The Time to Update Your Will is Now
June 22, 2022Can’t remember the last time you reviewed yours-time to update your will! Do you even have a will prepared? Changes in tax law and in your personal life mean that most likely you need to update your will. Use this quick checklist to see if you need to update your will: • You drew it… Read more »
Business Start-Up Essentials
May 20, 2022Business Start-Up Essentials -What You Need to Know As “The Great Resignation” continues, more people have considered how to start a business in Chicago. An average of 500,000 individuals apply to start a new business each month. As a result, there are a lot of questions about essential business structures. The staff At Anthony J…. Read more »
Avoiding Business Contract Disputes
May 13, 2022What are Common Business Contact Disputes? Many businesses have contractual agreements. A contractual agreement is a legally binding agreement between two parties. The contract’s terms and conditions will require the parties to either do or refrain from doing specific actions. A contractual agreement is legally enforceable Moreover, companies may have several kinds of contracts with clients,… Read more »
The Impact of Inflation on Estate Planning
May 12, 2022Can Inflation Hurt my Estate Plan? 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… Read more »
Financial Literacy Tips from Estate Planning Attorney
May 12, 2022Financial 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 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 »