tag:blogger.com,1999:blog-88355617166613509962024-03-13T04:44:13.668-07:00Chicagoland's Asset Protection and Estate Planning Law FirmThe Robertson Law Group, LLC concentrates in wills and living trusts, advanced estate planning, estate and gift taxation, and asset protection. We serve Cook, Dupage, and Will Counties.Robertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.comBlogger96125tag:blogger.com,1999:blog-8835561716661350996.post-3817723806474432492012-08-19T18:31:00.001-07:002012-08-19T18:31:37.584-07:00Illinois Asset Protection for Business Owners & EntrepreneursTomorrow morning, we have another meeting with a prospect regarding an asset protection for a business owner that has a lot of prior judgments from a failed business venture. In today's economy, many experienced business owners have experienced significant failure resulting in lawsuits, judgments, and liability risks.
Part of the conversation tomorrow is how to structure future business enterprises to deal with the judgments and liability risks that exist in the past. First, we must be careful because under Illinois law, an attorney must not assist an entreprenuer or small business owner commit a fraud. Generally, future planning that involves future assets is different than planning with current assets such as real estate, investments, checking accounts, etc.
When a business owner has a spouse, it makes it easier to plan around past judgments and liens. The obvious question that must be answered and asked is whether bankruptcy or Chapter 7 bankruptcy is an appropriate decision. In many circumstances, Chapter 7 bankruptcy is a bad alternative because the creditors such as banks, financial institutions, and other creditors will undergo an adversarial court proceeding in the Chapter 7 bankruptcy.
The purpose of an adversarial court proceeding is to challenge the small business owner's bankruptcy proceeding and save their client money. Thus, even if Chapter 7 is a good alternative in many cases, a Chapter 7 is a bad alternative because the business is an expenditure of money that many entrepreneurs and small business owners cannot afford at this point in time.
Another goal of the asset protection attorney is to identify an appropriate business entity to operate in for future purposes. This is important because certain business entities may face a charging order by a court. A charging order is simply a court order which gives control of the company to the creditor. Thus, the creditor will controll all distributions and voting rights. In contrasts, a properly formerly Family Limited Liability Corporation prevents a charging order and limits the rights of creditors. For an experienced business owner this is important because it enables them to regain their economic strength and pay off their debts when they have the financial strength. In many cases, this will involve paying less than what is owed on these creditor debits.
In conclusion, Sean Robertson is an asset protection and wealth preservation attorney based in North Aurora and Downtown Chicago, Illinois. Robertson Law Group, LLC is a wealth management and asset protection law firm specializing in distressed business planning and litigation, commercial litigation, and asset protection.
Sean Robertson may be reached either at 630-800-2033 or 312-854-7102. The firm's website is www.RobertsonLawGroup.com.
Keywords: Family LLC Attorney Chicago, Family LLC Downtown Chicago, Family LLC Lawyer Western Suburbs, Family LLC Naperville Attorney, Family Limited Liability Corporation Law Firm Aurora, Illinois, charging order Family Limited Liability Corporation, Physician Asset Protection, Entrepreneurial Asset Protection Chicago, Entrepreneurial Asset Protection Attorney, Asset Preservation Attorney Naperville Illinois, Asset Protection Law Firm Aurora, Wealth Management Law Firm North Aurora, Wealth Management Law Firm ChicagoRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com3tag:blogger.com,1999:blog-8835561716661350996.post-42177085778333718462012-08-19T18:25:00.001-07:002012-08-19T18:25:59.734-07:00Typical Asset Protection Meeting with an AttorneyTomorrow morning, we have another meeting with a prospect regarding an asset protection for a business owner that has a lot of prior judgments from a failed business venture. In today's economy, many experienced business owners have experienced significant failure resulting in lawsuits, judgments, and liability risks.
Part of the conversation tomorrow is how to structure future business enterprises to deal with the judgments and liability risks that exist in the past. First, we must be careful because under Illinois law, an attorney must not assist an entreprenuer or small business owner commit a fraud. Generally, future planning that involves future assets is different than planning with current assets such as real estate, investments, checking accounts, etc.
When a business owner has a spouse, it makes it easier to plan around past judgments and liens. The obvious question that must be answered and asked is whether bankruptcy or Chapter 7 bankruptcy is an appropriate decision. In many circumstances, Chapter 7 bankruptcy is a bad alternative because the creditors such as banks, financial institutions, and other creditors will undergo an adversarial court proceeding in the Chapter 7 bankruptcy.
The purpose of an adversarial court proceeding is to challenge the small business owner's bankruptcy proceeding and save their client money. Thus, even if Chapter 7 is a good alternative in many cases, a Chapter 7 is a bad alternative because the business is an expenditure of money that many entrepreneurs and small business owners cannot afford at this point in time.
Another goal of the asset protection attorney is to identify an appropriate business entity to operate in for future purposes. This is important because certain business entities may face a charging order by a court. A charging order is simply a court order which gives control of the company to the creditor. Thus, the creditor will controll all distributions and voting rights. In contrasts, a properly formerly Family Limited Liability Corporation prevents a charging order and limits the rights of creditors. For an experienced business owner this is important because it enables them to regain their economic strength and pay off their debts when they have the financial strength. In many cases, this will involve paying less than what is owed on these creditor debits.
In conclusion, Sean Robertson is an asset protection and wealth preservation attorney based in North Aurora and Downtown Chicago, Illinois. Robertson Law Group, LLC is a wealth management and asset protection law firm specializing in distressed business planning and litigation, commercial litigation, and asset protection.
Sean Robertson may be reached either at 630-800-2033 or 312-854-7102. The firm's website is www.RobertsonLawGroup.com.
Keywords: Family LLC Attorney Chicago, Family LLC Downtown Chicago, Family LLC Lawyer Western Suburbs, Family LLC Naperville Attorney, Family Limited Liability Corporation Law Firm Aurora, Illinois, charging order Family Limited Liability Corporation, Physician Asset Protection, Entrepreneurial Asset Protection Chicago, Entrepreneurial Asset Protection Attorney, Asset Preservation Attorney Naperville Illinois, Asset Protection Law Firm Aurora, Wealth Management Law Firm North Aurora, Wealth Management Law Firm ChicagoRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-75592050630657450342012-08-17T08:53:00.000-07:002012-08-17T08:53:07.879-07:00Physicians and Non-Compete Agreements in Illinois
<b>PHYSICIANS AND ENFORCEABILITY OF NON-COMPETE AGREEMENTS</b>
Physicians should think twice before signing a non-compete agreement
Just recently in December of 2011, the Illinois Supreme Court broadened the enforceability of non-compete agreements. Prior to the ruling, courts have struggled with the enforceability of non-compete agreements which left both employers and employees weary in these tough economic times.
Back in 2009, the 4th District Court of Appeals steered away from a long line of cases requiring that non-compete agreements must protect a legitimate business interest. The Appellate court held that for a non-compete agreement to be enforceable, all that employers had to show was that the non-compete agreement be reasonable in its duration and geographic restrictions. After the 4th District Court of Appeals ruling, it seemed that employers had the upper hand but the legal uncertainty as to whether a non-compete agreement must protect a legitimate business interest left judges struggling to reconcile long established precedent with the new decision.
The struggle came to an end when the Illinois Supreme Court came down with its decision holding that there must be a protectable business interest in order for a non-compete agreement to be enforceable, but did it really clarify what types of non-compete agreements are or not enforceable? The Illinois Supreme Court went on further to state that whether a non-compete agreement protected a legitimate business interest should be decided on a totality of the circumstances test. So what does this mean? It means that until future cases establish what types of business interests are protectable, employers, employees and judges will continue to struggle with whether a certain non-compete agreement will be enforceable. Will a business’ reputation or goodwill be a protectable interest? Until such decisions are made by the courts, employees should be especially weary on signing such agreements, especially professionals such as physicians.
In the context of non-compete agreements, in some cases physicians are treated the same as any other employee on the issue of enforceability. Although the appellate courts have been split on the enforceability of non-compete agreements against physicians, the Illinois Supreme Court has held that they are in fact enforceable against medical professionals. In Mohanty v. St. John Heart Clinic, S.C., the plaintiff-physicians sought a declaratory judgment that the non-compete agreement at issue, which restricted the “practice of medicine”, was void based on public policy grounds. The Supreme Court rejected other appellate court rulings which held that such non-compete agreements against physicians violated public policy. The plaintiffs’ also argued that the activity restriction, the “practice of medicine”, was broader than necessary to protect the defendants’ interests, which was cardiology. The court upheld the non-compete agreement holding that the activity restriction was not broader than necessary since the geographic restriction was within a narrowly circumscribed area of a large metropolitan area.
