May Business Bytes

This month’s Business Bytes highlights foreclosures, succession for single owner businesses, and pets in your estate.

Distressed Property. Foreclosure is rarely the best course for either the borrower or lender when confronted with distressed property. Borrowers should be proactive and present a plan to their lender before foreclosure becomes inevitable. READ MORE.

Succession for Single Owner Businesses. Even a single owner business should have a succession plan. As the business may be a substantial portion of the owner’s estate on death or disability, providing your family with a plan if you are not available to operate your business and the funds to enact it can be a substantial benefit. READ MORE.

Pets in your Estate. For many, care for a pet after their death is an important consideration. To address this situation, pet trusts are gaining in popularity and acceptance. A pet trust may be a way to protect your pet after your demise. READ MORE.

This Business Byte is designed to provide our friends and clients with information regarding the various subject matters covered, it is not designed to take place of legal, accounting, or other professional advice. If expert assistance is required, the services of a competent professional should be sought. This may constitute advertising under the rules regulating Illinois attorneys.