Navigating the ever-changing landscape of employment and business law is a constant challenge for business owners. Staying compliant isn’t just about avoiding legal pitfalls; it’s about fostering a fair and productive work environment that attracts and retains top talent. Illinois has seen significant legislative activity in this area, with several new laws taking effect or on the horizon. This post will provide a concise overview of these changes, equipping you with the knowledge you need to protect your business.
Continue Reading Illinois Employment Law Changes for 2025
Lexern Law Group, Ltd. Blogs
Latest from Lexern Law Group, Ltd.
Legacy Estate Planning: Lighting the Way for the Future
As the holiday season brings family and loved ones together, it also offers an opportunity to reflect on the values, memories, and traditions that define your legacy. While holiday lights brighten our homes and hearts, estate planning can illuminate the path to securing your family’s future and ensuring your wishes are carried out.
Here are a few steps to consider as you plan your legacy during this season of giving:
1. Gather Together: Open the Conversation
Just as families
Continue Reading Legacy Estate Planning: Lighting the Way for the Future
Important Update on Beneficial Ownership Reporting Requirements
A recent federal court order has temporarily stopped the enforcement of the filing requirements for beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN).
Therefore, at this time, reporting companies (existing and newly organized) are not required to file beneficial ownership information reports and will not be held liable for failing to do so while the order remains in force.
The reporting companies, however, may file their reports voluntarily.
On December 3, 2024, in Texas Top Cop Shop v. Garland,
Continue Reading Important Update on Beneficial Ownership Reporting Requirements
Charitable Giving in Your Estate Plan
The holiday season is a time for giving and reflection. As you consider your loved ones and the year ahead, it’s also an opportune moment to think about your legacy and how you can make a lasting impact on the causes you care about.
Charitable Giving and Estate Planning
Incorporating charitable giving into your estate plan can be a powerful way to support your favorite charities while also achieving significant tax benefits. Here are a few strategies to consider:
Continue Reading Charitable Giving in Your Estate Plan
High-Net-Worth Families- Secure Your Legacy This Thanksgiving
High-net-worth families have so much to be grateful for. Thanksgiving is a time for gratitude, family, and reflection. As you gather with loved ones to give thanks for your blessings, it’s also an opportune moment to consider the legacy you wish to leave behind. For high-net-worth families, effective estate planning is essential to ensuring your wealth and values are passed on seamlessly to future generations.
Why Thanksgiving is the Perfect Time for Estate Planning Discussions
- Shared Presence: Family
Continue Reading High-Net-Worth Families- Secure Your Legacy This Thanksgiving
‘Tis the Season to Plan: Holiday Insights for Business Owners
The holiday season is a time for joy, reflection, and gratitude. However, it’s also a great opportunity to take stock of your business and personal affairs. As a business owner, you’re likely busy with year-end tasks, holiday parties, and family gatherings. But don’t forget to carve out some time to address your business and estate planning needs.
Holiday Insights for Business Owners
1. Year-End Business Planning:
- Review Your Business Goals: Take a moment to reflect on your business’s achievements
Continue Reading ‘Tis the Season to Plan: Holiday Insights for Business Owners
Why Estate Planning Matters for High-Net-Worth Individuals
You’ve dedicated countless hours and immense effort to building a life of prosperity and success. It’s a testament to your hard work, intelligence, and unwavering determination. But as your wealth grows, so does the complexity of ensuring your legacy lives on.
Perhaps you’ve envisioned your children pursuing their passions without financial worry, or maybe you dream of making a lasting impact on your community through charitable giving. Whatever your aspirations, a well-crafted estate plan is the cornerstone of securing
Continue Reading Why Estate Planning Matters for High-Net-Worth Individuals
When to Create an Estate Plan: Key Milestones to Consider
For many high earners and families, estate planning often comes as an afterthought. However, putting an estate plan in place early can provide peace of mind, protect your loved ones, and ensure your assets are distributed according to your wishes. Here are some key life milestones when to create an estate plan and when to start planning.
