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# Anthony J. Madonia & Associates, Ltd

Chicago area law firm serving Businesses and Individuals since 1995 in Schaumburg

## Sitemaps

- [XML Sitemap](https://madonia.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [News](https://madonia.com/current-news-on-legal-matters/) - Stay updated with the latest legal news from Anthony J. Madonia & Associates, Ltd. Contact us for expert legal guidance today!
- [The Tax Benefits of Legacy Nutrient Deductions for Farmland Owners](https://madonia.com/the-tax-benefits-of-legacy-nutrient-deductions-for-farmland-owners/) - Legacy nutrient deductions may lower farm taxes. Contact Anthony J. Madonia & Associates to discuss your options today.
- [Spoil Dad this Father's Day](https://madonia.com/spoil-dad-this-fathers-day/) - Father's Day is coming up soon, contact us now to request a gift box at rsvp@madonia.com or stop by our office at 1900 E. Golf Road, Suite 650, Schaumburg.
- [Estate Planning Gifting Strategies to Reduce Taxes](https://madonia.com/how-to-use-gifting-strategies-to-reduce-estate-taxes/) - Effective Estate Planning Gifting Strategies Explained. Reduce estate taxes with smart gifting strategies. Contact AJM&A to protect family wealth.
- [Join us the AJM&A Night at the Boomers](https://madonia.com/join-us-the-ajma-night-at-the-boomers/) - AJM&A night with the Schaumburg Boomers is Friday, July 24. RSVP now or await the E-vite. Bring your family or friends and have a great night of baseball
- [Do you save on taxes in the Sun Belt?](https://madonia.com/do-you-save-on-taxes-in-the-sun-belt/) - With 300,000 retirement-age Americans relocating to the Sun Belt each year, the savings they are counting on may not exist. See Fidelity's new analysis
- [During This Spring Cleaning Dust off Your Estate Plan](https://madonia.com/during-this-spring-cleaning-dust-off-your-estate-plan/) - Major life events, changes in financial status and laws all affect your estate plan and require editing your original documents. Dust off your estate plan
- [How to Protect Your Business During an IRS Audit](https://madonia.com/how-to-protect-your-business-during-an-irs-audit/) - Protect your business during an IRS audit with clear steps and legal support. Contact Anthony J. Madonia & Associates, Ltd. today.
- [New Coffee from an Old Friend](https://madonia.com/new-coffee-from-an-old-friend/) - New Coffee from an old friend -Sande Shamash (who was a lawyer here for many years) has recently formed Blameless Coffee. Come to the office to get your sample
- [Probate Tips to Remember](https://madonia.com/probate-tips-to-remember/) - Ensure your will is legally sound with key probate tips. Get expert estate planning advice from our Chicago attorneys. Contact us today!
- [Mergers and Acquisitions: What to Do Next?](https://madonia.com/mergers-and-acquisitions-what-to-do-next/) - Navigating mergers and acquisitions can be complex. Learn the next steps and avoid common pitfalls with expert legal guidance. Contact us today!
- [What Corporate Counsel Is and How an Attorney Helps](https://madonia.com/corporate-counsel-what-it-is-and-how-an-attorney-can-help/) - Minimize risk and navigate legal challenges with expert corporate counsel. Contact us for professional legal guidance today!
- [Why an Offshore Trust Dispute Should Involve an Attorney](https://madonia.com/why-an-offshore-trust-dispute-should-involve-an-attorney/) - What to Do in an Offshore Trust Dispute? Call A Lawyer A trust dispute typically involves beneficiaries and trustees. There are various types of disputes in trust cases, which means that Chicago estate planning attorneys are necessary when conflict arises. Many attorneys are familiar with domestic trust disputes where all parties are in the United
- [Hit with a Tax Audit? We Can Help](https://madonia.com/hit-with-a-tax-audit-we-can-help/) - What to do if you get hit with a Tax Audit? No one ever wants to hear from the Internal Revenue Service. Especially unwelcome is a call regarding a tax audit. But the truth is audits actually occur more regularly than many taxpayers realize. Audits can assuredly generate apprehension for the person being audited. Audits
- [What's Your Next Move in a Business Plan?](https://madonia.com/your-next-move-in-a-business-plan/) - Planning your next move in business? Let our Chicago business lawyers guide you through every step. Contact us today for expert legal advice!
- [When to Begin an Estate Plan for You and Your Spouse](https://madonia.com/when-to-begin-an-estate-plan-for-you-and-your-spouse/) - Time to Begin an Estate Plan An estate plan can help protect your assets and maximize the value of your estate. You and your spouse should begin an estate plan as soon as possible to ensure your goals are achieved and concerns addressed. Chicago estate planning lawyers from Anthony J. Madonia & Associates, Ltd.
- [Venture Capital Disputes: What to Expect From a Case](https://madonia.com/venture-capital-disputes-what-to-expect-from-a-case/) - Facing a venture capital dispute? Let our expert Chicago business lawyers help you resolve it. Contact us today for a peaceful, effective solution!
- [Registering Your Business For Federal Taxes: What to Do First](https://madonia.com/registering-your-business-for-federal-taxes-what-to-do-first/) - First Steps in Registering Your Business For Federal Taxes When you start a business, the first thing that you need to do is to register it with the state and the federal government for tax purposes. When registering your business you must make sure that all of your information is accurate and complete, it
- [Business Start-Up Essentials](https://madonia.com/business-start-up-essentials/) - Starting a business in Chicago? Get expert guidance on business structures, planning, and legal steps. Contact us today to get started!
- [Breach Of Business Contract Examples](https://madonia.com/breach-of-business-contract-examples/) - Breach 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
- [Reminders to Avoid Identity Theft](https://madonia.com/reminders-to-avoid-identity-theft/) - Anthony J. Madonia & Associates, Ltd. wants to share information from the IRS to help you avoid identity theft and is dedicated to all aspects of tax preparation.
- [Fixing Not-So-Common Problems in Estate Plans](https://madonia.com/fixing-not-so-common-problems-in-estate-plans/) - Maintaining a well-crafted estate plan is vital to ensuring that your assets are distributed as you intended. Anthony J. Madonia & Associates, Ltd. is here to help.
- [Partnership Dispute Resolution](https://madonia.com/partnership-dispute-resolution/) - As business attorneys in Illinois, Anthony J. Madonia & Associates, Ltd. helps individuals and businesses navigate partnership disputes to find fair solutions.
- [Ushering in a New Year](https://madonia.com/ushering-in-a-new-year/) - As we welcome January 2026 and the year ahead, we at Anthony J. Madonia & Associates, Ltd. want to take a moment to reflect, celebrate, and look ahead
- [How to Avoid Probate and Protect Your Family’s Privacy](https://madonia.com/how-to-avoid-probate-and-protect-your-familys-privacy/) - Probate becomes public in ways many families do not expect. Avoid probate and protect your family’s privacy. Contact Anthony J. Madonia & Associates, Ltd. today.
- [The cost of Probate in Illinois](https://madonia.com/the-cost-of-probate-in-illinois/) - If you are named to manage a loved one’s estate, understanding how much probate costs in Illinois is an important step to take. Why You Should Seek Legal Advice
- [Social Security Decision to Review - Make Deductions a Couples Decision](https://madonia.com/social-security-decision-to-review-make-deductions-a-couples-decision/) - The biggest Social Security mistake isn’t a paperwork error, it’s claiming too early, without your spouse in mind. Planning ahead can help avoid pain later.
- [Tax Credit for Livestock Producers](https://madonia.com/tax-credit-for-livestock-producers/) - Livestock producers can claim the IRC Section 41 R&D tax credit for innovating to improve animal health, growth rates, feed efficiency, or breeding techniques.
- [ChatGPT Is Not a CPA](https://madonia.com/chatgpt-is-not-a-cpa/) - Before you hand over your financial life to a chatbot, press pause. AI wasn’t built to file your taxes, read on for how to use AI to help with taxes.
- [What Does Estate Planning Cost?](https://madonia.com/what-does-estate-planning-cost/) - Learn What Estate Planning Costs so you can plan for your best future. Estate planning is as an investment in the future of you and your family.
- [What is Financial Scenario Development?](https://madonia.com/what-is-scenario-development/) - Learn about financial scenario development-It allows you to review of what approach makes sense for developing a life change agenda and helps you plan properly.
- [Proposed Regulations Issued for Trump Accounts](https://madonia.com/proposed-regulations-issued-for-trump-accounts/) - New proposed regulations on how to open and manage Trump accounts and explain how the program’s one-time $1,000 federal pilot contribution will function.
- [Expert Tax and Legal Advice and Really Good Pens](https://madonia.com/expert-tax-and-legal-advice-and-really-good-pens/) - We were so excited to receive a note from Tony's former flying instructor. He was using our lovely AJM&A pen to sign the contract for his new airplane.
- [FinCEN kicks off Residential Real Estate Reporting](https://madonia.com/fincen-kicks-off-residential-real-estate-reporting/) - March 1, 2026, Residential Real Estate Reporting Rule from FinCEN requires additional reporting when residential property transfers to a legal entity or trust.
- [Choose a Trust Over Beneficiary Designations](https://madonia.com/choose-a-trust-over-beneficiary-designations/) - When naming beneficiaries on retirement accounts, consider using a trust as a beneficiary instead of a direct designation. Let us help you figure it out
- [Beware the Dirty Dozen Tax Scams](https://madonia.com/beware-the-dirty-dozen-tax-scams/) - The IRS shares its updated warning list of the 2026 "Dirty Dozen” the 12 tricks fraudsters are most likely to try to perpetrate this year. Watch out!
- [Avoiding Common IRS Audit Triggers](https://madonia.com/avoiding-common-irs-audit-triggers/) - Minimize IRS audit risk with expert guidance from Anthony J. Madonia & Associates. Protect your filings and stay compliant. Contact us today.
- [Sometimes the Best Practice is Filing an Extension](https://madonia.com/sometimes-the-best-practice-is-filing-an-extension/) - Filing an extension is normal and does not increase your audit risk. It gives you extra time to file, not to pay what you owe. Learn more about extensions.
- [New Credit Card Processing Vendor](https://madonia.com/new-credit-card-processing-vendor/) - AJM&A is changing their online payment vendor effective March 1, 2026. We are now using Clio Pay and are excited about the conveniences the service will offer.
- [We Made “The Perfect Blend” with Our Coffee Roasting Client](https://madonia.com/we-made-the-perfect-blend-with-our-coffee-roasting-client/) - Nothing is better than Coffee! Our firm is excited to unveil a new promotional giveaway in collaboration with our client and friend, Poppa Mac’s Roastery.
- [Introducing IRS Form 4547 a.k.a Trump Account](https://madonia.com/introducing-irs-form-4547-a-k-a-trump-account/) - The IRS released Form 4547, so parents can register eligible children for Trump Accounts when filing 2025 tax returns. Learn who qualifies and how to sign up.
- [The Tax Advantages of Incorporating Your Business](https://madonia.com/the-tax-advantages-of-incorporating-your-business/) - Incorporation tax decisions affect liability and savings. Get guidance from Anthony J. Madonia & Associates. Schedule a consultation today.
- [People Are Our Superpower](https://madonia.com/people-are-our-superpower/) - Legal issues can leave you confused and irritated to name a few emotions. That is why we believe that when you call our firm you should speak to a live person.
