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Inflation’s Impact on Estate Planning

May 12, 2022

Inflation instantly calls to mind higher prices and higher interest rates. This of course affects our day-to-day purchasing power, but it also affects our long-term financial planning. How will it impact our ability to save? Another question that everyone should be asking is — how will it affect my Estate Plan? Does inflation impact estate… Read more »

Financial Literacy Tips from Estate Planning Attorney

May 12, 2022

Financial Literacy refers to having a thorough understanding about personal finances. Budgeting, saving, and planning for the future are an essential part of wealth planning  You need financial literacy to effectively manage your money and strategically plan your financial future. You want to be prepared to make the best decisions possible about everything related to… Read more »

Billionaire Minimum Income Tax’s Impacts Wealth Management

May 11, 2022

Billionaire Minimum Income Tax proposed in President Biden’s 2023 Budget Plan At the end of March 2022, President Biden proposed the Billionaire Minimum Income Tax (BMIT) requiring the wealthiest Americans to pay tax of at least 20% on all income. The White House states that currently “billionaires” pay an average of only 8.2% of their… Read more »

2022 Tax Filing Season Recap and Tax Support

May 09, 2022

The 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

May 06, 2022

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 life, follow these steps to get your… Read more »

HSA limits for 2023 Rise as Part of Tax Code Changes

May 03, 2022

Tax 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, 2022

When 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 Made by Executors which lead to Estate Planning Mistakes

April 19, 2022

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 avoid making the most common mistakes… Read more »

What Is a Lifetime Trust?

April 15, 2022

Des Plaines 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 within a person’s… Read more »

Dissolving Business Partnerships

March 28, 2022

Dissolving 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 »

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