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 […]

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 […]

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 […]

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 […]

Death Tax Does Not Have to Kill Your Small Business

Worrying about taxes is part of small business planning. Often, a central consideration is how a small business can minimize the burden that taxes place on the ability of a small business to operate normally. Fortunately, a DuPage County small business attorney can offer a variety of alternatives designed to alleviate tax burdens. Though there […]

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 […]