The federal estate tax and generation-skipping transfer (GST) tax were repealed on January 1, 2010.  Many estate planning documents were drafted with an assumption that these tax regimes would exist upon a person’s death.  Some estate planning documents may contain provisions that specifically reference those taxes and might now result in unintended consequences.  We help you sift through the changes.

According to a 2009 survey by CareerBuilder, nearly half of employers use the Internet to learn more about job applicants.  Information available on Web sites, blogs, LinkedIn, Facebook, Twitter and other social networking sites can provide useful insight into a candidate’s professionalism and communication skills, as well as an overall impression of the candidate as a person.  However, before conducting Internet searches on prospective employees, companies need to consider the risks involved in gathering and using this information, and take appropriate steps to minimize these risks.

This compendium addresses four key topics on compliance and white collar investigations – search warrants, internal investigations, dealings with the Government, and managing risk through compliance programs – all from the perspective of a business person who needs to interact with legal counsel on these critical issues.  Packed with practical advice on navigating, or avoiding, a criminal investigation, this Primer is a handy reference tool for business owners, executives, and in-house counsel for companies of all sizes.

This article, by Beau Greiman, is designed to provide a person who is interested in becoming a commodity trading advisor with a basic outline and checklist of the issues to be considered. This outline is not a substitute for the individualized advice of a competent attorney.

This article is designed to provide a person who is interested in creating a commodity pool with a basic outline and checklist of the issues to be considered.

This article examines the enforceability of restrictive covenants in the context of distributorship and independent contractor agreements, and offers practical recommendations for companies who would like to protect their confidential, proprietary and trade secret information.

This article, by Beau Greiman, was featured in the Summer 2006 issue of the EDGE Newsletter.

This article, by David Blum, was featured in the Summer 2006 issue of the EDGE Newsletter.

This article by Real Estate & Finance Practice Group Chair Bryan Kozminski, was published in a July issue of the Illinois Real Estate Journal.

This article discusses recent news surrounding the U.S. Senate's rejection of legislation that would have permanently repealed the federal estate tax.

This article, by partner Gary Blackman, was featured in the Spring 2006 issue of the EDGE Newsletter.

Published in the March 29, 2006 issue of Dow Jones Corporate Governance Newsletter, this article discusses the evolution and expansion in the role of designated "lead directors," and how it has been a significant change to corporate boards in recent years.

This article, published in the Winter 2006 issue of the Levenfeld Pearlstein Edge Newsletter examines issues related to serving as a board of director.

This article, by Brian Kozminski and published in the Illinois Real Estate Journal, details two possible methods to subdivide a mixed-use asset.

This article, featured in the Fall 2005 Edge Newsletter, examines a variety of issues related to protecting trade secrets.

This article, published in the August 2005 issue of NACD Director's Monthly examines the rules and implications of the Securities and Exchange Commission Rule 10b-5.

Giving back to the community, LP is currently handling pro bono a legal case to correct an injustice of religious discrimination. The Chicago Jewish Star has written an article discussing the pro bono case and its issues. Attorney Howard S. Dakoff is representing certain unit owners of the Shoreline Towers Condominium to fight the condominium Board's ban on mezuzahs being erected on the doorways of Jewish Unit Owners. Erecting mezuzahs on doorposts is a religious requirement for Jews."

Do you live in a condominium and have a resident who plays his stereo too loudly late at night? Does a neighbor's dog never seem to stop barking? Does an owner not pay assessments on time? How should you deal with these problems?

The notoriety of Terri Schiavo's medical treatment has generated renewed interest in the use of living wills and powers of attorney for health care (these documents are sometimes generically referred to as "advance directives"). Over the last several days, we have received many calls regarding the use of advance directives. The following comments reflect Illinois law in this area.

Do you own a residence or commercial property that is within the boundary of a National Registered Historic District or local historic district? Do you have property that is individually listed in the National Register of Historic Places? If so, you may be entitled to a significant federal income tax deduction.

On October 22, 2004, President Bush signed the American Jobs Creation Act of 2004. The Act amends the existing depreciation provisions of the Internal Revenue Code to shorten the depreciation period for certain types of leasehold improvements and restaurant property which are placed in service prior to January 1, 2006.

On October 22, 2004, President Bush signed the American Jobs Creation Act of 2004. The Act adds a new section 409A to the Internal Revenue Code, which significantly alters the treatment of nonqualified deferred compensation arrangements for deferrals that occur on or after January 1, 2005. This article discusses the Act.

Until a substantial number of units are sold, the developer appointed board of directors operates the new condominium association. When the owners meet to elect the first unit owner board of directors, they will assume responsibility for both the physical structure and the financial operations of the condominium association. The new directors must recognize that the first year from the turnover meeting is the most significant period for the new association.

A sample question... My condominium association has imposed a special assessment to pay for extensive building facade repairs and elevator upgrades. The board has thoroughly explained the need for this work, and unit owners are basically in agreement that the assessment is necessary.Is there any possible provision in either the Federal or State tax laws that allows for some tax relief or deduction for an individual unit owner or the association from a special assessment?

On July 30, 2004, Illinois adopted P.A. 093-0840 which exempts "Investment Partnerships" from the Illinois Personal Property Tax Replacement IncomeTax and affords favorable treatment to such partnership's non-residentinvestors. The new provisions apply for the tax years ending on or afterDecember 31, 2004.

