IN THIS ISSUE
- A Short Story of the Recent History of the World-Fast Food Style
- Basic Underwriting Considerations for Contract Surety Bonds
- Revise Your Powers of Attorney Before Long Term Care
- Changes in the Law for IRA and 401(K) Plans
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A Short Story of the Recent History of the World-
Fast Food Style
By Andrew W. Lapin
T:312.456.0372
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Its May 2023, three years since the start of the COVID pandemic that has now been declared to be over. Three years since the world shut down and we withdrew from physical contact with others into what we hoped was a bubble of safety. Many would argue that the world has changed drastically and dramatically as we have emerged from the worst of the Pandemic. |
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Basic Underwriting Considerations for Contract Surety Bonds
By Cornelius "Con" F. Riordan
T:312.456.0767
Federal, state, and local governments require surety bonds from contractors to manage risk on construction and development projects and to protect taxpayer dollars. Private construction project owners likewise often stipulate bonding requirements on their projects. Prime contractors may require their major subcontractors to obtain performance and payment bonds.
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Revise your Powers of Attorney Before Long-Term Care
By Anthony B. Ferraro
T:847.698.9600
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Long-term care is often a pressing concern. Nearly 70% of individuals are expected to require assistance. When planning for long-term care, having advance directives in place is essential. Advance directives are documents used to provide guidance for the caretakers of individuals who are ill or incompetent. There are several types of advance directives, including Living Wills, Five Wishes, Do Not Resuscitate Orders, and Powers of Attorneys. |
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Changes in the Law for IRA
and 401(K) Plans
By Marshall K. Brown
T:312.456.0181
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Here are the significant changes in the law for IRA retirement accounts and 401(K) retirement plans.
For retirement plans, a participant can delay retirement minimum distribution until retirement and may delay taking the first year’s distribution until April 1st of the following year. Required minimum distributions must be taken from a traditional IRA in the year in which a participant attains 73 years.
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RD Elects Thomas A. Jefson as New CEO |
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Thomas A. Jefson was appointed Chief Executive Officer on March 6. Tom oversees RD's fiscal and strategic planning while supervising day-to-day operations.
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T:312.456.0168 (Chicago)
T:847.698.9600 (Park Ridge)
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RD Welcomes New Attorneys |
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RD is excited to welcome Vlad V. Chirica as a new Partner. Vlad concentrates his practice in the area of litigation.
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RD welcomes Jeiel Noh as a new Associate. Jeiel concentrates his practice in the areas of creditors' rights, collections & bankruptcy; litigation; real estate; trusts & estates; and labor & employment.
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T:847.698.9600 (Park Ridge)
T:312.782.9000 (Chicago)
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RD is excited to welcome Molly S. Franklin as a new Associate. Molly concentrates her practice in the area of trusts & estates.
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RD Connects with ICSC Las Vegas |
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Robbins DiMonte, together with co-sponsors @ Properties Commercial, Busey Bank and Proper Title, hosted its annual Cabana Party on May 22 at The Cosmopolitan of Las Vegas, in connection with ICSC Las Vegas. Each year ICSC attracts over 30,000 commercial real estate dealmakers and industry experts to its signature event.
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RD and The Advocates Society co-sponsored the 2023 CLE Event, "Diversity in the Courtroom" on April 27 in Chicago, IL. The event was presented by The Bankruptcy Court Liaison Committee for the Northern District of Illinois.
Panel Professionals
•Justice Jesse G. Reyes, Illinois Appellate Court District 1
•Juan F. Perea, Attorney and Professor at Loyola University Chicago
•Ava George Stewart, Chief of the Misdemeanor and Traffic Division of the States Attorney's Office of Lake County, IL.
Moderator
•J Israel Greene, CDE, LSSGB, Founder & Owner of Greene Consulting Group
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Diana H. Psarras
T:312.456.0196
RD women attorneys share their insights in two articles addressing the challenges and questions that impact them and the legal profession. In the first article, Diana H. Psarras discusses "Raising the Bar on Work/Life Balance." Click here to view the full article.
