IN THIS ISSUE
- Successfully Selling a Business
- Federal Estate & Gift Tax Basic Exclusions Will Be Lowered
- The New and Improved Notary Public Law
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Successfully Selling a Business
By Robert E. Harig
T:847.698.9600 (Park Ridge Office)
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You have spent years building your business and you may be thinking that now is the right time to sell. Here are the steps involved in a successful business sale.
Step One: Preparation
The first step in selling any business is to prepare business for sale. A potential buyer will want to thoroughly review company documents. You should review and make sure that all your shareholder agreements, customer and supplier agreements, employment agreements and real estate leases are updated, complete and signed.
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Federal Estate & Gift Tax Basic Exclusions Will Be Lowered
By Molly S. Franklin
T:312.456.0285 (Chicago Office)
The federal estate and gift tax has a long history. Decedents in 2023 have a $12.92 million basic exclusion amount (BEA). For married couples, the BEA is $26.84 million. For the first time ever, the exemption will be reduced, by roughly 50 percent, beginning in two years, on January 1, 2026. That means the tax will be higher for taxpayers.
It is a good idea to revise your estate plan to ensure you take advantage of the higher BEA that is set to expire in 2026. One way to do this is by utilizing lifetime gifting.
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The New and Improved
Notary Public Law
By Jennifer L. Barton
T:312.456.0361 (Chicago Office)
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For longer than anyone can remember, becoming a Notary Public in Illinois meant simply filling out a short application form, paying a small fee to the State, purchasing a personalized Notary Public seal and presto you were in business to sign your name to official documents as a Notary Public. No training, examination or knowledge was required. Whatever you signed as a Notary you returned to the person who brought it to you, and kept no record of what you "notarized." However, all of that is about to change.
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RD Welcomes New Attorneys
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RD is excited to welcome Maeve Degnan as a new Associate. She concentrates her practice in the areas of Business Transactions and Real Estate.
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T:847.698.9600 (Park Ridge Office)
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RD is excited to welcome Carolina Y. Sales as a new Partner. She concentrates her practice in the areas of Banking & Finance, Business Transactions, Creditors' Rights, Collections & Bankruptcy, and Litigation.
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T:847.698.9600 (Park Ridge Office)
T:312.456.0372 (Chicago Office)
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RD welcomes Marko Van Buskirk as a new Associate. He concentrates his practice in the areas of Business Transactions, Litigation, Taxation, and Trusts & Estates.
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T:847.698.9600 (Park Ridge Office)
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Riccardo A. DiMonte
T: 847.698.6900 (Park Ridge Office)
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Julia Jensen Smolka
T: 847.698.6900 (Park Ridge Office)
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Dominic G. Erbacci
T:847.698.9600 (Park Ridge Office)
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Riccardo A. Di Monte and Dominic G. Erbacci successfully obtained a judgment in favor of their landowner clients against the Village of Mt. Prospect. The judgment was related to a lawsuit involving quiet title. The term “quiet title” is used when settling an ownership dispute. The landowners contested the Village's claim for adverse possession of the land and moved for a directed finding. The court agreed with the landowners, stating that the Village failed to provide evidence of adverse possession or continuous possession of the property. The landowners also filed a counterclaim for inverse condemnation, alleging that the Village had taken their land without proper compensation. Before the case concluded, the parties settled, with the Village agreeing to pay the landowners $315,000.
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Dominic G. Erbacci and Julia Jensen Smolka successfully obtained a summary judgment in favor of their graphic designer client who was alleged to have infringed upon another’s trademark. The alleged trademark holder filed suit against the graphic designer and sought more than $1,700,000 in alleged damages. Following the close of discovery, the graphic designer moved for summary judgment arguing, in pertinent part, that the alleged trademark holder could not prevail on its claim as a matter of law because the claimed damages were speculative and not directly attributable to actual consumer confusion in the marketplace. The Circuit Court of Cook County agreed, and judgment was entered in favor of the graphic designer and against the alleged trademark holder two weeks prior to trial.
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T:312.456.0378 (Chicago Office)
R. Kymn Harp has received the 2024 Martindale-Hubbell Award® with the AV Preeminent Rating®. The distinguished honor is the highest possible rating in both legal ability and ethical standards earned through the extensive Martindale-Hubbell® Peer Review rating process.
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Joshua L. Harris
T:312.456.0575 (Chicago Office)
Joshua L. Harris has been recognized by the prestigious 2024 Edition of Best Lawyers: Ones to Watch® in America for outstanding, professional excellence in the legal practice area of Alternative Dispute Resolution.
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Julia Jensen Smolka
T:847.698.9600 (Park Ridge Office)
Julia Jensen Smolka was a presenter on September 1 for webinar “Setting Yourself Up for Faster Payments and Better Collection of Your Accounts Receivables” hosted by the Chicago Department of Business Affairs and Consumer Protection.
Additionally, Julia was appointed co-chair of the Northern District of Illinois Bankruptcy Liaison Committee. The committee is a group of bankruptcy attorneys and judges that create policy and further relations between the bench and bankruptcy bar.
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T:847.698.9600 (Park Ridge Office)
Anthony B. Ferraro recently presented a comprehensive 4-part estate planning and elder law series with Niles Senior Center (Niles, IL) and the Frisbie Senior Center (Des Plaines, IL). Currently, this series is being hosted by the Libertyville Senior Center (Libertyville, IL) via Zoom. Attorney Ferraro covers topics such as, “Wills vs. Trusts”, “Elder Law 101”, “Boomers & Seniors: Don’t Go Broke in a Nursing Home” and “Surprise! You Have Been Named Executor and/or Trustee! What Now?”
If you are interested in joining this informative series in the new year, click “Learn More” for full event descriptions.
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R. Kymn Harp
T:312.456.0378 (Chicago Office)
R. Kymn Harp was a presenter on November 17 for the Illinois State Bar Association's Real Estate Law Update 2023 discussing "Development Agreements: How Big Projects Get Built".
Click "Learn More" for a full event description.
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Julia Jensen Smolka
T:847.698.9600 (Park Ridge Office)
Julia Jensen Smolka will be a speaker for the Chicago Bar Association's CLE seminar "Mechanics Liens and Construction Claims" on December 14. She will discuss "Perspectives on Bankruptcy in the Construction Law Context". Click "Learn More" to register and for a full event description.
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RD Wishes You and Your Family a Thanksgiving Day filled with Gratitude, Love, and Laughter.
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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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