- [Valentine Fun at AJM&A](https://madonia.com/valentine-fun-at-ajma/) - Our office is decked in hearts and we are ready to celebrate Valentine’s Day. Email RSVP@Madonia.com for a free gift bag or practice you poetry on our website.
- [Welcome Abbey Kohn – Marketing Intern](https://madonia.com/welcome-abbey-kohn-marketing-intern/) - Welcome Abbey Kohn – Marketing Intern. The University of Nebraska Lincoln sophomore is helping out marketing department with current trends and social media.
- [Are You Sure You Filed Your Taxes on Time?](https://madonia.com/are-you-sure-you-filed-your-taxes-on-time/) - Are You Sure You Filed Your Taxes on Time? USPS changes can affect the date stamp on your mail potentially making time sensitive items late.
- [AJM&A's Areas of Expertise](https://madonia.com/ajmas-areas-of-expertise/) - We offer experienced counsel in practice areas of corporate/business law, trust and estate planning, litigation and dispute resolution, and taxes/tax law
- [Estate and Gift Tax Planning: How to Minimize the Impact on Your Heirs](https://madonia.com/estate-and-gift-tax-planning-how-to-minimize-the-impact-on-your-heirs/) - Estate and gift tax strategies to reduce liability and protect heirs. Contact our attorneys to start planning with confidence today.
- [No More Penny for Your Thoughts](https://madonia.com/no-more-penny-for-your-thoughts/) - One-cent coins are expected to stop entering circulation next year. Businesses will need to round prices up or down. The U.S. government phases out the penny
- [Estate and Gift Tax Planning](https://madonia.com/estate-and-gift-tax-planning/) - Estate and gift tax planning is more than a financial exercise; it represents your values and the future you wish to build for your family. Let us help.
- [Tony Goes to FARMCON](https://madonia.com/tony-goes-to-farmcon/) - With a plan to better understand the needs of his Kansas, Oklahoma and Arkansas clients, Tony learned all about the changing farming industry at FARMCON
- [Looking at the Tax Season Ahead](https://madonia.com/looking-at-the-tax-season-ahead/) - Tax season 2026-Looking at the Tax Season Ahead. While every tax season has its challenges, 2026 seems to have a few extra layers of trickiness.
- [Why Every Adult Needs an Estate Plan — Not Just the Wealthy](https://madonia.com/why-every-adult-needs-an-estate-plan-not-just-the-wealthy/) - Create an estate plan that protects your family and future. Secure your wishes with trusted guidance—contact us today for support.
- [Estate Planning for Young Families](https://madonia.com/estate-planning-for-young-families/) - Beyond retirement, estate planning is one of the most important financial decisions a family can make, made even more difficult by the emotions. Let us help.
- [Year End Look at The One Big Beautiful Bill Act](https://madonia.com/year-end-look-at-the-one-big-beautiful-bill-act/) - On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law by President Trump here is a partial list of goals and benefits by category
- [Federal Government Issues Guidance on Trump Accounts](https://madonia.com/federal-government-issues-guidance-on-trump-accounts/) - Trump Accounts-The initial federal pilot program provides a $1,000 deposit for eligible U.S. citizens born on or after January 1, 2025
- [Treasury says be ready for frustration this tax season](https://madonia.com/treasury-says-be-ready-for-frustration-this-tax-season/) - Taxpayers be prepared for delays as returns and refunds are processed leading to a frustrating tax season. Funding cuts and staffing shortages are to blame.
- [Smart Year-End Tax Strategies for Business Owners](https://madonia.com/smart-year-end-tax-strategies-for-business-owners/) - Maximize savings with smart year-end tax strategies for business owners. Contact us today to reduce taxes and strengthen your 2025 plan.
- [Do You Qualify for Legacy Nutrient Deductions (LNDs)?](https://madonia.com/get-the-facts-about-legacy-nutrient-deductions/) - Legacy nutrient deductions allow landowners to deduct the value of these nutrients from their taxable income, reducing their income tax liability.
- [Can a Merger and Acquisition Lawyer Help Our Business?](https://madonia.com/how-a-merger-and-acquisition-lawyer-can-help-our-business/) - Taking your company through a merger or acquisition process is difficult and demanding. If you are contemplating a takeover or a merger, contact us.
- [Can I Get Help With My Business Litigation Case?](https://madonia.com/how-can-an-attorney-help-my-business-litigation-case/) - Don't try to represent yourself in a serious business litigation case. There are too many variables at stake to guarantee a good outcome, get legal help.
- [Hooray for Three Decades of Amazing Work!](https://madonia.com/hooray-for-three-decades-of-amazing-work/) - Five offices, many different lawyers and paralegals, the introduction of Zoom court and e-signing are some of the changes that happened in the last 30 years.
- [Safeguard Your Retirement Plan From Boomerang Kids](https://madonia.com/safeguard-your-retirement-plan-when-dealing-with-boomerang-kids/) - A boomerang child is a young adult who returns home to live with their parents after leaving for college or otherwise living independently for a period.
- [The Team Approach to Planning](https://madonia.com/the-team-approach-to-planning/) - When it comes to estate and financial planning, the team approach works best. Find out more from Anthony J. Madonia & Associates, Ltd
- [New Tax Code for Sale of Farmland Property](https://madonia.com/new-tax-code-for-sale-of-farmland-property/) - New Internal Revenue Code (IRC) section 1062 focuses on the gain from the sale or exchange of qualified farmland property to qualified farmers.
- [Madonia Honored to Be Named Chairman of Board for Safer Foundation](https://madonia.com/madonia-honored-to-be-named-chairman-of-board-for-safer-foundation/) - After many years as Treasurer and recently as Co-Chair of the Board, Anthony Madonia has been named Chairman of the Board, Safer Foundation Board of Directors.
- [Big News from The Donald and Lorena Meier Foundation](https://madonia.com/big-news-from-the-donald-and-lorena-meier-foundation/) - The Donald and Lorena Meier Foundation announces a $1.1 million investment to renovate the University of Nebraska-Lincoln campus radio station 90.3 KRNU.
- [A 529 Plan Can Fund Future Retirement](https://madonia.com/a-529-plan-can-fund-future-retirement/) - A 529 savings plan is often seen as a tool for funding college, but thanks to recent changes, it can also help your child save for retirement.
- [Hey Grad! Consider Putting Aside Some Gift Money for Your Future](https://madonia.com/hey-grad-consider-putting-aside-some-gift-money-for-your-future/) - Put your grad money to work for your future. For people with little income, a Roth IRA offers an opportunity to grow graduation gift money tax-free over time.
- [Happy Anniversary to Us](https://madonia.com/happy-anniversary-to-us/) - Happy One Year Anniversary to our new offices. In honor of the first year in our new office, we have a number of office related/office style awards.
- [Gifting Property? What Taxes to Expect](https://madonia.com/gifting-property-with-estate-planning-attorneys-in-chicago/) - Lower estate prices make it a great time to gift a home to your children. Learn from our Chicagoland estate planning attorneys to learn about gifting property.
- [Chicago Labor Law Updates for 2025](https://madonia.com/chicago-labor-law-updates-for-2025/) - The Chicago declares itself the most pro-worker city in the country. These labor law updates are designed to treat working people with dignity and fairness.
- [Try These Habits for a Happy Retirement](https://madonia.com/try-these-habits-for-a-happy-retirement/) - People think that planning for a retirement is all about their assets. But really that is only half the story. Check out these habits for a happy retirement.
- [Trouble in Paradise? A Look at Estate Planning Issues for Jimmy Buffett's Estate](https://madonia.com/trouble-in-paradise-a-look-at-estate-planning-issues-for-jimmy-buffetts-estate/) - Trouble in Paradise? Look at Estate Planning for Jimmy Buffett's Estate. Lessons in estate planning often include how to choose who will administer your estate.
- [Watch Out for IRS Notices Sent in Error](https://madonia.com/watch-out-for-irs-notices-sent-in-error/) - Programming Issue Triggers Incorrect CP161 Notices for Some 1041 Trust Returns-The IRS is erroneously issuing CP161 balance due notices for 2024 Form 1041.
- [Welcome Ben Hurwitz, CPA to AJM&A, Ltd.](https://madonia.com/ben-hurwitz-cpa-to-join-ajma-ltd/) - Our commitment to better serve our clients shows as we add friend and colleague Benjamin A. Hurwitz as a CPA to our team.
- [Estate Planning in Turbulent Times](https://madonia.com/estate-planning-in-turbulent-times/) - Estate Planning in Turbulent Times: Secure Your Future. Navigate estate planning in turbulent times effectively, they Are the Perfect Time to Do Estate Planning
- [How to Avoid the Social Security Swindle](https://madonia.com/how-to-avoid-the-social-security-swindle/) - It's Real-The Big Scam Called the Social Security Swindle. The Social Security Administration (SSA) continues to be the target of bad players.
- [Scam of the Week - Pay for Your Refund?](https://madonia.com/scam-of-the-week-pay-for-your-refund/) - A quick warning about a scam going around using Microsoft email and offering you a refund for a "product subscription." Be careful out there online...it's trickier than ever.
- [What You Should Know About Offshore Trusts](https://madonia.com/what-you-should-know-about-offshore-trusts/) - Discover the benefits of offshore trusts for estate planning. Protect assets, ensure confidentiality, and more. Contact us today for expert guidance!
- [Why Your Will Should Include Your Business Succession Plan](https://madonia.com/why-your-will-should-include-your-business-succession-plan/) - Ensure your business is protected after you're gone. Learn why your will should include a business succession plan. Contact us today!
- [Avoiding Business Contract Disputes](https://madonia.com/avoiding-business-contract-disputes/) - Avoid costly business contract disputes with expert legal guidance. Contact Anthony J. Madonia & Associates for contract reviews and representation today!
- [Asset Protection Case Do's and Don'ts](https://madonia.com/asset-protection-case-dos-and-donts/) - Protect your assets with the right plan. Learn the do's and don'ts of asset protection. Contact our Chicago estate planning attorneys today!
- [Interfamily Disputes and Why You Need an Attorney](https://madonia.com/interfamily-disputes-and-why-you-need-an-attorney/) - Facing a family dispute? Let our Chicago family law attorneys help you find a fair resolution. Contact us today for expert legal guidance!
- [Why You Need a Lawyer for IRS Tax Court](https://madonia.com/why-you-need-a-lawyer-if-you-have-to-go-to-irs-tax-court/) - Facing IRS Tax Court? A skilled attorney can help you navigate the complexities, protect your rights, and reduce penalties. Contact us today!
- [Business Financing Do's And Don'ts](https://madonia.com/business-financing-dos-and-donts/) - Master business financing with key do's and don’ts. Avoid costly mistakes and set your business up for success. Get expert advice today!
- [Executive Order Ends Use of Paper Checks in Federal Government](https://madonia.com/executive-order-ends-use-of-paper-checks-in-federal-government/) - President Trump signed an Executive Order to modernize government money handling, no more old-fashioned paper-based payments just secure electronic payments.
- [Hey Batter Batter! Swing...on Out to WinTrust Field with AJM&A](https://madonia.com/hey-batter-batter-swing-on-out-to-wintrust-field-with-ajma/) - Join us on Friday, July 25, 2025, at the Schaumburg Boomers. There will food, drinks, Star Wars Characters, a drone and fireworks show and much more!
