Report from Counsel 
Tax changes are expected under the new administration. We don’t know how quickly President Joe Biden will move to enact his tax proposals, or whether the Democrats’ thin margin in Congress will be a moderating force. Many analysts believe that economic recovery will be the administration’s first priority, meaning we might not see immediate action. … Read more
The IRS recently offered settlements to a select number of taxpayers involved in what are known as “micro-captive” insurance schemes. Tax law generally allows businesses to create “captive” insurance companies to protect against certain risks. In abusive “micro-captive” structures, accountants or wealth planners con- vince owners of closely held entities to engage in schemes that … Read more
States have started to pass laws giving businesses and health care providers protection against COVID-19-related lawsuits. The goal of these laws is to block businesses from being sued by people who contract the novel coronavirus under certain circumstances and want to claim that a particular business is at fault.
Parents and grandparents often give children and grandchildren financial help to purchase a home or to carry them through hard times. It can be a wonderful, generous gesture with a lasting impact across generations of family members. But it can also create strife and intra-family conflict if parents fail to properly document the transfer as a loan.
Let’s say you’ve known for years that you are inheriting your father’s home when he dies.
Hopefully, you also know that he has a will that indicates clearly that the house will go to you.
The amount of time banks and other financial institutions have to notify people with retirement accounts about new rules for taking required minimum distributions (RMDs) has been extended.Under IRS Notice 2020-06, financial institutions have until April 15 to notify certain people with retirement accounts that no RMD is due for 2020. The new rule was … Read more
Many people who have an estate plan have created a living trust (also known as a declaration of trust). But one thing many people forget is rather important: funding their trusts.
The longevity of a small business depends on a well-thought out succession plan. This can give peace of mind to the owner, his or her family, employees, and customers.
Taxpayers making large gifts no longer have to worry about big federal estate taxes coming back to bite them years from now. However, the State of Illinois does take into account large gifts (more than $15,000 per person per year under current laws in 2020) when assessing the Illinois estate tax payable at death on assets in excess of $4,000,000 that pass to children or another non-spouse beneficiary.
Parents and grandparents often give children and grandchildren financial help to purchase a home or to carry them through hard times. It can be a wonderful, generous gesture with a lasting impact across generations of family members. But it can also create strife and intra-family conflict if parents fail to properly document the transfer as a loan.