One of the biggest issues in estate planning is how much the beneficiaries will actually receive once probate is finally completed. For high-net estates, this can be a serious concern, leading to trusts and other instruments that take assets out of an estate for the purpose of probate. If you’re … [Read more...] about “Grantor Retained Annuity Trust” In Chicago, IL?
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?
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
You’ve just been gifted a sum of money either by a relative, or through a deceased person’s will. 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 money, with or without a … [Read more...] about Do I Have To Pay Taxes On Money Given To Me As A Gift In Chicago, IL?
Many people become concerned when it comes time to send a child to college. Students can fill out the Free Application for Federal Student Aid (FAFSA®) to apply for student aid, but it may not be enough. They may even be turned down for student aid. In either case, they may not be able to go to … [Read more...] about Higher Education Tax Provisions You Should Consider In Glenview, IL