Will the Debt Ceiling Crisis Impact Your Finances?
October 03, 2021Will the Debt Ceiling Crisis Impact Your Finances? Lawmakers have less than three weeks to raise the debt limit or risk a first-ever default, which would trigger a broad market sell-off and put a stranglehold on everything from government payments to the ability to borrow. If lawmakers in Washington are unable to resolve the debt… Read more »
Proposed Tax Code Changes Will Impact Estate Planning
September 29, 2021As part of the proposed Build Back Better Act, there are significant changes to the Tax Code. These changes will effect common estate planning techniques, including gifts to trusts. This is a quick overview of the changes. It includes lowering of the estate, gift, and generation-skipping transfer exemptions. Lower Gift and Estate Exemptions The proposals… Read more »
Trusts and the Benefits They Offer Explored
September 23, 2021Trusts and the Benefits They Offer Explained Trusts are a plan to take care of the people you love when you’re no longer around or lack capacity to assist them. Traditionally, a trust is used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. In more specific terms,… Read more »
Reading The Tea Leaves of Taxation
November 23, 2020Oh Crystal Ball Help us Deduce the Tea Leaves of Taxation Over the past few weeks, I have watched several webinars, and read countless articles, on taxation. They drone on about what may or may not happen to tax rates and deductions in the near future. At first, there was great debate about the presidential… Read more »
Revisiting the SECURE Act
November 23, 2020Let’s Review the SECURE Act By: Elizabeth Morataya The Setting Every Community Up for Retirement Enhancement Act or better known as the SECURE Act (the “Act”) was signed into law by President Trump on December 20, 2019. Most changes under this Act went into effect on January 1, 2020, which did not leave a great… Read more »
Starting a New Small Business in Chicago
November 13, 2020Taking a Chance on Starting a New Small Business in Chicago It is always the desire of many people to start their own businesses. However, starting a new small business in Chicago has its challenges. It is important to note that there are several things that come into play. For example, factors such as liability protection,… Read more »
A step by step guide to closing your business
October 16, 2020Starting a business often involves several steps. However, most people don’t understand what steps to take when it comes to closing their businesses. Although employees are always made aware of the closures, customers are usually caught unawares. There are legal steps that all businesses need to follow if they want to wind up their operations…. Read more »
If I’m Single, Do I Need a Will?
September 18, 2020Do I need a Will if I a single? The easy is answer is yes-you need a will. Everyone needs a will regardless of marital status. Most single people should have a will. A will can help you determine who will get your property (including your home, business, pets, and digital assets), name guardians… Read more »
A Business from Your Passion or Talent is a Possibility
September 04, 2020Can you Grow a Business from Your Passion? Do you know that your hobby can become an income-generating project? Regardless of what you love doing, you can turn it into a profitable business either on a full-time or part-time basis. The operation of an enterprise calls for a combination of skills for it to be… Read more »
What Are the Steps to Contesting a Will?
August 21, 2020Contesting a Will-the “How To” A will is a reflection of the intentions of a testator. However, where someone has reasons to believe that the contents of the will don’t reflect the decedent’s true intentions, then such a person can raise a contention. Contesting a will is an option. Suppose you have plans of contesting… Read more »