Tuesday, January 31, 2012
After a person dies, anyone in the world can get a copy of the will, read it word-for-word, and obtain a list of the deceased person’s assets.
Editor's note: Lisa Lehman is off this week, so we are sharing one of her columns from February 2011. Enjoy! My father, a widower, recently passed away. He had a will that gave all of his estate to me and nothing to my sister. She has been a crack addict for years and refuses to get help for her addiction. She flunked out of college and has never held a job. My sister also was very mean to my father. In his will, he actually listed these reasons to explain why she wasn't getting anything. These are very private family matters. I 've been told that anybody could go to the probate court and read his will. Is this true? Thanks, Lisa — Don Hello Don: Regrettably, the answer to your question is “yes.” The first step in a …
Tuesday, January 10, 2012
There are many implications to understand before you make that decision.
Editor's note: Lisa is off this week, so we are sharing one of her columns from April 2011. Enjoy! My mother is in her late 70s. Because her health is starting to fail, I put her assets jointly into her and my names. That way, I can help her manage things if she develops dementia or some other illness. I have always understood that this was the best way to handle this type of situation Can you tell me more about holding assets jointly? Thanks, Lisa – Alex Hi Alex! It's true that you would be able to manage your mother’s assets if she became ill. People often put an elderly parent’s assets into accounts for just this reason. However, putting assets into your joint names isn't the best way to handle this. For example, when assets are held …
Tuesday, November 15, 2011
Do you have a will? How old is it? Does it accurately document your final wishes?
I don’t have a will because I never thought I needed one. I am single and don’t have any children. So why should I bother doing a will? — Anthony Dear Anthony, Thanks for your question. It raises considerations for people with many different types of family situations and life circumstances. A will is a legal document that tells everyone in the world who you want your assets (your money and property) to go to when you die. Remember, there are two certainties in life – death and taxes! If you die without a will, the law of the state in which you live will determine who receives your assets. This is known as “intestacy” law. Here are a few examples of how the intestacy laws in Illinois work if a person dies without a valid will: Now…
Tuesday, March 29, 2011
Competition is a fact of life in business, but you can prevent a key employee from leaving your company, opening up shop across town, and competing with you.
I own a company that sells and repairs tires (Yes, a woman is very able to sell and repair tires! Let’s not stereotype here). I have four employees and am concerned that one of my best employees might leave my company, open his own company, and put me out of business. He is really smart and our customers love him. Is there any way to prevent this from happening? — Sheila Hello Sheila. Touché! This should be a concern for any business that has employees. Unfortunately, I have seen too many companies suffer financially because one of their key employees leaves the business and opens up an identical business or goes to work for a market competitor in the same vicinity. Yes, there IS something you can do to head off this problem. In the legal…
Tuesday, March 15, 2011
I am starting a new business with a friend. Is a partnership the best way to operate the business?
Editor's note: Lisa Lehman is off this week, so we are sharing one of her columns from early 2011. Enjoy! My friend and I are starting a new business that we will both operate. We will equally share the profits. I think we should be a partnership, but am not sure. What are the advantages and disadvantages of operating our business as a partnership? — Jim Dear Jim, You didn’t mention the type of business you and your friend are starting. That will often impact the decision as to whether you should operate as a partnership, or some other type of business entity. Today, I will only discuss the pros and cons of forming a partnership. In future columns, I will write about other types of business entities available to you and your friend, …
Tuesday, February 15, 2011
Here are some considerations for parents to take in account when selecting a guardian.
Editor's Note: Lisa is off this week, so we're sharing one of her previous columns. Enjoy! Lisa, if something happened to my husband and me, who would take care of our young children? We have heard that we need to appoint a guardian. However, we are confused and don't understand the necessary steps we must take. Would you please explain how we go about appointing a guardian and some of the issues we should consider? – Cheryl Dear Cheryl, Thanks for your question, and I certainly understand your concern. Choosing who will raise your minor children if you and your husband die is probably one of the most difficult decisions parents must make - my husband and me included. This task is often so tough that many parents never do it. Here is a …
