This series has focused on alternative approaches to divorce other than the traditional two-attorney courtroom process. Approaches include uncontested divorces, mediation, and collaborative divorce. Following those approaches, our participants discuss the division of property and assets in this final installment. Join Lavelle Law attorneys Patti Levinson and Annette Corrigan and licensed family and marriage therapist Amy Wilhelmi for this insightful discussion.

Alternative Approaches to Divorce Pt 3

Lavelle Law Managing Partner Ted McGinn and Shareholder Timothy Hughes wrap up their series on taxes by discussing bankruptcy as an option for eliminating a tax debt. They will explain what requirements need to be met and outline advantages and disadvantages to using this tactic.

Filing Bankruptcy Due to Tax Debt

In the 2nd installment of the Lavelle Law series on alternative approaches to divorce, attorneys Patti Levinson and Annette Corrigan are joined by licensed marriage and family therapist Amy Wilhelmi to discuss parenting responsibilities during and after a divorce. In an alternative approach such as collaborative divorce or mediation, parents can reach agreements on parenting time and decision-making that better protect their children from the trauma of divorce.

Alternative Approaches to Divorce Part 2 - Parenting

In part 2 of the Lavelle Law series on taxes, Managing Partner Ted McGinn and Shareholder Timothy Hughes discuss ways to address a tax debt. There are several options available based on the conditions of the debt. Learn more about them in this discussion.

Tax Series Pt 2 - Tax Debt

Divorce is never an easy process but in some cases it is not contentious. In this first segment of a 3-part series, Lavelle Law attorneys Patti Levinson and Annette Corrigan are joined by marriage and family therapist Amy Wilhelmi to discuss alternatives to the traditional process. They will share thoughts on collaborative divorce, mediation, and other approaches that can be far less stressful and difficult for all involved.

Alternative Approaches to Divorce Pt 1

Why are certain individuals or businesses selected to be audited by the IRS? If you receive notification of an audit, how do you proceed? Join Lavelle Law attorneys Ted McGinn and Timothy Hughes as they discuss the audit process in part one of a new 3-part series on tax audits.

The Tax Audit

In the final installment of our 3-part series on buying or selling a business, we discuss the closing. Lavelle Law Managing Partner Ted McGinn, Bill Germanetti, Principal at Impact Business Coaching, Inc., and David Gronski, President, North Coast Capital Advisors, Ltd. discuss what takes place, who attends, and how to prepare.

Buying or Selling a Business - The Closing

When businesses are bought, sold, or merge, a due diligence period allows both parties to review all elements of the entities involved in the transaction. Lavelle Law Managing Partner Ted McGinn and Bill Germanetti, Principal at Impact Business Coaching, Inc. take you through the critical elements of the due diligence process.

The Due Diligence Process

Before entering detailed negotiations to buy, sell, or merge businesses, it is advisable to have a clear letter of intent drafted. Ted McGinn, Managing Partner of Lavelle Law, Bill Germanetti, Principal at Impact Business Coaching, and David Gronski, President, North Coast Capital Advisors discuss the important elements of a LOI.

What is a Letter of Intent?

State and federal courts continue to render important decisions regarding the scope and reach of Illinois' Biometric Information Privacy Act or BIPA for short. BIPA is intended to protect the biometric identifiers, including fingerprint and facial identification, of Illinoisans. In this podcast, attorney Brian Massimino digs into the important takeaway lessons from these cases, including the statute of limitations, the risks of mere possession of protected information, and business insurance coverage. If you have any questions about BIPA or other business risk management issues, reach out to Brian at 312-332-7555. 

Important Developments in BIPA Litigation

An M&A intermediary or broker provides valuable advice to companies who are seeking a sale or acquisition. In this podcast, Steven Migala, Lavelle Law Attorney and Shareholder, is joined by Paul Heinze, President of the Paul M. Heinze Company and an alliance partner in Goldberg Heinze Business Advisors. Steve and Paul discuss the value of working with an M&A Intermediary or Broker when selling your business or growing by strategic acquisition.

