Lexern Law Group, Ltd.

Lexern Law Group was founded with a clear purpose and a singular promise - to share our deep expertise in business and estate planning with the business owners and their families who need us most. We like to think that Lexern Law Group offers a rare combination of legal knowledge as well as honest and practical legal advice that our clients just won’t find anywhere else. We get to know our clients so we can be clear on their objectives, learn their concerns, and come up with a plan to implement the best solutions for them. We work hard to be our clients’ trusted lifetime advisor and a place they can turn to for honest and practical advice.

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The TCJA and Estate Taxes could be up in the air depending on the presidential election outcome. With the 2024 election looming, uncertainty hangs over the fate of the Tax Cuts and Jobs Act (TCJA) of 2017. This landmark legislation included a significant increase in the estate tax exemption, allowing individuals to transfer much larger sums to heirs without incurring federal estate tax. However, some key provisions of the TCJA, including the high estate tax exemption, are set to
Continue Reading The TCJA and Estate Taxes- Start Preparing Now

Non-compete agreements in Illinois may be up in the air due to recent and future rulings. The recent decision by the Federal Trade Commission (FTC) to ban non-compete agreements nationwide sent shockwaves through the American workforce. While this ruling has significant implications, the situation for Illinois employers and employees remains somewhat murky. Here’s a breakdown of what you need to know:
The FTC’s Non-Compete Ban: A National Shakeup
The FTC voted to enact a rule prohibiting employers from imposing
Continue Reading Non-Compete Agreements in Illinois

The business world is abuzz with the recent FTC non-compete ban. This new rule, if implemented, would significantly impact how employers and employees approach job changes. But before it takes effect, the FTC’s authority to ban non-compete agreements is being challenged in court.
Legal Showdown: Business Groups vs. FTC
The US Chamber of Commerce and other business organizations are suing the FTC, arguing the agency lacks the legal power to enact a blanket ban on non-competes. They believe
Continue Reading FTC’s Non-Compete Ban Faces Legal Challenges

Overtime pay rules have gotten some updates. If you’re a salaried worker in the United States, there’s some important news you should know about the changes to overtime pay rules and eligibility. The US Department of Labor recently announced a final rule that will make millions more workers eligible for overtime pay. Here’s what you need to understand about these changes.
What’s Changing?
Under the new rule, the salary threshold for overtime eligibility is increasing. Currently set at $35,568
Continue Reading New Overtime Pay Rules: What It Means for Salaried Workers

Irrevocable Grantor Trusts (IGTs) have been a popular tool for estate planning. They help you reduce estate taxes, avoid probate, and distribute assets according to your wishes. But a new IRS ruling (Revenue Ruling 2023-2) throws a wrench into things. Let’s break down what this means for you.
What are Irrevocable Grantor Trusts (IGTs)?
Think of an IGT as a locked box. You put assets in the box (like stocks or cash), and a trustee manages them according to
Continue Reading Irrevocable Grantor Trusts: IRS Ruling May Affect Your Estate Plan

Reasons to start estate planning this Spring are all about getting a fresh start! Spring has sprung! The birds are chirping, flowers are blooming, and there’s a fresh sense of renewal in the air. It’s the perfect time to tackle that spring cleaning list, but what if we told you there’s an even more important kind of cleaning to consider?

Reasons to Start Estate Planning this Spring
This spring, why not focus on cleaning up your future and ensuring
Continue Reading Spring into Action: 7 Reasons to Start Estate Planning Now

Wills and trusts may seem like just documents to some, but they are the foundation of protecting your legacy. Estate planning can feel overwhelming, especially when terms like “wills” and “trusts” get thrown around. You know you want to ensure your loved ones are taken care of after you’re gone, but navigating these legal tools can be confusing.
That’s where an estate planning attorney comes in. Wills and trusts drafted by an estate planning attorney will be crafted to
Continue Reading Wills and Trusts: How an Estate Planning Attorney Can Help

A Spousal Lifetime Access Trust (SLAT) may be a tool that you need in your estate planning to stay ahead of taxes. In the world of estate planning, the landscape is ever-changing, with tax laws and regulations in constant flux. Recent proposals to alter federal estate and gift tax exemptions serve as a stark reminder of the importance of proactive planning. For couples seeking to secure their financial future while preserving access to their assets, one option worth considering
Continue Reading What is a Spousal Lifetime Access Trust (SLAT)?

