Miscellaneous Archives - Page 5 of 15

‘Warranty void’ claims illegal

08/17/202007/27/2018 by Report from Counsel

Let’s say you make Acme Product 334, designed to work in tandem with Acme Widget 338. But one of your competitors sells a viable alternative to Widget 338. Can you predicate Product 334’s warranty on the condition that it’s only paired with Acme widgets? No, you can’t. It’s an old law, actually, and one the … Read more

Tax reform may impact charitable giving

08/17/202005/08/2018 by Report from Counsel

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

Quick legal checkup

08/17/202005/08/2018 by Report from Counsel

Title assets in your name as trustee of your living trust
Update your power of attorney for property and for health care
Consider options for
Read more

Tax reform will have big impact on divorce

08/17/202005/08/2018 by Report from Counsel

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

Airline passenger can seek emotional distress damages for needle prick

08/17/202005/08/2018 by Report from Counsel

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.

Home values could decline due to tax changes

08/17/202005/08/2018 by Report from Counsel

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

Updated rules provide new estate and gift tax savings opportunity

01/24/201910/03/2017 by Report from Counsel

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

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

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