Thus, even if people choose to spend a substantial amount of time at their Illinois residence, they may declare they are a resident of another state.

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 Consolidating Management of Business or Property Using an LLC or Family Limited Partnership

Baby boomers over time have acquired various parcels of real estate or are participating in a number of businesses. In order to minimize their estates for estate tax purposes, they may be gifting minority interests in these entities to their children as the tax law may allow.

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 If You Plan to Contest the Will, It Is Best to Refuse the Bequest

If a relative of yours dies and leaves you something in their will, but you think that person did not have the legal capacity to make a will in the first place—that you do not think that the deceased knew who their family and friends were and what he or she had in general in assets and that he or she knew that the document that was being signed was their will—then don't accept the bequest in that will, if you are planning to contest it.

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 Waiting for the Other Shoe to Drop in Commercial Real Estate

Anyone who owns commercial real estate knows that there are cycles in commercial real estate. There are times when the commercial real estate market is “hot” and times when the real estate market is oversaturated and is considered “soft.”

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 Agency Relationship: An Option for Elders

As a person gets older, they may find that it is harder to review the mail that comes in, pay the bills and deal with issues that may come up from time to time on those bills. Many times, an elder person can feel a bit overwhelmed at handling this task, particularly if the elder person is having health issues. At the same time, the elder person does not want to give up control of their finances.

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 Looking Towards the Future of Your Family Owned Business

Many business owners own family businesses that were either started by them or that were inherited from their parents who started the family business.

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 Tidbits From The Law

The following are some items that may be of interest to you.

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 The Pitfalls of Investing in Real Estate

So, you want to invest in real estate. . . For a number of years, individuals have been looking for investments that would pay higher returns than bank deposits, stocks or mutual funds. All of those investments were paying small returns due to the Federal Reserve Bank having lowered the interest rates to spur the economy over the last several years.

Read Article

 Prenuptial Agreements – A Safety Net

"How do I love thee? Let me count the ways". Elizabeth Barrett Browning So you are in love and have stars in your eyes. It seems so unimportant at the time of your upcoming nuptials to talk business, but it is a necessary part of your upcoming marriage.

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 Investigation when Hiring Contractors

Recently, there was an article in The Sun in which some Naperville residents claimed that the contractor ripped them off (October 19, 2005). What could these homeowners have done to protect themselves from a potentially unscrupulous contractor?

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 You Own the Business; Should you Own the Space?

Both individuals and businesses are faced with the choice of whether to lease or whether to purchase property. Many of the same considerations apply whether the property is an automobile, a personal residence or an office condo or building. These considerations need to be weighed by the individual or company to determine which is the right decision for you.

Read Article

 Plan Ahead when Selling your Business to Get the Best Price

Small business owners generally fail to plan ahead when they think they might have an interest in selling their business and consequently fail to achieve the best price. When a person sells a house, they normally redo the kitchen or bathrooms, change the carpet, or revamp the landscaping in order to achieve their top dollar for the eventual sale of the home.

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 Protect your Pets When You Can No Longer Do It

"In a cat's eye, all things belong to cats." – English proverb "If dogs could talk, it would take a lot of the fun out of owning one." – Andy Rooney.

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 Fired Workers also Have Rights

So, you were just laid off or fired without any reason at all. You are really angry and feel that you were wrongfully terminated from your job. Do you have any legal recourse?

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 Court Decisions Put New Wrinkles in Eminent Domain

Eminent domain is the law that allows the government to “condemn” your property and take it over for a public purpose. In the past, the public purpose was for a government center, a school, a road or something that would benefit the general public.

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 Hiring a Lawyer before Starting a Franchise could Save you down the Road

Many people come out of a corporate environment with a severance payment and look for a business that they can invest in.

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 Life Insurance is a Good Safety Net, but not for Everyone

The old adage is true that life insurance is not so much about life as about death. The only time that you or your family benefit from life insurance is at your death. The trouble with life insurance is that it is often confusing to general consumers about both basic questions such as when to buy it and when to skip it or more complicated questions about how much coverage and which is the best policy for you.

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 Parents’ Medicaid Application may be Affected by Gifts to Kids

As your parents get older, they may decide that keeping the large house is too much work and they may desire a change of lifestyle. They may sell their house and then they decide to give some of the net proceeds to their children. As time goes on, if their health declines, they may need nursing home care. Can the gift that mom and dad made be spent or must it be held for a certain number of years?

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 Parents of Special Needs Children should Develop Plan for Later in Life

If you have a child with special needs, you understandably worry about taking care of their needs while you are alive, but also after you have died. A disabled or special needs parent needs to find appropriate care and services, work with the child to obtain independent living skills to the extent possible and protect that child from any harm.

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 Think Twice before Listing Minor as a Beneficiary on IRA

Many people like to leave the beneficiary designation on their IRA accounts with the specific names of family members. For instance, a husband might list his spouse as the primary beneficiary and, if she does not survive him, the children are listed as the secondary beneficiary. If the children are minors, will this be an effective transfer?

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 ‘Divorcing’ a Business Partner

When a business is new and the prospect of potential success is in the air, life looks and feels good. Just as in a marriage, partners do not go into a partnership assuming that either the partnership will fail or they will need to “divorce” their partner. If the parties follow their attorney’s advice, they may have a written partnership agreement to guide and control the termination of the departing partner’s interest in the partnership.

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 Like a Marriage, a New Business Partnership Needs a 'Pre-nup'

When you begin a new business with a partner, no matter what the form of the business, you should have a "prenuptial agreement" for your business.

