The current economic environment allows for some of the best opportunities in decades to transfer assets to your heirs without any estate or gift tax. Many of these opportunities involve "freezing" the value of your estate at today's low values, allowing any increase in value on your assets to pass gift and estate tax-free to your beneficiaries.
The Illinois General Assembly is considering a bill amending the Illinois Prompt Payment Act to limit to 5% the retainage an owner may require under a construction contract. If enacted, the bill would legislatively mandate for the first time in Illinois a maximum retainage amount for private party construction contracts.
Recently, the Employee Free Choice Act (EFCA) was re-introduced in Congress. The EFCA is unquestionably the most significant piece of federal labor law legislation in decades. Many of you may recall that an identical version of this bill passed the House last year but died in the Senate by a filibuster. If it now becomes law, it will impact employers and employees in significant several ways.