For most people, receiving an inheritance is a pleasant experience. It’s a final gift from a relative and can either be saved, invested, or used for something that isn’t in the current budget. Sometimes an inheritance is an unexpected surprise. However, if the recipient is on Medicaid, that … [Read more...] about How Can I Protect My Inheritance From Medicaid In Illinois?
Inheritance Tax And An Estate Tax In Glenview, IL?
One consideration in any will and/or estate plan is the type of taxes your beneficiaries could potentially face when the time comes. Will they forfeit their inheritance or at least some of it? Will they face taxes that exceed what they receive, or significantly impact their yearly income? It’s … [Read more...] about Inheritance Tax And An Estate Tax In Glenview, IL?
The “New Illinois Trust Code” For 2020
If you have a residence outside of Illinois, you’re probably aware that the state laws surrounding wills and estate plans can be markedly different. If you have a family home in nearby Gary, Indiana, or frequently travel north to Wisconsin, which state law takes precedence if you die … [Read more...] about The “New Illinois Trust Code” For 2020
Estate Planning And The Gift Tax In 2020—What You Should Know
Because the world is still in flux with the lingering effects of the pandemic, estate planning may not be a the top of your list. However, current events make it the best time to pay attention to the so-called “gift tax” so you can take advantage while the maximum limits have been more than … [Read more...] about Estate Planning And The Gift Tax In 2020—What You Should Know
The SECURE Act Can Affect Your Estate Planning
You may have heard about the SECURE Act that brings changes to retirement and estate planning. If you haven’t spoken with your estate planner yet, it may be time to schedule that appointment. The formal name is the Setting Every Community Up for Retirement Enhancement Act of 2019 and became … [Read more...] about The SECURE Act Can Affect Your Estate Planning
