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...Author: PKBR
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 […]
Read more...When to Revise Your Estate Plan
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...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 […]
Read more...Estate Planning in 2022: 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 […]
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