- [Avoid the Estate Tax and Gift Tax and Still Make Lifetime Gifts?](https://madonia.com/avoid-the-estate-tax/) - How can I avoid the estate tax and gift taxes and still make gifts During my lifetime?
- [What is the Difference Between a Will and a Trust?](https://madonia.com/what-is-the-difference-between-a-will-and-a-trust/) - A will tells where you want your assets to go when you die. A trust is a legal contract in which property is held for the benefit of beneficiaries
- [Who Needs a Revocable Living Trust?](https://madonia.com/who-needs-a-revocable-living-trust/) - Revocable living trusts are amazingly flexible legal tools that can help the creator of the trust achieve a variety of goals and objectives.
- [What are the Primary Duties of A Trustee?](https://madonia.com/what-are-the-primary-duties-of-a-trustee/) - If you have been named as a Trustee, someone else has decided that you are the person they most trust to manage the financial affairs of their Trust.
- [When Does the Common Trust End and What Happens Then?](https://madonia.com/when-does-the-common-trust-end-and-what-happens-then/) - What is a Common Trust and When Does it End? Most common trusts are designed to terminate when the youngest child reaches a certain age or completes college
- [What is a Convenience Trust?](https://madonia.com/what-is-a-convenience-trust/) - A Convenience Trust is a trust that permits the beneficiary to withdraw the assets at any time for any reason without restriction.
- [What is an Irrevocable Trust?](https://madonia.com/what-is-an-irrevocable-trust/) - An irrevocable trust is a trust that may not be altered, amended or revoked by the creator of the trust. So You Want an Irrevocable Trust - What is That?
- [How Does an Irrevocable Life Insurance Trust Work?](https://madonia.com/how-does-an-irrevocable-life-insurance-trust-work/) - Learn the ways to make an irrevocable life insurance trust work. The design of the Irrevocable Life Insurance Trust or ILIT will depend upon its purpose.
- [What is a Grantor Deemed Owner Trust?](https://madonia.com/what-is-a-grantor-deemed-owner-trust/) - Grantor Deemed Owner Trust or Beneficiary Deemed Owner Trust-Call it what you will A Grantor Deemed Owner Trust (GDOT) is an irrevocable trust that is treated differently for federal income tax purposes than for federal estate tax purposes. For estate tax purposes, any gifts you make to the GDOT will be treated as completed gifts,
- [What is a Dynasty Trust?](https://madonia.com/what-is-a-dynasty-trust/) - Utilize your Generation Skipping Transfer (GST) Tax exemption to plan for generations and build wealth. This type of planning is known as dynasty planning
- [What is a Qualified Personal Residence Trust and How Does it Work](https://madonia.com/what-is-a-qualified-personal-residence-trust-and-how-does-it-work/) - A QPRT is a trust that holds a residence for a term of years, allowing you, in effect, to give away your property, “freeze” its value-and still live in it.
- [What is a Charitable Remainder Trust?](https://madonia.com/charitable-remainder-trust/) - A charitable remainder trust (CRT) is an irrevocable trust that generates a potential income stream for you, with the remainder going to your favorite charity.
- [How a Trust Works](https://madonia.com/how-a-trust-works/) - A trust is an estate planning tool. Learn more about trusts and how a trust can benefit your estate with estate plan attorneys, Anthony J. Madonia & Associates.
- [What Is a Lifetime Trust?](https://madonia.com/what-is-a-lifetime-trust-2/) - A trust that is created within a person's lifetime rather than having a will is a lifetime trust. It is used to govern a person's distribution of property.
- [How to Structure a Merge for Your Business](https://madonia.com/how-to-structure-a-merge-for-your-business/) - The creation of a merger is effective for business growth, especially for small businesses. With our guidance, the risks involved can be minimized.
- [END OF YEAR BUSINESS COMPLIANCE CHECKLIST FOR 2021](https://madonia.com/end-of-year-business-compliance-checklist-for-2021/) - As we wrap up 2021, businesses need to take stock of any outstanding business compliance tasks. Loose ends could jeopardize your company’s good standing.
- [Let’s Look at Mergers-Acquisitions](https://madonia.com/lets-look-at-mergers-acquisitions/) - When it comes to mergers and acquisitions, or M&As, there can be unparalleled benefits for all parties involved. Let us help you figure out the details.
- [Business Mergers: What You Need to Know](https://madonia.com/business-mergers-what-you-need-to-know/) - Business mergers are one of the most stressful parts of running a company. You need the right tactics and guidance if you are going to pull it off successfully.
- [Are Irrevocable Trusts Somehow More “Powerful” Than a Revocable Trust?](https://madonia.com/are-irrevocable-trusts-somehow-more-powerful-than-revocable-trusts/) - In general, the only way to obtain tax advantages using a trust is to give up ownership. Revocable trusts do not require giving up ownership and may be changed.
- [New Business Structures](https://madonia.com/new-business-structures/) - The business world is in a constant state of evolution. In Illinois, this has manifested in a range of innovative new business structures. Read all about them
- [Set Goals To Protect Your Family Assets & Avoid Probate](https://madonia.com/set-goals-to-protect-your-family-assets-avoid-probate/) - Our estate planning attorneys are here to help protect your family and assist you avoid going to probate court. Learn more about probate with Chicago attorneys.
- [Do I Need A Plan If I Have Titled My Assets Correctly?](https://madonia.com/do-i-need-a-plan-if-i-have-titled-my-assets-correctly/) - Plans are used for many other purposes beyond passing money and personal items to the next generation. There are several ways in which property can be titled.
- [Keeping Track of BOI Reporting Deadlines](https://madonia.com/keeping-track-of-boi-reporting-deadlines/) - Keeping Track of BOI reporting Deadlines- The Treasury Dept. is currently not requiring reporting companies to provide their BOI details to FINCEN.
- [What is a Community Property Agreement and How Does it Interact with My Trust?](https://madonia.com/what-is-a-community-property-agreement-and-how-does-it-interact-with-my-trust/) - A Community Property Agreement is a contract that a married couple in a community property state sign that specifies how to classify their property.
- [Estate Plan for Unmarried or Same-Sex Couples](https://madonia.com/estate-plan-for-unmarried-or-same-sex-couples/) - An estate plan for unmarried or same-sex couples and LGBTQ couples used to have special concerns when creating an estate plan. Learn more about the issues.
- [Tax-Free Student Loan Help from the IRS](https://madonia.com/student-loan-help-from-the-irs/) - Employers can help employees with student loan repayments, which are coming due for millions of people in October 2023-visit IRS website for information.
- [Unmarried Couples Need to Focus on Financial Planning](https://madonia.com/unmarried-couples-need-to-focus-on-financial-planning/) - Unmarried Couples need to make specific plans and take Extra Steps for Financial Planning versus married couples. Review your situation with Anthony J. Madonia.
- [Trends in Estate Planning for 2023](https://madonia.com/trends-in-estate-planning-for-2023/) - Estate planning is a dynamic field, with changes driven by legislative shifts, technology advances, and evolving family structures. Review the latest changes.
- [When Is the Best Time or Age to Do Your Estate Plan?](https://madonia.com/when-is-the-best-time-or-age-to-do-your-estate-plan/) - Estate planning is not merely a formality but a crucial step in securing your legacy, finances, and peace of mind for your family. The answer is usually-NOW
- [Special Considerations for Unmarried Couples on Their Future Planning](https://madonia.com/special-considerations-for-unmarried-couples-on-their-financial-planning/) - Estate planning for unmarried couples encompasses many considerations including domestic partnership registration, tax matters, and comprehensive planning.
- [Why You Should Encrypt Your Emails](https://madonia.com/why-you-should-encrypt-your-emails/) - When you encrypt your emails, you conceal email contents by transforming them into code. This results in protecting your sensitive information as we do at AJM&A
- [Transit Benefits Come to More Chicagoland Employees](https://madonia.com/transit-benefits-come-to-more-chicagoland-employees/) - Beginning January 1, 2024, more employers will be required to provide employee with transit benefits under the Transportation Benefits Program Act .
- [Student Loan Repayment Begins](https://madonia.com/student-loan-repayment-begins/) - After three years and nine extensions, the pandemic student loan repayment pause is ending. Payments will be due starting October 1, 2023. Are you ready?
- [Don't Let Legal Terms Scare You!](https://madonia.com/dont-let-legal-terms-scare-you/) - We don't want anyone scared to get legal help or turn ghost-ly pale with anxiety. Review these key legal terms explained with skeletal visuals.
- [Estate and Gift Tax Exclusions Set to Soar With Inflation](https://madonia.com/estate-and-gift-tax-exclusions-set-to-soar-with-inflation/) - This article shows what estate and gift tax exclusions entail, their progression in the coming years, and how to maximize these benefits.
- [Relief for Cook County Taxpayers Affected by Severe Weather and Flooding](https://madonia.com/relief-for-cook-county-affected-by-severe-weather/) - State relief for Cook County taxpayers harmed by recent severe weather. Residents and businesses may request waivers of penalties and interest on state taxes.
- [Don’t Let it Be Fantasy Team -Assemble Your Estate Planning Team](https://madonia.com/assemble-your-estate-planning-pro-team/) - Go Team! Not just your favorite sports team, your estate planning team. In the long run, they might be the most important team you have.
- [Our Strategic Technology Partner is Version2](https://madonia.com/our-strategic-technology-partner-is-version2/) - Our Strategic Technology Partner is Version2 In this world of new and evolving cyber security threats, AJM&A is proud to use the full suite of managed IT services and security solutions of Version2. Our goal in sharing their story is to help improve your IT security and technology experience in your business. We use their
- [Hey Seniors, Take your RMDs](https://madonia.com/hey-seniors-take-your-rmds/) - The IRS is warning taxpayers born before 1951 to look into taking required minimum distributions (RMDs) from IRAs and other retirement plans by Dec. 31.
- [Paid Leave for All Workers Act Now in Effect](https://madonia.com/paid-leave-for-all-workers-act/) - The Illinois Paid Leave for All Workers Act allows workers to earn up to five days/ 40 hours of leave from work each year. New updates to the law in April 2024.
- [Senior Citizens Real Estate Tax Deferral Deadline Looms](https://madonia.com/senior-citizens/) - Qualified seniors in Illinois can defer their property taxes on their principal residences through the Senior Citizens Real Estate Tax Deferral Program.
- [When It’s Not All Laughs-Jay Leno Faces Estate Planning Problem](https://madonia.com/when-its-not-all-laughs-jay-leno-has-estate-planning-problem/) - Jay Leno Didn't Have an Estate Plan, and It’s No Laughing Matter. Jay Leno filed for conservatorship for his wife as he didn't have his estate plan in order.
- [What Barbie Can Teach Us About Estate Planning](https://madonia.com/what-barbie-can-teach-us-about-estate-planning/) - In the Barbie Movie, the doll faces reality and realizes the importance of planning for the future. Barbie will need to start her estate plan.
- [The Importance of Conservatorship as Seen in Killers of the Flower Moon](https://madonia.com/conservatorship-as-seen-in-killers-of-the-flower-moon/) - In film, 'Killers of the Flower Moon,' we discover the shocking history of the Osage Murders as well as its insights into estate planning and conservatorship.
- [Huge Penalty Increase for IRS Underpayment](https://madonia.com/huge-payment-penalty-for-irs-underpayment/) - Self-employed workers and independent contractors are at risk of underpayment penalties of 8% if they fail to pay the Internal Revenue Services (IRS).