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 Listing Beneficiaries to IRA Account

As the baby boomers retire, they are the first generation that will retire with large IRA accounts. When the boomers do their estate planning, one of the considerations in such planning is who to name the beneficiary of the large IRA account. One consideration for such a choice is certainly to try to minimize the tax burden on their estates.

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 Geriatric Consultant can Help Families as Parents Age

As the population ages and particularly our parents age, it is appropriate and helpful to use the services of a geriatric consultant. A number of companies offer a large variety of services depending on your family's needs. These firms are part patient advocate and part mediators with the family when required.

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 Is your Home a Good Safety Net for you when you Are Older?

Since we are all living longer than medical science may have predicted when we were young, many times the principal assets an older person may have will be his or her home. Since most elderly people want to stay in their homes for the rest of their lives, if their physical health allows, many are faced with a tough choice: either sell the home and move to an apartment or assisted-care facility, or make use of a reverse mortgage.

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 Estate Tax

Back in 2001, Congress changed the law on estate taxes, creating estate tax exemptions that changed over the years. For instance, in 2008, the exemption from federal estate tax is set at $2 million. If you have one dollar more than that number, your excess will be taxed at 45 percent plus, depending on the amount of the excess.

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 Keeping Vacation Homes in the Family

Now that autumn has officially arrived, many people have spent fond memories of visits with their family in a vacation property. Perhaps you own a vacation property in Michigan along the water or at Eagle Ridge in Galena on the golf course. Wherever the property is located, one important question is how to keep the vacation home in the family after you have passed on.

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 It is the Season to Give Assets to Loved Ones ... and Dodge Estate Taxes

The economy is in a temporary mess with home prices diminishing and the stock and bond market falling. Yet, for anyone with a federal estate tax issue potentially at his or her death, this is a good time to give as many assets as one can. This is one of the best opportunities to transfer wealth to younger generations, without incurring the federal estate tax in the process.

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 Which Business Entity Is Right For You

You have decided to start your own business and have begun researching into, among other things, which business entity is right for you. There are partnerships, S-corps, C-corps, LLPs, LLCs and PCs. Quite frankly, your research is starting to look like alphabet soup.

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 What Kind of FDIC Coverage do you Have?

The Federal Deposit Insurance Corporation is an independent federal agency that protects owners of bank accounts against losses if the bank or savings and loan fails. The amount of "insurance" that the FDIC provides has recently increased to $250,000 for each owner of the account, designed to quiet the financial markets. This amount of coverage is temporary and scheduled to return to the lower amount Jan. 1, 2010.

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 Organize your Life in a Simple Binder

Are you organized if something happens to you? If you become disabled suddenly through a car accident or health calamity, will your family or significant other know what your wishes are? If you die suddenly, will those closest to you know what to do? Will they know where your pertinent papers are kept or what assets may be available for your care?

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 Employment Noncompete Provisions can Undermine Future Opportunities

In these tough economic times, many Naperville residents find themselves with a variety of unexpected and undesired reasons to pursue new employment and arrangements. While the maxim that crisis creates opportunities is true, such notions create little comfort in uncertain times and certainly do not provide for needs of the family.

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 What Distributions do you Have to Take from your IRA in 2009?

With all the turmoil that has taken place in the financial markets, many Naperville residents question what distribution they must take out of their IRA by law this year. In the past years, once a retiree attained the age of 70 1/2, that retiree was required to take a distribution from the IRA each year based on the life expectancy tables provided by the IRS, whether they desired to take the distribution or not.

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 Problems with your Lender?

Working out your issues with your lender. It is a fair statement that no one could have predicted the direction of the economy and the havoc that the economy would play in the commercial real estate market. Investing in real estate seemed like the ideal investment at the time—several years ago.

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 Warranties, Representations Protect Buyer

Many business owners are retrenching in this current economic turmoil, but those who are able to project beyond the current crisis see business opportunities.

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 Is Now the Right Time to Buy rather than Lease?

During this stressful time in the economy, many businesses have retrenched, making the decision to continue to rent their existing space. While this may sound like a good idea, especially if you have had to cut back staff as a result of the loss of some customers, is it the right decision in the long term?

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 When to Review Estate Plans

Now that you, a Naperville resident, have completed your estate planning process with your lawyer, you are certainly pleased that you have made tough decisions for your estate planning, such as who should act as trustee, who should be the guardian of any minor children you may have, how you are protected in the event that you become disabled, to name just a few. Your attorney also has made the transfers of your property to your living trust, and you feel that you are finished.

Read Article

 You Own the Business, Should you Own the Space?

Both individuals and businesses are faced with the choice of whether to lease or whether to purchase property. Many of the same considerations apply whether the property is an automobile, a personal residence or an office condo or building. These considerations need to be weighed by the individual or company to determine which is the right decision for you.

Read Article

 Investigation and Self-Protection Prudent when Hiring Contractors

Recently, there was an article in The Sun in which some Naperville residents claimed that the contractor ripped them off (October 19, 2005). What could these homeowners have done to protect themselves from a potentially unscrupulous contractor?

Read Article

 Prenuptial Agreements – A Safety Net

How do I love thee? Let me count the ways. Elizabeth Barrett Browning

Read Article

 The Pitfalls of Investing in Real Estate

For a number of years, individuals have been looking for investments that would pay higher returns than bank deposits, stocks or mutual funds. All of those investments were paying small returns due to the Federal Reserve Bank having lowered the interest rates to spur the economy over the last several years. Many people invested in real estate on the expectation of significant appreciation by "flipping" the property.

Read Article





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