Upon death, individuals are entitled to leave their assets to chosen beneficiaries tax free so long as the total value of those assets is less than the current estate tax exclusion amount in place for the year in which the death…more
Each year brings with it various changes to federal tax laws. Navigating all of those changes can be daunting, especially if you have little experience or knowledge about tax outside of filing income tax returns for yourself or…more
With 2014 fast approaching, many are looking for ways to improve their lives for the better in the year to come. Whether it’s a new workout regimen, quitting smoking, spending more time with family, or something else, the New…more
On November 20th, Illinois Governor Pat Quinn will sign legislation making Illinois the 16th state to recognize same-sex marriages and county clerks will begin issuing marriage licenses to same sex couples June 1, 2014. From a…more
Unmarried couples who live together are becoming the new norm. According to a recent study by the Centers for Disease Control and Prevention, nearly three out of four women in the U.S. have lived with a partner without being…more
Last week I posted about estate planning for unmarried couples living together. Certainly, there is a number of estate planning documents which those couples should contemplate, but one of particular importance warrants some…more
Although section 501(c))(3) organizations are the best known non-profits, there are numerous other sections of the Internal Revenue Code that give tax exempt status to a wide array of other organizations.
So which types of…more
Overview of IRC 501(c(3) Non-Profit Corporations
Organizations recognized as exempt under section 501(c(3) of the Internal Revenue Code are generally not required to pay income tax, which of course, is a beautiful thing if you…more
WHAT TO DO WHEN SOMEONE DIES
It goes without saying that it can be an incredibly emotional and stressful time when a loved one dies. Naturally, the grieving process takes center stage, and family members are often unfamiliar…more
SIMPLIFIED PROBATE OPTIONS IN WISCONSIN
Last week I shared a few basics about possible simplified probate procedures available in Illinois and Minnesota and today we’ll wrap up our Midwestern exploration with a look at some…more
Yesterday, I shared a few basics about possible simplified probate procedures available in Illinois and today we’ll look at some simplified probate procedures that may be potentially available for anyone subject to the Minnesota…more
As I pointed out in the last post, What the Heck is Probate?, typical probate procedures can often times be burdensome to the personal representative, costly to the estate, and time consuming for beneficiaries that may need…more
Probate is the act or process of proving a will is valid and reflects the true wishes of a deceased individual, identifying and inventorying a decedent’s property, paying any taxes and debts and distributing the reminder to the…more
Most of us believe that our medical and other health information is private and should be protected, and we want to know who has this information. In a world that in continuously becoming more connected, the exchange of such…more
A will is a simple and effective tool at accomplishing a number of goals and estate planning needs, but it can’t do everything. Here are some goals that a properly drafted and executed will can and cannot accomplish.
A will CAN…more
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