Once you have signed your estate planning documents you may think you are finished. It is not the last step in the process. The next and most important step is to fund your trust and change your beneficiary designations so the plan will accomplish what you want. You fund your trust by changing … [Read more...] about Once You Sign Your Estate Planning Documents, You Are Not Finished!
The difference between executor, trustee, and agent.
Many people, when planning their estates, run across the above three terms which are often confusing to them, but important to know. They have important differences which you need to understand in order to have an effective estate plan. What is a trustee? If you have a revocable living trust, the … [Read more...] about The difference between executor, trustee, and agent.
COVID-19 Changes to IRA Rules Provide Opportunities
Congress has enacted many tax law changes this year affecting qualified plans and IRAs. While the SECURE Act has created more permanent changes, the CARES Act brings some temporary relief to individuals affected by the Covid-19 pandemic. One area that has seen a lot of change recently is required … [Read more...] about COVID-19 Changes to IRA Rules Provide Opportunities
The CARES Act Makes Changes to Charitable Giving
The CARES Act has implemented a variety of measures to help individuals and businesses get through these difficult times. The CARES Act also includes provisions designed to encourage courage charitable support and giving. These provisions not only benefit charities, they also benefit those who are … [Read more...] about The CARES Act Makes Changes to Charitable Giving
IMPORTANT: Clarification on Tax Return Due Dates
The IRS has clarified which returns can be filed July 15. Only corporate and individual returns due April 15 can be filed on July 15. If your return is due May 15 or June 15, you need to file for an extension of time. Illinois corporate and individual income tax returns due April 15 can be … [Read more...] about IMPORTANT: Clarification on Tax Return Due Dates