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.
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.
Estate planning attorney Robert Ross explains which assets you may wish to retitle into your living Trust.
At the Ross Law Firm Ltd. take precautions to protect the safety and well-being of clients and staff during the Covid-19 Pandemic. Here we explain the measures we take so you can have effective documents while prioritizing safety.
Not sure whether you should get a Will? Illinois Attorney Robert J. Ross explains reasons why you may want a Will and briefly explains what happens if you die without one.
Choosing an executor for your Estate can be a difficult decision, but Illinois Attorney Robert Ross of Ross Law Firm Ltd. briefly explains the roles an executor will play and the qualities of a good executor.