Recent Blog Posts
The SECURE Act: Elimination of the Stretch IRA and New Rules for Younger Participants
On January 1, 2020, the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) became law and it significantly and fundamentally alters retirement in the United States. The SECURE Act potentially affects anyone with a defined contribution plan, which includes 401(k)s, defined benefit pension plans, individual retirement accounts (IRAs), and… Read More »
What is a Lifetime Trust?
Estate planning can be complex. Many people think they only need a will, and their assets will be protected. In fact, there are many more options for protecting the welfare of your family and ensuring that your assets are distributed according to your wishes. Events may arise in your life that can derail your… Read More »
Eviction Moratoriums and COVID-19
There is virtually no aspect of ordinary life that COVID-19 has not affected in some way. In order to provide much needed relief, Congress enacted the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020. Both were signed into law by President Donald J…. Read More »
Issues and Rights of Transgendered Individuals in Estate Planning
On June 15, 2020, the United States Supreme Court issued a landmark decision in Bostock v. Clayton County, Georgia that protected transgendered individuals from workplace discrimination. This has brought the rights of transgendered individuals and, more broadly, rights of the LGBTQIA+ community to the forefront of the national consciousness. This article examines some of… Read More »
What is a Small Estate Affidavit?
When a person passes away and leaves behind an estate with little guidance, complications concerning the administration of their estate are likely to ensue. Ideally, the estate can avoid court and probate, and the inheritance process can be effectuated smoothly and efficiently. One way to avoid probate court when administering qualifying estates is to… Read More »
“Non-Essential”: Church Closures in the Era of Covid-19
My wife and I could feel our excitement mounting as we pulled into the church’s parking lot. We were about to attend our first, in-person worship service since the Covid-19 pandemic began in March. We were thrilled, but by the number of open parking spots, it was clear that others were still wary. Over… Read More »
Are Nonprofits Different From Tax-Exempt? What’s the Difference?
People often use the phrases “nonprofit” and “tax-exempt organization” interchangeably. While qualifying nonprofit organizations often benefit from tax-exempt status, the two terms are not synonymous. Not all nonprofits are tax-exempt, and not all tax-exempt organizations are nonprofits. Below, we discuss the difference between the terms “nonprofit” and “tax-exempt.” Reach out to a knowledgeable Illinois… Read More »
Firm Partner Alfred S. Lee Discusses Estate Planning on Popular Retirement Lifestyle Podcast
Our own Alfred S. Lee was recently featured on the popular podcast, The Retirement Lifestyle Show with Roshan, Adrian & Erik. This show discusses various changes in retirement, estate planning, long-term care planning, insurance planning, tax planning and more. Attorney Alfred Lee was interviewed as a guest for a recent episode entitled Retirement Lifestyle:… Read More »
What Are Common Types of Executor Misconduct
We entrust executors with the authority to administer our estates or those of our loved ones. That trust and authority come with a significant duty, a responsibility to respect the wishes of the deceased and legally honor the rights of the beneficiaries. Not all executors are created equally, and not all have the best… Read More »
Types of Probate Estate Claims in Illinois
Claims against an estate are not determined on a first-come, first-served basis. Instead, different types of creditors have different levels of priority. The administrator of the estate is responsible for ensuring that each class gets paid out appropriately. Learn below about the different types of probate estate claims under Illinois law, and reach out… Read More »