Category - Banks

Certificate of Trust and the difference between what a bank may request and what it actually needs

March 3, 2018

Just because a bank requests information, that does not necessarily mean the bank is entitled to receive such information.  By way of introduction, I spent several years working directly for some of the world’s largest banks while I was employed at a large firm in downtown Chicago.  Since then, I have continued to interact with […]

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Common Mistakes Made by Business Owners

February 9, 2018

“Only a fool learns from his own mistakes. The wise man learns from the mistakes of others.” ― Otto von Bismarck During my time working as a business law attorney, I have marveled at the wisdom, creativity, and brilliance of many of my business owner clients.  There have also been occasions when I have witnessed […]

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New Reverse Mortgage Rules

October 3, 2017

On October 2, 2017, the rules relating to reverse mortgages changed. Borrowing limits decreased and upfront costs increased. First, let’s start with a basic definition of a reverse mortgage. Admittedly, this is something that many people have heard about, but perhaps it is not very well understood. As the name indicates, a reverse mortgage is […]

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Am I required to Sign a Personal Guarantee for a Business Loan?

September 27, 2017

If you are getting an SBA loan, you may not have a choice. In most instances, SBA regulations will require the owner of a business obtaining an SBA loan to sign an unconditional guarantee. But there are a great many business loans made which are not SBA loans, so let’s focus primarily on non-SBA commercial […]

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Death of the death tax? what would repeal of estate tax mean for you and me?

January 19, 2017

The Republicans have been talking about and working on repeal of the federal estate tax for years. Now that Trump is on his way to the White House, there are many who believe that the federal estate tax (also known as death tax) will soon be a thing of the past. In theory and principle, […]

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lenders and LLCs–rental property stuff

December 19, 2016

It is usually a good idea to own rental property through an LLC. As the name suggests, an LLC is designed to limit liability. Think of a limited liability company as a legal liability firewall vehicle. In other words, if some sort of legal claim arose from the operating of your rental property (say a […]

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The value of knowledge and experience in all areas of life

September 8, 2016

Do you and I appreciate the importance of experience and expertise? In this internet age, it is quite easy for us to believe that Google can make us an expert on just about anything. While I am as much a fan of Google and other internet resources as the next person, I see quite often the […]

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Business Buy-Sell Agreements: Mistakes to Avoid (Part 1)

August 22, 2016

If you are the owner of a family business or other closely held business, not having a buy-sell agreement may be a big mistake. Let’s get this out-of-the-way: I am a business law attorney who gets paid to work on things like buy-sell agreements. Therefore, it is no surprise that I am talking about why you […]

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who can access your e-mail? (status of laws relating to digital assets)

July 6, 2016

At the moment, you likely don’t want anyone (other than perhaps your significant other) to have access your e-mail, social media, online bank account, i-tunes and/or any of a number of other online accounts. If something were to happen to your parent, your spouse, your child or other family member, you might need to access that […]

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begin with the end in mind–Covey’s wise counsel applies in business arrangements

June 27, 2016

At the outset of a promising business venture, nobody wants to think about how it will eventually end. However, that is exactly the time to consider such things. Perhaps too somber a thought for a Monday morning, but the reality is that “all good things must come to an end”. On the bright side, the […]

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