For Clients, Advisors and Community. Do you have a vacation home? Perhaps you celebrate every Christmas at a mountain lodge built by Grandpa, take the kids on a spring break to a beachside condo, or spend summer weekends at the old farmhouse so the little ones can catch fireflies. How do you pass on your… Read More »
For Clients, Advisors and Community. Senate Bill 0397 was passed on December 16, 2011 as Public Law 97-0636. It provides mostly for technical changes in the Illinois Income Tax Law. At the end of the legislation it provides for an increase in the lifetime exclusion from the Illinois Estate Tax. For individuals dying prior to 2012,… Read More »
In the following information, taken from The Wealth Counselor, we will examine some of the critical rules in using IRAs and qualified retirement plans for estate planning, common misperceptions in this area, and why naming a trust as beneficiary may be the only way to accomplish some of the client’s planning objectives. Completely covering these… Read More »
George Clooney is starring in a movie about a family trust. Yes, you read correctly. “The Descendants,” which opened in select theaters last month, offers a great depiction of what the Trust industry is all about. The film comes from the creators of “Sideways” and “About Schmidt.” It tells a humorous and tragic story of… Read More »
The deduction limits for most company (and sole proprietor) retirement plan contributions increased for the first time in three years! Highlights include: The participant salary deferral limit increases to $17,000. The salary deferral “catch up” limit for participants over 50 remains $5,500. The total maximum defined contribution for any one participant increases to $50,000. If… Read More »
For Clients, Community and Advisors. I’ve spent 30 years counseling clients in making choices and giving directions concerning durable powers of attorney for health care and end of life treatment. In the last week, I came face to face with the inevitable decisions that families of my clients have been forced to make. Being a… Read More »
Jay Kaufman and I had only been married for 5 years when he started his law practice in October, 1981. And while our office location has moved several times (from Arlington Heights to Buffalo Grove, to Chicago, to our house in Buffalo Grove, to Northbrook and now also Lake in the Hills), Jay’s approach to… Read More »
For Clients, Advisors and Community Our society is increasingly mobile. Many of our clients have multiple residences. They spent the spring and summer months in the Chicago area but spend the late fall and winter in warmer climates – Florida, Arizona, California, Hawaii and other locations. In a sometimes desperate chase for increased revenue, Illinois… Read More »
On first glance, it looks like the recently signed “Illinois Residential Real Property Transfer on Death Instrument Act” would only interest lawyers, title companies, and the government. In fact, this new law, which goes into effect on January 1, 2012, will allow a majority of our clients to “have their cake and eat it, too”,… Read More »
For Clients, Community, Professional Advisors. Recently, business and estate planning attorneys have increasingly focused on assisting their clients in protecting their assets from loss due to unexpected circumstances. The typical business owner will respond, “But, my business is structured as a corporation/limited liability company (LLC). It’s already protected”. This is only partly true. The business has… Read More »