Recent Posts in Estate Tax Category

  • A Lesson From Phillip Seymour Hoffman

    || 10-Mar-2014

    For Clients, Advisors and Community. My staff will tell you that I take pride in writing my own blog articles. I don’t have a ghost writer and I don’t buy a service. This very recent article in “Wealth Management” quoted below is so well written that I can’t possibly do better. Large parts of this blog are taken directly from that article. (“Keeping Up with ...
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  • For Clients, Advisors & Community: Happy New Year! We begin the year by helping you understand the impact of the “Fiscal Cliff” legislation passed by Congress while we were all partying or sleeping. (I actually was reading the bill, H.R. 8, in my pajamas). I’m not going to attempt a summary in one blog post. I am going to break it down into a number of little sections and ...
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  • Are Living Trusts Created Just For Tax Benefits? For Professional Advisors. Lawyers and advisors around the country are getting some push back from their clients when they recommend Revocable Living Trusts (RLT). The issue seems to be that their clients perceive RLTs to only be good as tax planning tools. With the federal estate tax exemption currently set at $5 million per individual and $10 ...
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  • In recent years, have you made a gift of real estate to your children or grandchildren or, for that matter, anyone? If you have, you need to read this article. The Law. Transfer of real estate (or anything of value) from one person (donor) to another (donee) for less than fair market value is considered a gift for gift tax purposes. This is considered a separate tax system from our income tax ...
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  • Surprise! Illinois Increases State Estate Tax Exemption

    || 27-Jan-2012

    For Clients, Advisors and Community. Senate Bill 0397 was passed on December 16, 2011 as Public Law 97-0636. It provides mostly for technical changes in the Illinois Income Tax Law. At the end of the legislation it provides for an increase in the lifetime exclusion from the Illinois Estate Tax. For individuals dying prior to 2012, the lifetime exclusion from the Illinois Estate Tax was $2,000,000. ...
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  • Where Do You Really Live? - A Question of Taxes

    || 17-Oct-2011

    For Clients, Advisors and Community Our society is increasingly mobile. Many of our clients have multiple residences. They spent the spring and summer months in the Chicago area but spend the late fall and winter in warmer climates – Florida, Arizona, California, Hawaii and other locations. In a sometimes desperate chase for increased revenue, Illinois (and other states) have recently passed ...
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  • For Clients, Advisors & Community In an earlier article, I discussed what a civil union is and how Illinois law affects spouses in a civil union under the new law. There is a major disconnect, however between the Illinois civil union law and Federal law. Illinois recognizes civil unions. Because of the Defense of Marriage Act (DOMA) (defining marriage as a union between a male husband and a ...
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  • Illinois' Dirty Little Secret

    || 23-Feb-2011

    For Clients, Business Owners and Professional Advisors I conducted my annual estate planning seminar for financial professionals yesterday. There was some discussion about Illinois’ dirty little secret. It’s called the Illinois estate tax. It may affect you and your family. Take a minute and do a quick calculation. Total up the value of: Your interest in your home Your life insurance ...
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