How do you preserve generational wealth? In today’s fast-paced world, where financial stability and security are paramount concerns, building generational wealth has become a significant goal for many families. Generational wealth isn’t just about accumulating riches for oneself; it’s about ensuring that those assets are preserved and passed down to future generations. At Lexern Law Group, we understand the importance of this endeavor and recognize the pivotal role that estate planning plays in safeguarding your legacy for years to
Continue Reading Preserving Generational Wealth with Estate Planning

Life insurance in estate planning is a crucial aspect of financial management often overlooked or delayed by many individuals. Yet, it holds significant importance in securing the future for your loved ones and ensuring your assets are distributed according to your wishes. Among the myriad tools available for estate planning, life insurance stands out as a versatile and powerful instrument. In this blog post, we delve into the vital role of life insurance in estate planning and why it’s
Continue Reading Leveraging Life Insurance in Estate Planning

Making your estate plan tax efficient may not be in the forefront of your mind when it comes to thinking about your legacy. But with the right planning, you’ll be able to make your estate plan tax efficient, saving your assets for future generations. Estate planning is not merely about passing on your assets; it’s also about ensuring that your loved ones receive as much of your estate as possible. One crucial aspect often overlooked is tax efficiency. Taxes
Continue Reading Making Your Estate Plan Tax Efficient

Are severance agreements dead? The value of those agreements for employers will be significantly less if employees are free to disparage employers after being paid.

Update to Employee Severance Agreements by The National Labor Relations Board (NLRB)
In recent years, the landscape of employee severance agreements has undergone significant scrutiny and adjustment, particularly with regards to confidentiality and non-disparagement provisions. The National Labor Relations Board (NLRB) has played a pivotal role in shaping these changes, emphasizing the protection of
Continue Reading Updates to Severance Agreements by the NLRB

The landscape of worker classification in the United States has seen significant shifts over the years, with legal interpretations and regulations evolving to adapt to changing economic realities. One of the pivotal areas in this arena is the classification of workers as either independent contractors or employees under the Fair Labor Standards Act (FLSA). Recently, the U.S. Department of Labor (DOL) introduced a new rule, effective March 11, 2024, which revisits this classification framework, reverting to a more employee-friendly
Continue Reading New Rules for Independent Contractor Classification

Updating your will after divorce is a crucial step in your new chapter. Divorce is not just the end of a marriage; it marks the beginning of a new chapter in life. Amidst the emotional and logistical adjustments, it’s crucial to address practical matters, including updating or initiating an estate plan. While often overlooked, this step is vital to ensure your assets are distributed according to your wishes and to protect your loved ones. You may not want your
Continue Reading Updating Your Will After Divorce

Estate planning for couples is a great topic for you and your partner this Valentine’s Day! Valentine’s Day is not just about chocolates and roses; it’s also a perfect time for couples to consider building a lasting legacy together through estate planning. While conversations about wills and trusts might not seem romantic, they are crucial for ensuring your loved one’s future security and peace of mind.
Estate Planning for Couples at Any Stage
Here are some essential estate planning
Continue Reading Estate Planning for Couples at Any Stage

Irrevocable Life Insurance Trusts may alleviate heavy tax burdens on your estate. Are you aware your life insurance policy may bring a heavy tax burden along with it? Many individuals and families are unaware of how their life insurance policies may affect their estate plans, especially those with significant wealth. But fear not, there’s a solution that might just alleviate this stress: Irrevocable Life Insurance Trusts (ILITs) and Crummey Letters.

Let’s break it down into simpler terms.
What’s an
Continue Reading Irrevocable Life Insurance Trusts Make Your Estate Tax Efficient