M&A Intermediaries & Brokers

Bankruptcy laws have been changed whereby it is much easier for a business to reorganize and restructure its debt. But when a business does file for a bankruptcy reorganization, it needs to secure a lending relationship whereby cash flow needs can be financed through the bankruptcy. In this podcast, Lavelle Law attorney Ted McGinn and his guest, Tom Stamborski, president of Liquid Capital of Illinois, discuss debtor in possession financing, what financing options are available, and what steps a business can take in order to establish such a relationship in anticipation of a bankruptcy. 

Debtor in Possession Financing

This podcast explores alternative cash flow solutions for companies not involving traditional bank financing. The impact of COVID-19 on cash flow will be discussed, as well as how alternative financing products can address the different cash flow needs that a business may experience. Join Lavelle Law attorney Steve Migala and his guest, Tom Stamborski, president of Liquid Capital of Illinois, as they discuss cash flow solutions in the current business environment.

Cash Flow Solutions

When individuals and businesses fall behind on tax filings and payments, they often underestimate how costly the problem can be to fix, in large part due to the significant penalties the IRS assesses in non-compliance. In this podcast, attorney Joshua Nesser discusses the most common penalties taxpayers face and what can be done to resolve them.

IRS Penalties

Are you thinking of selling your business? An owner’s decision to roll over its equity in a transaction can be a very good one with many advantages. However, selling owners should be cautious before they agree to rollover equity, and they should conduct significant due diligence and negotiations to ensure they are not agreeing to unfavorable terms in the future. In this podcast, attorney Steve Migala discusses the pros and cons to consider before making a decision to rollover equity in the sale of a business.

Should a Business Owner Rollover Their Equity in a Sale?

In this podcast, Attorney Frank J. Portera discusses Lavelle Law’s process in forming new companies by explaining exactly what filings are required in order to get your new start-up operating properly. Frank also explains the continuing annual reporting and corporate compliance requirements that are needed for all Illinois companies.

Small Business Entity Selection, Formations, and Corporate Compliance

SEC-registered investment advisers must navigate several annual and ongoing regulatory and compliance requirements. Two of the most important investment adviser annual requirements are submitting an annual updating amendment to the Form ADV and conducting an annual review. Failing to comply with these annual requirements can subject an investment adviser to regulatory examinations, enforcements, fines, censures, reputational harm, and other penalties. In this podcast, attorney Samantha Bonamassa discusses the compliance requirements and answers FAQs.

Navigating the Annual Requirements for Investment Advisers

Cybersecurity is constantly evolving and requires small business owners to implement strategies to protect and secure the data that they store as part of the operation of the business. The majority of businesses were not prepared for the shift in business practices that we’ve seen since the start of COVID-19, including remote working and new technology to accommodate social distancing. Cybercriminals have exploited these new advancements in technology as a means of gaining access to the personal data that businesses store. Attorney Taylor Lemick walks businesses through what makes small businesses vulnerable, the implications of COVID-19 on small businesses’ cybersecurity practices, and how to secure your business’ data with low-cost, effective practices, and how the attorneys at Lavelle Law can help your business secure its data today.

Cybersecurity For Your Small Business

Seasoned litigator and Lavelle Law Shareholder, Matt Sheahin, discusses the options available to Illinois restaurant owners in challenging Governor JB Pritzker's emergency order that prohibits indoor dining in Illinois restaurants. Matt will explain the Illinois law, the specific emergency order, and the legal options that owners may consider.

What Options Do Illinois Restaurants Have to Stay Open for Indoor Dining?

The current federal exemptions from estate, gift, and GST tax are at an all-time high, but these exemptions and the applicable tax rates could be affected by the upcoming presidential and congressional elections. Any such changes made well into next year could be retroactive to January 1, 2021, and these historic exemptions would be lost. Even without any immediate government action, the current $11.58 million unified credit will “sunset” in 2026, and be reduced to $5 million. In light of this, the remaining months of 2020 are an unprecedented opportunity to protect your estate and your loved ones from significant transfer taxes after your death. In this podcast, estate planning attorney Heather Walser explains why it’s so important to take advantage of these extraordinary exemptions and tax rates before it’s too late.

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