Brian Wilson’s Family Files for Conservatorship
July 16, 2024Brian Wilson Conservatorship Request Sometimes all the careful planning still leaves gaps. This Spring, Beach Boys Singer Brian Wilson was left in limbo after the sudden death of his wife. Wilson’s wife of 28 years, Melinda Wilson, managed her husband’s affairs. In 1995, Melinda became Brian Wilson’s conservator. She had an Advanced Care Directive that… Read more »
CRTs the Summer’s Hottest Trend
July 12, 2024The Hottest Trend this Summer is CRTs Just like the Paris Olympics and Inside Out 2, Charitable Remainder Trusts (CRT)s are hot this Summer. A charitable remainder trust (CRT) is an irrevocable trust that generates a potential income stream for you, as the donor to the CRT, or other beneficiaries, with the remainder of the… Read more »
Scams Arise with Beneficial Ownership Information Reporting
July 12, 2024The Corporate Transparency Act and BOI Reporting Leads to New Scams AJM&A has issued many notices about completing your company’s or trusts’ Beneficial Ownership Information (BOI) report . Sadly, recent data shows that the confusion around the reporting process has led to new scams targeting small businesses trying to comply with the Corporate Transparency Act… Read more »
Welcome Pat O’Brien and Jeff Paprocki to Our Tax Team
July 11, 2024AJM&A Welcomes Two More CPAs With new offices comes new faces, we have added to two CPAs to our tax team. We are rolling out the red carpet (after they helped us move) to welcome two new CPAs. These two experienced CPAs will help us continue to provide efficient and personalized service for all your… Read more »
Business Law: Breach of Fiduciary Duty
May 20, 2024When engaging in business partnerships or working with professionals who hold specific responsibilities towards your business, trust is foundational. A breach of fiduciary duty can significantly disrupt business operations and undermine this fundamental trust. At Anthony J. Madonia & Associates, Ltd., located in Schaumburg, Illinois, we are committed to helping businesses and individuals understand their… Read more »
Business Law: Avoid Refund Delays with your business taxes
May 13, 2024Avoid Refund Delays with Your Business Taxes Handling your business taxes properly is key to maintaining your company’s financial stability. Efficient tax management ensures compliance and can improve cash flow. However, delays in receiving tax refunds can interfere with financial planning and budgets. At Anthony J. Madonia & Associates, Ltd., we provide thorough legal and… Read more »
Is a 1031 Exchange Right for You?
April 23, 2024Avoid Large Tax Gain When Selling a Business or Investment Property Is a 1031 Exchange Right for You? Typically, when a business or investment property is sold and there is a gain taxes will be levied on the gain at the time of sale. Under Internal Revenue Code (IRC) Section 1031 there is an… Read more »
Aretha Franklin’s Estate Had No RESPECT
April 22, 2024You Gotta Think! Think About What You Want to Estate Plan Aretha Franklin had huge hits that are as timely now as ever. These huge hits helped her amass substantial wealth and a legacy to leave. Sadly, when she died in 2018 what she didn’t have was a last will and testament. Despite her many… Read more »
Most Millennials Don’t Have Estate Planning as Their First Priority
April 22, 2024What Millennials Think About Estate Planning In a new study conducted by Trust & Will, a California company, 52,000 millennials were surveyed about their opinions on estate planning. As a refresher, millennials fall between Gen X and Gen Z. If you were born between 1981 and 1996, you are a millennial. Millennials are considered the… Read more »
Funding a Buy-Sell Agreement with Life Insurance
April 22, 2024Why Should I Consider or Reconsider a Buy-Sell Agreements with Life Insurance Buy-Sell agreements are one of the most important elements in the planning for any business’s long-term success. A buy-sell agreement is a contract created by business owners to help ensure that if one of the members passes away-or becomes disabled or retires-then that… Read more »