We believe that estate planning is a journey rather than a destination. We recommend that you review your estate plan personally on an annual basis and with your attorney at least every three (3) to five (5) years. Further, a review may be required if any of the following events occur: A substantial growth in […]
Read more...Month: April 2022
Proper Funding of Your Living Trust
Ensuring proper titling and beneficiary designations for assets is very important if you have a Living Trust. Proper ownership and beneficiary designations can prevent problems down the road. Below are some instructions for certain assets when a person has created a Living Trust: Bank Accounts and Certificates of Deposit You must contact the institution […]
Read more...State Tax Deduction for Pass-Through Businesses
When the Tax Cuts and Jobs Act was enacted in 2017, the ability of taxpayers to deduct state and local taxes was limited to $10,000. This limitation is commonly referred to as the SALT Cap. For higher income Illinois taxpayers, the SALT Cap increased federal taxes owed. In 2020, the IRS issued guidance that if […]
Read more...Illinois Freedom to Work Act Limits Restrictive Covenants
The Illinois Freedom to Work Act limits employers’ ability to require employees accept non-competition and non-solicitation agreements as a condition of employment. A non-competition agreement forbids the employee from working for or starting their own competing business. A non-solicitation agreement forbids the employee from attempting to persuade the employer’s existing employees, customers or clients to […]
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