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?
YEAR END INCOME TAX AND ESTATE PLANNING RECOMMENDATIONS
This year has been unlike any other with a pandemic and with it many new pieces of legislation that affect your income taxes and estate planning. We will give an overview of important items you should consider. We believe that income and estate taxes will go up for many under a Biden … [Read more...] about YEAR END INCOME TAX AND ESTATE PLANNING RECOMMENDATIONS
2020 tax law changes Illinois nonprofits need to know
Congress passed many tax law changes in 2020 to help cope with the pandemic. While some of these expire at the end of 2020 you need to know them to help to help your donors make year-end decisions. The summary is in a PowerPoint presentation that you can find at the link below. It was part of a … [Read more...] about 2020 tax law changes Illinois nonprofits need to know
Inheritance Tax And An Estate Tax In Glenview, IL?
One consideration in any will and/or estate plan is the type of taxes your beneficiaries could potentially face when the time comes. Will they forfeit their inheritance or at least some of it? Will they face taxes that exceed what they receive, or significantly impact their yearly income? It’s … [Read more...] about Inheritance Tax And An Estate Tax In Glenview, IL?
The “New Illinois Trust Code” For 2020
If you have a residence outside of Illinois, you’re probably aware that the state laws surrounding wills and estate plans can be markedly different. If you have a family home in nearby Gary, Indiana, or frequently travel north to Wisconsin, which state law takes precedence if you die … [Read more...] about The “New Illinois Trust Code” For 2020