- [Common Business Shareholder Disputes](https://madonia.com/common-business-shareholder-disputes/) - As a shareholder of an Illinois company facing disagreements that threaten your investment, or other disputes, you need the help of a Chicago business lawyer.
- [Business Law: What to Know Before You File Your Business Taxes](https://madonia.com/business-law-what-to-know-before-you-file-your-business-taxes/) - When the time comes to file your business taxes in Chicago, there are several important factors to keep in mind. Let us help you prepare for tax season
- [Estate Planning's Biggest Mistake is Just Signing Documents](https://madonia.com/estate-plannings-biggest-mistake-is-just-signing-documents/) - Signing a will and living trust is not enough to protect you and your loved ones. You need an estate plan. Contact AJM&A, Ltd to get started.
- [Business Law: Gather 2023 Tax Documents](https://madonia.com/business-law-gather-2023-tax-documents/) - As the year concludes, Chicago-based business owners must focus on tax preparation, a time that, while daunting, offers a chance to ensure financial alignment.
- [Most Millennials Don't Have Estate Planning as Their First Priority](https://madonia.com/most-millennials-dont-have-estate-planning-as-their-first-priority/) - In a new study conducted by Trust & Will, 52,000 millennials were surveyed about on estate planning. 62% of Millennials don’t have a Will or Trust
- [Business Law: Breach of Fiduciary Duty](https://madonia.com/business-law-breach-of-fiduciary-duty/) - We are committed to helping businesses and individuals know their legal rights and responsibilities, especially when it comes to the duties of fiduciaries.
- [When Can’t a Trustee be Trusted? We Can't All Go "From Rags to Riches"](https://madonia.com/when-cant-a-trustee-be-trusted/) - When Can’t a Trustee be Trusted? Review the details surrounding the great crooner Tony Bennett's estate and his family's in-fighting.
- [These Amazon Prime Deals Are Too Good to Be Real](https://madonia.com/these-amazon-prime-deals-are-too-good-to-be-real/) - Amazon Prime Day is this week with plenty of deals to take advantage of. However, cybercriminals are also looking to turn these deals to their advantage.
- [Scam of the Week-Fake Phone Numbers](https://madonia.com/scam-of-the-week-fake-phone-numbers/) - In this week’s scam, cybercriminals are using Google search results to try to trick you into calling a phone number that they control.
- [Madonia Now Licensed in Kansas](https://madonia.com/madonia-now-licensed-in-kansas/) - Going Beyond Chicago - Madonia Now Licensed in Kansas. Tony Madonia has been approved by the Kansas Bar Association.
- [At AJM&A, We Are More Than Just Lawyers -We Also Teach](https://madonia.com/we-are-more-than-just-lawyers-we-also-teach/) - At Anthony J. Madonia and Associates, Ltd. we are lawyers but also teachers. Learn more where our legal eagles teach in Chicagoland.
- [Focus on Business Succession Planning in Light of the Connelly v. US Case](https://madonia.com/connelly-case-and-business-succession-planning/) - Learn about how this case Connelly v US declared that life-insurance proceeds for redemption of a deceased shareholders’ stock must be part of valuing the corp.
- [Focus on Gift and Estate Tax Planning](https://madonia.com/focus-on-gift-and-estate-tax-planning/) - Gift and estate taxes can impact the transfer of assets, but with planning, you can minimize tax liabilities and ensure that your wealth benefits who you want.
- [Best Time to Do Your Estate Plan?](https://madonia.com/best-time-to-do-your-estate-plan/) - Estate planning is not merely a formality but a crucial step in securing your legacy, finances, and peace of mind for your family. So Get Started
- [Does Life Insurance Play a Role in the Success of My Financial or Estate Plan?](https://madonia.com/success-of-financial-plan-life-insurance/) - How Does Life Insurance Play a Role in the Success of My Financial Plan? Insurance policies are an important part of your overall wealth plan.
- [Estate Planning - the best time to do it is NOW](https://madonia.com/https-madonia-com-estate-planning-best-timeestate-planning-the-best-time-to-do-it-is-now/) - With the topic of estate planning, many individuals may wonder when exactly is the "right" time to undertake this important life task. Now is the right time!
- [News and Notes from 2025 Estate Planning Study](https://madonia.com/new-and-notes-from-2025-estate-planning-study/) - The 2025 Trust & Will Estate Planning Report, the largest estate planning survey conducted, shows Americans continue to be resistant to estate planning.
- [Is Florida Still a Great Place to Retire?](https://madonia.com/is-florida-still-a-great-place-to-retire/) - From popular retirement cities like Sarasota to The Villages, regardless of where you choose to retire, you'll enjoy the state’s tax-friendly environment.
- [Tax Preparers Must Have a WISP for Client's Sake](https://madonia.com/tax-preparers-create-wisp/) - Tax professionals maintain a huge amount of taxpayer data. All professional tax preparers are required to create a Written Information Security Plan (WISP).
- [Estate & Wealth Preservation Planning](https://madonia.com/estate-wealth-preservation-planning/) - Estate preservation planning saves beneficiaries from excessive inheritance taxes, additional attorney fees, and the efficient transfer of assets.
- [Investors Nearing Retirement Can Unlock Real Estate Wealth](https://madonia.com/investors-nearing-retirement-can-unlock-real-estate-wealth/) - Individuals or investors nearing retirement face the challenge of having wealth trapped in investment properties with no real strategy to maintain their wealth.
- [Differences Between Wills, Trusts & Dying Intestate](https://madonia.com/differences-between-wills-trusts-dying-intestate/) - Differences Between Wills, Trusts and Dying Intestate Must Be Learned for the Best Estate Plan. This will give you an idea of how you want your estate divided.
- [If I'm Single, Do I Need a Will?](https://madonia.com/do-i-need-a-will-if-im-single/) - Do 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. Learn more here.
- [Difference Between C Corp and S Corp](https://madonia.com/difference-between-c-corp-and-s-corp/) - There are two main types of business structures: the C corp and S corp. Both have unique benefits and drawbacks. Learn which is right for your business?
- [I Want an Estate Plan but what Will It Cost?](https://madonia.com/i-want-an-estate-plan-but-what-will-it-cost/) - Estate planning is as an investment in your future . Don't think of the cost, because it is not a commodity that should be judged by price alone.
- [What to Know About the Different Types of LLCs](https://madonia.com/what-to-know-about-the-different-types-of-llcs/) - An LLC, limited liability company, can have a variety of business structures. Which will best suit your needs? Review the types of LLCs and who they benef.
- [Do I Really Have to Disclose Everything I Own to My Attorney and/or Financial Planner?](https://madonia.com/do-i-really-have-to-disclose-everything-i-own-to-my-attorney-and-or-financial-planner/) - People are reluctant to reveal everything they own to any advisor. Yet in estate planning it is very important that the attorney know of all assets you own.
- [What Role Does the Accountant or CPA Have in Estate Planning?](https://madonia.com/what-role-does-the-accountant-or-cpa-have-in-estate-planning-2/) - An accountant or CPA is one of the most trusted advisors when creating an estate plan. This seems to be especially true for people who own businesses.
- [What Role does a Financial Advisor Have in Estate Planning?](https://madonia.com/what-role-does-a-financial-advisor-have-in-estate-planning-2/) - A financial advisor has a role in Estate Planning. When forming an estate plan, financial advisors have a crucial role. Read on to get the insight.
- [Funding a Buy-Sell Agreement with Life Insurance](https://madonia.com/funding-a-buy-sell-agreement-with-life-insurance/) - A life insurance buy-sell agreement requires the business owners to carry life insurance that benefits each other or the business. Learn more here.
- [Does Your Trust Need a Facelift? You Need  Periodic Estate Plan Reviews.](https://madonia.com/does-your-trust-need-a-facelift-you-need-periodic-estate-plan-reviews/) - How old is your trust? If there have been a few presidents since you made your trust, it might be time to put it under a microscope and tighten it up.
- [Snowbird Estate Planning-Where to Start?](https://madonia.com/snowbird-estate-planning-where-to-start/) - Many people planning for retirement dream of having the title “Snowbird.” This is the practice of dividing your year between two or more places you love
- [The latest news from the IRS](https://madonia.com/the-latest-news-from-the-irs/) - The news from the IRS is that this year taxpayers might receive smaller refunds this year than they have become accustomed to. Read on to get the details.
- [Welcome Pat O'Brien and Jeff Paprocki to Our Tax Team](https://madonia.com/welcome-pat-obrien-and-jeff-paprocki-to-our-tax-team/) - With new offices comes new faces, we have added to two CPAs to our tax team. Please welcome Jeff Paprocki and Pat O’Brien.
- [Balance Due Notices from IRS to Start Up Again](https://madonia.com/balance-due-notices-from-irs-to-start-up-again/) - After a year of suspended notices, an estimated 5 million to 8 million taxpayers will begin receiving notices that they owe money to the IRS.
- [Highlights to the SECURE ACT 2.0 Spending Bill](https://madonia.com/highlights-to-the-secure-act-2-0-spending-bill/) - On December 23, 2022, Congress passed the Securing a Strong Retirement Act of 2022 (Secure 2.0) It is part of the Consolidated Appropriations Act of 2023.
- [Aretha Franklin's Estate Had No RESPECT](https://madonia.com/aretha-franklins-estate-had-no-respect/) - You Gotta Think! Think About What You Want to Estate Plan. Aretha Franklin had huge hits that are as timely now as ever.
- [Corporate Transparency Act Reporting Starts](https://madonia.com/fincen-corporate-transparency-act-reporting-starts/) - FinCEN Registry Corporate Transparency Act Reporting Starts-Prepare your BOI report now. Contact us at Anthony J. Madonia & Associates for help.
- [What is a Good Example of Scenario Development?](https://madonia.com/what-is-a-good-example-of-scenario-development/) - The scenario development process is developing alternative scenarios to support you in your current lifestyle. It will expand your thinking to possibilities.
- [Everything You Need to Know About Estate Taxes in Illinois](https://madonia.com/everything-you-need-to-know-about-estate-taxes-in-illinois/) - Learn about Illinois estate tax, exemptions, and strategies to minimize tax liabilities. Contact us for expert estate planning guidance today!
- [Common Errors on Tax Returns](https://madonia.com/common-errors-on-tax-returns/) - The IRS released a list of the most common tax return errors. Double check your work or contact us for Tax Support and Preparation
- [How to Incorporate a Business in Illinois](https://madonia.com/how-to-incorporate-a-business-in-illinois/) - Starting a business in Illinois involves many steps, from choosing the proper business structure to filing the necessary paperwork. Anthony J. Madonia & Associates, Ltd., located at 1900 East Golf Road, Suite 650, Schaumburg, IL, is well-versed in Illinois business law and offers a direct approach to legal and tax advisory services. Learn more about
- [Hunker Down Its Tax Season!](https://madonia.com/hunker-down-its-tax-season/) - The IRS started accepting returns on Jan. 27 — and by the April 15 federal deadline, the agency expects to receive more than 140 million individual tax returns.
- [FinCEN Announces BOI Reporting Back in Effect](https://madonia.com/fincen-announces-boi-reporting-back-in-effect/) - ALERT on Feb. 19, 2025, Beneficial ownership reporting requirements are back in effect, with a new deadline of March 21, 2025 for most companies.
