Report from Counsel, Author at Ross Law Firm Ltd.

Retirement accounts: Tips for taxpayers turning 70½

08/17/202004/11/2017 by Report from Counsel

It’s a big year for the first set of baby boomers: They’re turning 70 1/2. And that means getting prepared for their first mandatory distributions from tax-sheltered retirement accounts. The first thing to keep in mind is that the amount of your required annual withdrawal is based on the assets in the account as of … Read more

Remarriage is a reminder to revisit your estate plan

04/13/201704/09/2017 by Report from Counsel

Approximately 40 percent of marriages these days are remarriages for at least one partner. When you remarry, there are all sorts of issues to consider related to your estate plan. For older people, the main focus may be ensuring that their adult children or grandchildren have an inheritance. Without proper planning, a new spouse could receive assets that were originally intended for children and grandchildren.

Here are some important elements to review in order to protect everyone’s interests when you remarry:

Tips for avoiding a data security breach

08/17/202004/05/2017 by Report from Counsel

Regardless of the size of your business, it’s critical that you work proactively to protect the sensitive and private information of your customers, clients and employees. While you might hear more often about data breaches at bigger companies, the reality is that smaller companies and organizations are often targeted and typically have limited data security … Read more

Should you amend or rewrite your revocable trust?

09/23/202004/03/2017 by Report from Counsel

It’s important to review a revocable trust regularly to see if any amendments are needed, such as when something changes in your life. Some examples are: you have had or adopted a child; your spouse or other beneficiaries have died; you have remarried; the value of your assets, including life insurance death benefits in most cases, will exceed your available estate tax exemption amount (under Illinois or federal law); or the law changes.

Moving an elderly relative? Think about state taxes

08/17/202004/02/2017 by Report from Counsel

It’s a common scenario: An elderly relative is no longer able to live alone, so family members sell the relative’s house and have the relative start living with them or in a nursing home or assisted living facility that’s closer to the family. One thing you might not consider during this stressful process is that … Read more

ANNOUNCEMENT OF ROSS LAW FIRM LTD.

06/07/201704/01/2017 by Report from Counsel

Robert J. Ross (Bob) is pleased to announce the formation of Ross Law Firm Ltd., an Illinois corporation, and the promotion of his eldest son, Patrick F. Ross (Patrick), to shareholder. Bob Ross, managing shareholder of the new Ross Law Firm, said, “I never imagined 30 years ago when I started the Law Offices of … Read more

Survivorship life insurance can be good vehicle for estate planning

08/17/202003/30/2017 by Report from Counsel

Survivorship life insurance (also known as “second-to-die”) can be an important vehicle to consider for estate planning. This type of insurance policy covers two lives and pays out the proceeds when the second insured dies. One benefit is that the premium tends to be lower than it would be for two separate policies because the … Read more

The Danger of Waiting Too Long to do Estate Planning

09/23/202012/22/2016 by Report from Counsel

Some people never get around to retaining a lawyer to prepare their will, living trust and other important estate planning documents. Here are some of the reasons we hear and our responses:

1. “I don’t need estate planning documents.”

Not having estate planning documents can result in your family, friends or charities being left out of your intended plan (or result in your property going to people who you did not intend to receive it). It can also result in additional taxes, fees, delays and disputes. The cost of the probate process can greatly exceed the cost of a comprehensive estate plan.

Be careful with inherited IRAs

08/17/202012/22/2016 by Report from Counsel

In order to achieve tax savings and accomplish your goals, you should pay careful attention to naming primary and contingent IRA beneficiaries The laws governing inherited IRAs are complicated and it’s easy to make mistakes. If you want to discuss naming beneficiaries and/or creating a “standalone” trust for your IRA (and other retirement account assets), please let us know. Standalone trusts for IRAs can be especially useful in a second marriage, when minor or disabled beneficiaries are potential beneficiaries and/or when the beneficiary may need protection from creditors or a divorcing spouse.

Get a HIPAA Release and Powers of Attorney for your College-age Family Members

08/17/202012/22/2016 by Report from Counsel

If you have a child, grandchild or loved one who is away at college, you should be aware that the federal medical privacy rules (Health Insurance Portability and Accountability Act of 1996 – “HIPAA”) apply to him or her. Once your child turns 18, the federal HIPAA law says that you can no longer have … Read more