Physicians contemplating on whether to sign a non-compete agreement should be cautious before entering into such an agreement not only because of the uncertainty of enforceability but also because of the costs of litigating such an issue. Physicians who are uncertain as to whether signing a non-compete agreement is in their best interest should have an attorney review the agreement to protect themselves from the possibility of costly litigation in the future.
Andrew McCann is an Associate for the Robertson Law Group, LLC in the North Aurora, Illinois location in the Western Suburbs of Chicago, Illinois. Andrew McCann concentrates in family law, asset protection, and business law for Physicians, Dentists, and Healthcare Providers. Andrew McCann may be reached at 630-800-2033 or Andy@RobertsonLawGroup.com.
Robertson Law Group, LLC has offices in North Aurora and Downtown Chicago, Illinois. The downtown Chicago Office may be reached at 312-85-7102. Our website is www.RobertsonLawGroup.com.Robertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-34551460898986238412012-08-14T18:35:00.002-07:002012-08-14T18:35:40.648-07:00Gov. Quinn Signs New Citation to Discover Asset's LawOn July 25, 2012, Governor Pat Quinn signed a new law dealing with Citations to Discover Asset's Proceedings, which effect debtors or Defendants. A Citation to Discover Asset's Proceeding is a post-judgment proceeding after a Debtor or Defendant has obtained a judgment.
There are a couple of major provisions, which apply to this new law. Our law firm will write a more thorough review of this new law within the next 7 days. The old law allowed a Judge to find a Debtor or Defendant in contempt of court after they failed to show up for court for a "Rule to Show Cause".
A Rule to Show Cause is a court proceeding in Illinois where a Debtor or Defendant must show up to court and submit the appropriate documents and/or appear personally at the court proceeding. Generally, the old law would hold a Defendant in contempt of court if they failed to appear in court for the "Rule to Show Cause" court proceeding. The court also would find the Debtor or Defendant in Contempt of Court and set the bond amount according to the Defendant's judgment amount with the creditor. This made sure the creditor got paid because a Defendant could not get out of jail and contempt of court until their judgment was paid off.
The new law restricts the bond amount for violation of contempt of court to be limited to $1,000. Furthermore, this bond payment does not necessarily go to the creditor to satisfy their judgment.
The new law also requires a creditor to personally serve a creditor through personal service. Personal service means that a creditor must hire a sheriff or process server to serve the Defendant or Debtor. Thus, we recently had a case where the service of process was through an email account. Under the new law, this service of process would no longer be sufficient.
Robertson Law Group, LLC is a business boutique law firm concentrating in asset protection, Citations to Discover Assets, and civil and business litigation in the counties of Cook, Dupage, Will, Kane, and Kendall County. We are comprised of five (5) different attorneys with various areas of expertise. Robertson Law Group, LLC may be reached at 312-854-7102 or 630-800-2033 (Western Suburbs-North Aurora and Naperville). Our website is www.RobertsonLawGroup.com.
Keywords: Public Act 97-0848; Governor Pat Quinn Citation to Discover, "Income and Asset Form" Citation to Discover Assets, Cook County new law Citation to Discover Assets, Dupage County new law Citation to Discover Assets, Rule to Show Cause Citation to Discover Assets, Cook County Rule to Show Cause, Dupage County Rule to Show Cause, Will County Rule to Show Cause, Kane County Rule to Show Cause, Kane County Citation to Discover, Robertson Law Group, LLC Asset Protection, Citation to Discover Assets Lawyers, Citation to Discover Assets Law Firm, Citation to Discover Assets Attorney, Citation to Discover Assets Daley CenterRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-87003036378500530012012-08-14T17:57:00.000-07:002012-08-14T17:57:28.531-07:00Post-Judgment Proceedings & Asset ProtectionPost-Judgment Proceedings: Preparation is Key
Common mistakes in preparing an asset protection plan
The Citation to Discover Assets proceeding –the last place an indivdual wants to end up. The lawsuit has been lost, liability has been determined, and you have ended up at the mercy of a judgment creditor.
Experience has allowed me to group post-judgment defendants into two groups: those who have prepared for the worst and those who have not. You can spot the unprepared a mile away. They are the ones pacing up and down the hallways of the Daley Center, a sheen of presperation across their forehead with the tell-tale dark circles under the eyes. The Citation process for these individuals is painful. The creditor’s attorney will grill them about every single asset, bank account, credit card and source of income they have ever come across. At this point, bank accounts in their name have probably already been frozen, making it difficult for them to even hire an attorney to protect whatever little interests they may have.
A word of wisdom – be prepared.
The following are common mistakes that many people, especially entrepreneurs, make when trying to protect their assets.
1. Too little too late. Failing to plan prior to problems arising is the most frequent mistake people make when it comes to protecting their assets. Once a lawsuit has been filed, even before any liabilty has been determined, any transfers of assets from one entity to another can be scrutinized. For example, if during the course of a lawsuit against an individual that individual transfers his home from his personal name into an irrevocable trust or family limited partnership the court can rule this type of transfer to be a fraudulent conveyance. If a transfer is deemed to be a fraudulent conveyance, the transfer will be void and placed back in the original position and used to fulfill the creditor’s judgment.
It is extremely important to initiate your asset protection plan early – long before potential creditor issues arise.
2. Using a one size fits all approach. An asset protection plan should be tailored to you and your business’s specific needs. A plan that worked for your neighbor may not be the right plan for you. Many people use the wrong entity structures – you should find one that fits your specific needs to gain the maximum protection from potential creditors while simultaneously giving you the best tax advantages. There are a variety of options out there – the limited liability company, irrevocable trust, private land trust, s-corporation, living trust, tenancy by the entirety and many more. All with unique characteristics appropriate for specific purposes.
Find an attorney that will take the time to discuss your specific needs and find the right plan for you.
3. Failing to properly title and transfer assets. An asset protection structure cannot be effective if you do not title or transfer your assets into the structures you have created. Furthermore, in slightly more complex cases, multiple structures are established and some categories of assets should be placed in one entity while others are placed in a separate entity.
Be sure to place your assets into the proper entity and title them correctly.
4. Not respecting the formalities of an entity. A good asset protection plan does little good if the formalities of the specific entities used are not recognized and followed. A judgment creditor will always check to determine whether your limited liability company or family limited partnership is run like a legitimate entity or if the entity – as it has been treated –is a sham. This means that all the work done to create this entity and place certain assets into it was essentially worthless and the protection it was supposed to provide is void.
Be aware of the formalities that your entity structure requires. Ensure that they are followed to allow for maximum protection.
Plan ahead, find someone who will tailor a plan to your specific needs, be informed about the rules and formalties of the structure you use and ensure that assets are positioned correctly. These small steps are what will distinguish the prepared from the unprepared. The prepared individual will walk into the post-judgment proceeding with confidence that some of their major assets – such as their home and personal bank accounts – will never be touched by the judgment creditor.
This article was written by Abby Gartner, Esq., an Associate Attorney for Robertson Law Group, LLC. Abby Gartner may be reached at 312-854-7102 or Abby@RobertsonLawGroup.com. Abby Gartner concentrates her practice in commercial litigation and distressed business planning, corporate law, and asset protection law including Citations to Discover Asset's Proceedings. Robertson Law Group, LLC handles a lot of Citations to Discover Asset's Proceedings due to our expertise in asset protection and liability planning law in downtown Chicago, Illinois.
Keywords: Citation to Discover Assets Chicago Attorney, Daley Center Citation to Discover Assets, lawyer Daley Center Citation to Discovery Assets, Abby Gartner Attorney Chicago, Asset Protection Lawyer Cook County, Asset Protection Lawyer Chicago, Circuit Court of Cook County Citation to Discover AssetsRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-71375074870436530902012-08-13T02:00:00.001-07:002012-08-13T02:00:58.325-07:00Should a Physician Sign a Non-Compete Agreement?The purpose of this blog article today is "Whether a Physician Should Sign a Non-Compete Agreement?" The practical answer is yes, but a physician or doctor should understand what is a non-compete agreement and what legal rights are you given up.
