Report from Counsel By now, you’ve probably heard the horror stories about hackable cars. The most publicized concern is that digitally connected cars are vulnerable to hackers who could disable the engine or even take control of the steering.
But while this kind of physical threat grabs headlines, a different risk goes relatively unmentioned: data security. According to
You might have heard about the recent changes to federal estate tax laws. The amount that can pass free of federal estate taxes is over $11 million (until December 31, 2025). While the federal estate tax will affect fewer individuals, persons domiciled in Illinois should be aware of the significant Illinois estate tax: Illinois imposes tax on assets passing at death to a non-spouse in excess of $4 million. Married couples can pass
A declaration of trust (also known as a “living trust” or “revocable living trust”) is an agreement you make with yourself. You can amend or revoke your living trust any time while you are competent. It is a “see-though” document (an “ignored entity” and not considered as separate from you) for income tax purposes and does not require admin- istration by a professional trustee, a taxpayer identification number or other trust formalities during your lifetime.
Basically, you can
As the tax reform measures were unveiled, members of the charitable community expressed alarm that the new rules could create a disincentive to donate. With the larger standard income tax deduction ($12,000 for an individual filer and $24,000 for a married couple), fewer people will realize the benefits of itemizing. Some charities fear that, absent … Read more
Tax reform eliminates the alimony deduction. Before the new tax law, spouses paying alimony to an ex could deduct these pay- ments from the amount of income they were taxed on. This would often be enough to move that spouse into a lower tax bracket, which would result in all of his or her taxable income getting taxed at a lower rate.
The spouse receiving alimony, however, would
A passenger could try to hold an airline accountable for emotional distress she suffered after getting pricked by a hypodermic needle while reaching into a seat- back pocket, a federal court of appeals recently decided. The woman was traveling on Eftihad Airways from Abu Dhabi, Saudi Arabia to Chicago. She spent much of the 14-hour flight with the tray table in her lap because the knob holding it in place had fallen off. At some point, she reached into the seat-back pocket to retrieve the knob, which she had placed in the pocket when she took it off the floor, and was unexpectedly jabbed by a hypodermic needle that someone left behind. The prick drew blood, but the airline offered no medical attention beyond an antiseptic wipe, a Band-Aid and the advice to see a doctor when she got home. Her family physician later prescribed her medication for possible hepatitis, tetanus and HIV exposure.
When it comes to real estate, some legal experts suggest that the massive tax overhaul could have some unintended consequences, including discouraging homeownership and slowing the pace of home appreciation. Here’s how the new law affects homeowners: Lower limits on mortgage interest deductions Limits on state and local tax (SALT) deductions to a $10,000 Standard … Read more
We all can learn important lessons about estate planning from recent “bad” experiences of famous people. The AARP recently gathered their stories, and here are the highlights: Florence Griffith Joyner: Before her death in 1998, Olympic gold medalist Florence Griffith Joyner never told anyone the location of her will. Without the original document, it took … Read more
Medical and financial powers of attorney are a critical aspect of effective estate planning, but are you keeping your documents up to date? It is recommended to have them reviewed every 2-3 years. Several legislative changes over the years have given financial institutions and healthcare providers reasons to reject powers of attorney. As new laws … Read more