- [Billionaire Tax Impact on Wealth Management](https://madonia.com/billionaire-tax-can-impact-wealth-management/) - Where are we with "Billionaire Tax" a.k.a the Billionaire Minimum Income Tax. The tax requires the wealthiest Americans to pay tax of at least 20% on income.
- [Illinois Department of Revenue Announces Tax Amnesty Program](https://madonia.com/illinois-department-of-revenue-announces-tax-amnesty-program/) - The Illinois Department of Revenue announced the implementation of the Illinois Tax Delinquency Amnesty Act beginning October 1, 2019. Learn more
- [Scam of the Week-It’s a Real Email but Fake Facebook](https://madonia.com/scam-of-the-week-its-a-real-email-but-fake-facebook/) - A new online scam is trying to steal your Facebook login information. Cybercriminals send an email claiming your Facebook page violates copyright laws.
- [Joey Fasuna Wins Contest with Guess of 1762!](https://madonia.com/valentines-day-conversation-hearts-contest/) - Proud to announce an amazing guess for an amazing teen! He will surely enjoy all the love-candy crammed into this bucket & Amazon gift card.
- [Big Four Accounting Wants to Be Like AJM&A](https://madonia.com/big-four-wants-to-be-like-ajma/) - You know you are doing something right when the likes of KPMG are copying your model. For nearly 30 years, AJM&A has been providing legal and tax services.
- [Be Alert to Tax Season Scams](https://madonia.com/be-alert-to-tax-season-scams/) - Tax season is when Scammers prey on unsuspecting people. Scammers are adopting schemes that blend social engineering and technology to target taxpayers.
- [Madonia Named President of The Donald and Lorena Meier Foundation Board of Directors](https://madonia.com/madonia-named-president-of-the-donald-and-lorena-meier-foundation-board-of-directors/) - Anthony Madonia will step up to provide new leadership as President of the Board of Directors for The Donald and Lorena Meier Foundation
- [Anthony J. Madonia Named to New Position on Safer Foundation Board of Directors](https://madonia.com/anthony-j-madonia-named-to-new-position-on-safer-foundation-board-of-directors/) - With the goal of additional leadership reinforcement to the Board of Directors, Madonia was recently named Co-Chair on the Board of Directors.
- [I Don’t Expect My Children to Have Problems with Creditors or Predators...](https://madonia.com/problems-with-creditors-shouldnt-i-just-leave-my-property-to-them-outright/) - Should I go outright or protected trust? Even if an adult child is debt free, leaving their assets in a protective trust can still be beneficial.
- [IRS Spotlights Employer-Provided Childcare Tax Credit](https://madonia.com/irs-spotlights-employer-provided-childcare-tax-credit/) - The IRS wants you to use the Employer-Provided Childcare Tax credit- a tax credit to encourage employers to provide employees with childcare services.
- [What is an Administrative Trust?](https://madonia.com/what-is-an-administrative-trust/) - Explore the benefits of an administrative trust with Anthony J. Madonia & Associates, Ltd. for tailored legal and financial planning.
- [Illinois State Taxes: What You Need to Know](https://madonia.com/illinois-state-taxes-what-you-need-to-know/) - Illinois is well-known for its high state tax rate and complications within the code for both standard employed workers and those who operate a company.
- [Silver Lining for the Affluent in this Challenging Tax Season](https://madonia.com/silver-lining-for-the-affluent-in-this-challenging-tax-season/) - Gift tax returns are truly a gift for wealthy tax filers. Due to glitches confounding the IRS the focus is on individual returns, not gift tax ones.
- [Trusts and the Benefits They Offer Explored](https://madonia.com/trusts-and-the-benefits-they-offer/) - Trusts are a plan to take care of the people you love when you’re no longer around or lack capacity to assist them. They are part of a well-crafted estate plan.
- [What is a Trust - specifically a Lifetime Trust?](https://madonia.com/what-is-a-lifetime-trust/) - A Lifetime Trust keeps the assets within the trust for the lifetime of the beneficiary. This trust avoids probate and has asset protection features.
- [Irrevocable Living Trust-What is it?](https://madonia.com/irrevocable-living-trust/) - An irrevocable living trust is a trust that is made and becomes effective during the lifetime of the trust grantor. Learn more from an estate planning lawyer.
- [What are the Concerns of a Blended Family in Second Marriages?](https://madonia.com/what-are-the-concerns-of-a-blended-family-in-second-marriages/) - A blended family is where someone with children from a prior marriage has entered into a subsequent marriage. Concerns facing financial planning is real.
- [What are the Advantages of Using a Corporate Trustee?](https://madonia.com/what-are-the-advantages-of-using-a-corporate-trustee/) - Using a Corporate Trustee-A corporate fiduciary manages trusts professionally every day. They have experience in the area, and they know what they are doing.
- [CRTs the Summer's Hottest Trend](https://madonia.com/crts-the-summers-hottest-trend/) - A CRT is an irrevocable trust that generates a potential income stream for you, with the remainder of the donated assets going to your favorite charities.
- [How Can a Trust Protect My Children's Inheritance?](https://madonia.com/how-can-a-trust-protect-my-childrens-inheritance/) - One of the main reasons to do Estate Planning is to provide loved ones with protection from claims of future creditors and divorcing spouses or lawsuits.
- [Trust Funding and Why is it Important?](https://madonia.com/what-is-trust-funding-and-why-is-it-important/) - Funding a trust is the process of transferring your assets into your trust. The trustee (you) will have control of these assets when transferred.
- [Will I Have to Amend My Trust Every Time I Acquire a New Asset?](https://madonia.com/will-i-have-to-amend-my-trust-every-time-i-acquire-a-new-asset/) - I Have a New Asset, Do I Need to Amend my Trust? You do not have to amend your trust every time that you acquire a new asset.
- [Are There Any Disadvantages to a Qualified Personal Residence Trust?](https://madonia.com/are-there-any-disadvantages-to-a-qualified-personal-residence-trust/) - A QPRT is an irrevocable trust that allows removal of a home from an estate to reduce the of gift tax that is incurred when transferring to a beneficiary.
- [What if I Survive the Trust Term?](https://madonia.com/what-if-i-survive-the-trust-term/) - Depending on the length of the trust, the value of the property during the retained interest period is calculated based on applicable federal rates (AFR)s.
- [Can I Get the Capital Gains Benefit if I Buy My House from my Trust?](https://madonia.com/can-i-buy-the-house-back-from-the-trust-after-it-ends-so-that-my-kids-can-still-get-the-capital-gains-benefit/) - A qualified personal residence trust (QPRT) is a specific type of irrevocable trust that allows its creator to remove a personal home from their estate.
- [Which Comes First: Estate Plan or Exit Plan?](https://madonia.com/which-comes-first-estate-plan-or-exit-plan/) - Business Exit Planning is part of every successful business plan. An exit plan guides you on how you can leave your business.
- [New Tax Proposal Weakens Grantor Trusts](https://madonia.com/new-tax-proposal-weakens-grantor-trusts/) - Trusts have been used in estate planning to ensure that people's assets are distributed according to their wishes after death. Do they still work?
- [What you need to know about SLATs](https://madonia.com/learn-slats-from-a-tax-attorney/) - A Spousal Lifetime Access Trust (SLAT) has a major benefit for high-net-worth couples: Offering the ability to take assets out of their taxable estates.
- [Estate and Wealth Preservation Planning](https://madonia.com/estate-and-wealth-preservation-planning/) - Estate and wealth preservation planning creates a plan to protect your assets from taxation or other legal claims. Learn more here.
- [Successfully Transferring a Small Business](https://madonia.com/successfully-transferring-a-small-business/) - Transferring control of your business is relatively straightforward. We’ll guide you through the necessary steps to leave your LLC in safe hands.
- [Do I Need to Set Up a Separate Trust for Each of My Minor Children?](https://madonia.com/do-i-need-to-set-up-a-separate-trust-for-each-of-my-minor-children/) - Assets of minor children should always be held in trust. There are options for separate trusts or one common one. Let us help determine what is best for you.We can help set up what works best for your family.
- [Estate Planning Assistance for Veterans and Active Military](https://madonia.com/estate-planning-assistance-for-veterans-and-active-military/) - Use this guide for Estate Planning as it relates to veterans and active military service members. Included are any unique benefits that they may qualify for.
- [Do I Need Multiple Successor Trustees?](https://madonia.com/do-i-need-multiple-successor-trustees/) - When planning a revocable living trust many people name a family member as their successor trustee, the person who will take over administration of your trust
- [Organize Your Estate Planning Legal Documents](https://madonia.com/organize-your-estate-planning-legal-documents/) - You can prepare in advance, by having a sound estate plan but by taking some time to organize your documents. Know Your Estate Planning Legal Documents
- [Check, Check and Double Check Your Taxes](https://madonia.com/check-check-and-double-check-your-taxes/) - To err is human and we are ALL human. As taxpayers, we keep making the same mistakes on tax returns. Check out the most common mistakes we make as taxpayers.
- [Is a 1031 Exchange Right for You?](https://madonia.com/is-a-1031-exchange-right-for-you/) - Under Internal Revenue Code Section 1031 there is an exception that allows a seller to postpone paying tax on the gain-for deferring tax on capital gains.
- [New Hire Reporting -- What You Need to Know](https://madonia.com/new-hire-reporting/) - Businesses need to remember that state and federal laws require all employers to report each new and rehired employee to a state Directory of New Hires.
- [New Illinois Laws for 2024](https://madonia.com/new-illinois-laws-for-2024/) - Over 300 new laws hit the books Jan. 1, 2024 in Illinois. Some of the most interesting ones include laws applying to book banning, fentanyl, and poking bears
- [Intellectual Property Rights - What You Need To Know as an Illinois New Start-Up](https://madonia.com/intellectual-property-rights-what-you-need-to-know-as-an-illinois-new-start-up/) - Protecting a company's intellectual property rights may seem complex that's why it's important to seek the help of an intellectual property attorney in Chicago.
- [Illinois Tax Payers Should Learn About EITC on the State and Federal Level](https://madonia.com/illinois-earned-income-tax-credit-eitc/) - Take Advantage of Illinois' Expanded, Earned Income Tax Credit All taxpayers should know about the Illinois Earned Income Tax Credit (EITC) is a benefit that helps lower to moderate income workers get a tax break. What is the Illinois Earned Income Tax Credit? The Illinois EITC is a benefit of up to $1,486 for working
- [Illinois Education Expense Credit and More Back to School Tax Benefits](https://madonia.com/illinois-education-expense-credit-and-more-back-to-school-tax-benefits/) - You may be able to claim school expenses for K-12 students on your 2023 Illinois individual income tax returns utilizing the Illinois Education Expense Credit.
- [Illinois Governor Offers Tax Relief Due to Severe Weather](https://madonia.com/tax-relief-due-to-severe-weather/) - Gov. JB Pritzker announced a Disaster proclamation to provide tax relief for individuals and businesses devastated by the severe weather and tornadoes 6/29-7/4
- [Illinois Requires Paid Leave for All Workers](https://madonia.com/illinois-requires-paid-leave-for-all-workers-act/) - The Paid Leave for All Workers Act was signed into law. Starting January 1, 2024, most employees will be able to earn and use up to 40 hours of paid leave.
- [New Business - New Business Attorney](https://madonia.com/new-business-new-business-attorney-to-know-to-get-started/) - Starting a new business in Illinois is a daunting prospect, especially in Chicago. You need a business attorney like Anthony J. Madonia & Associates, Ltd.
