Encouraging and Protecting Diversity in the Workplace

Illinois business law attorneysDiversity in the workplace can offer varying perspectives, improve the company’s image, and may even result in capital gains. However, many businesses struggle to achieve true diversity and those that do often struggle to protect it. Do things differently, avoid litigation, and ultimately improve your company’s chances of success with help from the following.

Why Diversity is So Important

At first glance, diversity may not seem like the most important aspect of running a business. Instead, most owners focus their attention on things like recruiting experts in their field, reducing overhead costs, and creating a platform from which they can market – and yet these aspects of running a business often come naturally for those that support diversity. As an example, a business that strives to maintain ethnic diversity in the workplace may have a better understanding of cultural differences that may impact their sales and marketing strategies.

Encouraging Diversity in the Workplace

Diversity in the workplace is rarely accidental. Instead, it is done with intention. A business owner must consider what other groups of people can bring to the table. They must be willing to look at the cold, hard facts. They must look beyond the resume, and they cannot be swayed by charisma. Experience may become less about the jobs that a prospective employee has worked, and may become more about the potential. For example, you might consider hiring the white, male applicant with years of experience, but do not discount the homemaker that has spent the last ten years caring for her children.

Though the latter may need more training to ensure she is up to speed, she might also be better at multitasking than your male applicant. She may also have knowledge and experience that is difficult to communicate on a resume. Perhaps she has used accounting software and spreadsheets to maintain her household budgets and has some ideas on how your company could better utilize them. In short, before you hire anyone, be willing to ask probing questions, and always look at the whole picture – not just what is on the resume.

Protecting Diversity in the Workplace

Once you have achieved diversity in the workplace – or are well on your way – it is crucial that you know how to protect it. Workplace harassment, discrimination, resistance to change, and other challenges may arise along the way. Some of these issues could lead to a loss of valuable employees. Others may result in litigation. To decrease your risk of experiencing such consequences within your company, consider implementing the following:

  • Anti-discrimination policies;
  • Anti-harassment policies;
  • Equal pay for all same-skill/same-job employees;
  • An open-door policy for reporting harassment and discrimination;
  • Policies that clearly and concisely convey the consequences of workplace harassment;
  • Managerial training on workplace harassment; and
  • Swift and attentive handling of all harassment complaints.

Contact Our DuPage County Business Law Attorneys

If your company is striving for diversity in the workplace and you need assistance with developing policies, employment contracts, and other anti-harassment procedures, contact Stock, Carlson, Oldfield & McGrath, LLC for assistance. Our DuPage County business law attorneys can work with you to determine your goals, assist you in creating legally binding contracts and policies, and examine any situation involving potential litigation to ensure you have the support you need. Schedule your consultation by calling 630-665-2500 today.

Sources:

http://www.businessinsider.com/why-cbs-made-the-wrong-call-with-hawaii-five-0-contracts-2017-7

http://www.multiculturaladvantage.com/recruit/diversity/diversity-in-the-workplace-benefits-challenges-solutions.asp

Selling Your Rental Property? Beware of Capital Gain Taxes

DuPage County real estate lawyersRental property can increase your bottom line, bulk your investment portfolio, and even fund your retirement. Unfortunately, it can also come back to haunt you. Capital tax gains, which are charged by the Internal Revenue Service (IRS), are applied to any asset that you sell for a profit. Learn how to mitigate against this issue with help from the following information.

Offset Gains with Expenditures

If you have an investment portfolio, you can attempt to offset some of the gain from your rental home with expenditures in other investment areas. Alternatively, you may have expenses related to the home itself, which may also be used to cut your tax load. The strategy, known as tax loss harvesting, should be used only under the advisement of a professional.

Use Section 1031 of the Tax Code

Investors who are simply searching for a new property or investment, and not a cash payout, may lower their tax load under Section 1031 of the IRS Tax Code. It does have to include a like-kind investment, but that does not mean you are required to swap out a house for a house. Instead, you can sell a house and trade it out for a condominium or a store. Just make sure the property is not going to be used as your own because that does not count under the exchange rule.

Turn Your Investment into a Home

Selling an investment property and a home you live in are treated as two completely different tax events by the IRS, which is why some investors turn their rental into a primary residence before they sell. Just keep in mind that you must own the home at least five years and live in it as a primary residence for at least two years before you can claim it as your own. Also, because there are some provisions on the deductions you can take, it is encouraged that you speak with a real estate lawyer before making the final decision to live in your rental.

Contact Our DuPage County Real Estate Lawyers

Whether you are planning on buying, selling, or renting a property, contact Stock, Carlson, Oldfield & McGrath, LLC. Dedicated and experienced, our DuPage County real estate lawyers protect your interests and investments. In every situation, we pursue the most favorable outcome. Schedule a personalized consultation to learn more about how we can help with your next real estate transaction. Call 630-665-2500 today.

Source:

http://www.investopedia.com/articles/personal-finance/121415/how-prevent-tax-hit-when-selling-rental-property.asp?lgl=myfinance-layout-no-ads

Same-Sex Couples Still Face Some Unique Estate Planning Challenges

Illinois estate planning lawyersWhile most married couples can benefit from estate planning, it is not a hard or critical requirement. Most often, their assets would go to their spouse upon death, and minor children remain with the surviving parent, as long as the parent does not supersede them in death or die along with them. Even medical decisions are typically deferred to the spouse if one of them becomes incapacitated. Unfortunately, this is not always the case for same-sex married couples. Learn more about the challenges that same-sex couples face in estate planning, and what you can do to protect your family, with help from the following information.

Same-Sex Couple Estate Planning Challenges

Same-sex couples may experience numerous challenges in the event of death or incapacitation of one member. Families that refuse to accept the sexual orientation of their loved one may challenge the validity of a spouse’s inheritance; doctors may question the authenticity of a same-sex marriage, which can delay treatment; and even children may be temporarily removed from a loving parent if the validity of a same-sex marriage is questioned. In short, many potential areas can create post-death issues for surviving spouses in a same-sex marriage.

Why the Challenges Continue to Exist

Even though same-sex marriage is now legal in all 50 states, state laws continue to lag – some more so than others. For example, Illinois not only recognizes same-sex marriage, but it also protects the rights of same-sex couples when it comes to adoption. Same-sex couples are also treated the same as heterosexual couples, should they ever decide to divorce. Still, even in states like Illinois, it is crucial that same-sex couples protect their loved ones with an estate plan.

Protecting Your Family with an Estate Plan

Every married couple should have a will in place, but same-sex couples are encouraged to go beyond this basic estate planning document. A trust can reduce the risk of probate challenges, powers of attorney and living wills can reduce issues that may arise in the event of incapacitation, and adoption to ensure both parents are listed as legal guardians are ways that same-sex couples can protect their families from the possible challenges of same-sex estate planning.

For assistance with your estate plan, contact Stock, Carlson, Oldfield & McGrath, LLC. Our Wheaton estate planning lawyers are backed by over 40 years of legal experience, and we can work with you to develop creative solutions for your unique situation. Schedule a consultation with us by calling 630-665-2500 today.

Source:

https://www.usatoday.com/story/money/personalfinance/retirement/2017/06/17/estate-planning-more-complicated-same-sex-couples/102862578/