Generally, in Illinois, a non-compete agreement is an enforceable agreement if it is written without too broad of geographic scope and the time limitation is reasonable. In my experience, I see Physician Employment Contracts or otherwise known as Doctor Employment Contracts, written with a year or two time restriction. Normally, a time restriction under two (2) years will be viewed as reasonable in Illinois courts. My practice involves the Chicagoland Region such as Dupage County, Will County, Cook County, Kane County, and Kendall County and I have noticed that a lot of time restrictions are one (1) year. I believe that two (2) years may be okay, but too be safe, a year is much more practical. However, a well-written Physician Employment Agreement will have a provision that modifies the Employment Agreement if a court finds that the time restriction is too broad. Thus, the modification provision will allow the Circuit Court of Cook County, Circuit Court of Dupage County, Circuit Court of Will County, or other court house to limit the time scope to what the court finds as reasonable.
The geographic limit restriction is often around 15 miles or 30 miles. In many cases, this protects the healthcare owner or physician whose practice wants to protect their client relationships. Unlike attorney practices, it is acceptable for a Physician to have a non-compete agreement.
The benfit of a non-compete agreement for a physician practice group or physician is the ability to protect your clients or your property interests in your clients from a physician or independent contractor that wants to compete against you and steal your clients. Generally, a Physician or Doctor will be an employee or independent contractor for another physician or physician practice group or hospital.
If you are an employee that is looking for an attorney, Robertson Law Group, LLC can assist you negotiate or revise the employment or independent contractor agreement. Often times, the purpose of a non-compete agreement is to protect your employer from you stealing their clients. This is completely reasonable and you will be forced to sign this agreement. However, these agreements are often times drafted in a manner to protect your employer. You should have your own legal counsel to negotiate and/or review your employment agreement. This generally involves three (3) to five (5) hours worth of attorney-time (in most cases).
In conclusion, many physician practice groups or solo physicians will require an employee or independent contractor to sign a non-compete agreement. A non-compete agreement is a legal agreement that prevents a Physician or Doctor from opening up their own medical practice within a certain time frame and within a certain geographic limitation of their employeer's medical practice.
Sean Robertson is an Asset Protection Attorney that concentrates in medical practice planning and healthcare planning. We understand how to draft employment and independent contractor agreements and how to properly structure your medical practices and your personal assets in a manner that protects your business and personal assets. Sean Robertson may be reached at either 312-854-7102 (Downtown Chicago) or 630-800-2033 (Western Suburbs-North Aurora and Naperville). Our website is www.RobertsonLawGroup.com. We have multiple attorneys that service physicians, surgeons, and emergency room doctors.
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Robertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-65796834553944049832012-08-13T01:38:00.001-07:002012-08-13T01:39:13.502-07:00Why a Husband and Wife Should Never Own the Same Business?The purpose of this blog today is "Why A Husband and Wife Should Never Own the Same Company? There is a simple reason a two (2) spouses should not own the same business. The first reason is a simple asset protection reason. If the business such as an LLC or S corporation gets into trouble, generally, the owners of that business will be sued in their personal capacity plus in their business capacity. For example, Sue and Bob are wife and husband and they own a web site business together called "ABC, LLC", which is owned 50 percent by the wife and 50 percent by the husband.
In my experience, a Plaintiff's attorney will sue the business, the wife, and the husband individually as well as "ABC, LLC". In this example, the wife and husband have a problem because they both are brought into this legal proceeding. Generally, in Illinois, a husband and/or wife generally are not liable for each other's debts. This is not the case in community property states such as Wisconsin or California. In my experience in Cook County, Dupage County, Kane County, Kendall County, or Will County, a creditor or Plaintiff's attorney will name the individual shareholders as co-Defendants in the proceeding.
Why? The reason is because the creditor or Plaintiff's attorney understands that the business, LLC or S corporation often times does not have the assets. Individuals have assets such as certificate of deposits, checking accounts, saving accounts, and other assets.
What happened to no personal liability for a business debt? Yes, this is the general rule but real life court is about obtaining a judgment for your Plaintiff client and filing a lawsuit against the business only often times will result in a loss of money and payment of attorney's fees. Thus, it is a good idea for a business to never have both a husband and wife jointly own that business. If a husband or wife go through a divorce, it is generally viewed as both husband and wife own fifty (50) percent of each other's assets. By Illinois law, a husband or wife for divorce purposes, what be a joint owner of the business (not creditor or debtor law).
Thus, if one spouse is avoided the pain and agony of this court proceeding, it gives the husband and wife the ability to protect their bank accounts from judgment proceedings. Furthermore, one spouse generally wants to maintain the good credit while the other spouse may have bad credit. It is a good idea to maintain at least one spouse's good credit especially for business and practical purposes.
In many cases, a business will be sued for consumer and business fraud or in a partnership or business dispute, a Plaintiff's attorney will argue that an individual is liable for their actions. Thus, it is not a good idea for a husband and wife to jointly own a business. It is bad for asset protection purposes and more importantly, it will help you and your spouse avoid the pain of experiencing the "American Nightmare".
The "American Nightmare" is happening to many small to medium sized business owners right now in Cook County, Dupage County, Will County, Kane County, and Kendall County, which is the target of this blog. The American nightmare is when a small business failure occurs and you have lawsuits and/or creditor proceedings such as a Citation to Discover Asset's Proceeding. In simple terms, the American nightmare is a situation where you and your family are having a difficult time keeping your head above water and feeding your family or providing basic necessities.
Sean Robertson is an asset protection and commercial litigation attorney. Sean Robertson is Managing Partner of Robertson Law Group, LLC, which is based in downtown Chicago, North Aurora, and Naperville, Illinois. Robertson Law Group, LLC concentrates in helping small to medium sized entrepreneurs and business owners facing economic and financial distress. Robertson Law Group, LLC counsels and advises business owners and family-owned businesses on how to properly structure their business and personal assets in a manner that reduces or eliminates the liability risks associated with entrepreneurship or small business ownership. Robertson Law Group, LLC may be reached at either 312-854-7102 (Downtown Chicago) or 630-800-2033 (Western Suburbs). Our website is www.RobertsonLawGroup.com.
Key words: Citation to Discover Asset's Proceedings, Family-Owned Business Planning, Asset Protection for Small Business Owners, Exemption Planning for Business Owners, Bankruptcy Exemption Cook County, Bankruptcy Exemption Illinois, Clerk of the Circuit Court Cook County and Citations to Discover Asset's Proceedings, Rule to Show Cause Cook County, Rule to Show Cause Dupage County, Rule to Show Cause Will County, Rule to Show Cause Kane County, Rule to Show Cause Daley Center, Personal Property Exemption Illinois, Plaintiff Citation to Discover Assets Cook County, Plaintifff Citations to Discover Assets Dupage County, Non-Wage Garnishment Cook County, Non-Wage Garnishments Dupage County, Non-Wage Garnishments Will County, Non-Wage Garnishments Kane County, Non-Wage Garnishments Daley Center, Third Party Citation to Discover Assets Cook County, Third Party Citation to Discover Assets Dupage County, Third Party Citation to Discovery Assets Will County, Third Party Citation to Discover Assets Kane County.Robertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com1tag:blogger.com,1999:blog-8835561716661350996.post-24554816031983282942012-08-04T19:41:00.002-07:002012-08-04T19:41:49.443-07:00Physician Independent Contractor AgreementsToday's topic is Physician Independent Contractor Agreements. An independent contractor agreement is a legal agreement between a Physician or otherwise known as a "Doctor" with a medical practice or hospital. When we represent Physicians or a Medical Group, there are key terms that we want to keep in the independent contractor agreement or watch out for to protect our client.
Generally, an independent contractor agreement is an written agreement where a medical practice does not want to assume the payroll taxes of a physician. Thus, control is the ultimate issue that the Internal Revenue Service evaluates to determine whether the agreement is truly an independent relationship or an employer or medical provider's way of avoiding the responsibility of paying payroll, fica, and social security taxes.
Robertson Law Group, LLC generally handles physician independent contractor agreements or employment agreements in downtown Chicago, North Aurora, and Naperville, Illinois. When we review these legal agreements, these agreements should highlight who is responsible for payment of payroll, fica, and social security taxes. Ultimately, an independent contractor is legally responsible for making annual or quarterly payroll taxes. In our experience, it is easy for an independent contractor to develop problem with IRS, payroll, or income taxes. We have a bi-lingual and tax attorney that concentrates in assisting physicians and doctors with state and federal payroll, employment, and income tax related problems.
