Naperville Estate Planning Lawyer Discusses the Impact of the Estate Tax

Throughout the 2016 presidential election, one of the many points of disagreements between the candidates was the issue of the estate tax. The estate tax—sometimes referred to as the “death tax”—is the portion of a deceased person’s estate that must be paid to the federal and/or state government before the remainder of the estate can […]

Naperville Estate Planning Lawyers Discusses Estate Taxes and the Presidential Election

With a little over a month to go before the presidential election, the formal debates have begun. Along with them comes an increased discussion on the issues and how each candidate intends to improve the country. As might be expected, many voters and, therefore, news outlets have been primarily focused on hot-button issues like foreign […]

Estate Planning for the New Year

With the New Year just around the corner, there are several important factors to consider regarding your Illinois estate plan. Transfer Tax Exemption The transfer tax is imposed on property transfers (i.e., transferring title to real estate or a beneficial interest in real property). In 2015, the amount that individuals can transfer by gift or bequeath […]

US Tax Code Information

In the U.S. tax code, there is a special provision regarding monetary gifts, and how much you can gift to someone without having to pay taxes. According to the Internal Revenue Service (IRS), “any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money’s worth) is not received in […]

For the Love of the Land

Sometimes a person owns some acreage that they may have either purchased or inherited. This acreage is really special, as it is beautiful, natural or untouched. If you are that person, you may want to preserve its beauty and make sure that it does not just become another subdivision. What step can you take now […]

New Higher Estate Tax Exclusions for 2014

An important part of estate planning is gifting.  The benefits include transferring assets to beneficiaries tax-free.  It also allows the guarantors to see their gifts being enjoyed by their family members and friends.  In 2014, the amount that people can transfer or gift while still avoiding taxes will be increased. With data from the Consumer […]

How To Avoid A Gift Tax

According to CNN Money Magazine, “estate planning isn’t just about how you want your assets distributed after you die.” Figuring out what to do with your estate is just that—and while the word “estate” may bring to mind brick mansions and vacation homes, the truth is that most people, of any socioeconomic class, have an […]

What is a Special or Supplemental Needs Trust?

The Medicare program was put into place as an insurance program to take care of the elderly and people with disabilities. In 2010, Medicare provided health care benefits for eight million disabled people who were unable to afford their own health insurance or health care. Medicaid is another entitlement program which provides money for healthcare […]