You’ve probably heard of the Setting Every Community Up for Retirement Enhancement Act (SECURE) that went into effect on January 1, 2020. Part of a larger federal spending package, the Act brings about reforms intended to make saving for retirement easier and within reach of more Americans than ever … [Read more...] about How Does the 2020 SECURE Act Affect Illinois Retirement Planning?
Charitable Trust Distribution Requirements in Illinois?
Do you want to make sure that your favorite charity or charities are provided for after you’re gone as well as reduce the tax burden on your estate? Would you like the opportunity to earn revenue from an asset without selling it? There is an answer. The Charitable Trust These are also … [Read more...] about Charitable Trust Distribution Requirements in Illinois?
What is a “Transmutation” in Estate Planning in Illinois?
Married couples frequently have separate property—that is, property that belongs to one of the parties, and isn’t part of the marital estate. It could be a piece of real estate, a business, or other asset that they had prior to the marriage or inherited during the marriage. Separate property … [Read more...] about What is a “Transmutation” in Estate Planning in Illinois?
Events In Your Life That Warrant Reviewing Your Estate Plan
If you’ve finally completed your estate plan, you may be feeling a sense of accomplishment. You’ve put your wishes in writing, and you’ve made sure your spouse, children, grandchildren, or other relatives have been taken care of. They will receive the money, property or other things you intended … [Read more...] about Events In Your Life That Warrant Reviewing Your Estate Plan
Do I Have To Pay Taxes On Money Given To Me As A Gift In Chicago, IL?
You’ve just been gifted a sum of money either by a relative, or through a deceased person’s will. And you are wondering "What tax implications come with it?" What Does “Gift” Actually Mean? A gift is something given without the expectation of something in return. When someone gives you … [Read more...] about Do I Have To Pay Taxes On Money Given To Me As A Gift In Chicago, IL?
