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 […]
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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 […]
Read more...What to Expect When you are Expecting to be a Trustee or Executor
You may want to ask a trusted friend or family member if they are willing to be the executor of your estate, or successor trustee of your trust. To have that conversation, you should know what you are asking of them. Alternatively, you may have found out that your parents have nominated you to serve […]
Read more...Illinois New Sexual Harassment Training Requirements
Under a new Illinois law effective July 1, 2020, all employers with at least one employee must provide sexual harassment training by December 31, 2020, and annually thereafter. A previous version of the law did not require small employers conduct these trainings, but a later amendment extended the requirement to all employers. Restaurants and bars […]
Read more...Progressive Illinois Tax: November Ballot
In June 2019, the Illinois legislature passed a Public Act which will create a progressive income tax if approved by Illinois residents on the November 2020 ballot. If approved, the progressive income tax would take effect January 1, 2021. The Illinois Constitution currently treats all taxpayers the same with a flat tax rate. The potential […]
Read more...Estate Planning in 2020: Seminar Schedule
Do I really need a will or power of attorney? What is a trust? What is probate? Do I need power of attorney? Should I make lifetime gifts? How will I pay for nursing home care? Will Federal or Illinois estate tax affect me? Experienced attorneys from Plager, Krug, Bauer, Rudolph & Stodden, Ltd. […]
Read more...Final Regulations Regarding Estate Tax Published
Under the Tax Cuts and Jobs Act (TCJA), the federal exclusion for estate taxes increased from $5.49 million in 2017 to $10 million, indexed for inflation, for estates of decedents dying after December 31, 2017. The exclusion for 2020 will be $11.58 million. However, these exclusion amounts will revert back to prior law once the […]
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