In the state of Illinois, where firearm regulations are stringent, it’s crucial to understand the legal and practical considerations involved in dealing with firearms during the estate administration process. Compliance with State and Federal Laws In Illinois, strict firearm regulations apply. The first step in handling firearms as part of an estate is to ensure […]
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2023 Tax Updates
Each year brings updates to the federal tax exemptions and mileage reimbursement rates. The annual exclusion amount for gifts in 2023 increases to $17,000 per recipient. This means that individuals can make gifts of up to $17,000 to any number of recipients without being required to report the gifts to the IRS. The federal estate […]
Read more...Hobby vs Business
If you are engaged in an activity that you do for the enjoyment of the activity but also make money, it is important to understand whether it is a business or hobby for tax purposes. The Internal Revenue Service (IRS) has different tax treatment for businesses and hobbies. It’s important to understand the difference for […]
Read more...Employment Law Update
Paid Leave for All Act Illinois has recently enacted the Paid Leave for All Workers Act guaranteeing all employees in the state a minimum of five paid days of leave each year. Illinois is the third state to mandate paid leave in the nation. Employees may take the required leave for any reason, and employers […]
Read more...Secure Act 2.0— New Law for Retirement Savings
The SECURE Act 2.0 was signed into law on December 29, 2022, and it is aimed at promoting retirement savings and improving the financial security of Americans. The Act expands upon the original SECURE Act of 2019 and includes a number of provisions aimed at making it easier for individuals to save for retirement and […]
Read more...Estate Planning in 2023: Seminar Schedule
Should I have a Will or Living Trust? What is a living trust? What is probate? Do I need power of attorney? Should I make lifetime gifts? What makes up my estate? How will I pay for nursing home care? Will Federal or Illinois estate tax affect me? Experienced attorneys from Plager, Krug, Bauer, Rudolph & […]
Read more...Fifty Years of Practice for Lyle Krug
Lyle began his practice in 1972, after completing his studies at the University of Wisconsin Law School. He also became a Certified Public Accountant shortly after beginning his practice. At the time Lyle joined the firm, it was known as Hunter, Madden, Plager & Hasting. In 1978, Lyle became a partner with the firm, and […]
Read more...Tax Update
Illinois Income Tax and Property Tax Rebates. Beginning the week of September 12th, Illinois will begin to issue income and property tax rebates to taxpayers. The income tax rebate is available to individual taxpayers with income of less than $200,000, or $400,000 for married filing jointly. The rebate is $50 for an individual taxpayer, […]
Read more...Is a Real Estate Attorney Helpful When Buying or Selling Real Estate?
Often, when someone is buying or selling real estate, the seller either hires a real estate agent that prepares a contract based on a form, or the seller locates a real estate form online. A real estate agent may play a vital role in real estate transactions, but they cannot provide legal advice or draft […]
Read more...Estate Planning Steps
Are you interested in estate planning, but aren’t sure what to expect? Below you will find a general outline of the steps in a simple estate plan. Step 1: Inventory your assets and debts. Residence, vacation home, and other real estate Bank accounts, investment accounts, retirement plans, and bonds Life insurance policies Vehicles Collectables and […]
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