FIRM NEWSLETTER
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We hope to provide updates and awareness of legal issues through this newsletter. In this month's issue we focus on estate planning and important financial issues impacted by COVID-19. We want to assure you that we take the health and well-being of our community, clients, and associates very seriously. Like you, we're closely monitoring the quickly developing effects of the Coronavirus (COVID-19) pandemic. We are all in this together.
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The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) has provided financial relief in many forms during the coronavirus pandemic. There have been many summaries about the CARES Act. Instead of summarizing every part of the CARES Act, we will outline some of the major provisions that are likely to impact our clients, former clients or potential clients. The provisions of the CARES Act do not always apply to each individual situation in the same way. If you would like to know more information about how the CARES Act could impact you personally, the attorneys Gehris & Associates, LLC are available to discuss these matters with you.
The CARES Act allocates funds for use by small businesses to use to pay salaries, mortgage payments, rent, utilities and other debt obligations. This debt may be fully forgiven. For divorcing clients where a small business interest is part of the marital estate, taking a small business loan may change the value of the business for the purposes of determining the proper division of this marital asset. Also, changes in the income stream, may be a factor in valuing the business. It is important to look closely at how COVID-19 and any required business loans may impact not only the value of the business but also any income for the purposes of determining support.
Recovery rebates for individuals, or what has commonly been referred to as stimulus checks, were part of the relief provided in the CARES Act.
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COVID-19 and Estate Planning
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For many people, living in a pandemic brings about fears and uncertainties that might otherwise have never ensued. With the novel coronavirus sweeping the world, it is common to ask questions about preparing for your future. Creating your estate planning documents is one sure way to do so. However, in Illinois, estate planning requires both witnesses and a notary to be present and observe the signor “in person” in order to execute these documents. With the shelter in place order in effect many people are feeling vulnerable and uncertain regarding the means to even plan for their future. Fortunately, the State of Illinois has recognized these concerns, and in return issued executive orders which can alleviate some of the stress surrounding estate planning.
As technology improves at a faster and faster rate, the current laws have no choice but to attempt to keep up. For example, in December 2019, a bill was introduced to allow remote and electronic notaries. Although this has not yet been made law, the precursor of a more evolved electronic future is on the horizon. In March 2020, the coronavirus had made its mark on Illinois. After the shelter- in- place went into effect the Governor issued Executive order 2020-14, which allowed for changes for both notaries and witnesses.
(Read more)
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Spotlight
Welcome to Gehris & Associates, LLC - Emily Reyes
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We would like to introduce our newest Associate Attorney - Emily Reyes. Emily attended DePaul University for both undergrad and law school. As an undergrad she obtained a bachelors degree in Psychology. Straight after undergrad, she attended DePaul University for law school. She has always had a passion for helping others. Before coming to Gehris and Associates, LLC she worked at the firm David and Associates for the now Honorable Bradley P. David. In addition to family law, she is an experienced real estate attorney handling a high-volume of purchase and sale agreements. She also handles estate planning and guardianship cases. Emily is an active member in the Palatine Jaycees, and volunteers at Gigi’s Playhouse in McHenry. After work you can usually find her at the gym kickboxing and boxing. She is an avid reader and dog lover. She is a travel/adventure enthusiast and enjoyed hiking a glacier in Iceland and then seeing the Northern Lights. We are excited to welcome Emily to Gehris and Associates, LLC as the newest member of our experienced team of attorneys.
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We will continue to monitor the COVID-19 situation and will follow guidance from public health officials and government agencies, so we can continue to support our clients and communities as needed.
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Gehris & Associates, LLC
820 E. Terra Cotta Ave., Crystal Lake, IL 60014
815-893-0020
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