BLOGS

ESTATE PLANNING UPDATE: NEW TAX LAW

By now, you have probably heard plenty of news coverage about the Tax Cuts and Jobs Act of 2017 (“TCJA”).  The new law includes many changes to individual and corporate tax rates, deductions and other rules.  While there was also much discussion about repealing the federal estate tax, the final tax bill does not repeal estate tax.  Thus, there is still a federal estate tax.  Additionally, the Illinois estate tax remains unchanged. The TCJA doubled the federal estate/gift tax exemption for individuals, from $5 million to $10 milli...Read More
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WHAT ARE YOU THANKFUL FOR?

This week is Thanksgiving.  So what are you thankful for?  Family is at the top of most of our lists, and we will be spending time with family, enjoying each other’s company and plenty of delicious food!  No gifts are exchanged – just stories (both old favorites and new ones) and laughs, and maybe some recipes.  This time should be treasured, as family members often do not live near each other, and, therefore, don’t have many opportunities to be together. It is very sad when families are torn apart because of hard feelings resu...Read More
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WHAT CAUSES ARE IMPORTANT TO YOU?

There are so many good causes out there, and so many charitable organizations to serve them. What is important to you?  Perhaps it is research to find a cure for Alzheimer’s Disease, cancer or some other disease that claimed the life of a loved one. Or, maybe you want to save abused animals or the rainforests, help underprivileged children, or aid the victims of domestic violence or natural disasters. You may wish to provide funds to your religious organization to assist in meeting its needs, or to your alma mater to offer scholarships o...Read More
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SIMPLE WILL UPDATES MAY NOT BE ENOUGH

It happens all the time. Clients call to book and appointment for a “simple Will update”. Maybe you have a Last Will and Testament (a “Will”) that you signed 15 years ago when your kids were little. Perhaps you created Revocable Living Trusts when the estate tax laws were much different than they are today. It could be that your Health Care and Property Powers of Attorney were signed before Illinois made substantial changes to these forms, and they may not include any additional powers or instructions that could help if you are inca...Read More
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SUMMER’S OVER—TIME TO PLAN!

Labor Day Weekend is behind us – Those lazy summer days are over and those beautiful summer evenings are numbered.  If you have school-age children, you’re back to early mornings, helping with homework, and shuffling them to and from after-school practices and activities.  If you don’t have young children, the yellow buses on the roads and Friday night lights remind you that school is back in session.  It’s that time of year where life is back on schedule.  We have cooler nights and the promise of fall colors, pumpkin patches an...Read More
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