Dealing with a Tenant’s Security Deposit Dispute

Illinois landlord-tenant dispute lawyersEven the most meticulous landlord can experience a security deposit dispute. Thankfully, diligence tends to pay off in such matters. Learn more about how a few basic steps can help you fight and potentially win against a tenant’s security deposit dispute, and discover how an experienced landlord-tenant dispute attorney can help.

Illinois’ Rules on Security Deposits

Illinois has certain requirements regarding the return of security deposits with which landlords must comply. First and foremost, deposits are supposed to be returned to tenants within 30 to 45 days after they have vacated the premises, depending on whether the tenant disputes any of the deductions that were made against their deposit. If the tenant leased a unit from a property with five or more units, the landlord must also supply the tenant with an itemized statement that explains what deductions have been made, and why.

Dealing with a Tenant Lawsuit

Landlords are highly encouraged to develop a fail-proof system for taking in and ending a contract with tenants. Before and after video photographs, a walk-through checklist (preferably done with the tenant present), receipts and copies of repair or cleaning estimates, and a log of any hours that were spent on cleaning or repairs can both reduce confusion for your tenants and protect you in the event of a lawsuit. Of course, even landlords who take these measures experience disputes over the non-return or partial return of a security deposit – often because they do not agree with all or a portion of the itemized deductions that were made.

Tenants will typically contact their landlord by phone, email, in person, or via postal service before filing a claim. Use this opportunity to try and diffuse the situation, if possible, and if you failed to meet the deadline on their return, do what you can to make it right. Going to small claims court is an inconvenience, and if your tenant wins, you could lose the entire deposit. You may also experience hefty penalties or be assessed for punitive damages if a judge determines that you acted in bad faith. For this reason, landlords are encouraged to contact an attorney if they have reason to believe their tenant may win a dispute; doing so could improve the outcome of the situation.

Contact Our DuPage County Landlord-Tenant Dispute Lawyers

While an attorney is not required in a landlord-tenant dispute, having one on your side can reduce the work and stress that you experience while dealing with a tenant’s security deposit dispute. Able to walk you through the steps you can take to protect yourself and your investment, the seasoned DuPage County landlord-tenant dispute lawyers at Stock, Carlson, Oldfield & McGrath, LLC are the ones to trust. Schedule your personalized consultation by calling 630-665-2500 today.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2202&ChapterID=62

No Children? Do Not Skip the Estate Planning Process

Joliet wills and trusts lawyersPeople who do not have children often assume that their assets will go directly to their spouse, so an estate plan is not needed. Unfortunately, nothing could be further from the truth. Learn why it is still important that you consider the future of your estate, even when you do not have children, and discover how an experienced wills and trusts lawyer can assist you with the development of your estate plan.

What Happens to Assets When You Do Not Have an Estate Plan?

When someone dies without a valid will or trust in place, their assets typically go to their spouse. Unfortunately, there are situations that could prevent them from obtaining the assets. Examples include an ex-spouse that is still listed as a beneficiary on a retirement plan and probate challenges from extended family members who were not intended beneficiaries.

If the individual does not have a spouse, the courts may assign a trustee to the estate until beneficiaries can be found. If there are multiple beneficiaries, the matter may go to probate. In this instance, the value of the estate may be depleted once it reaches the beneficiaries. Thankfully, both issues can be prevented with a well-crafted estate plan.

How an Estate Plan Protects Your Assets After Death

Rather than allowing your estate to be handled by the courts and the trustees it assigns, you can draft a comprehensive estate plan that outlines your final wishes. Doing this not only helps to eliminate any confusion about where your assets should go, but it also reduces the risk of some of the more common after-death estate issues, and it decreases the chances that your estate will go to probate.

You can also name alternative beneficiaries in your estate plan. This reduces the risk of your assets going to unintended parties if your primary beneficiary passes away before your estate can be distributed. An example of this happening would be if your spouse died shortly after you did. If neither of you had an estate plan, the assets might then go to your spouse’s family, rather than your own.

Contact Our DuPage County Wills and Trusts Lawyers

At Stock, Carlson, Oldfield & McGrath, LLC, we work with individuals to help ensure that their wishes are carried after death. Dedicated and experienced, our DuPage County wills and trusts lawyers can assist you in creating a comprehensive estate plan that suits your needs. Schedule a personalized consultation to get started. Call 630-665-2500 today.

Source:

https://money.usnews.com/investing/articles/2017-02-16/estate-planning-is-important-for-people-without-children

Structuring Your Business – Limited Liability Partnerships versus Limited Liability Companies

Wheaton business law attorneysThe structure of a business is more than just a critical element; it is what dictates nearly every aspect of the business. Sadly, too many business owners fail to give the decision of how to structure their business enough thought, which can place them and their partners and investors at risk for legal and financial consequences. Discover how even the smallest of differences in structure, such as those seen in limited liability partnerships (LLP) and limited liability companies (LLC), can make all the difference in the future stability of your company, and learn how an experienced Illinois business law attorney can assist you in making the right decision for your company’s needs.

Examining the Similarities Between LLPs and LLCs

For the most part, LLPs and LLCs are formed, structured, and treated the same. Each provides the partners with a “pass-through” option on their taxes, which allows them to avoid the “double taxation” that corporations are required to pay. LLCs and LLPs also handle partner buy-in and sell-out in a similar fashion, and neither has a limit on the number of partners that the business can have. Because of this, LLPs and LLCs have become quite popular among businesses that might have otherwise been forced to register as a corporation.

Understanding the Differences Between LLPs and LLCs

Although there are many similarities between LLPs and LLCs, there are also some distinct and important differences. First, an LLC does not offer partners the same level of liability protection as an LLP, should a lawsuit or some other legal action take place. Instead, all partners may be held equally accountable in an LLC. In contrast, an LLP is only required to have one managerial partner. All others can receive protection from the actions of managerial partners, provided they do not take on a managerial role themselves.

Business owners should also understand that they cannot always structure the company however they want. Some states have specific restrictions. For example, Illinois does not permit banking or insurance institutions to form LLCs. Instead, they must structure as either a corporation or an LLP.

Contact Our Wheaton Business Law Attorneys

At Stock, Carlson, Oldfield & McGrath, LLC, we understand the difficult decisions that start-up businesses must make, such as those that pertain to business structure. Dedicated and experienced, our Wheaton business law attorneys can assist you and your partners in making the most sensible choice for your company. Call 630-665-2500 and schedule your personalized consultation today.

Sources:

https://www.illinois.gov/dceo/SmallBizAssistance/BeginHere/Documents/Starting%20Your%20Business%20In%20Illinois%202016.pdf

http://smallbusiness.chron.com/difference-between-llc-llp-3760.html