Billionaire Tax Impact on Wealth Management
May 11, 2022Billionaire Tax proposed in President Biden’s 2023 Budget Plan At the end of March 2022, President Biden proposed the “Billionaire Tax” a.k.a the Billionaire Minimum Income Tax (BMIT). This tax requires the wealthiest Americans to pay tax of at least 20% on all income. The White House states that currently “billionaires” pay an average of… Read more »
2022 Tax Filing Season Recap and Tax Support
May 09, 2022The report, released on May 2, by the Treasury Inspector General for Tax Administration, found that backlog inventories left over from the 2021-22 filing season are larger than those in the 2020 filing season. More than 16.4 million individual tax returns, transactions and Accounts Management cases remained in inventory as of the end of calendar… Read more »
Time to Spring Clean Your Finances Says Chicagoland Law Firm
May 06, 2022Suggested Spring Cleaning from Chicagoland Law Firm We wait for spring to deep clean our homes, maybe the same goes for your finances. Can you remember the last time you scrubbed through your finances? If not, then it is time get them in order. Don’t be worried about where to begin when organizing your financial… Read more »
HSA limits for 2023 Rise as Part of Tax Code Changes
May 03, 2022Tax Code Changes Due to Inflation The Internal Revenue Service issued its annual inflation-adjusted amounts for next year’s health savings accounts. Due to surging inflation, the highest level in decades, they are raising the HSA limit. As part of 2023 tax code changes, Revenue Procedure 2022-24, states for calendar year 2023, the annual limitation on… Read more »
Irrevocable Living Trust-What is it?
April 29, 2022When it comes to estate planning in Chicago IL, as with other cities and states, there are tons of complex laws, paperwork, and other regulations to follow. This sentiment is true when it comes to creating irrevocable living trusts. Working with a reputable Chicago estate planning lawyer is the key to handling all paperwork and legalities… Read more »
Five Errors in Estate Planning that are Executor Mistakes
April 19, 2022So You Are Named An Executor Administering a trust or an estate is an important responsibility, this is the role of an executor. In addition to keeping track of all relevant assets, income and expenses, executors must attend to the interests of the beneficiaries while often undergoing the grieving process themselves. Review the following to… Read more »
What Is a Lifetime Trust?
April 15, 2022What Is a Lifetime Trust? Schaumburg estate planning attorneys Anthony J. Madonia & Associates, Ltd. share the basics of a lifetime trust and what it does. Learn the benefits of having a lifetime trust and why you should always have a lawyer present during the creation. What Is a Lifetime Trust? A trust that is created… Read more »
Dissolving Business Partnerships
March 28, 2022Dissolving business partnerships can be emotionally taxing and overwhelming for the parties involved. Especially if the success of the business is at stake, as well as employees relying on it for livelihood. Unfortunately, there comes a time when it simply is inevitable for business partnerships to break apart. However, it’s not just a matter of… Read more »
Breach Of Business Contract Examples
March 25, 2022Breach Of Business Contract Examples Are you looking for an attorney who can help you with your business contract? Perhaps you have clients, and they are in breach of business contract? Don’t sweat it. This article tells you all you need to know about business contracts and how attorneys can help you. The good news… Read more »
What you need to know about SLATs
March 23, 2022Spousal Lifetime Access Trusts or SLATs Might Be for You Being happily married, healthy and wealthy is one of life’s great trifectas. It is hard to imagine improving on that but there’s a tax perk that can make it even sweeter. Known as a Spousal Lifetime Access Trust, or SLAT, this trust has a major… Read more »