Report from Counsel As a rule, the IRS treats any transfer of money or property you make to another person (vs. to a charity or to a political organization) as a taxable gift – unless an exclusion applies. Three typical exclusions that may apply are: Gifts to a spouse, which are subject to an unlimited marital deduction unless … Read more
As 2017 draws to an end, you should verify (and, if needed, update) primary and contingent beneficiary designations for all your retirement plan assets, for example: individual retirement accounts (IRAs and Roth IRAs), 401(k) accounts with current and former employers, 403(b) accounts, and pensions plans. This simple step can save a lot of delays, uncertainty, … Read more
A recent survey by senior-living focused website Caring.com, quoted in USA Today, revealed that 78 percent of Americans under the age of 36 don’t have a will or trust in place. But even with youth on their side, the millennial generation needs to be planning for the unforeseen. If most would consider the following three … Read more
Passing your house on to your children before your death offers some advantages, but there are pitfalls to avoid. If your children inherit the property through your estate, the cost basis of the property will be the value of the home on the day of your death (as with most assets that pass at death). … Read more
Persons can give away property valued at $5.49 million without federal estate and gift tax (including $4 million without Illinois estate tax) during lifetime or at death. Proper estate planning and follow up by a married couple can double the tax-free amount available at the death of the second to die. Since 2010, a surviving … Read more
A minor generally doesn’t have the right to manage his or her assets, including an inheritance. But sometimes a minor child becomes the beneficiary of a sizable family inheritance. That can occur because a parent dies without a will or trust, leading to an unavoidable direct inheritance by the child. If a minor is chosen … Read more
Patrick recently moderated a Business Succession Planning seminar by Bob and other experts to a group of lawyers. Here are some highlights: Many business owners and professionals have not done any succession planning to address who will manage and own the business when the owner is disabled or dies. Thoughtful planning helps the owner achieve … Read more
A strong cybersecurity program is designed to protect the confidentiality, integrity and availability of a business’s information systems. These systems can include any computer or networked electronic system used by a business, and certain sensitive business and consumer information. Programs should be designed to perform three primary functions: Identify and assess threats and risks; Protect information systems … Read more
Recent tax developments may save substantial taxes for your clients’ beneficiaries (post-death). Since 2010, a surviving spouse can claim their deceased spouse’s unused estate and gift tax credit shelter amount (“estate and gift tax exemption”) of $5,000,000 or more by filing a federal estate tax return (Form 706) within nine months after death to secure … Read more
Under a new federal law, individuals have a right to post truthful negative reviews about a product or service provider. That’s the case even if they previously signed an agreement that prohibited such reviews. Over the past few years, this controversial business practice of including non-disparagement clauses in contracts or terms of service has led … Read more