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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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

Estate planning and retirement might seem like two separate financial matters, but they are intricately linked, forming the foundation of your financial security and legacy. While retirement planning focuses on ensuring you have enough funds to live comfortably after you stop working, estate planning addresses how your assets will be managed and distributed both during your lifetime and after your passing. In this guide, we’ll explore the essential connection between estate planning and retirement and provide actionable steps to
Continue Reading The Crucial Connection Between Estate Planning and Retirement

In an increasingly digital age, our lives are intricately woven into the fabric of the online world. From financial accounts to cherished memories captured on social media, our digital footprint holds a significant part of our legacy. Yet, many individuals overlook the importance of including digital assets in their estate planning. Let’s explore why safeguarding your digital assets is crucial and how to ensure they are part of your comprehensive estate plan.

1. Understanding Digital Assets:

Digital assets encompass
Continue Reading Preserving Your Digital Assets

The Corporate Transparency Act has gone into effect this year. In the ever-evolving business landscape, staying on top of regulatory changes is crucial. The Corporate Transparency Act (CTA), effective from January 1, 2024, brings important requirements for small businesses across the United States. Let’s dive into the key aspects of the CTA and what small business owners need to know to ensure compliance.
The Corporate Transparency Act
Understanding the CTA

Enacted in 2021, the CTA is a legislative response
Continue Reading The Corporate Transparency Act Guide for Small Businesses

The Paid Leave for All Workers Act has gone into effect this year. If you are an employer, this new law may affect your workforce and policies around paid leave. Starting January 1, 2024, Illinois has become a trailblazer by implementing the Paid Leave for All Workers Act, signed into law by Governor JB Pritzker. Here we’ll dive into the key aspects of this groundbreaking legislation and what employers need to know for a seamless transition.
The Paid Leave
Continue Reading The Paid Leave for All Workers Act in Illinois

A smooth transition for your family, when the time comes, is the most important gift you can give. This holiday season as we settle in for time with family and loved ones, it’s also a time to reflect on what truly matters, including the well-being and security of our family’s future. In the spirit of giving, this holiday season, let’s consider a gift that may not come wrapped with a bow but could be one of the most significant
Continue Reading A Smooth Transition for Your Family: The Ultimate Gift

Tax efficient gifting is the way to go this holiday season! As the holiday season approaches, many of us think about giving back, especially through gifts from our estate. While it’s a season of generosity and gratitude, it’s also an ideal time to consider how to make your gifting tax-efficient. This post will guide you through the essentials of gifting from your estate during the holidays, ensuring your acts of kindness are also tax-efficient.
How to Make Your
Continue Reading Tax Efficient Gifting for The Holidays

Estate planning is a crucial aspect of securing your financial future and ensuring your loved ones are taken care of after you’re gone. However, it’s not a one-and-done task. Life changes, laws evolve, and financial circumstances shift. To maintain the effectiveness of your estate plan, you must periodically update it. Here we’ll provide you with a comprehensive checklist to ensure your estate plan stays current and aligned with your wishes. Let’s dive in!
Updating Your Estate Plan

  • Review Your

  • Continue Reading Updating Your Estate Plan- What You Need to Know

    When it comes to securing your family’s well-being after you’re gone, relying solely on a will may not be enough. Although estate planning isn’t a pleasant topic for daily consideration, it’s essential to prepare adequately. While a will is a commonly used estate planning tool, it might not provide the comprehensive protection your family needs. Here we’ll explore the top five reasons why you should consider more than just a will when planning your estate.
    5 Reasons a Will
    Continue Reading 5 Reasons a Will Isn’t Enough to Protect Your Family

    Planning for your minor children in your estate plan is a crucial aspect of parenthood that ensures their well-being and security, even in your absence. It involves thoughtful considerations and strategic decision-making. Here are the key steps to take when planning for minor children, ensuring a secure and prosperous future for them.
    Planning for Minor Children in Your Estate Plan
    Appoint a Guardian for Your Child

    The decision to name a guardian for your child is one of the
    Continue Reading Planning for Minor Children in Your Estate Plan