Much like a for-profit corporation, a nonprofit corporation will also have a board of directors as a matter of course when starting. The board is the governing body of the nonprofit that is responsible for managing and running the organization’s activities. These members are generally not employees … [Read more...]
What is a Tax Exemption Certificate in Chicago, IL?
You have an idea, and you’re ready to start your new nonprofit organization in Chicago. You need more than an idea, of course, and there are a lot of plans to make. What will you call it? Who will you be working with, and who will be working for you? What will be in your articles of incorporation … [Read more...]
What Is Chicago’s Definition of a Living Trust?
Chicago is home to some of the most prosperous estates in Illinois; and rightfully, many of its inhabitants are interested in making sure their wealth is passed on how and to whom they desire. Streamlining this process and making it as clear and indisputable as possible is the role of estate … [Read more...]
Can a Living Trust Affect My Child’s FAFSA for a Chicago College or University?
Funding your child’s higher education can be daunting, and every parent waits with bated breath to see how much the Free Application for Federal Student Aid (FAFSA) might help chip away at the monstrous bill. But the superficially “straightforward” process of reporting your assets and income can be … [Read more...]
ESTATE PLANNING AND TAX NEWS, YOU CAN USE – FALL, 2018
As we enter the 4th quarter, you will need to start planning for a new set of income tax rules. The Tax Cuts and Jobs Act was the most sweeping tax reform in 30 years. In this issue, we will go over many of the rules affecting … [Read more...]