Recent Blog Posts
Planned Giving
Let’s face it, we all want to make a difference. And as uncomfortable as we may be with the thought, our time to make a difference is finite. Many of us are creating a legacy for future generations, either by giving to our favorite charity or by operating a not for profit organization. Planned… Read More »
What are Common Mistakes in Estate Planning?
For every American that has a will or trust, there are many more that have never thought about estate planning at all. For many of the people that have yet to work out the details of their estate, the task may seem daunting or scary, but actually, it’s quite painless. Once you’ve met with… Read More »
Estate Planning Tips for Women
Planning an estate can be a uniquely challenging task and most people are fairly unaware of the avenues and options available to them when doing so. Women are more likely to have to deal with the pressure of making plans for their estate. The reason being, women statistically have longer life expectancy than men,… Read More »
Holiday Pay Guidelines
Since the Fourth of July falls on a Saturday this year, we thought it would be a good time to discuss holiday pay for exempt employees. Many employers plan to close on Friday, July 3 in observance of the holiday. If the employer does not have a written policy which provides for vacation pay… Read More »
3 Big Mistakes in Creating a Will
The mistake that we see over and over again is that client’s Wills are not plans, but a mish-mash of forms. Anyone can create a form, and these days you can do it with a press of a button. It requires effort, precision and creativity to create a plan. To give you an idea… Read More »
Report Shows Illinois Ranked High in Most Complicated and Expensive Estate Taxes in the US
Why Are Illinois’ Real Estate Taxes Near Highest in the Nation? Filling out tax forms is never fun, especially when you know a big price tag is going to come at the end of it. Unfortunately, the news in Illinois is not encouraging. According to a new report by WalletHub, Illinois is one of… Read More »
What Are the Most Common Estate Planning Mistakes?
Estate planning is not a task for a layperson. Anyone who wishes to get their estate in order for their loved ones while saving money on taxes needs professional assistance. These common mistakes can cost your spouse, children and business partners money and time, as well as creating inflated tax bills, problems and arguments… Read More »
Protect Your IRAs, and Update to the New POA Health Care
I really don’t like when someone says to me (especially my wife) if you would have only done it this way…The U.S. Supreme Court and the 7th Circuit Court of Appeals did this to a Heidi Heffron-Clark who inherited an IRA from her sister. Heidi fell ill, and incurred so much medical debt that… Read More »
Do I Need to Pay the Gift Tax?
The estate tax and the gift tax are basically two sides of the same coin. Congress instituted the gift tax in 1932 to stop people from giving all of their property away in an attempt to avoid paying the estate tax. While gifting valuable assets may come with tax consequences, it is an important… Read More »
When Do Business Owner’s Beliefs Violate Discrimination Laws?
Title II of the Civil Rights Act of 1964 prevents businesses from refusing service based on race, color, religion or national origin. Nowhere in the act’s language is sexual orientation mentioned, thus, federal law does not protect members of the lesbian, gay, bisexual and transgender (LGBT) community from being refused service. However, this issue… Read More »