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 […]
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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 […]
Read more...A Confidentiality Agreement is Vital When Selling a Business
If you are considering making an offer to purchase or sell a business, the first step in any such discussion should be to enter into a confidentiality agreement between the buyer and seller. A few vital terms of the agreement include, but are not limited to: That any information shared between the seller with the […]
Read more...Illinois Legalizes Recreational Marijuana
With the legalization of recreational use of marijuana in Illinois as of January 1, 2020, employers need to review their policies and practices related to marijuana use by employees to comply with employee protections in the new law. Drug Policies and Testing Under the Cannabis Regulation and Tax Act, it is now legal for people […]
Read more...Estate Planning Changes for Retirement Accounts
In December, Congress passed the SECURE Act, which makes several significant changes to 401(k)s and IRAs. The changes relevant to individual tax planning and estate planning include: Elimination of Age Limits for Contributions to IRAs: Previously, once a person reached age 70 ½, the person no longer was able to continue to contribute to traditional […]
Read more...Firm News and Events
Upcoming Events: Senior Living Choices Forum October 2, 1-3p.m., Freeport Public Library (100 E. Douglas St., Freeport). Nicole Bauer will be addressing estate planning as a part of the panel of speakers at the Senior Living Choices Forum. Rocking 50 and Beyond Expo October 11, 8:30-Noon, Eagles Club (1200 N Galena Ave., Freeport). Charles Rudolph […]
Read more...Employment Law Updates
Pay History Inquiries: A new law recently signed by Governor Pritzker prohibits employers from inquiring into potential employees’ pay history. The reasoning behind the new law is to help prevent the perpetuation of a pay gap between men and women based on women’s historically lower wages. This new law also protects employees’ rights to discuss […]
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