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Jennifer L. Barton
T:847.698.9600
In RD's second article of a two article series, Jennifer L. Barton discusses "An Open and Shut Case for Gender Parity." Click here to view the full article.
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Thomas J. Cassady
T: 847.698.6900
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Riccardo A. DiMonte
T:847.698.9600
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Thomas J. Cassady and Riccardo A. DiMonte won two decisions of the appellate court for firm clients in connection with collection matters. For the first decision, the Circuit Court terminated citations issued to third-party citation respondents regarding a judgment now due in the amount of $12 million, because the plaintiff/creditor allegedly violated the “six-month automatic expiration period” of Supreme Court Rule 277. Our office appealed on behalf of the creditor and the Appellate Court reversed, stating that oral requests at each status hearing continuing the citations were good enough for the citations to be continued beyond the automatic expiration period. The Appellate Court overturned the Circuit Court’s decision that a formal request for extension was required. Therefore, the Court held a relaxed standard applies when considering the automatic expiration provisions of Supreme Court Rule 277.
For the second decision, the debtors in a supplementary proceeding had argued that there was no judgment against them because a judicial foreclosure sale order eliminated the prior personal judgment against them, in the same case. The Circuit Court in Will County did not agree with that argument and held that a judgment on a guaranty is a separate judgment from a foreclosure judgment, even when entered within the case proceeding. The debtor argued that the Court should have re-entered the judgment on the guaranty at the end of the foreclosure, but the Circuit Court did not require that action.
The Court also agreed with the plaintiff/creditor that the judgment is still pending/outstanding. The Appellate Court affirmed that decision. Therefore, the judgment is still pending, and the plaintiff/creditor can proceed with its collection efforts on an $8 million judgment.
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R. Kymn Harp
T:312.456.0378
R. Kymn Harp authors “Mitigation of Damages on Illinois Commercial Lease Disputes” published by the Illinois State Bar Association Section on Business Law. Click here to view the full article.
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David P. Resnick
T:312.456.0376
David P. Resnick and R. Kymn Harp co-authored a chapter entitled "Tenant’s Duties, Rights, and Remedies" included in the 2023 Commercial Landlord-Tenant Practice handbook published by the Illinois Institute for Continuing Legal Education on April 27.
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Cornelius "Con" F. Riordan
T:312.456.0767
Con F. Riordan was a co-presenter for the 2023 DRI Fidelity and Surety Roundtable held March 10 in Chicago, IL. Riordan discussed several options facing a surety upon a default of the principal with an emphasis on the tender and takeover options. Click here to view the full presentation.
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Julia Jensen Smolka
T:847.698.9600
Julia Jensen Smolka was inducted into the 2023 Advocates Society Officer Board as their Secretary on February 16. The Advocates Society is a Polish-American association with the goals of promoting the welfare of its members; establishing and maintaining proper relationships with the general public; promoting the progress of the law and the administration of justice, among others. Also, Julia presented the seminar "Five Must Have Estate Planning Documents" to a women networking event sponsored by the Park Ridge Chambers of Commerce. The event was held April 26 in Park Ridge, IL.
Additionally, Julia was a co-presenter for the ISBA CLE webinar "Collections for the Non-Collections Attorney" held May 19.
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Justin L. Weisberg
T:312.456.0190
Justin L. Weisberg was a co-presenter for ABA Forum on Construction Law "Construction Contracting-A Look into the Future" held April 13. Justin discussed the future of construction contracting including what’s new, what’s coming, and what are the trends that will lead construction professionals into the next decade.
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RD Wishes You and Your Family a Safe and
Happy Memorial Day!
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RD CHICAGO
Telephone: 312.782.9000
Fax: 312.782.6690
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RD PARK RIDGE
Telephone: 847.698.9600
Fax: 847.698.9623/9624
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Publication of this legal newsletter by Robbins DiMonte, Ltd. is not intended as a solicitation of legal representation, but rather educational purposes only as well as to give you general information and a general understanding of the law. It is written entirely by members of the firm. We welcome any comments or questions about topics covered in this or any issue. This newsletter is not intended as a replacement for individual legal advice. The contents of this publication may be quoted or reproduced if credit is properly given to the source.
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