Generally, an employment agreement will require the employer or the medical practice to be responsible for payment of the employment-related payroll taxes. It is a great idea for a hospital, small medical practice, or a solo medical practioner should strongly consider using a payroll tax service such as ADP, paychex or paycore. In my experience, this is an excellent idea if you live in the Western Suburbs of Chicago or in the downtown Chicago region.
An independent contractor contract should highlight whether a non-compete agreement exists and limit the time and geographic scope. In my experience limiting a physician or healthcare specialists geographic restriction greater than twenty (20) miles is too broad for most independent contractor agreements. As a rule, an appropriate time restriction is one (1) or two (2) years with my preference being one (1) year. I prefer a one year covenant not to compete for physicians and dentists in downtown Chicago, North Aurora, or Naperville because most courts will be less concerned that it is too burdensome to a physican, dentists, or doctor. One mistake most independent contractor agreements or physician employment agreements make are making them too broad.
Another consideration for employment or independent contractor agreement is the jurisdiction in case of a dispute. Often times, a physician independent contractor agreement or an employment agreement will state the jurisdiction is where the principal place of business exists for a small medical practice, a healthcare institution, or hospital. For example, let us assume that you are a doctor or physician in Aurora, Illinois, in the County of Dupage. Your healthcare provider or physician office will likely have the Circuit Court of Dupage County be the jurisdiction for disputes. Often times, either the loser of the dispute or the independent contractor or employee will be responsible for payment of their employer's legal fees and costs in case of a dispute.
In my experience, another consideration that most physician want to consider is whether outside employment or consulting is allowed. Most employers or physician practice groups will allow it, but it will require pre-approval before the employer will grant you, the doctor or physician, the approval to make outside consulting agreements or participate in healthcare fairs or act as a physician in a pro-bono capacity.
Another consideration is whether your malpractice insurance for the patients you saw during your stay at the hospital or medical practice group will expire upon your termination of employment or independent contractor agreement. You may want to get notice of any termination of coverage in case of a malpractice or professional lawsuit especially if you are a surgeon, emergency room physician, or a ob-gyn physician. Often times, in my experience, I notice that surgeons, emergency room physicians, and ob-gyn face a greater liklihood of malpractice exposure.
Physicians also should consider incorporating as an S corporation or Medical Corporation. This is important because a physician or doctor wants to limit their personal liability exposure in case of a breach of contract dispute. This rule also applies to doctors and chiropractors. In my experience, most physicians or doctors around the western suburbs of Chicago or Dupage County area or Cook County (Chicago) do not incorporate. Instead, most physicians or doctors practice as a physician in their personal name. This means that employees and your employer may sue you in your personal name. Incorporating could limit the suits against you as a physician or doctor.
In conclusion, Robertson Law Group, LLC specializes in physician asset protection, wealth preservation law for physicians and medical practice groups, surgeons, ob-gyn doctors, and emergency room physicians. Robertson Law Group, LLC services the counties of Cook County, Dupage County, Will County, Kane County, & Kendall County for physicians, doctors, medical practice groups, and hospitals.
Unlike most law firms, our attorneys and team have a significant amount of experience representing physicians and doctors with respect to independent contractor agreements, employment agreements, consulting agreements, non-compete agreements, non-disclosure agreements, and many other physician or dentist related medical or legal agreements.
Sean Robertson is Managing Partner of Robertson Law Group, LLC. Sean Robertson resides in Naperville, Illinois and has significant expertise and experience in negotiating, drafting, and revising independent contractor agreements, employment agreements, and the purchase and sale of a business especially a medical practice group, dermatologist group, or other solo medical practioner practice.
Sean Robertson may be reached at 312-854-7102 or 630-637-1053. Our website is www.RobertsonLawGroup.com.
Keywords: physician employment agreements Chicago, Cook County physician employment agreements, Chicago doctor independent contractor agreement, Chicago physician employment agreement, medical practice group asset protection, Chicago asset protection physicians, physician wheaton asset protection, asset protection Naperville, Asset Protection Attorney Plainfield, Illinois, Asset Protection Lawyer Bolingbrook, Illinois, Medical Practice Planning Attorney Naperville, Medical Practice Planning Attorney Chicago, Non-Compete Agreements Physicians Cook County, Non-Compete Agreements Chicago Physicians, Physician Non-Disclosure Agreements Naperville, Physician Non-Compete Agreement Oak Brook, Illinois, Doctor Ob-gyn asset protection attorney Chicago, OB-GYN asset protection attorney Naperville.Robertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-695313468595273002012-08-04T14:08:00.001-07:002012-08-04T14:08:36.842-07:00WVON Interview and Estate Planning LawThis morning, I was on a panel discussion on WVON on the Southside of Chicago. During this discussion, we talked about why a Quit Claim Deed to your adult child is a bad idea.
During this discussion, we talked about how a lot of African-American clients and people in general believe that quit claiming their home to add one or more of their children's names will prevent a court process called probate court. Generally speaking, probate court is a court process that is required after the last spouse of a married couple is deceased or a person deceases without a husband and only children.
A probate of the estate of the deceased person is necessary because legal title cannot transfer solely by a quit claim deed in Chicago or Illinois. A Quit Claim Deed is a legal way of transferring ownership of real estate to another person. Legally speaking the person that got the Quit Claim Deed is a part owner of the real estate for legal purposes. However, their ownership is not recognized by the mortgage company (if there is a mortgage) because the mortgage is between the financial institution and the borrower.
The reason a Quit Claim Deed is not effective is because legal title only can be transferred upon the person having the mortgage transferring good title. Generally, a Quit Claim Deed only passes the buck onto the adult children decease because one cannot sell or refinance real estate in Cook County unless they have good title.
Robertson Law Group, LLC is a boutique business and family law firm concentrating in estate planning, estate and gift tax planning, elder law, and wills and living trusts. Robertson Law Group, LLC is based in downtown Chicago and North Aurora. Our downtown Chicago phone number is 312-854-7102. Our Western Suburbs phone number is 630-637-1053. Our website is www.RobertsonLawGroup.com.Robertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-9092364612621097392012-07-29T15:23:00.000-07:002012-07-29T15:23:14.698-07:00Wealth Preservation for Healthcare Professionals<div dir="ltr" style="text-align: left;" trbidi="on">
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Wealth Preservation for Healthcare Professionals
By: Mildred I. Herrera, Esq., LLM (Tax)
A comprehensive wealth plan preserves your assets and provides a smooth transition upon your death, incapacity, and/or beyond your life. A wealth preservation plan combines Trusts, Family Limited Partnerships, Limited Liability Companies, and Real Estate Preservation Trust, to name a few, to enhance your estate and asset protection and decrease your tax liabilities.
Preserving your assets against malpractice suits, divorce, business interests, or risky investments requires the same type of individualization that a healthcare professional considers in prescribing a health regime. Divorce, business partnership disputes, failed business ventures, and breach of contract litigation are the most likely liability risks that threaten personal assets. Oftentimes, a Corporation or LLC does not protect against partnership, divorce, or business conflicts. These liability risks surprise physicians and threaten their and their family’s financial security. Generally, a general liability or malpractice policy does not cover these types of risks and these risks are generally ignored by most attorneys and healthcare professionals. Additionally, asset protection must plan for your beneficiary’s divorce and creditor concerns because most families and individuals hate their in-laws walking away with their hard earned assets.
For high-risk professionals like healthcare providers, attorneys, business owners, and anybody with businesses or investments, putting all your eggs in one basket is too risky. The creative use of asset protection tools like Trusts, Family Limited Partnerships and Limited Liability Companies, to name a few, can be used to create a comprehensive asset and wealth preservation plan. Done properly, the loss of a risky investment should protect your other hard-earned assets and income.
Healthcare professionals must act now to take advantage of economic uncertainty and possible claims. A solid asset protection plan must be implemented prior to a possible lawsuit or any attempts to shield your assets could be considered a fraudulent transfer. Also, consider how looming tax changes will affect your wealth and estate plan. A conservative yet creative estate plan must provide flexibility and protection. We rely on healthcare professionals to preserve our health, let a competent attorney assist in preserving your assets and legacy. You have worked too hard to allow a liability risk jeopardizes your retirement and one lawsuit could threaten your life’s dream and family’s security.
