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...]
Higher Education Tax Provisions You Should Consider In Glenview, 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...]
What Are The Different Kinds Of Wills Available In Illinois?
If you’re just beginning your estate planning, you’re probably thinking that you should start with a will. Without it, the state will take care of your affairs, and probably not in the way you might have wanted. This is especially true if your children are minors, and they could end up with … [Read more...]
What Happens If The Beneficiary Of An Educational Trust Doesn’t Go To College?
Providing for your children, grandchildren or other young relative’s education is another way to provide for your family after you’re gone, as well as create another trust for your estate plan. These trusts aren’t traditional trust funds, but a 529 college savings plan to be used for educational … [Read more...]
Do Charitable Trusts Pay Capital Gains Taxes?
One of the most popular options for estate planning in Illinois is a charitable trust, where an individual donates and transfers valuable assets to a charity to “hold” until the owner’s passing. You still “own” your property as an appointed trustee, or you can appoint someone else to do it. … [Read more...]