KOMDR News | KOMDR

Trust and Estates Senior Associate / Partner

Oct 19, 2016

Kelly, Olson, Michod, DeHaan & Richter, L.L.C. is seeking a highly motivated trusts and estates senior associate or partner with 8 to 20 years of experience.

The impact of Prairie Rheumatology Assoc. v. Francis on Non-Competes in Illinois

Mar 04, 2015

In light of a recent decision in Prairie Rheumatology Associates, S.C. v. Maria Francis, D.O., 2014 IL App. (3d) 140338, in order to enforce non-competition agreements, Illinois employers should note that a minimum of two (2) full years of continuous employment may be required to enforce non-compete agreements.

Business & Banking Law Associate Sought

Nov 25, 2014

Kelly, Olson, Michod, DeHaan & Richter, L.L.C. is seeking a highly motivated associate with at least 3 years of experience to join its business and banking group. Applicants should be experienced in corporate transactions, merger and acquisition work, drafting business and entity formation documents, drafting and negotiating transaction documents, drafting loan documents, drafting and negotiating real estate transactions, and general corporate and business law matters.

Engaging with Aging - Community Bank of Oak Park River Forest

Nov 25, 2014

On December 3, 2014 at 5:30 p.m., Jason Johns will participate in a panel discussion at the Community Bank of Oak Park River Forest (1001 Lake St., Oak Park, IL 60301) presenting a straightforward look at what is involved in getting older and the types of resources that are available to help people manage the process at their own speed.

Illinois Land Trusts

Nov 18, 2014

A land trust is an arrangement where actual title to real estate is held by a trustee (often a bank), while the rights and conveniences of ownership are vested in a beneficiary of the land trust, who exercises management and control over the property itself.

IRS Raises Gift/Estate Tax Exclusion Amount for 2015

Nov 11, 2014

The IRS raised the estate tax exclusion amount from $5.34M for decedents dying in 2014 to $5.43M for decedents dying in 2015. That also means the lifetime gift tax exclusion amount for 2015 is also $5.43M.

Same-Sex Marriage Comes to Indiana

Oct 16, 2014

The United States Supreme Court denied review of all seven of the petitions arising from challenges to state bans on same-sex marriage, thereby clearing the way for same-sex marriage in at least 5 more states, including Indiana.

Guide for Independent Executors in Illinois

"My father just died and I'm named as the executor of his will. What does that mean? What am I supposed to do?" This Guide for Independent Executors in Illinois attempts to answer those questions.

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Engaging with Aging

Sep 22, 2014

On September 27, 2014 at 2 p.m., Jason Johns will participate in a panel discussion at the Oak Park Library (834 Lake St., Oak Park, IL 60301) presenting a straightforward look at what is involved in getting older and the types of resources that are available to help people manage the process at their own speed.

Convenience Accounts

Sep 10, 2014

Convenience accounts are joint accounts, usually checking or savings accounts, that are held in joint tenancy between the “true owner” and someone else where the “true owner” did not intend for the other joint tenant to have an interest in the account, but to only act on the direction of the "true owner" and for that person's benefit.

Resulting Trusts

Sep 10, 2014

A resulting trust is created by operation of law in Illinois based on the presumed intent of the parties and comes into being either at the time title vests, or not at all.

Forced Place Insurance Policies

Sep 08, 2014

Insurance is a critical element in protecting real estate interests. Both an Owner and a Mortgage Lender have economic values protectable by insurance. Those economic values, while sometimes coincidental, may also be divergent.

Obligations of Purchaser for Delinquent Condo Assessments Incurred Prior To Judicial Sale

Sep 08, 2014

In the recent Illinois case of 1010 Lake Shore Association v. Deutsche Bank Nat. Trust Co., the Court held the purchaser liable for post-foreclosure sale assessments, plus unpaid assessments incurred prior to its purchase of the unit, and determined that the condo association's lien for the prior unpaid assessments on the unit was not extinguished.

Inherited IRAs Subject to Creditors

Sep 08, 2014

The United States Supreme Court recently decided that Inherited IRAs are not protected from the creditors of the beneficiaries.

Contractual Indemnity Provisions

Sep 05, 2014

Indmenification provisions are common in business contracts. They can work to share or transfer risk among the parties to the contract. However, they must be carefully evaluated to ensure the provisions properly reflect the intentions of the parties.

Appointment of Receivers in Commercial Mortgage Foreclosure Cases

Sep 04, 2014

A useful tool for secured lenders to attempt to protect mortgaged commercial property and to maximize recoveries concerning defaulted mortgage loans, can be to request the Court for appointment of a receiver to take possession of, manage, and operate the subject property.

Five Top Rated Lawyers in 2014

Apr 25, 2014

Five of Kelly, Olson, Michod, DeHaan & Richter, L.L.C.'s attorneys were designated as Top Lawyers in 2014 based on their AV Preeminent rating.

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Federal Tax Update - Vol. 3 Iss. 1

Jun 20, 2013

You have only a few months left to take advantage of the largest transfer tax exemptions and lowest transfer tax rates ever. For a limited time, each of us can give away up to $5.12M without incurring any gift or other transfer tax – perhaps even more by using valuation discounts. The current gift, estate and generation skipping transfer tax exemptions of $5.12M will expire on December 31, 2012.

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Estate Planning for Same-Sex Couples

Feb 01, 2013

Jason T. Johns to present to the CBA/YLS Estate Planning Committee on March 5, 2013 on the topic of Estate Planning for Same-Sex Couples.

Pro Bono Work Recognized

Jan 14, 2013

The pro bono work of David S. Adduce and Kelly, Olson, Michod, DeHaan & Richter, LLC (KOMDR) was recently recognized in an article in the January 14, 2013 issue of The Orland Park Prairie

Federal Tax Update - Vol. 2 Iss. 1

Feb 23, 2011

A summary of the recent tax law changes made by the Tax Relief Act of 2010 as well as changes proposed by President Obama.

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Federal Tax Update - Vol 1. Iss. 2

Nov 05, 2010

Federal Tax Update

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Estate Tax Update

Feb 12, 2010

The estate tax and the generation skipping transfer tax are repealed for 2010. What does this mean for my estate plan?

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New Chicago Office

Dec 30, 2009

On December 30, 2009, Kelly, Olson, Michod, DeHaan & Richter, LLC moved into its new office at 333 W. Wacker Drive, Suite 2000, Chicago, IL 60606-12888.

Illinois' New Requirements in Residential Mortgage Foreclosures

Apr 14, 2009

Mortgage foreclosures have attracted more attention from the Illinois legislature

American Recovery and Reinvestment Act

Feb 17, 2009

On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009 (the “Stimulus Act”). Though it seems lost in the news coverage of all the spending programs, the Stimulus Act contains approximately $262 billion in tax cuts.

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