Mildred I. Herrera is an Illinois licensed attorney with a Masters in Taxation (LLM (Tax)) with the Robertson Law Group, a boutique businesses and family law firm. The emphasis of her practice combines business, estate and tax planning. She can be reached at (312) 854-7102. Our website is www.RobertsonLawGroup.com. The information contained in this article should not be construed as personalized legal or tax advice.
Healthcare estate planning attorney, lawyer for physicians, Chicago estate planning attorney, physician estate planning, physician asset protection Chicago, physician asset protection Illinois, physician asset protection Naperville, physician asset protection Oak Brook, Illinois, revocable living trust physician Chicago attorneyRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com1tag:blogger.com,1999:blog-8835561716661350996.post-13396077040528810612012-01-21T21:38:00.000-08:002012-01-21T21:38:06.270-08:00Citations to Discover Assets & Importance of Attorney RepresentationI was in court this past Friday and saw a couple that reminded me of many clients that I have met and talked with. They were a realtor (wife) and her husband seemed like he was retired or near retirement age. The couple had a judgment against them by their local community bank and wanted to pay their bills and do right. However, they simply are struggling financially and this judgment threatens their family's financial viability and retirement. Quite frankly, satisfying a judgment is often times difficult because paying on it means your family may not have the money to pay your rent, mortgage, or pay basic necessities.<br />
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In particular, this debtor had stock and a 2007 car. The creditor's attorney asked the Judge for a turnover order, which is a court order that says that certain items are not exempt assets. The Judge granted the creditor's attorneys request despite the debtor who was a self-employed realtor pleading that she needed her car to make a living and wanted 30 days to get an attorney. The Judge denied her request and granted the creditor's attorney with his request. The main point here is time may not be on your side, which is often the case in Citation to Discover Asset's proceedings. Often times, the creditor's attorney will seize your bank account and other assets by surprise and you will lose that asset. If you claim your exemptions or have good counsel, advanced planning allows you to protect your assets. In this lady's example, she did not use her $4,000 personal property exemption or her exemption for her car. If she claimed these exemptions, the creditor's attorney may not have an incentive to seize her car. A 2007 used car may be worth greater than $6,000, but I am not sure. Thus, by the time, the creditor's attorney pays the expenses, possibly, it is not worth it to sell this lady's car. But, the debtor never used her exemption and the Judge railroaded her. Yes, the Judge railroaded this lady because he did not inform her that she may have certain exemption rights under federal and/or state law or give her something that explained her legal rights. This was an injustice in my opinion.<br />
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Second, the creditor's attorney also asked to get the lady's 2011 tax refund, which he estimated would be $13,000 based upon previous year's tax returns. Hence, her taxes had not been filled out yet, but the Judge granted the creditor's attorney request neverthless. In my opinion, if this debtor had an attorney standing up for her, this would not have occured. First, the taxes was not a present issue because her taxes were not done, which means that getting the Citation to Discover Asset's dismissed means that this lady's tax refund would have been protected (or most likely). Effective legal counsel could have fought for this lady and this couple and protected her legal rights. Judges act when they know you do not know better in part because they are being realistic. Unfortunately, being realistic does not serve you or your family well. Effective legal representation may have gave this realtor a car to make income. Without her car, this realtor would have a tough time making income. Without income, how does one live.<br />
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In conclusion, legal representation at a Citation to Discover Asset's Proceeding is crucial. Sean Robertson is an attorney that concentrates in asset protection, distressed business planning, and Citations to Discover Asset's Proceedings in the counties of Cook, Dupage, and Will Counties. <br />
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Sean Robertson is Managing Partner of Robertson Law Group, LLC, which is based in downtown Chicago at 35 East Wacker Drive, Suite 935, Chicago, Illinois 60601. Our legal fees are reasonable and we ask for reasonable retainers. We can be reached at (312)854-7102 Our website is www.RobertsonLawGroup.com.<br />
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Keywords: Citation to Discover Assets, Circuit Court of Cook County, breach of contract litigation, default judgment Citations to Discover Assets, debtor exemption rights bankruptcy Illinois.Robertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com3tag:blogger.com,1999:blog-8835561716661350996.post-70126291240820986162011-12-20T18:22:00.000-08:002011-12-20T18:22:52.800-08:00Why Incorporate Your Business?I spoke with a start up business today that was asking about incorporation and drafting a basic business contract for her customers. Many business owners delay incorporating because they feel that cash flow and capital will increase after the business has been around for awhile. I also started with this same rational before I incorporated my business. From a practical standpoint, I understand the logic. On the other hand, the best time to incorporate your business is from the beginning. The reason is because you are likely the best capitalized at this point. Furthermore, many start up entrepreneurs fail to understand the risks of entrepreneurship. I know that I was one of those entrepreneurs that had a optimistic view, but when loses begin to add up, incorporation is a big concern. The benefit of incorporating a business is the ability to leave the expenses and debt if your business enterprise does not make it.<br />
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The second point to my blog today is a simple basic business contract should not costs a ton of money at an attorney's office. I believe that you can find a good attorney at a reasonable price to draft a simple to complex contract. Some entrepreneurs overpay an attorney and an attorney charging $275 per hour does not mean that that attorney is better than a more reasonably priced attorney.<br />
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Sean Robertson is an entrepreneur and business attorney in downtown Chicago and Naperville, Illinois. We can be reached at (312)-854-7102 and we assist business owners with incorporations, drafting basic to complex business agreements, and purchase and sale of a business.Robertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-55082294986054442232011-12-18T09:41:00.000-08:002011-12-18T09:41:39.623-08:00Motion for Default Judgment Against DefendantsA Motion for Default Judgment is a written Motion requesting the Court to do a certain action such as find that a Defendant owes the Plaintiff a sum of money. For example, a Plaintiff, Joe Smith, files a lawsuit against Defendants, ABC, Inc. and John Smith, the owner individually. After a period of time, if the co-Defendants do not file an appearance and/or file an answer or response to the lawsuit, the Plaintiff will file a Motion for Default Judgment.<br />
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Simply put, a default judgment is a judgment where the Plaintiffs are granted their request because the Defendant failed to appear or other plead a Defense. In the Circuit Court of Cook County at the Daley Center, I often hear Defendants argue that they were not properly served or they did not know of a lawsuit or judgment.<br />
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In order to get a default judgment, the Plaintiff must prove that they properly served and notified the Defendant of the lawsuit. Often times, a Defendant may either forget about the lawsuit or not have the money to defend themselves. The key point is a Defendant should respond to the lawsuit and appropriately defend it.<br />
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If you get a default judgment in Cook County or Dupage County entered against you, Robertson Law Group, LLC can assist you vacate the default judgment. Vacating a default judgment prior to thirty (30) days after a default judgment is much easier to accomplish. Courts and judges may freely grant relief against a default judgment entered within 30 days of the default judgment.<br />
A default judgment or otherwise known as a ex-parte default judgement entered and attempted to be vacated after the thirty (30) day period is harder to vacate. However, if you have simply been unserved the lawsuit, you can bring a Motion to Quash Service of Process.<br />
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Sean Robertson is Managing Partner of Robertson Law Group, LLC and he has over seven (7) years of legal experience. Sean Robertson graduated from DePaul University College of Law and University of Illinois at Urbana-Champaign. Sean Robertson can assist you with Motions to Vacate Default Judgments and your civil and business litigation legal needs. As an asset protection attorney, we concentrate in helping Defendants especially business owners. We can be reached at (312)-854-7102 or www.RobertsonLawGroup.com (email: sean@robertsonlawgroup.com).<br />
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Keywords: Motion for Default Judgment, Motion to Vacate Default Judgment, ex-parte default judgment Cook County, Circuit Court Cook County default judgment, ex-parte default judgment Daley Center, lawyer business litigation answer, attorney answer business litigationRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com1tag:blogger.com,1999:blog-8835561716661350996.post-57057446633308573392011-12-18T06:21:00.000-08:002011-12-18T06:21:52.285-08:00Asset Protection & FailureThe main point of today's topic "Asset Protection & Failure" is because most business owners and professionals have a sense of false sense of security until a lawsuit or judgment faces them. At this point, they realize that their foundation was improper for a long time but they did not make asset protection and lawsuit protection an important priority.<br />
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In many cases, I see entrepreneurs that have failed significantly and pay a terrible price for their failure. Precisely their failure was a misunderstanding of how important business and personal asset preservation is to a business owner or professionals' financial well-being.<br />