- [Updates to the Illinois Secure Choice: Retirement Savings Program Calls for Compliance](https://madonia.com/retirement-savings-program-new-updates-to-the-illinois-secure-choice/) - If you’re a small business owner in Illinois, you should have received a letter from the State Treasurer’s Office or know about Illinois Secure Choice.
- [Starting a New Small Business in Chicago](https://madonia.com/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. Ask AJM&A for help.
- [Filing A Power Of Attorney For Property Reasons In Illinois](https://madonia.com/filing-a-power-of-attorney-for-property-reasons-in-illinois/) - An attorney who specializes in estate plan law is the legal expert you need to guide you and your family through the estate planning process. Contact AJM&A
- [The Basics of Trust Administration](https://madonia.com/the-basics-of-trust-administration/) - Understanding trust admin is essential for anyone involved in planning their estate. Trusts are legal arrangements that allow a third party to manage assets.
- [Business Law: Avoid Refund Delays with your business taxes](https://madonia.com/business-law-avoid-refund-delays-with-your-business-taxes/) - Handling your business taxes well is key to maintaining your company's financial stability. Efficient tax management ensures compliance and improves cash flow.
- [Anthony J. Madonia Now Licensed to Practice in Arkansas](https://madonia.com/madonia-now-licensed-to-practice-in-arkansas/) - If you need a lawyer licensed in Arkansas, look no further! Anthony J. Madonia has been admitted to the Bar of Arkansas and is now an Arkansas licensed attorney
- [Brian Wilson's Family Files for Conservatorship](https://madonia.com/brian-wilsons-family-files-for-conservatorship/) - 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. Read on
- [Taylor Swift is Everywhere – Even Estate Planning](https://madonia.com/taylor-swift-is-everywhere-even-estate-planning/) - Let’s Learn About Estate Planning with Taylor Swift's “The Tortured Poets Department” - a look at the fundamental estate planning tools like wills and trusts.
- [Is it Possible to Establish a Trust for My Pets?](https://madonia.com/is-it-possible-to-establish-a-trust-for-my-pets/) - Pet owners around the world are acknowledging the benefits of making proper arrangements and plans for a pet or pets trust fund. Contact AJM&A for information.
- [Name a Pet Guardian for National Pet Month](https://madonia.com/name-a-pet-guardian-for-national-pet-month/) - Should your beloved furry friends be part of your Estate Planning conversation? We think yes, try a Pet Guardianship.
- [Estate Planning and Financial Planning-What is the Difference?](https://madonia.com/estate-planning-and-financial-planning-what-is-the-difference/) - When it comes to planning out your finances, people are confused about the difference between an estate attorney vs. financial planner
- [Should I Name a Family Member as My Trustee?](https://madonia.com/family-member-as-my-trustee/) - Choosing a trustee is crucial whether establishing a new trust, modifying an existing trust or dealing with a transition of the incumbent trustee.
- [Don’t Be Afraid, Be Proactive -- Plan Your Estate Today!](https://madonia.com/dont-be-afraid-be-proactive-plan-your-estate-today/) - Crafting of a good estate plan starts with planning, followed by the proper drafting and signing of appropriate legal documents such as wills, trusts and POAs.
- [A Recap of the Top Tax Developments of 2021](https://madonia.com/a-recap-of-the-top-tax-developments-of-2021/) - 2021 has been a tumultuous one for tax professionals, with continuing pandemic-related developments as well as new legislation, and IRS pronouncements.
- [2022 Tax Filing Season Recap and Tax Support](https://madonia.com/2022-tax-filing-season-recap-tax-support/) - More than 16.4 million individual tax returns, transactions and Accounts Management cases remained in inventory as of the end of calendar year 2021.
- [Corporate Transparency Reporting](https://madonia.com/corporate-transparency-reporting/) - Each reporting company must file a Beneficial Ownership Information report. This report must include information about each beneficial owner of the company.
- [Scams Arise with Beneficial Ownership Information Reporting](https://madonia.com/scams-arise-with-beneficial-ownership-information-reporting/) - Recent data shows that the confusion around BOI reporting has led to new scams targeting businesses trying to comply with the Corporate Transparency Act (CTA).
- [Time to Submit Your BOI Report](https://madonia.com/time-to-submit-your-boi-report/) - How to Prepare for BOI Reporting -Contact Anthony J. Madonia & Associates, Ltd. for a consultation to ensure your business is well-prepared for this transition.
- [Who Can Help You With the CTA Beneficial Ownership Information Reporting?](https://madonia.com/who-can-help-cta-boi/) - The Corporate Transparency Act mandates that most smaller business entities file a with the Financial Crimes Enforcement Network of the Treasury Department.
- [FinCEN Adds New Security Measures for LLCs and other Entities.](https://madonia.com/fincen-adds-new-security-measures/) - The U.S Treasury’s Financial Crimes Enforcement Network (FinCEN) made its final rule on implementing the beneficial ownership information (BOI) reporting.
- [Update on FinCEN Reporting](https://madonia.com/update-on-fincen-reporting/) - To help with reporting, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide.
- [How to Prepare for the New Mandate on Beneficial Ownership Reporting](https://madonia.com/how-to-prepare-for-the-new-mandate-on-beneficial-ownership-reporting/) - Here is a comprehensive guide to preparing for the Beneficial Ownership Information Reporting Rule, effective on January 1, 2024.
- [What is the Role of AI in the Legal Field?](https://madonia.com/what-is-the-role-of-ai-in-the-legal-field/) - Law is one of several professions that appears to be on the cusp of being transformed by ChatGPT, but the chatbot isn’t prepared for its day in court just yet
- [Reminder on Beneficial Ownership Reporting](https://madonia.com/reminder-on-beneficial-ownership-reporting/) - The Corporate Transparency Act of 2021 requires corporations, LLCs, and other entities to report their beneficial ownership to FinCEN
- [How Often Will I Need to Update My Plan?](https://madonia.com/how-often-will-i-need-to-update-my-plan/) - Once you have established your estate plan, make sure it stays sound by revisiting it at regular intervals or at key life events. Many people review their estate plan at a regular frequency, often when they review their whole financial plan. This can be done annually, semi-annually, or quarterly; for estate planning specifically, the general
- [Be a Smart Snowbird -Remember to Adjust Your Estate Plan](https://madonia.com/be-a-smart-snowbird-remember-to-adjust-your-estate-plan/) - Snowbirds can enjoy northern summers while keeping warm all winter long somewhere in the south. Start planning now if want to live a snowbird lifestyle
- [I Have a Will or a Trust. Isn’t That Enough?](https://madonia.com/i-have-a-will-or-a-trust-isnt-that-enough/) - Do a will or a trust? A will takes effect only upon your death. It has no bearing on how you are cared for during your life. So, go with a trust?
- [Keeping the Business in the Family](https://madonia.com/keeping-the-business-in-the-family/) - Given that family businesses represent about 85% of the world’s companies, ensuring their longevity is essential. Learn more about how to keep them strong.
- [Fixing Common Problems in Estate Plans](https://madonia.com/fixing-common-problems-in-estate-plans/) - Whether you’re a business owner looking to protect your assets or an individual ensuring your family’s future, our team at Madonia & Associates, Ltd. is here.
- [What a GOP Sweep Could Mean For Businesses](https://madonia.com/what-a-gop-sweep-could-mean-for-businesses/) - With the GOP controlling the Executive as well as Legislative branches, business owners and investors are asking themselves how this result affects them.
- [Taxation of Corporate Restructuring and Reorganizations](https://madonia.com/taxation-of-corporate-restructuring-and-reorganizations/) - At Anthony J. Madonia & Associates, we understand the nuances of business restructuring and reorganization when navigating federal and Illinois tax regulations.
- [Labor & Employment Dispute Resolution](https://madonia.com/labor-employment-dispute-resolution/) - At Anthony J. Madonia & Associates, our Chicago, IL employment attorneys empower employees by providing legal guidance, ensuring employee rights are protected.
- [Halt the BOI Reporting Presses -AGAIN!](https://madonia.com/halt-the-boi-reporting-presses-again/) - The 5th Circuit Court of Appeals has again halted enforcement on Beneficial Ownership Information reporting. Businesses are currently NOT required to file BOI.
- [BOI Reporting is Back on with January 13 Deadline](https://madonia.com/boi-reporting-back/) - The deadline for reporting companies to file BOI reports was extended to Jan. 13, 2025, by FinCEN after a Monday ruling reinstated the reporting requirement.
- [Settlement Granted as Part of Pioneering COVID-related Insurance Case](https://madonia.com/settlement-of-first-illinois-covid-related-insurance-coverage-suit/) - This is the first settlement of Illinois covid-related insurance coverage suit. The suit was tendered to the insurance company, but coverage was denied.
- [Veterans Scams on the Rise, The Worst of the Worst](https://madonia.com/veterans-scams-on-the-rise-the-worst-of-the-worst/) - As we celebrate all veterans, we want to also issue a warning about scams on veterans especially as we prepare for tax season.
- [End of Year Estate Planning Checklist](https://madonia.com/end-of-year-estate-planning-checklist/) - Review our short checklist of easy-to-implement estate planning strategies to apply before the new year.
- [Full Retirement Age to be 67 in 2025](https://madonia.com/full-retirement-age-to-be-67-in-2025/) - The full retirement age will rise in January to match a growing expected lifespan, according to a law passed in 1983. Learn more here.
- [New Illinois Law to Disclose Pay and Benefits](https://madonia.com/new-illinois-law-to-disclose-pay-and-benefits/) - A new Illinois law HB 3129, requires most Illinois-based businesses to include information on pay scale and benefits on job listings beginning on Jan. 1 2025
- [BOI Reporting Paused and CTA Enforcement in Question](https://madonia.com/boi-reporting-paused-and-cta-enforcement-in-question/) - The saga of the Corporate Transparency Act and its beneficial ownership information reporting requirement continues. Contact us with concerns.
- [Honoring Leo Joseph Madonia by Hospital Gift](https://madonia.com/honoring-leo-joseph-madonia-by-hospital-gift/) - In this season of giving, the Loving Leo Foundation was thrilled to donate a Cuddle Cot to Edward Hospital. Made to honor the memory of Leo Joseph Madonia.
- [Be On the Lookout -IRS 1099 TIN Mismatch Letters](https://madonia.com/be-on-the-lookout-irs-1099-tin-mismatch-letters/) - 1099 TIN mismatch letters have been issued by the IRS for 2022 and 2023. They are also known as CP2100 and CP2100A notices. Contact AJM&A if you need help.
- [Planning for Next Tax Season...Already!](https://madonia.com/planning-for-next-tax-season-already/) - It's the time of year that we begin reaching out to clients to start planning for the tax season and tax years ahead. Contact us to get started,
- [IRS Tax Relief for Storm Victims in Parts of Illinois](https://madonia.com/irs-tax-relief-for-storm-victims-in-parts-of-illinois/) - IRS offers disaster tax relief for individuals and businesses in parts of Illinois affected by severe storms, tornadoes, and flooding that began July 13, 2024
- [High Interest Rates Make Estate Planning Challenging](https://madonia.com/high-interest-rates-make-estate-planning-challenging/) - High Interest Rates impact on Estate Planning. Estate planning is a complex process that considers of various economic factors, including interest rates.
