Legislation signed in March allows taxpayers who earned less than $150,000 in modified adjusted gross income to exclude unemployment compensation up to $20,400 if married filing jointly and $10,200 for all other eligible taxpayers. The legislation excludes only 2020 unemployment…
Taxpayers who have to write big checks for higher education can see tax savings when filing tax returns next year. If you, your spouse or your dependents are taking postsecondary coursework, there’s a strong chance a tax benefit may be…
When it comes to estate planning, Ted and Emily thought they were ahead of the game. They went to their attorney for help with estate planning and created a Trust to protect their assets. They are in company with about…
A brand new baby brings a special kind of chaos to your home. In the midst of sleep deprivation, midnight feedings, and seemingly endless diaper changes, estate planning is likely the last thing on your mind. And yet, making an…
In order to know whether or not you should refinance, it is important to understand exactly what it means to refinance. Refinancing is the extinguishing of the old loan agreement with a new agreement between the lender and the borrower.…
Your home is probably your most valuable asset. You are clear about whom you want to end up with when you die. If you’re a parent, you want your kids to inherit your home. Ensure that your wishes become reality.…
The elderly may find themselves facing financial ruin in their later years. Fortunately, there’s Medicaid, but in most cases, they have to spend down almost all their savings — money they may have spent their entire working lives amassing. Fortunately,…
Estate Planning Lawyer in Palatine IL If you’re thinking of transferring assets to your children, grandchildren and distant descendants, you may want to consider using a grantor retained annuity trust (GRAT) or an intentionally defective grantor trust (IDGT). Both estate…
Estate Planning Lawyer in Palatine IL “Shirtsleeves to Shirtsleeves” is a phrase I heard at a recent estate planning attorney conference. It means that often wealth is created by the 1st Generation, perhaps an immigrant who comes to the United…
Estate Planning Lawyer in Palatine IL It’s summertime! Because many people did not go on vacation in 2020, the airports and hotels are booming again with tourists and visitors. I read an article that the mayor of Maui is asking…