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What is this failure and the consequences?<br />
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This failure is bankruptcy, keeping business debt that should have been kept in the past by incorporating a new business. Simply put, the failure was failing to understand the proper corporate and legal formalities such as incorporating their business but keeping themselves as the only owner of their business. Instead a better solution is to make an s corporation owner of an Corporation or an LLC. This way in case of a business failure, you can dissolve that business and isolate those business debts to that failed business venture. Furthermore, every business owner and professional must have a protection plan that protects their house or properties from liens, lawsuits, and judgments.<br />
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When you own a business, whether you are a passive or active investor, lawsuits are inevitable. The biggest mistake is partnership or business disputes. Each partner may be personally liable for a big debt that is not dischargable in a bankruptcy proceeding.<br />
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In conclusion, you do not have to learn failure and your mistake the hard way. Make asset protection important by educating yourself on what is asset protection. Second, you should always have a protection plan against personal guarantees and an exit strategy in case your business fails.<br />
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Sean Robertson is a business and asset protection attorney in downtown Chicago assisting entrepreneurs and professionals with asset protection and business litigation surrounding personal guarantees, partnership and business disputes, and representation when a business owner has a judgment or is expecting a judgment against them. Sean can be reached at (312)-854-7102 and our website is www.RobertsonLawGroup.com.<br />
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Keywords: judgment Cook County, asset protection attorney Cook County, asset protection lawyer Cook County, bankruptcy Chapter 7 entrepreneur, business litigation attorney Cook County, business litigation lawyer Cook County, lawsuit business partnership dispute Cook county, attorney business disputes Chicago, IllinoisRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-25091874888484143142011-12-15T16:49:00.000-08:002011-12-15T16:49:44.753-08:00Motion to Vacate Default Judgment Under 2-1301In Illinois, a default judgment is entered when a person or entity does not show up for court. There are two (2) rules in the Circuit Court of Cook County or Illinois regarding default judgments. The first one is governed by 2-1301, which essentially says that a Judge should liberally vacate a default judgment as long as a petition to vacate a default judgment has been filed within thirty (30) days of the entry of a default judgment. The second standard is a more difficult standard, which is when a motion to vacate default judgment has been filed after 30 days from the entry of a default judgment.<br />
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For example, this morning my client had a hearing on a 2-1301 motion. At issue was whether our client filed a motion to vacate default judgment within thirty days after the entry of a default judgment. In this case, the Defendant had gotten a default judgment entered against her on August 24, 2011. The Attorney General made a mistake when drafting the default judgment order and put that the default judgment was in the amount of $74,000. On September 26, 2011, the Attorney General's Office corrected their mistake and the judgment amount was for $75,000 instead of $74,000 (figures are not exact but the example is still applicable). Our client hired our law firm around October 15, 2011. Thus, even if we would have known that the default judgment was actually entered on August 24, 2011 instead of September 26, 2011, our client still could not have filed a motion to vacate default judgment within thirty days of August 24, 2011.<br />
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In the instant matter, the Court ruled that the judgment date was August 24, 2011 and a clerical error occurred instead of a substantive or major error. Thus, our client lost the motion to vacate default judgment because it was not properly filed within thirty (30) days.<br />
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In January 2012, we have a hearing date to determine whether 2-1401 is applicable. 2-1401 is when a motion to vacate a default judgment is filed after the expiration of thirty (30) days after the entry of a default judgment. There are three (3) major factors that a court will consider with a properly brought 2-1401 motion to vacate default judgment. The first issue is whether the Defendant has been reasonably diligent in responding in a timely manner to the underline case. Simply put, the court wants to assess how responsible was the Defendant in keeping up with their court case and whether they acted in a reasonably diligent manner after they found out they had a default judgment. The second factor is that the default judgment was not entered in excess of a year from the date of entry of default judgment. The third factor is the Defendant has a meritorious case, which means that the Defendant has a reasonable dispute and a case to defend themselves in the underlying case.<br />
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Sean Robertson is managing partner of Robertson Law Group, LLC, which concentrates in civil and commercial litigation and asset protection for business owners and individuals. Sean Robertson deals with a lot of Motion to Vacate Default Judgment issues and go to trial and hearings on these issues. We can be reached at (312)-498-6080 or Sean@RobertsonLawGroup.com.<br />
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Key words: Motions to Vacate Default Judgments Cook County, Motions to Vacate Default Judgment Circuit Court Cook County, Circuit Court Will County Default Judgment, default judgment ex-parte Chicago, Daley Center Motion to Vacate Default Judgments, Petitions to Vacate Default Judgments 2-1401, 2-1301 Petitions to Vacate Default Judgments.Robertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-47769670827245150542011-12-05T06:24:00.000-08:002011-12-05T06:24:27.995-08:00Why A Husband and Wife Should Not Own The Same Business?<b>Why a Husband and Wife Should Not Own The Same Business?<br />
A husband and wife should not own the same business for one (1) major reason: Asset Protection. In today's economy, business owners are filing litigation claims against Defendants and being sued by their vendors and their customers among other people. In many states, a spouse is not responsible for the other spouse's liability concerns. This is not true in community property states such as California. But, in Illinois, a spouse is not liable for their spouse's debts (with some exceptions). Husbands and Wives generally want to each own a equal percentage in the family business. This is a worthy goal, but there are several ways to give husband and wife control without setting up additional liability concerns. First, one spouse could be an employee of the company. If an Limited Liability Corporation (LLC), an LLC can be set up in two major ways. The first way is a member managed LLC, which means that the members or owners run the day to day operations. In this example, each spouse would be an owner or if you follow my recommendation, only one (1) spouse would own your LLC or Corporation. The second way is a manager managed LLC, which is similar to the way a Corporation is structured. Here, the members or owners appoint a manager(s) such as a spouse. In this situation, one spouse could be a member or owner and both spouses could be managers of the LLC. It is generally much harder to prove liability of a manager than a member or owner. Similarly, a corporation is structured where you have shareholders and the shareholders appoint or elect a board of directors. For example, a corporation could be owned by one (1) spouse and appoint both spouses as directors of the corporation....President...Vice President. Again, the benefit of only one spouse owning an LLC or Corporation is if there is business failure or a lawsuit, one spouse is safe from lawsuits. Or, I should say safer from lawsuits. This asset protection type may be the difference between bankruptcy and more importantly, a nightmare. Today, business owners and their creditors are suing one another and many business owners are facing adversarial claims in bankruptcy court, which is threatening their ability to file Chapter 7 bankruptcy. If one spouse is immune from the lawsuits, the other spouse can assume key responsibilities for the family finances. <br />
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In conclusion, it is vital that a husband and wife should own the same business. During a divorce, a court of law or divorce attorney can treat the business as a marital asset. A marital asset is an asset that is created during the marriage of a husband and wife. Thus, a husband and wife each technically own fifty (50) percent of marital assets. Therefore, in a divorce scenario, whether one spouse technically owns the Corporation or an LLC will not be a big deal because the business is a marital asset. <br />
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Sean Robertson is an asset protection attorney that concentrates in business counseling, asset protection, and estate planning for business owners and individuals. Sean Robertson is Managing Partner of Robertson Law Group, LLC and may be reached at (312)-854-7102. Our website is www.RobertsonLawGroup.com.<br />
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Keywords: family business attorney, family business asset protection, asset protection bankruptcy business, small business family owned attorney, lawyer family business Chicago, Cook County family business attorney, wealth preservation attorney family businessRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0Chicago, IL, USA41.8781136 -87.62979819999998241.6887156 -87.837909699999983 42.067511599999996 -87.421686699999981tag:blogger.com,1999:blog-8835561716661350996.post-23987239067650832402011-12-04T18:39:00.000-08:002011-12-04T18:39:36.422-08:00Medical Bills and Asset ProtectionToday a friend of mine asked me about whether you can file bankruptcy on medical bills. Yes, you can but Chapter 7 bankruptcy only makes sense if your assets do not exceed the amount of the medial bills. Often times, if your assets exceed or are close in number to your medical bills, ba baby boomers do not want to risk their retirement to pay their medical bills. In contrasts, Chapter 13 is a way to repaying your debt over time. In this situation, a person re-pays a portion of their debt. I am all for people re-paying their debts, but obviously, when a repayment of your debt concerns your financial future, most people will think long and hard about this. In many cases, repaying a portion or percentage of the medical bills is the best solution. The key point of this blog is the importance of pre-planning an advanced planned asset protection plan before any lawsuits are thought of. Asset protection is vital because it protects your hard earned assets.<br />