Key Life Milestones to Start Planning
1. Starting a Family
Having children or expanding your family is one of the most important
Continue Reading When to Create an Estate Plan: Key Milestones to Consider
Preparing for the Federal Estate Tax Changes
As the seasons shift and we head towards the end of the year, many of us reflect on change. Yet, for high-net-worth individuals and families, there’s an upcoming “sunset” that may impact their financial future—one that’s not found on the horizon but rather in Washington, D.C. The current federal estate tax changes to exemptions is set to be reduced in 2026, and this change could significantly impact how much wealth you can transfer tax-free.
What Does the Estate Tax
Continue Reading Preparing for the Federal Estate Tax Changes
Are Your Children Prepared for Their Inheritance?
As a high-earning individual or licensed professional, you’ve likely worked hard to build and protect your wealth. But have you considered whether your children are ready to responsibly manage the inheritance you plan to leave behind? Preparing children for inheritance goes beyond accumulating assets—it involves ensuring they’re equipped to handle the responsibilities that come with wealth.
In this blog, we’ll explore how preparing children for inheritance can safeguard your financial legacy and set your heirs up for long-term success.
Continue Reading Are Your Children Prepared for Their Inheritance?
Avoiding Probate with Proper Estate Planning
When it comes to estate planning, one of the most important things you can do for yourself and your loved ones is to avoid probate. Probate is the legal process where the state steps in to distribute your assets after you pass away. While this process is necessary in some cases, many people would prefer to have more control over what happens to their hard-earned money, property, and possessions.
In this blog, we’ll discuss what probate is, why you
Continue Reading Avoiding Probate with Proper Estate Planning
Estate Planning for Second Marriage
Estate planning for second marriage doesn’t need to be complicated! Entering a second marriage can be an exciting new chapter in life, but it also brings unique financial and legal challenges—especially when it comes to estate planning. Whether you have children from a previous relationship, substantial assets, or want to protect both your new spouse and your heirs, it’s essential to review and update your estate plan. Here’s what you should know about estate planning for second marriage.
Estate
Continue Reading Estate Planning for Second Marriage
What is a Trust Protector and Why You Might Need One
When creating a trust, it’s important to think about how to ensure it functions properly, not just today, but well into the future. One option for adding flexibility and oversight is to appoint a Trust Protector.
But what exactly is a Trust Protector, and how can they benefit your estate plan? Let’s explore this important role and how it may provide added protection for your trust.
What is a Trust Protector?
A Trust Protector is a person or entity
Continue Reading What is a Trust Protector and Why You Might Need One
How Long Does It Take to Settle an Estate?
When a loved one passes away, settling their estate is often a necessary yet overwhelming task. While it’s natural to want a quick resolution during such an emotional time, the process of settling an estate can take longer than expected. Here, we’ll walk through the factors that affect how long it may take to settle an estate and provide insights on what you can expect along the way.
Factors That Affect The Timeframe to Settle an Estate
Every estate
Continue Reading How Long Does It Take to Settle an Estate?
Navigating the Death of a Parent with Estate Planning
Navigating the death of a parent brings profound emotional challenges, and managing their estate can add an additional layer of complexity. Estate planning plays a critical role in making this difficult time more manageable. Whether your parent left behind a clear estate plan or you are navigating the probate process, understanding the steps involved in settling their affairs can help ease the burden.
Understanding Estate Planning and Probate
If your parent created an estate plan, it likely includes
Continue Reading Navigating the Death of a Parent with Estate Planning
The 2024 Election & Your Estate Plan: What You Need to Know
As we approach the 2024 election, many individuals are concerned about how potential changes in the political landscape could affect their estate plans. The upcoming election could have significant implications for gift and estate tax rates, which are set to revert to pre-2017 levels if no new legislation is passed. This blog post will help you understand the potential changes and how to prepare your estate plan accordingly.
The Current Estate Tax Landscape
The Tax Cuts and Jobs Act
Continue Reading The 2024 Election & Your Estate Plan: What You Need to Know