Lavelle Law Hosts Free Seminar About ESOPs and Their Role in Transitioning a Business

In a significant move towards pay transparency and equity, Illinois is set to join a growing list of states requiring employers to disclose salary ranges in job postings. This new requirement, part of amendments to the Illinois Equal Pay Act, will take effect in January 2025. As businesses prepare for this change, understanding its implications is crucial for both compliance and strategic workforce management.

Join us on November 20 for an insightful Breakfast Briefs seminar focused on essential strategies to protect your business as we approach the end of the year and plan for 2025. This session will cover the importance of developing robust non-compete agreements, safeguarding trade secrets, and understanding temporary restraining orders (TROs) and injunctive relief.

Join Lavelle Law Attorneys Frank Portera and Sarah Reusché on October 30 as they participate in BREAKFAST, BENEFITS & BUSINESS BEST PRACTICES.

One important goal of effective estate planning is to minimize the amount of tax that your estate will be subject to upon your death. If the value of your assets at your death exceeds a threshold amount, your estate will be subject to federal estate tax and potentially state estate tax as well, depending on the state in which you reside at your death. Currently, twelve states (including Illinois) and the District of Columbia impose a state estate tax in addition to any federal estate tax due. Currently, the Illinois estate tax exemption is $4 million per individual, which means a person can transfer up to $4 million worth of assets at death without incurring Illinois estate tax. The current federal estate tax exemption, put in place in 2017 by the Tax Cuts and Jobs Act (TCJA), is $13.61 million per individual; however, this amount is scheduled to “sunset” at the end of 2025 and revert to pre-TCJA levels, which is estimated to be around $7 million per individual (adjusted for inflation).

Lavelle Law represented an owner of a home health care agency, for the sale of their equity to a private equity firm. The agency provided home health and home care services to patients throughout the greater Chicagoland area.

This past May, the Supreme Court of the United States clarified the boundaries between state and federal banking laws in Cantero v. Bank of America. This ruling not only addresses the preemption of state laws by the National Bank Act (“NBA”), but also sets the stage for significant legal debates over the powers of national banks. As banks navigate an evolving regulatory landscape, this case provides much-needed industry clarity.

In Illinois, consumer actions against new and used vehicle dealerships are often brought under the Illinois Consumer Fraud and Deceptive Business Practices Act (the “Act”) codified as 815 ILCS 505. Section 10a of the Act allows individuals to file a lawsuit if they suffer actual damages from unfair or deceptive acts or practices from a new or used vehicle dealership. Section 2 of the Act details the prohibitions against “unfair or deceptive acts or practices.” Many of these actions include but are not limited to: Misrepresentation: Providing false or misleading information about a vehicle’s condition, history, or features. Omission of Material Facts: Failing to disclose important information that could affect a consumer’s decision to purchase a vehicle. Deceptive Advertising: Engaging in false advertising or using bait-and-switch tactics to lure customers. Unfair Practices: Conduct considered unethical, oppressive, or causes substantial injury to consumers.

On September 13, 2024, Adam R. Oliva (“Oliva”), a tax professional from Rolling Meadows, Illinois, pleaded guilty to defrauding his clients out of over $1.1 million. From 2015 to 2020, Oliva misrepresented that the funds his clients provided would be used to satisfy their tax liabilities with the IRS and state authorities. Instead, Oliva misappropriated the funds for personal uses such as gambling and retail purchases, while filing false tax returns that understated his clients’ tax liabilities. This strategy minimized the risk of the IRS contacting his clients about their unpaid taxes, allowing the scheme to continue undetected for years. Oliva faces serious criminal penalties, including up to 20 years in prison for wire fraud and three years for preparing false tax returns.

Each year, it becomes more challenging for the Schaumburg Township Food Pantry to meet the needs of the community. Inflation and the rising cost of groceries and rent have pushed more families to rely on the services the food pantry provides. The pantry currently serves more than 1,100 families per month. The demand has grown substantially since 2022.