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Buy/Sell Agreements

April 11, 2019

Is a Buy/Sell Agreement Needed for Any Reason Other Than the Death of an Owner? While it is critical that buy/sell agreements provide for the successful transfer of a business owner’s interest in the business after his or her death, it is equally important that the agreement take into account other critical life events such… Read more »

The Two Types of Charitable Remainder Trusts and How They Differ

March 29, 2019

The two basic types of the charitable remainder trust are the charitable remainder annuity trust (CRAT) and the charitable remainder unitrust (CRUT).  Both the CRAT and the CRUT are irrevocable trusts which provide for an annual payment to a non-charitable beneficiary or beneficiaries (usually including the trust maker or the trust maker’s spouse), with the… Read more »

What is a Charitable Remainder Trust?

March 28, 2019

A charitable remainder trust (CRT) is a trust that includes two separate and distinct “beneficial interests,” also known as “split interests.” This means that two different entities have an interest in the assets of the trust. These two interests are the “income interest” (income stream beneficiary) and the “remainder interest” (beneficiary of whatever assets remain… Read more »

Mergers and Acquisitions: What to Do Next?

March 15, 2019

Mergers and acquisitions (M&A) is an overarching term used to describe the combining of two corporations to make one large company. The reason for such a coming together varies but sometimes may be the result of one business attempting to cut its cost of operation by joining with another, more stable, corporation. It is certainly… Read more »

What is the Best Way to Communicate With My Advisory Team?

March 14, 2019

It is recommended that you and the team members agree on a communication plan with which you are comfortable. The communication with various team members will differ. You may need quarterly communications with your financial advisor, and possibly annual communication with the attorney, accountant, and insurance advisor. The rule of thumb is if your lifestyle… Read more »

I’ve Created and Funded My Living Trust – What do I Need to do to Maintain It?

February 28, 2019

It is simply not enough to create a living trust, no matter how well designed and drafted. Changes in your personal and financial circumstances, changes in the law, and changes in your attorney’s knowledge and experience, affect the long-term viability of your estate plan. It is important that you periodically meet with your Des Plaines… Read more »

Can I Withdraw my Retirement Plan Dollars at Any Time?

February 15, 2019

Whether or not you may withdraw the money in your retirement plan at any time depends upon the type of retirement plan. Generally, with regard to an IRA, you are allowed to withdraw any amount any time. However, if you are under 59 1/2, the 10 penalty tax will apply unless you meet one of… Read more »

What is a Donor-Advised Fund?

February 08, 2019

An alternative to a family foundation is a donor-advised fund. Many brokerage firms and investment companies offer their own versions of donor-advised funds. These funds are established as public charities and contributions are tax deductible as charitable gifts. They can be established with a relatively small contribution (many require an initial gift of only $5000)… Read more »

Does Life Insurance Play a Role in the Success of My Financial or Estate Plan?

January 25, 2019

Insurance policies are an important part of your overall wealth plan. They are purchased to protect against an unexpected loss which could cause your financial or estate plan to fail.  While life insurance is not compulsory in developing financial and estate plans, it does offer an opportunity to fill gaps in the plan in an… Read more »

Preparing Your Will: What You Should Not Forget

October 25, 2018

Death is not something that most people care to think about. However, if you have entered your senior years you should begin the process of estate planning. This is the only way to ensure that your assets and estate are divided and distributed according to your wishes. If you have amassed a considerable fortune and… Read more »

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