2023 Gift and Estate Tax Exclusions Increased
January 13, 20232023 Increase to Estate and Gift Tax Exclusions The IRS announced that the annual gift tax exclusion is increasing next year due to inflation. The exclusion will be $17,000 per recipient for 2023 (up from $16,0000. For married couples, the tax exclusions are a combined $34,000. The annual gift tax exclusion is the amount an… Read more »
Changes to Form 1099-K Postponed
January 13, 2023IRS delays $600 Threshold for Form 1099-K On December 23, 2022, the IRS announced it would delay the implementation of a $600 threshold for filing a Form 1099-K. The Form 1099-K reports transactions involving services such as eBay, PayPal, Venmo, Etsy and third-party settlement organizations (TPSOs). The $600 threshold was scheduled to take effect… Read more »
Estate and Wealth Preservation Planning
January 13, 2023With the ever-changing landscape of tax laws and regulations, estate and wealth planning has become a complex process that requires expert knowledge and guidance. There is a risk that without proper planning, your hard-earned assets and property can be significantly reduced in value due to taxation prior to passing on to heirs. The Chicago estate… Read more »
IRS Issues Reminder for Retirement Plan Withdrawals
December 13, 2022Retirement Plan Withdrawals for Seniors-Start Now to Avoid Penalties The Internal Revenue Service issued a reminder to those who were born in 1950 or earlier that funds in their retirement plans and individual retirement arrangements face important upcoming deadlines for required minimum distributions to avoid penalties. Required minimum distributions, or RMDs, are minimum amounts that many… Read more »
2023 Tax Prep Notes: You May Get a 1099-K This Year
December 05, 2022Surprise! You May Be the Recipient of a 1099-K Tax Form This Year The IRS and your tax preparers are urging taxpayers to be aware that they may receive a 1099-K tax form this year. Due to a newly lowered threshold, anyone who received payments amounting to $600 and up will receive a 1099-K form… Read more »
I Want an Estate Plan but what Will It Cost?
November 30, 2022What Does Estate Planning Cost? Estate planning is as an investment in the future of you and your family. Don’t think of the cost, because it is not a commodity that should be judged by price alone. The emphasis rather is on quality. Your specific investment will depend on many factors including the nature and… Read more »
Be a Smart Snowbird -Remember to Adjust Your Estate Plan
November 30, 2022Smart Snowbirds Know the Importance of Estate Planning Many people planning for retirement dream of having the title “Snowbird.” This is the practice of dividing your year between two or more places you love-somewhere warm in the summer and a different one that is warm in the winter. Snowbirds can enjoy gorgeous northern summers while… Read more »
Warning Signs of Upcoming Estate Disputes
November 30, 2022Identifying Warning Signs for Estate Disputes Estate disputes are becoming increasingly common. These disputes can create new conflicts, inflame old ones, and squander assets that were supposed to make people’s lives better. In 2022, Bloomberg News reported that Americans can expect to inherit $72.6 trillion over the next quarter century—more than twice as much as… Read more »
Building Generational Wealth
November 30, 2022Create a Legacy with Generational Wealth Building generational wealth is about creating a legacy that serves your family for years to come. Generational wealth is the accumulation of assets and property that gets passed down from one generation to the next. Data shows that generational wealth is easy to lose, so much so that most… Read more »
Intellectual Property Rights – What You Need To Know as an Illinois New Start-Up
November 18, 2022The matter of intellectual property for a new start-up is very important, especially if you want to ensure your company’s legacy and longevity. In the first few years of developing a business, it is crucial to establish and secure protection for your intellectual property. Protecting a company’s intellectual property rights may seem complex and overwhelming…. Read more »