"While many of the usual planning techniques remain viable, the current state of the transfer tax laws provides for additional opportunities, but makes 2010 year-end planning a bigger challenge than in past years," writes Gregg Simon in the December ISBA Trusts and Estates newsletter. Read his rundown of the status of various gift taxes, the generation-skipping transfer tax, and more.
Practice News
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December 16, 2010 |
Practice News
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December 16, 2010 |
Practice News
Does the health care reform law impose a new real estate sales tax? That's the rumor floating around cyberspace, writes Emily Vivian in the latest ISBA Real Property newsletter. The answer: while the law doesn't impose a direct tax on real estate sales, "for certain individuals, it imposes a new 3.8 percent Medicare tax on 'net investment income,' which might result from a real estate sale," Vivian writes. Read her article and find out more.
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December 15, 2010 |
Practice News
Chief Judge Stephen J. Culliton has announced that four finalists have been selected to fill the vacancies created by the election of Judge Dorothy F. French and Judge Ronald D. Sutter to circuit judge. From these names, the circuit judges will select two appointees by secret ballot:
- Anthony V. Coco
- Robert E. Douglas
- Thomas A. Else
- Alexander F. McGimpsey
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December 15, 2010 |
Practice News
Asked and Answered By John W. Olmstead, MBA, Ph.D, CMC Q. Our firm, a 12 attorney firm, in Detroit, is having a partner meeting next week focused on thinking about what we can do different in 2011 in order to have a more successful year. While we have a few ideas what are your thoughts? A. The economy is still posing challenges for many law firms and will continue to do so in 2011. Law firms must continue to be dilligent about managing costs but more importantly must really hone in on improving revenues. Here are a few ideas:
- Take a serious look at the firm's present position in the marketplace. Review financials, compare against financial ratios, compare with both firm past history and against law firm benchmarks. Examine how well the firm is competing. Is the firm too dependent on a narrow base of clients? Is the practice at risk? Conduct a client survey and obtain client feedback both on firm performance as well as possible unmet needs and opportunities. Consider a comprehensive management review.
- Formulate business goals and develop a strategic business plan as a roadmap for the future. Design and simplify business reports designed to measure the goals identified in the strategic business plan. Strive for a one page summary as the primary report.
- Require all timekeepers in the firm to submit personal one page business plans which in addition to outlining goals for the year provided fee revenue goals with an element of stretch. The goals should have a stretch component but yet be realistic and attainable.
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December 14, 2010 |
Practice News
The House Special Committee on Workers' Compensation Reform is scheduled to meet tomorrow in Bloomington-Normal at 1:00 p.m. and in Mt. Vernon on Thursday at 11:00 a.m. The postings for these hearings may be found here.
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December 13, 2010 |
Practice News
The Illinois Supreme Court has announced the appointments of Michael L. Stroh and James D. Orel to the position of associate judge. Stroh will reside in the 11th Judicial Circuit and Orel in the 18th. Mr. Stroh received his undergraduate degree in 1993 from Southern Illinois University and his Juris Doctor in 1996 from Southern Illinois University. He is currently affiliated with the Woodford County State’s Attorney’s Office in Eureka. Mr. Orel received his undergraduate degree in 1976 from Illinois State University and his Juris Doctor in 1983 from John Marshall in Chicago. He is currently engaged in practice with Garretson, Santora, Urgo & Nugent in Wheaton.
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December 10, 2010 |
Practice News
The Senate Special Committee on Workers' Compensation Reform held a hearing in Chicago Wednesday. The written testimony submitted may be found here.
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December 9, 2010 |
Practice News
The Illinois Supreme Court has appointed Shelbyville Judge Michael P. Kiley as Chairperson of the Special Supreme Court Committee to Study Courtroom and Judicial Security.
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December 9, 2010 |
Practice News
The Illinois Supreme Court has recalled retired Circuit Judge Glenn H. Collier to hold court in the Circuit Court of the Tenth Judicial Circuit through July 6, 2011.
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December 8, 2010 |
Practice News
Remember Berry v. American Standard? Here's how NIU Professor Emeritus Jeffrey A. Parness described the sad Berry facts in an IBJ column from September 2008 (his quotes are from the case): Berry's claim failed, Parness wrote, because he "died before his evidence deposition could be taken, his discovery deposition was inadmissible, and there was insufficient other evidence on liability even though defendants seemingly 'were in control of the discovery deposition' and had taxed the claimant, a terminally ill man, in ways that made 'it impossible for him to give an evidence deposition.'" Well, the Illinois Supreme Court just amended Rule 212, effective January 1, to give the trial court discretion to admit the discovery deposition of the next plaintiff in Berry's shoes. Quoting the Committee Comments: "It appears that there may be rare, but compelling, circumstances under which a party's discovery deposition should be permitted to be used. In the Committee's view, Berry presents such circumstances."