There may be adverse tax consequences where the owner, insured, and beneficiary of life insurance are all different people. This situation commonly arises when you own a life insurance policy that insures the life of your spouse, and lists your child as the beneficiary of the death benefit. One major benefit with life insurance is […]
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Choosing the Right Business Entity to Plan for the Future
When investing time and money in establishing a business, whether it is a sole proprietorship, or some form of partnership, corporation, or limited liability company, the business’s legal structure can have major implications on how the business operates, how it’s taxed, and how ownership and control may be transferred. When your goal is to establish […]
Read more...Ryan R. Stodden Named Shareholder of Plager, Krug, Bauer, Rudolph & Stodden, Ltd.
We are pleased to announce that Attorney Ryan R. Stodden has become a shareholder in the firm. Ryan, an alumnus of Galena High School, earned his undergraduate degree at University of Dubuque, summa cum laude, and earned his law degree at Northern Illinois University, magna cum laude. Mr. Stodden’s general practice of law focuses on […]
Read more...New Employment Legislation
Employee Reimbursement Effective January 1, 2019, an employer shall reimburse employees for any necessary expenditures or losses incurred by employees within the employee’s scope of employment and directly related to services performed for the employer. Employees must provide “appropriate supporting documentation” within 30 calendar days after incurring the expense. The appropriate supporting documents are loosely […]
Read more...Eligibility of Farm Landlords for 199A Deduction
One of the most significant aspects of the Tax Cuts and Jobs Act passed late last year was the addition of the Section 199A deduction that provides a 20% deduction on “qualified business income.” Our Summer/Fall 2018 issue contained an overview of the deduction. Recently, the IRS has provided guidance on whether farm rent income […]
Read more...Illinois Law Update
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 […]
Read more...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 […]
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