Illinois Appellate Court: It is Unconstitutional to Tax a Trust with No Current Connection to the State

In 1961, an Illinois resident established a  living trust. The trust property was located in Illinois, and the trustee – the person managing the trust – and beneficiary – the person benefiting from the trust – were also Illinois residents. Given these connections to Illinois, state law clearly governed the trust. But the trust also […]

What Distributions do you have to take from your IRA in 2009

As published in The Naperville Sun – February 2, 2009 With all of the turmoil that has taken place in the financial markets, many Naperville residents question what distribution they must take out of their IRA by law this year?  In the past years, once a retiree attained the age of 70-1/2, that retiree was […]

Changes in the Tax Law for 2009

By Denice Gierach – July 13, 2009 Earlier this year, Congress passed and the President signed the American Recovery and Reinvestment Act of 2009.  Included in this law were a number of provisions that affect income taxes for the year 2009, some of which might affect you or your family. One provision that has been […]

What to Do About Year End Tax Planning

It is hard to believe, but in less than two months the year is over. This year, doing year-end tax planning is full of uncertainty, as the tax rules for 2011 are not set. It is not probable that Congress will act in the lame-duck session now that the elections are over. As a result, […]