- [Using Partnerships in Estate Planning](https://madonia.com/using-partnerships-in-estate-planning/) - The Role of Partnerships -Estate planning is more than just a will or trust; it’s about creating a team to secure your legacy and protect your assets.
- [Inflation Adjustments for Tax Year 2025 Announced by IRS](https://madonia.com/inflation-adjustments-for-tax-year-2025/) - The Internal Revenue Service has announced the annual inflation adjustments for tax year 2025. AJM&A can help with your taxes.
- [Estate Planning Tips for 2024](https://madonia.com/2024-estate-planning-tips/) - 2024 Estate Planning Tips You Need to Know. With evolving laws and financial considerations, here are tips to help you protect your assets and family in 2024.
- [What Are Some of the Things My Estate Plan Should Provide for After My Death?](https://madonia.com/what-are-some-of-the-things-my-estate-plan-should-provide-for-after-my-death/) - After my Death, What Does My Estate Plan Do? Many people believe that having an estate plan simply means drafting a will or a trust. However, there is much more to include in your estate planning to make certain all of your assets are transferred seamlessly to your heirs after your death. There are specific
- [Why Setting Goals Is Necessary in your Business Plan](https://madonia.com/why-setting-goals-is-necessary-in-your-business-plan/) - Setting Goals is an Important Part of a Business Plan Every successful company starts with a good idea. These ideas are expressed in goals that you set and carry out on paper. Your business plan is the document that you need to get started. See how important it is to develop this plan correctly and
- [IRS Launches Paperless Processing Initiative](https://madonia.com/irs-launches-paperless-processing-initiative/) - Paperless Processing Becomes the Rallying Cry at IRS The Internal Revenue Service hopes to process all the tax correspondence, notice responses and nontax forms it receives digitally (electronically) in the next two years. To do so, they have launched the "paperless processing initiative." Now, taxpayers will have the option to go paperless for IRS correspondence
- [IRS Mistakenly ‘Deceased Locked’ Taxpayer Accounts](https://madonia.com/irs-mistakenly-deceased-locked-taxpayer-accounts/) - Living or Dead? IRS Isn't Sure and Makes Too Many Deceased Locked. The Internal Revenue Service (IRS) developed an indicator to lock the accounts of millions of taxpayers whom the agency assumed had died. This is known as Deceased Locked. They did this to prevent identity theft and filing of fraudulent tax returns. Sadly, the
- [August Is National "Make a Will" Month](https://madonia.com/august-is-make-a-will-month/) - Celebrate National "Make a Will" Month August is National “Make a Will” Month, and it’s a great annual reminder to update your will if needed and create a will if you don’t have one already. A will is an important estate planning document that can help you transfer your assets with ease. Having a proper
- [Americans have More Savings than Before the Pandemic](https://madonia.com/americans-have-more-savings-than-before-the-pandemic/) - Americans have More Savings than Before the Pandemic According to New Report A recent report from The Washington Post based on data released by JPMorgan Chase Institute finds American savings accounts are up. Despite the challenges posed by inflation, Americans are in a better financial position now compared to before the pandemic. Recent data indicates
- [Taxpayers to Receive Transition Relief for RMDs](https://madonia.com/taxpayers-to-receive-transition-relief-for-rmds/) - IRS Adds Transition Relief for RMDs There is ongoing confusion about required minimum distributions (RMDs). Therefore, the IRS has found it necessary to give limited transition relief to both IRA owners and beneficiaries. The SECURE 2.0 Act of 2022 included many changes in retirement planning. Starting in 2023, these changes take effect including moving up
- [Warning Hot Summertime IRS Scams](https://madonia.com/warning-hot-summertime-irs-scams/) - IRS Scams on the Rise Like the Summer Heat The IRS recently announced a surge in tax scams this summer. The scams are coming to taxpayers via email and text messages. They promise tax refunds and quick fixes to tax problems. They are all illegal and dishonest. One of the more prominent email scams
- [Common Business Disputes](https://madonia.com/common-business-disputes/) - In the vibrant city of Chicago, known for its fierce winds and dynamic business landscape, the smooth sailing of corporate operations is sometimes stirred by unexpected gusts of disputes. Every business, whether a startup or a well-established firm, might have to face these testing times. At Anthony J. Madonia & Associates, Ltd., we understand these
- [Ensuring a Plan Will Accomplish What It’s Meant to](https://madonia.com/ensuring-a-plan-will-accomplish-what-its-meant-to/) - Steps to Take in Ensuring A Plan Your estate plan is much more likely to be successful when you recognize and avoid the most common mistakes and take some key actions that often are overlooked. Most estate planners will tell you that the same estate planning mistakes and oversights recur with frequency, whether an estate
- [What is the Best Way to Leave an Inheritance to My Adult Children?](https://madonia.com/what-is-the-best-way-to-leave-an-inheritance-to-my-adult-children/) - How to Leave an Inheritance to My Adult Children Many clients begin the estate planning process assuming that upon their death they will leave assets to their children. The norm is as an “outright” distribution. Parents are often reluctant to leave assets in trust for adult children. They don’t want to be seen as overly
- [Asset Protection Trusts](https://madonia.com/asset-protection-trusts/) - What Are Asset Protection Trusts? Short Definition of Asset Protection Trusts An asset protection trust is a self-settled trust in which the grantor can be designated as a permissible beneficiary and allowed access to the funds in the trust account. If the APT is properly structured, its goal is that creditors won’t be able to reach the trust’s assets.
- [Tips for Reorganizing Your Assets](https://madonia.com/tips-for-reorganizing-your-assets/) - Reorganizing Your Assets Can Be Made Simple When you are in the process of estate planning, one of the most important aspects involves reorganizing your assets. Whether you have a large estate or a simple one, it is important you make sure your assets are organized in a manner that best expresses your wishes. If
- [Should a Lawyer Look Over My Employee Contract Before I Sign?](https://madonia.com/should-a-lawyer-look-over-my-employee-contract-before-i-sign/) - Do I Need a Lawyer to Review My Employee Contract? Are you ready to start your new job? Perhaps the only thing that stands between you and your new place of employment is the signing of an employee contract. You may have already received this contract from your prospective employer. If so, you may have
- [Wealth Preservation: What You Should Know](https://madonia.com/wealth-preservation-what-you-should-know/) - Understanding Wealth Preservation Building wealth is difficult, but wealth preservation is even harder. As frivolous lawsuits continue to happen every day in America and aggressive creditors are running rampant by taking frequently illegal actions to boost their bottom line, wealth preservation can become a complicated landscape unto itself. The reality is that in today's legal
- [Transitioning Wealth](https://madonia.com/transitioning-wealth/) - Transitioning Wealth - Some Thoughts to Consider Building business value and establishing family security are not separate tasks. They are parallel goals that are intimately related and must be addressed simultaneously. We are talking about using business prosperity to provide family security in a tax-efficient way. In this blog you will learn more about transitioning
- [Buy-Sell Agreements](https://madonia.com/buy-sell-agreements/) - Is a Buy-Sell Agreement Needed for Any Reason Other Than the Death of an Owner? While it is critical that buy-sell agreements provide for the successful transfer of a business owner’s interest in the business after his or her death, it is equally important that the agreement take into account other critical life events such
- [Investment Strategies-Are they Dependent on Age?](https://madonia.com/investment-strategies-do-they-depend-on-my-age/) - Do Investment Strategies Depend on my Age? Age is definitely one factor that is considered in a risk analysis when discussing investment strategy. Some have used a rule of thumb called the “rule of 100.” That involves subtracting your current age from 100. If you are 70 years old, for example, the resulting number is
- [Can I Withdraw my Retirement Plan Dollars at Any Time?](https://madonia.com/can-i-withdraw-my-retirement-plan-dollars-at-any-time/) - When to Withdraw Your Retirement Plan Dollars Whether or not you may withdraw the money in your retirement plan at any time depends upon the type of retirement plan. There are a variety of retirement plans to consider. Types of Retirement Plans Here are some basics of review the options offered by the IRS .
- [The Importance of Succession Planning](https://madonia.com/the-importance-of-succession-planning/) - Why is Succession Planning Important in the Running of a Family Business Family businesses and other companies can live forever, not so the management. A crucial part of long-term growth for a business is succession planning. Companies pour considerable resources into marketing, research and development and more, but fail to plan for the succession
- [Preparing Your Will: What You Should Not Forget](https://madonia.com/preparing-your-will-what-you-should-not-forget/) - Rules on Preparing Your Will by Chicago Estate Plan Lawyers Death is not something that most people care to think about. However, if you have entered your senior years you should begin the process of estate planning. This is the only way to ensure that your assets and estate are divided and distributed according to
- [Consider These Issues In Estate Planning](https://madonia.com/consider-these-issues-in-estate-planning/) - What to Consider Issues in Estate Planning? If there is one area of their lives that many people overlook, it is estate planning. There are many issues to consider in estate planning, all of them manageable. Of course, this involves how your property and assets will be distributed upon your death, who will inherit your
- [Do I Need a Living Trust if My Only Asset is a Life Insurance Policy?](https://madonia.com/do-i-have-to-create-a-living-trust/) - Do I have to Create a Living Trust? Living trusts are confusing if my only asset is a life insurance policy. What is I name my minor child as the beneficiary, Should I create a living trust still? How do I know if I need a living trust? Estate planning is all about ensuring your
- [Equity Issues: Why You Need an Attorney](https://madonia.com/equity-issues-why-you-need-an-attorney/) - Equity Issues Determine Worth of Property - A Lawyer Can Help The value of a property is critical to many types of transactions. It is an important piece of information to know when buying and selling property, sharing ownership, or adding a property to a will. Equity is the term used to describe how much
- [Business Interruption Insurance and COVID-19](https://madonia.com/business-interruption-insurance-and-covid-19/) - Learn About Business Interruption Insurance and COVID-19 Some businesses carry “business interruption” insurance, which is designed to provide protection in the event that the company can stay in business even if its business operations are interrupted. When it comes to business interruption insurance and coverage for losses as a result of the impact of COVID-19,
- [Executive Order Re: Virtual Witnesses](https://madonia.com/executive-order-re-virtual-witnesses/) - Governor Creates Executive Order Regarding Virtual Witnesses On March 26, 2020, Governor Pritzker issued Executive Order 2020-14, allowing notaries and witnesses to carry out their duties through video-conference, in response to COVID-19. Typically, witnesses and notaries have to be physically present during a signing. The Executive Order is taking away the requirement of physical presence.
