Do I really need a will or power of attorney? What is a trust? What is probate? Do I need power of attorney? Should I make lifetime gifts? How will I pay for nursing home care? Will Federal or Illinois estate tax affect me? Experienced attorneys from Plager, Krug, Bauer, Rudolph & Stodden, Ltd. […]
Read more...Month: January 2020
Final Regulations Regarding Estate Tax Published
Under the Tax Cuts and Jobs Act (TCJA), the federal exclusion for estate taxes increased from $5.49 million in 2017 to $10 million, indexed for inflation, for estates of decedents dying after December 31, 2017. The exclusion for 2020 will be $11.58 million. However, these exclusion amounts will revert back to prior law once the […]
Read more...A Confidentiality Agreement is Vital When Selling a Business
If you are considering making an offer to purchase or sell a business, the first step in any such discussion should be to enter into a confidentiality agreement between the buyer and seller. A few vital terms of the agreement include, but are not limited to: That any information shared between the seller with the […]
Read more...Illinois Legalizes Recreational Marijuana
With the legalization of recreational use of marijuana in Illinois as of January 1, 2020, employers need to review their policies and practices related to marijuana use by employees to comply with employee protections in the new law. Drug Policies and Testing Under the Cannabis Regulation and Tax Act, it is now legal for people […]
Read more...Estate Planning Changes for Retirement Accounts
In December, Congress passed the SECURE Act, which makes several significant changes to 401(k)s and IRAs. The changes relevant to individual tax planning and estate planning include: Elimination of Age Limits for Contributions to IRAs: Previously, once a person reached age 70 ½, the person no longer was able to continue to contribute to traditional […]
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