In order to have a valid like-kind exchange involving real estate under Section 1031 of the Internal Revenue Code, a taxpayer must exchange an interest in real estate (which in Illinois, includes an interest in a land trust) for another interest in real estate. Exchanges of partnership interests (even if the partnership owns nothing but real estate) are not valid exchanges. The comments below are pertinent to multi-member limited liability companies as well as partnerships.

Prior to the advent of LLCs, people who wanted to form a business had only a few choices: sole proprietorship, partnership or corporation. In the late 1970s, Wyoming was the first state to adopt a business organization that truly offered the best features of both partnerships and corporations: the limited liability company. A paradigm shift has occurred and LLCs are now in most circumstances the preferred business entity. States have created their own LLC rules. This article is about the Illinois Limited Liability Company Act (ILLCA).

On March 19, 2002, the Internal Revenue Service issued Revenue Procedure 2002-22, specifying the conditions under which the Service would consider a request for a ruling that an undivided fractional interest in rental real estate will be considered an interest in real estate and not an interest in a business entity.

This article, by Environmental Service Group attorney James D. Brusslan, was published in the February 25, 2002 issue of the Illinois Real Estate Journal.

What could be a more compelling tax planning technique than one that allows a lifetime’s worth of appreciation in the value of property to permanently escape income tax? The answer is found in a combination of the like-kind exchange rule of Section 1031 and the stepped-up basis rule found in Section 1014 of the Internal Revenue Code. The technique is best illustrated by example.

You may think a trust is only for extremely wealthy individuals. However, using a trust to plan one's estate is at least as common, if not more common, than use of a will alone. For gay and lesbian families, a trust can offer greater protection and greater ease of administration upon death than a will. Whether you should use a trust or a will depends on several factors.

On September 19, 2000, the Internal Revenue Service announced (in Revenue Procedure 2000-37) that it would recognize the validity of certain so-called “reverse” like-kind exchanges. The IRS thus greatly expanded the practical utility of the like-kind exchange, one of the most important tax savings tools available to investors and businesses.

This article explains how to comply with storm water requirements and avoid expensive enforcement actions.

Most professionals are aware of how Internal Revenue Code Section 1031 can be used to defer gain on the exchange of real estate. But the scope of the exchange rule extends far beyond real estate and covers most business and investment property, such as manufacturing equipment, transportation equipment and office furniture and equipment. It also extends to certain non-real estate investment property, including an entire range of collectibles.

This primer is presented in question and answer format to provide summary guidance only concerning the tax-deferred like-kind exchange rules of section 1031 of the internal revenue code. These rules and their interpretations change constantly, and the application of these rules to particular facts requires careful scrutiny. Always consult with your attorney or tax advisor.

This article examines the timeworn axiom that "fair value" of a closely held corporation "is best measured by what a willing buyer would pay a willing seller in a voluntary transaction."

If you cringe at the thought of your family paying a 50% or 55% estate tax on the value of your assets upon your death, then you should consider the fact that making major gifts can reduce the amount of transfer taxes paid by your family and increase the value of the assets passing to your children. For example, if you give your children $3 million in assets now, you may be able to save the family $1 million in transfer taxes.

60% of small businesses have Internet access; the percentage grows to 80% and to more than 90% respectively for medium-sized and large businesses. 66% of companies utilize Internet use policies, and 31% utilize filtering software for blocking access to web sites. Are these measures the prophesy of George Orwell's 1984, or merely practices of reasonable and prudent high tech business management?

This article suggests how cities can govern the placement and construction of cellular phone towers.

If you are in any way involved with a commercial real estate work-out today, you have probably been asked to sign a “Pre-Negotiation Agreement” (PNA).  The PNA usually shows up in your e-mail inbox about 32 seconds after you have called your loan officer looking to chat about a loan modification or extension.  

In its essence, the PNA basically says three things:...Click here to read more

Let’s face it, the US Bailout Plan is having little (if any) impact on the average real estate developer, entrepreneur or investor, many of whom are struggling to refinance an unstabilized asset or are even facing foreclosure.  You are not alone if you are feeling this pressure.  While capital infusions in insurance giants, national banks, investment banks and (possibly) auto companies may payoff in the long run, this is little solace for the retail developer with a maturing construction loan and a half-leased center.

We suspect your “in-box” is filled with announcements regarding the latest law firm “practice group” or “task force” formed to advise clients on how to profit from the various aspects of the Fed’s mutli-acronymed bailout plans.  Be advised, this is not such an announcement.  Rather, this announcement is to tell you that we can help with your current, real opportunities and challenges. Click here to view the full article

24^th Annual National Institute on White Collar Crime Panel discussion and PowerPoint presented at the American Bar Association, Criminal Justice Section’s “National Institute on White Collar Crime,” Miami, Florida

Panel discussion and PowerPoint presented at the American Bar Association’s Annual Meeting, entitled “Through A Glass Darkly:  Perspectives on the Financial Crisis,” Chicago, Ilinois

This compendium addresses four key topics on compliance and white collar investigations – search warrants, internal investigations, dealings with the Government, and managing risk through compliance programs – all from the perspective of a business person who needs to interact with legal counsel on these critical issues.  Packed with practical advice on navigating, or avoiding, a criminal investigation, this Primer is a handy reference tool for business owners, executives, and in-house counsel for companies of all sizes.

The included presentation materials were prepared by Scott Meyers, Chair of the Litigation Practice Group and member of the Securities Service Group.