Illinois Sues a Second Business Over Non-Compete Agreement – What Employers Need to Know

Illinois small business lawyerWhile most small businesses are only interested in making ends meet, there are large corporations and franchises out there, trying to take advantage of blue-collar workers. Sadly, when employees are paid low wages and asked to fill out a non-compete agreement, they may find themselves stuck, with no way out.

That is why Illinois now has a law on non-compete agreements; two companies have been sued in the past year for violating it. Learn more about this law and what it could mean for your company, and discover how an experienced business law attorney can help you avoid legal problems over improper use of non-compete agreements.

Understanding the Purpose of a Non-Compete Agreement

Non-compete agreements are not meant to keep wages low or violate an employee’s rights. Instead, they are supposed to ensure that a company’s reputation and trade secrets are protected from its competitors. That is not to say that low-wage paying companies are lacking in trade secrets or that their reputation should not be protected, yet by forcing low-wage employees to sign non-compete agreements, they are protecting their company in a way that is detrimental to the employee. In a country where wages have become stagnant, unfair treatment of low-wage employees is an offense that Illinois is no longer willing to overlook.

Protecting Your Company with a Non-Compete Agreement

If you pay your employees at least $13 per hour, the state will permit you to use a non-compete agreement to protect your company’s reputation and/or trade secrets. However, it is critical that you understand the risks associated with developing such an agreement without proper legal assistance. Verbiage, particularly when it comes to issues that might be considered a violation of the employee’s rights, must be carefully thought out and well-versed. There are also certain elements that cannot be added to a non-compete agreement. Ensure you do not make a costly mistake by hiring an experienced attorney to draft your non-compete agreement.

Contact Our DuPage County Small Business Attorneys

At Stock, Carlson, Oldfield & McGrath, LLC, we understand the challenges that small businesses face in today’s competitive market. Dedicated and experienced, our DuPage County small business attorneys can listen to the goals and concerns you have about trade secrets and potential market competitors. Provided it is warranted, we can also help you draft a non-compete agreement to protect your company’s financial future. Learn more by scheduling a personalized consultation. Call 630-665-2500 today.

Sources:

http://www.chicagotribune.com/business/ct-biz-illinois-payday-lender-noncompete-lawsuit-20171026-story.html

https://www.nytimes.com/2017/10/25/business/economy/illinois-noncompete.html

Cybercrimes in the Real Estate Market – What Homebuyers Should Know

Illinois real estate attorneysCybercrimes may not be a new issue, but they have become more prominent over the past few years. In fact, you may have even heard about some of the biggest breaches, such as those that happened to Equifax and Yahoo. What you may not know is that these crimes are found in almost every industry, including the real estate industry, and changing your passwords, freezing your credit report, and upgrading your computer security may not save you. Learn what homebuyers are up against and discover how you can protect yourself during the closing transaction on your new home purchase.

Beware of Real Estate Closing Transaction Scams

Over the past year, hackers have intercepted more than $1 billion in real estate transaction money. Mostly, they target large transactions, but even smaller ones can be at risk. Two recent cases – one last May, in which a couple lost $1.57 million on a wire transfer of their settlement funds and one in January, in which a Denver couple lost $272,536 of their down payment – are prime examples of just how varied the targeted transactions can be.

Hackers start the process by finding an opening in the system or email account of a title company or real estate agent. They then track upcoming home purchases to determine which ones are scheduled for payment. Once they find a victim, they send an email, posing as the escrow agent or title company, and instruct the home buyer to wire funds to an account. The homebuyer assumes it is the escrow account, but it is not. Instead, it is a bank account owned by the criminal. Once the funds are in their account, they withdraw the money and disappear.

Protecting Yourself from Real Estate Transaction Scams

Homebuyers can protect themselves from real estate transaction scams by ensuring they verify all emails in which funds are requested. Contact the individual that sent it, either in person or over the phone, before wiring any money. An experienced real estate attorney can also provide protection by handling all the legal aspects of your home purchase transaction.

At Stock, Carlson, Oldfield & McGrath, LLC, we protect your interests during residential real estate transactions. Dedicated and experienced, we can review contracts, negotiate better deals, and even help protect you from hackers. Learn more about how our seasoned DuPage County real estate attorneys can assist with the purchase of your new home. Call 630-665-2500 to schedule your personalized consultation with us today.

Source:

http://www.miamiherald.com/news/business/real-estate-news/article181726486.html

Estate Planning for College – Why Every Young Adult Needs a Will

DuPage County wills and trusts attorneyMost people assume that estate planning is only needed when you are old and nearing death or retirement. Quite the opposite is true, however. In fact, adults of all ages – even those just heading off for college – should have a comprehensive estate plan in place. Learn why, discover what estate planning documents are important, and see how an experienced estate planning attorney can help you get started.

Why Estate Planning is Important for Young Adults

Young adults may not have a lot of assets or possessions to speak of; they may not even have an income, but they still need an estate plan. The reason for this is simple: like everyone else, they still run the risk of incapacitation, should an accident or injury occur. Without the proper documents in place, parents may be unable to obtain pertinent medical information about their adult child’s condition or prognosis; they may also be denied the ability to make medical decisions for their child. Parents may also be denied access to their child’s financial accounts, which could endanger the student’s ability to return to school or dorm.

Meeting the Estate Planning Needs of Young Adults

Estate planning is different for young adults. They do not typically need things like living trusts, special protection clauses, or transfers upon death. Instead, the focus needs to be on ensuring that the young adult has someone listed as their medical and financial proxy. Young adults are also encouraged to consider what life-saving measures they are comfortable with receiving, and when so that they can outline this in an advanced directive.

It is important to understand that the process is not necessarily easier, simply because there are fewer documents. If anything, the estate planning needs of young adults can be both confusing and complex. Expanding circles, newfound independence, and concerns over parental access to grades and other pertinent information may create special needs or requirements. Furthermore, it is important that all aspects of a young adult’s life are considered, should a death over occur. Some elements can be easy to miss, especially when one considers the amount of digital information that most millennials have.

Contact Our DuPage County Wills and Trusts Lawyers

With more than 40 years of experience, Stock, Carlson, Oldfield & McGrath, LLC is the firm to trust with your estate planning needs. Regardless of your age, circumstances, or wealth, our DuPage County wills and trusts attorneys provide comprehensive and attentive services. Schedule a personalized consultation to get started. Call 630-665-2500 today.

Source:

https://www.wsj.com/articles/why-your-collegeage-children-need-an-estate-plan-1379810952