Illinois has enacted several new laws of significance taking effect with the new year: Firearms Restraining Order Act: A law enforcement officer or a family member (defined to also include an unrelated person living in the same household) may now petition the court to have a person’s firearm removed from his or her possession and […]
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Estate Planning in 2019: Seminar Schedule
How will Federal and Illinois Estate Tax affect me? Do I need a Power of Attorney for Property and Power of Attorney for Health Care? What is a Living Trust and should I have one? How will I pay for nursing home care—my own assets, long-term care insurance, Medicaid? How can I avoid probate? How […]
Read more...News from the Office
Ryan Stodden has been appointed by the Illinois State Bar Association to serve on its Committee on Legal Technology to provide leadership and guidance to lawyers in adapting to new technologies. Charles Rudolph has been reappointed to serve on the ISBA’s Agricultural Law Section Council, which provides resources and information to lawyers relating to legal […]
Read more...Avoiding Costly Overtime Mistakes
Failing to pay overtime where it is required by law can be a costly mistake for employers, even when they are acting in good faith. Under the Illinois Minimum Wage Law (IMWL) and federal Fair Labor Standards Act (FLSA), eligible employees are entitled to overtime pay equal to 1.5 times their regular hourly wage if […]
Read more...New Solar Energy Legislation
Following Illinois’ passage of a comprehensive energy bill in late 2016, setting minimum goals for renewable energy production and providing incentive for development, a number of developers have begun pursuing the construction of solar energy facilities. While only a small number of solar energy facilities have been completed in Illinois, the developers have been signing […]
Read more...Section 199A Pass Through Business Deduction
While we provided a summary of the Tax Cuts and Jobs Act enacted in late December 2017 in our last newsletter, the new Section 199A deduction for “qualified business income” merits a more thorough examination. Beginning in 2018, the deduction allows a taxpaying entity (other than a C Corporation) to deduct up to 20% of […]
Read more...New Illinois Legislation
As usual, the new year brings with it a number of new laws into effect. A number of noteworthy changes to Illinois law passed last year, including: Unclaimed Property: In our last issue we addressed a change in Illinois law concerning the status of matured U.S. Savings Bonds. That change created concern over the status […]
Read more...TAX CUTS AND JOBS ACT SUMMARY
In December 2017, the Tax Cut and Jobs Act was signed into law. It contains significant changes to taxation for businesses, individuals and estates, with temporary cuts to estate and personal income taxes, and permanent business tax cuts. In this issue, we will discuss some of the significant changes. Estate Tax and Generation Skipping Tax […]
Read more...Estate Planning in 2017
How will Federal and Illinois Estate Tax affect me? Do I need a Power of Attorney for Property and Power of Attorney for Health Care? What is a Living Trust and should I have one? How will I pay for nursing home care—my own assets, long–term care insurance, Medicaid? How can I avoid probate? How […]
Read more...Krug-Phillips Memorial Scholarship
The Highland Community College Foundation awarded the seventeenth annual Krug-Phillips Memorial Scholarship to Claire Tootelian (Lena). This scholarship is awarded annually to strong performing Highland Community College students in their second year and has been endowed by Lyle and Jane Krug.
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