It’s a question not many people consider when setting up a healthcare directive: what if that worst-case scenario doesn’t happen in Illinois? Why You Should Have It Briefly, a healthcare directive speaks for you when you can’t speak for yourself. You choose what you do and do not want in the … [Read more...]
Important Details To Consider In Funding Your Living Trust
Establishing a living trust is a suitable instrument to protect yourself in case of illness, mental incapacity, and avoiding the probate process at death. You’ll transfer property into the trust and name yourself as trustee, in order keep control of it. Once your living trust has been … [Read more...]
Say Goodbye to the Stretch IRA
What was a stretch IRA? Prior to January 1, 2020 rules allowed an IRA account holder to name a spouse as primary beneficiary and children as the contingent beneficiary. After the account owner’s death, the spouse and then the children could take distributions over their respective life … [Read more...]
Year End Tax Changes for Nonprofits
There were 2 year end tax changes to note, in addition to the Secure Act, which changed retirement plan distributions. First, Congress finally repealed the stupid parking tax, effective retroactively. If you filed a 990-T and paid the tax, you can file for a refund. Second, Congress has … [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...]