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 […]
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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 […]
Read more...Funeral Cost Assistance For COVID Deaths
The Federal Emergency Management Agency (FEMA) has announced they are providing financial assistance for COVID-19 related funeral expenses incurred after January 20, 2020. Funds are available for any U.S. citizen who has incurred funeral expenses due to a person dying within the United States, U.S. territories, or the District of Columbia. Requirements include: The death […]
Read more...Estate Planning Provisions Tailored for Your Needs
One of the many benefits of working with an attorney to establish an estate plan is that you are able to include unique provisions within your documents that are tailored to your family and your needs. This article will discuss the optional provisions includable in an estate plan for family members to purchase real estate, […]
Read more...Tax Changes in the American Rescue Plan
The COVID relief and economic recovery bill enacted this spring contains a number of tax changes, some to continue to aid employers in retaining employees and providing paid leave, and more to aid families with children. Sick Leave The credit to employers for providing paid sick leave for COVID related absences has been extended on […]
Read more...Estate Planning in 2021: 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, […]
Read more...Committed to Safety
Since the onset of the COVID-19 outbreak, our firm has been dedicated to taking the extra steps to ensure the safety of our clients and employees while remaining accessible to our clients in need. We have made a commitment to ourselves to take precautions to mitigate the risks involved with this new virus. Precautions we […]
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