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Sean Robertson is an asset protection attorney in downtown Chicago, which concentrates in distressed planning, judgment planning, and bankruptcy counseling. Sean Robertson may be reached at (312)-854-7102 and our website is www.RobertsonLawGroup.com.<br />
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Keywords: medical bills and asset protection, asset protection lawyer medical bills, medical bills and Chapter 7 bankrutpcy, medical bills and bankruptcy options, medical bills chapter 13 options, medical bills cancer, bankruptcy cancer estate planningRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-3101124231595955792011-12-03T14:33:00.000-08:002011-12-03T14:33:18.171-08:00Entrepreneurship and Legal ProtectionAs a fellow entrepreneur, I understand how the legal decisions affect your business decisions. Often times, entrepreneurs focus on how to grow their business and pay little attention (if any) on how to protect the valuable assets of their business. In today's market, lawsuits and creditors claims are increasing and many entrepreneurs have taken out lines of credit and take significant risks. These risks often times are not covered by insurance or the entrepreneur does not have the capital to ensure the risks.<br />
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Asset protection is increasingly becoming important. Many entrepreneurs falsely believe that an Limited Liability Corporation or otherwise known as a "LLC" or S Corporation will protect them from business lawsuits. Unfortunately, many business owners have found out the hard way that their business entity was ill-equipped to protect them against lawsuits and creditor claims. <br />
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What do you mean? Simply put, business owners are being sued in their personal and business capacity. All of a sudden their home or investment real estate and personal assets are exposed to their business creditors. Additionally, business owners and entrepreneurs also sign personal guarantees and in difficult and trying times, entrepreneurs breach their agreements. <br />
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Sean Robertson is a business and entrepreneurial attorney that concentrates in asset protection, corporate law, and wealth preservation. Sean Robertson is based in Chicago, Illinois and is managing partner of Robertson Law Group, LLC. Robertson Law Group, LLC is an asset protection law firm concentrating in asset protection, business counseling and litigation, and estate planning.<br />
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Sean Robertson may be reached at (312)-854-7102. Our website is www.RobertsonLawGroup.com.<br />
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Key words: Entrepreneurship attorney Chicago, LLC and S corporation benefits attorney, LLC attorney Chicago, business agreements LLC attorney, breach of contract law attorney, business partnership disputes attorney, asset protection law Chicago, asset preservation attorney Cook County, Circuit Court of Cook County lawyer breach of contractRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-81404515461128566382011-12-01T18:28:00.000-08:002011-12-01T18:28:12.128-08:00Commercial Litigation and Asset Protection for Business OwnersThis morning, I met with a fellow entrepreneur who has a legal case at the Daley Center in downtown Chicago, Illinois at the Circuit Court of Cook County-1st Law Division. His case stemmed from a real estate company that he used to own. His story is a similar story that business owners are facing everyday. Business owners are being sued by their customers, vendors, and others. Most often, business owners have bought into the illusion of limited liability protection provided by LLCS and Corporations. Unfortunately, most business attorneys do not inform a shareholder or member of an LLC that there is a good chance that they will be sued personally if a lawsuit is commenced. Later on this afternoon, I met with a father and son team that have a successful closely held business. Their objective is to gift the business to the son. In one of the topics, we discussed is it is better to have his company, ABC, Inc. (made up name) to be owned by a new entity, S corporation, instead of him personally. The business purpose behind this is most creditor's attorneys will sue the ABC, Inc. and S corporation and not the client personally. If the Client was a member or shareholder in his personal name, the Client gets named in the lawsuit. This is important for several reasons. The first reason is the costs of paying for litigation can and does bankrupt a lot of business owners. My main point is asset protection and wealth preervation are critical for business owners before a litigation arises. <br />
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Sean Robertson is a commercial litigation and wealth preservation attorney that concentrates in litigation, estate planning, and asset protection for business owners. Unlike most litigation attorneys, Sean Robertson focuses on distressed business owners and giving them their legal and financial options. <br />
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Sean Robertson is Managing Partner of Robertson Law Group, LLC, which concentrates in asset protection and commercial litigation. Asset protection is a combination of estate planning, business law, litigation, and bankruptcy planning. Robertson Law Group, LLC may be reached at (312)-854-7102 and our website is www.RobertsonLawGroup.com.<br />
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Keywords: Daley Center Litigation attorney, Daley Center Municipal Divison attorney, commercial litigation attorney bankruptcy, Chapter 7 alternatives attorney Chicago, Cook County Motions to Vacate Default Judgments, Asset Protection Attorney Chicago, Asset Preservation Chicago AttorneyRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-42409268094068840162011-11-30T15:57:00.000-08:002011-11-30T15:57:34.942-08:00Distressed Business Planning, Asset Protection, and LitigationIn today's market, distressed business planning and asset protection is becoming a more relevant legal concentration. Distressed business planning is a combination of laws involving judgments, asset protection, business law, and bankruptcy counseling. Often times, these interrelated areas of law affect a small to medium sized business owner and the options that they have available. In many cases, a small to medium sized business owner must consider whether Chapter 7 or 13 bankruptcy law is a good option for them. Obviously, many business owners and people are reluctant about using the bankruptcy code as a legal option. In many cases, a business owner or individual may negotiate their way out of debt and financial distress. In Cook County, Illinois, the Circuit Court of Cook County is filled with judgments and business owners that are facing default judgments. A default judgment is a court order where a Defendant failed to show up for a court and a Plaintiff got a judgment. The Plaintiff's judgment is called a "default judgment" because the Plaintiff got a judgment based on Defendant's lack of showing up for court.<br />
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Robertson Law Group, LLC is a business and asset protection law firm that concentrates in assisting small to medium sized business owners and individuals with their asset protection, business, bankruptcy, and litigation legal needs. In many instances, this unique niche is required to understand the unique and complex legal issues facing you. <br />
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Robertson Law Group, LLC is located at 35 East Wacker Drive, Suite 935, Chicago, Illinois 60601. We primarily practice in Chicago, Illinois at the Richard Daley Center and in the counties of Cook, Dupage, and Will Counties. <br />
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Sean Robertson is the Managing Partner and may be reached at (312)-854-7102.Robertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-53173047835051968982011-03-21T10:11:00.000-07:002011-03-21T10:11:43.319-07:00False Sense of Security & Business OwnersI have a friend of mine that reminds me of many business owners and the problems that face them. In many cases, a person has assets, is incorporated, has real estate investment properties, and fails to adequately take protecting their money and assets seriously.<br />
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I have not talked to my friend about this yet, but one lawsuit or judgment can threaten your whole family's livlihood and/or your family's financial future. In my friend's case, she wants to pay for her kid's college education, which is currently nine (9) years old. One lawsuit would threaten her kid's college education and even their financial future. She has a business and is a creative person and I doubt she seriously is concerned about a lawsuit. She reminds me of a typical client's story.<br />
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She does business with some small and big vendors and one contract dispute can threaten her family's financial future. Business is unforseeable at times and disputes are natural in business or an injury. In most cases, a Defendant does not have insurance to pay for a breach of contract or partnership dispute. You cannot insure these types of loses. After paying a lot of attorney's fees, a big judgment can threaten your children and your financial futures.<br />
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If you are like most business owners or professionals, Asset protection must be important because one lawsuit can impact your future. In today's economy, I have witnessed this alot within individuals who are 55 and older. Unfortunately, this failure threatens their retirement and their ability to live out their lives in peace and financial security.<br />
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Sean Robertson is an Asset Protection Attorney based in downtown Chicago. Sean Robertson may be reached at (312) 498-6080.<br />
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Keywords: Asset Protection Attorney Chicago, Asset Protection lawyer Chicago, Asset Protection Law Firm Cook County, Circuit Court lawsuit Asset Protection, Physician Asset Protection, Wealth Preservation Attorney Chicago, Wealth Preservation Lawyer Cook County, False Insecurity Business Owners, False Insecurity lawsuits Cook CountyRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-85590887806473838112011-03-12T17:07:00.000-08:002011-03-12T17:07:11.730-08:00Is Asset Protection for Rich People?No, asset protection is not for rich people. In fact, ordinary middle class Americans should have an asset protection plan especially if you are a self-employed professional or have your own business. For Physicians, Dentists, Doctors, Construction Owners, and many other professionals, your incorporation does not limit your malpractice exposure. <br />
