Congress enacted sweeping changes to the tax code at the end of 2017. Many of the revisions were designed to eliminate tax loopholes and reduce percevied unfairness in favor of wealthy individuals or companies. One change which has not been clearly reported is the handling of like kind exchanges. A like kind exchange allows for the deferral of capital gains tax on an appreciated asset that is sold so long as the proceeds of the sale are used to purchase a replacement property similar in nature to the asset being sold.
Legal Blog of Thaddeus M. Bond, Jr. Associates
Serving Waukegan, Libertyville, Lake County, Gurnee & nearby areas of Illinois
In today’s video blog, Attorney Ted Bond, Jr. discusses when businesses can be held liable for slip and fall accidents on their property and what can be done to minimize your exposure to injury claims.
For many years, a landlord had to bring a case to remove a tenant from their property under the Illinois Forcible Entry and Detainer Act. This terminology was not very well known to anyone other than lawyers and judges. Effective January 1, 2018, the term Forcible Entry and Detainer Act has been replaced by the more commonly used “Eviction.” From this point forward, paperwork filed with the courts should not use reference to Forcible Entry and Detainer and should simply state that the landlord is seeking an Eviction. Additionally, the Illinois Supreme Court has issued a new standardized
Illinois child custody laws are very complex.
The purchase and/or sale of real estate will most likely be the largest, most important financial transaction of your life. In order to ensure the smooth and proper handling of such a transaction, both the seller and purchaser should hire a Lake County real estate attorney .
Our family law clients need to be aware of a big change to the tax treatment of alimony payments. Among the many changes to the tax laws enacted at the end of 2017 is a dramatic adjustment to tax consequences for those paying or receiving alimony (or maintenance payments as they are known in Illinois law) beginning January 1, 2019. In the past and continuing for the rest of 2018, the person paying alimony was able to take a tax deduction and the person receiving the payments had to claim them as taxable income. For any divorce decrees or property settlement agreements entered by a court
Our firm concentrates a significant portion of its practice in the area of family law. What does that mean? Family law covers an extensive range of issues: divorce, child custody, child support, alimony/maintenance, paternity, adoption and domestice abuse. Many of our clients have cases which touch upon more than one of these areas. We are often retained at the beginning of the case. In many instances, we handle post judgment issues which arise and are needed to correct a change in circumstances or deal with one party's failure to comply with a court order. Our firm also has
We all lead hectic lives. We sometimes put off important things like creating a will and/or updating our existing plan. The fact is none of us really know when we might become disabled or die. One of the best and most responsible things you can do for your family and loved ones is have a proper estate plan in place. You should designate a guardian for any minor children. Choose someone you trust to handle your affairs when you are no longer able to do so. Decide which people and charitable organizations are more important to you and make sure that your assets are distributed to them t