As retirement accounts, including 401(k), 403(b), IRAs and Roth IRAs, have become the dominant way to save for retirement, they may make up an increasingly large share of a family’s assets. Because of this, retirement accounts are one of the more important parts of an estate plan. Due to the special tax treatment of retirement […]
Read more...Author: PKBR
Labor Protections for Children On Social Media
In a first-in-the-nation law, Illinois now requires that the parents or guardians, of children under age sixteen who are featured in social media content that produces income, to set aside a portion of the income for the child and hold the money in trust until the child reaches adulthood. The bill was the result of […]
Read more...Intern or Associate Wanted
Plager, Krug, Bauer, Rudolph & Stodden, Ltd. is seeking a law student or recent law graduate to join the firm as an intern or associate. If you are interested in joining our general civil practice serving the people and businesses of Northwest Illinois, please send a resume, transcript, and writing sample to 10 North Galena […]
Read more...Illinois Law Update
A number of new laws were passed in the recently completed legislative session. The noteworthy laws include: Dog Breed Insurance Underwriting Protection Act: The Act, which took effect June 9, 2023, prohibits insurers from canceling, charging an increase in premiums, or refusing to issue or renew homeowner’s or renter’s liability insurance policies based solely on […]
Read more...New Disclosure Requirement for Most LLCs and Corporations
Any US corporation, LLC, or similar entity that was formed by filing a document with the secretary of state or similar agency in the state of formation, or formed in a foreign jurisdiction and registered to do business in the US, must report annually to FinCEN. The Corporate Transparency Act (CTA) was passed by Congress […]
Read more...Navigating Estate Administration with Firearms
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 […]
Read more...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 […]
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