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Most professionals have malpractice insurance to cover malpractice claims. However, there are a lot of liabilities that are not covered by insurance. These type of risks include business and partnership disputes, breach of contract claims, and any type of fraud claim. <br />
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In many cases, breach of contract claims and business partnership disputes are the most common types of litigation. Generally, one files a breach of contract claim or has a breach of contract claim filed against them when they are owed money or they owe somebody money. In today's economy, many business owners are being sued in record numbers. Furthermore, we have a lot of mortgage foreclosures. Many of these homes that are in foreclosure are owed by people that own multiple properties. Mortgage foreclosures threaten real estate owners entire assets including other properties. These items are most likely occuring to middle-class America. Rich people are not experiencing a lot of mortgage foreclosures because they have the resources to avoid a mortgage foreclosure.<br />
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In conclusion, asset protection is for anybody that has a legitimate risks of litigation. This could include all of society because litigation is rampant and it is hard to predict when litigation may occur. For example, Charlie Sheen could have never predicted he would be involve with a civil litigation case a year ago. Litigation is generally unexpected and therefore, it is important to plan your estate plan and asset protection plan prior to a lawsuit or the risks of one.<br />
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Sean Robertson is an asset protection attorney in Chicago, Illinois. Sean Robertson may be reached at (312) 498-6080.<br />
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Key words: Asset Protection Rich People, Asset Protection Attorney Chicago, What is Asset Protection?, Mortgage Foreclosure Attorney Chicago, Mortgage Foreclosure Protection Assets, Civil Litigation Attorney Chicago, Commercial Litigation Attorney Chicago, Judgment Exemption Planning Attonrey ChicagoRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-37410035095234106032011-03-11T06:03:00.000-08:002011-03-11T06:03:34.267-08:00Are You One Lawsuit Away From Poverty?This blog is about a crisis that is occuring in Chicago and Cook County and across the country. Small business owners and individuals are being sued at record numbers. Whether it is a mortgage foreclosure, failure to pay your credit card or bank loan, or whether a business owes you money due to their financial problems. In my experience, one lawsuit threatens the viability of many families. Lawsuits and financial distress cause headaches and stress. I know because I represent many people and business owners that have been sued. It is no fun trust me. Bankruptcy often times is not a simple answer because if you are over the age of 50, most people do not want to start over. More importantly, there are a lot of people and business owners that have considerable equity. The fear of losing all of your real estate or assets is a frightening thing. Especially considering many of you are people and business owners that have experienced good economic times. The recession of the last several years have threatened the hope and American dream for you and many people.<br />
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My simple advice to people is make sure your assets are protected to prevent a lawsuit from destroying you and your family's life. Money means nothing, but unfortunately, financial struggles mean a lack of hope and faith that tomorrow will be better than today. Hope and faith are serious issues because faith is a belief in the unknown that things will be better. If you are like me, these difficult times brought me closer to God. Fortunately, for me, I paid off almost all of my debt. However, I understand many of you are facing the trials of the IRS and collection attorneys and collection agencies. This is not a fun process and one that I am confident that you would do differently if you had a choice. For many of you, you are considering whether a strategic mortgage foreclosure makes sense although you firmly believe in paying your debts. I understand but realistically, some people should consider a strategic foreclosure. But, you should be wise and develop an appropriate asset protection plan prior to this eventuality. Otherwise, your deficiency judgment may result in you losing your other real estate properties and your financial security. You may face a levy of your bank accounts, which is no fun. The appropriate asset protection and exemption planning advice can help you prevent financial ruin. This morning, I am going to file a Motion for a small business owner that had $600 frozen by a creditor. This is a small amount of money, but I am sure to this Defendant, this is a huge sum of money. Bank freezes always occur at the worst moment. Be wise and get an asset protection plan to prevent life as I have just described. Things can be different.<br />
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Sean Robertson is an asset protection and lawsuit liability planning attorney concentrating in asset protection, exemption planning, and lawsuit planning for small business owners and individuals. Sean Robertson may be reached at (312) 498-6080.<br />
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Key words: lawsuit Cook County complaint, Bank freeze personal exemption planning Chicago, Citation to Discover Assets Cook County, Asset Protection Attorney Chicago, Asset Protection Law Firm Chicago, Cook County Asset Protection Law Firm, Lawsuit Poverty Small Business, Attorney Commercial Litigation Vendor DisputeRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-89966156573503758862011-03-09T20:47:00.000-08:002011-03-09T20:47:21.613-08:00How to Protect Your Homestead Exemption From Liens and Judgments?There are two primary ways to protect your homestead exemption in Cook County, Illinois against liens and judgments. The first way is to transfer your house or property into a Private Land Trust. A Private Land Trust is a strategy that transfers your property out of you and your spouse's personal name. For married couples, the best method to protect against liens, judgments, and foreclosures are tenancy by entirety. Tenancy by entirety is a way of owning your personal residence in Illinois for married couples that protects one spouse from a judgment from the other spouse. Essentially, a creditor cannot foreclose your house if you and your spouse have your house as tenants by entirety. Combine this with a Private Land Trust which protects homestead exemptions against liens and you have a powerful asset protection strategy. It is not perfect and you should consult with an asset protection attorney.<br />
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The second method is to place the home or real estate into an Irrevocable Trust. An irrevocable trust places the property outside of your personal name. A creditor cannot place a lien or judgment on your house if you do not own the house. An irrevocable trust is like a fictional person and typically, your trustee is a close family friend or relative. Please be aware of the fraudulent transfer statute in Illinois. Generally, one cannot intentionally defraud a creditor of their right to collect on a judgment. In the right instances, an irrevocable trust is a powerful asset protection tool that prevents liens and judgments from attaching in Illinois.<br />
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Keywords: Private Land Trust Chicago, Private Land Trust Chicago Title, Private Land Trust Attorney Chicago Title, fraudulent transfer asset protection, asset protection fraudulent conveyance attorney Cook County, Chicago asset protection lawyer, Cook County asset protection attorney, irrevocable trust asset protection strategyRobertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0tag:blogger.com,1999:blog-8835561716661350996.post-66115948455309965622011-03-09T18:57:00.000-08:002011-03-09T18:57:44.686-08:00Will a Creditor Foreclose on Your Home?Today, I spoke with a client that has a common problem among many Defendants that have received a judgment at the Circuit Court of Cook County at the Daley Center. This client is 66 years old, has significant equity in their home, and has a judgment, which they cannot afford to pay. For example, let's assume that we have a Defendant that is sixty years old, has $50,000 left on their mortgage, and their house is worth $225,000. The Defendant has a judgment of $100,000. <br />
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In the State of Illinois, a Defendant may claim a $15,000 homestead exemption per person. Thus, a married Defendant has the right to claim $30,000 worth of homestead exemption. A homestead exemption is only applicable to your primary residence in Cook County. With the above example, this is the Defendant's analysis. The creditor must first pay the $50,000 left on the Client's mortgage, Defendant gets to keep $30,000 and Defendnat has available equity of $145,000. In the above example, a Defendant has a significant risk that their house will be foreclosed to satisfy the $100,000 judgment at the Daley Center.<br />
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However, in many cases, the Plaintiff has the ability to place a lien against the home and even foreclose the home if payment of the judgment is not paid. In reality, a Plaintiff threatens to foreclose a house because it is a powerful scare tactic. Often times, a Defendant can settle for less than the judgment amount because a Plaintiff does not want to pay the attorney's fees, costs and other costs associating with foreclosure of a home. Plus, more importantly, foreclosures in Cook County can be dragged on for a significant period of time. All these factors should be played when negotiating a settlement with a Plaintiff.<br />
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Remember that a Defendant at a Citation to Discover Asset's Proceedings should obtain counsel if the judgment is sufficient to warrant an attorney. In many cases, an Defendant's attorney will significantly save a Defendant money and more importantly, give the Defendant peace of mind to sleep at night. <br />
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Sean Robertson is an experienced asset protection and post-judgment attorney at the Daley Center. Sean Robertson may be reached at (312) 498-6080.Robertson Law Group, LLChttp://www.blogger.com/profile/14363273038982920571noreply@blogger.com0