- [U.S. Small Business Administration Disaster Assistance Loans](https://madonia.com/u-s-small-business-administration-disaster-assistance-loans/) - Now Available for Small Businesses - Disaster Assistance Loans Included in the recent legislation for economic relief due to COVID-19 is an expansion of the Small Business Administration (“SBA”) Loan Program. The SBA’s Disaster Assistance Loans are low interest loans designed to help small businesses keep up and get up and running again. Federal disaster
- [What is Estate Planning?](https://madonia.com/what-is-estate-planning-2/) - What is Estate Planning? Learn the Basics In the most general sense, estate planning is a process that ensures that the people and things important to you are treated in a manner you would approve of, both while you are living and after you are gone. Planning isn’t limited to financial assets, real estate, and
- [What to Expect When Selling an Inherited Home](https://madonia.com/what-to-expect-when-selling-an-inherited-home/) - An inherited house is a great gift from a departed loved one. If you have decided to sell it, then you should familiarize yourself with the financial and legal steps required to do so. Selling the home and keeping the proceeds may not be as straightforward as you think. Working with Chicago estate planning attorneys
- [Reading The Tea Leaves of Taxation](https://madonia.com/reading-the-tea-leaves-of-taxation/) - Oh 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
- [Can I Only Put Life Insurance in the Trust?](https://madonia.com/can-i-put-something-other-than-life-insurance-in-the-trust/) - Is Life Insurance the Only Thing I can Put in My Trust? Yes. Any asset can be placed in the ILIT. Sometimes an income producing asset is placed inside of an ILIT to provide an income stream from which to pay the premiums on the life insurance. This technique eliminates any further gifts by the
- [Will My Business' Equity Affect My Personal Taxes?](https://madonia.com/will-my-business-equity-affect-my-personal-taxes/) - Understanding Business' Equity Vs. Personal Taxes If you are a business owner, it can be difficult at times to separate your personal and business financial matters. What is business equity anyway? In the world of business and finance, equity refers to the value of ownership in something. Equity can be used to measure the value
- [An Estate Plan Can Include the Gifting Assets to Grandchildren?](https://madonia.com/estate-plan-can-include-the-gifting-assets-to-grandchildren/) - An Estate Plan That Allows Gifting Assets to Grandchildren There are many complexities to estate planning. People assume that they are limited regarding who can be a beneficiary and how to handle gifting assets. With the help of experienced estate planning attorneys, you can rest assured knowing that your grandchildren will be taken care of.
- [Are There Non-Tax Reasons to Use a Dynasty Trust?](https://madonia.com/are-there-non-tax-reasons-to-use-a-dynasty-trust/) - There are many reasons to Use a Dynasty Trust, some are non-tax reasons The non-tax reasons for creating the dynasty trust vary depending upon the needs and desires of the trustmaker. Dynasty trusts can be created to provide creditor and “predator” protection for the beneficiaries of the trust, generation after generation. They can shield against
- [Planning a Special Needs Trust](https://madonia.com/planning-a-special-needs-trust-2/) - Start Planning a Special Needs Trust Now A Special Needs Trust is an Estate Planning tool that lets you better protect your disabled loved one without putting their eligibility for government-offered benefits, like Supplemental Security Income (SSI) and Medicaid, at risk. Trying to plan for a future you can’t control can feel overwhelming, but that’s why we’re
- [Tax Season 2022...Brace Yourself for Bumpy Ride](https://madonia.com/tax-season-2022-brace-yourself-for-a-bumpy-ride/) - Tax preparation professionals suggest: Do everything you can do electronically, especially if you’re due a refund. Keep the human element out and don’t expect to get through to the IRS by telephone.
- [Leave My Estate to My Spouse or to My Children - that is the Big Question](https://madonia.com/leave-my-estate-to-my-spouse-or-to-my-children/) - Should I Leave My Estate to my Spouse or My Children? "Who do I leave my estate to" is a question that plagues first-time estate planners. Most people want to benefit their spouse in a blended family or second marriage situation. Yet they still want to provide for their children. Experience teaches that the potential
- [What Happens in a Guardianship or Conservatorship?](https://madonia.com/what-happens-in-a-guardianship-or-conservatorship/) - Guardianship or Conservatorship What Do They Do? Guardianships and conservatorships are both court-ordered requests. When a loved one can no longer care for themselves a family member will hire an attorney to discuss options. The attorney helps the family ask the court to appoint a guardian or conservator when their loved one can no longer
- [How Else Can I Use a Living Trust to Plan for My Spouse?](https://madonia.com/how-else-can-i-use-a-living-trust-to-plan-for-my-spouse/) - Using a Living Trust to Plan for Your Spouse's Financial Future Living trusts can be used to plan for a spouse’s well-being in a variety of ways. The decision about separate or joint trusts is not as straightforward as you might think. A revocable living trust is a popular way to pass assets to heirs. Assets titled
- [Comprehensive Estate Plan is the Real Way to Say I Love You](https://madonia.com/say-i-love-you-with-a-comprehensive-estate-plan/) - The Romance of a Comprehensive Estate Plan Jewelry and Chocolates are nice but to truly show you love-think of an estate plan! Yes, love is in the air this Valentine’s Day season. We are going on record to say nothing quite says I love you like a comprehensive estate plan! There is no better way to
- [Revisiting the SECURE Act](https://madonia.com/revisiting-the-secure-act/) - Let'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
- [Estate Planning Attorney Shares Proactive Estate Planning Strategies](https://madonia.com/estate-planning-attorney-recommends-being-proactive/) - Estate Planning Attorney Shares Proactive Estate Planning Tips Proactive estate planning is the best financial process to protect you and your family. It is a very important component of your overall financial planning. If you don’t have an up-to-date estate plan and you happen to get hurt or sick and cannot manage your financial affairs,
- [I Do Not Want to Disinherit My Child but He May Use Funds for Illegal Activities?](https://madonia.com/i-love-my-child-very-much-and-do-not-want-to-disinherit-him-however-he-has-a-drug-problem-and-i-dont-want-to-leave-him-money-to-use-for-drugs-should-i-disinherit-that-child/) - I Love My Child Very Much, I Do Not Want to Disinherit Him? Disinheritance is often the driving force in movies and television shows. Should you consider disinheriting a child or grandchild in real life. It should be approached very carefully. It's both an emotional and a financial decision and it can have significant ramifications,
- [What Are Some of the Things My Estate Plan Should Include for my Spouse?](https://madonia.com/what-are-some-of-the-things-my-estate-plan-should-include-for-my-spouse/) - My Estate Plan Should Include for My Spouse What should be included in an estate plan? The goals that we hear most often from clients regarding what an estate plan should include for my spouse: I want my spouse to be able to maintain the lifestyle that we currently enjoy after I’m gone. I want
- [Trustee of Irrevocable Life Insurance Trust ILIT -How to Choose one?](https://madonia.com/trustee-of-irrevocable-life-insurance-trust-ilit/) - Who Serves as Trustee of ILIT or Irrevocable Life Insurance Trust? In any Irrevocable Life Insurance Trust (ILIT) structure, a Trustee is selected. The trustee of irrevocable life insurance trust is the person or institution that is designated to manage and operate the trust. Often, the trustee is a family member or friend of the
- [Can My Child Serve as Trustee of Their Trust Share and Still Have Protections?](https://madonia.com/can-my-child-serve-as-trustee-of-their-trust-share-and-still-have-protections/) - Reviewing my Trust Documents and Wondering if My Child Can Serve as Trustee of their Trust Share? Yes. Your child can serve as trustee of their own trust share. Our estate planning attorneys highly recommend familiarizing yourself with the details involved though. Clients often include one or more trusts in their estate plans to insure
- [The Two Types of Charitable Remainder Trusts and How They Differ](https://madonia.com/charitable-remainder-trusts-and-how-they-differ/) - Charitable Remainder Trusts and How They Differ The two basic types of the charitable remainder trusts are the Charitable Remainder Annuity Trust (CRAT) and the Charitable Remainder UniTrust (CRUT). Both the CRAT and the CRUT are irrevocable trusts. Irrevocable trusts provide for an annual payment to a non-charitable beneficiary or beneficiaries (usually including the trust maker
- [Venture Capital Disputes: What to Expect in Your Case](https://madonia.com/venture-capital-disputes-what-to-expect-in-your-case/) - Venture Capital Disputes Cause Concern Were you recently involved in the launch of a product or business? Were you the one who supplied the majority of the funds? If you feel that you have not received your full share of the promised profits, you can take action. But what can you expect in your case?If
- [Why You Need Representation at Tax Court](https://madonia.com/why-you-need-representation-at-tax-court/) - A Brief Explanation of Why You Need Representation at Tax Court Do you have a dispute with the IRS that's headed to tax court? Don't try to take on the IRS on your own. You need to work with tax lawyers in Chicago like Anthony J. Madonia & Associates. Legal representation at tax court is
- [Is it Wrong or Somehow Unpatriotic to Want to Reduce My Taxes?](https://madonia.com/is-it-wrong-or-somehow-unpatriotic-to-want-to-reduce-my-taxes/) - How Can I reduce My Taxes or is that Unpatriotic? Some believe it is illegal and possibly immoral to use estate planning strategies to reduce one’s taxes. I want to reduce my taxes. Judge Learned Hand stated more than a century ago that: “Anyone may arrange his affairs so that his taxes shall be as
- [Is it wrong for me to disinherit my older children?](https://madonia.com/i-feel-my-minor-children-need-to-be-provided-for-if-something-happens-to-me-is-it-wrong-for-me-to-disinherit-my-older-children/) - I feel my minor children need to be provided for if something happens to me. It is not wrong for you to disinherit your older children if that’s your desire. However, if you are going to make the decision to disinherit them, you may want to consider the psychological effects it can have on those
- [Tax Attorney vs. CPA: Why Not Choose Both?](https://madonia.com/tax-attorney-vs-cpa-why-not-choose-both/) - Can't Decide Between Tax Attorney or CPA? Why Not Choose Both? Whether you need a professional to assist with tax issues on personal or business-related concerns, it can be difficult to determine which expert best fits your needs. The most reliable professionals to aid you with tax problems are the tax attorney and the CPA.
- [Thanksgiving: A Good Time to Talk Estate Planning](https://madonia.com/thanksgiving-a-good-time-to-talk-estate-planning/) - It's Thanksgiving-Let's Talk Estate Planning Usually, the rule at large gatherings of friends and family is you don't talk about politics, religion, or personal finances. Yet Thanksgiving offers a great chance to get caught up with loved ones who make up your “family.” With everyone gathered together, you have a prime opportunity to discuss the
- [Using Estate Planning to Cover a Child or Grandchild’s College Tuition](https://madonia.com/using-estate-planning-to-cover-a-child-or-grandchilds-college-tuition/) - Estate Planning Can Cover a Child or Grandchild’s College Tuition College tuition costs are escalating every day. This includes all the costs that go along with tuition. Remember expenses such as equipment, living expenses, school supplies, textbooks, and more. For many families, the thought of covering these costs is nothing short of daunting. However, estate
- [Reduce my Federal Estate Taxes to Zero?](https://madonia.com/is-it-possible-to-reduce-my-federal-estate-taxes-to-zero/) - Yes, the estate tax is a voluntary tax! You can choose to pay it by not planning ahead, or you can reduce or even eliminate it with planning. The easiest and simplest way to eliminate the Federal estate taxes at death is to not allow your estate to be valued more than the Federal Estate
- [IRS Suspends Automated Notices to Streamline System](https://madonia.com/irs-suspends-automated-notices/) - IRS Suspends Automated Notices In the latest push to try and organize a better 2022 tax season, the Internal Revenue Service is suspending more than a dozen automated letters it sends out to taxpayers. These include collection notices, balance due notices and unfiled tax return notices. The actions seem to be a direct result of
- [Generational Asset Protection Planning](https://madonia.com/generational-asset-protection-planning-2/) - None of us can live forever. Even with the best medicine, eventually, we all meet the same finality that Mark Twain so eloquently reminded us is a certainty aside from taxes. That said, the assets we have worked for and built up stay behind. Through generational asset protection, they can at least be directed to
- [TikTok Tax Myths Debunked](https://madonia.com/tiktok-tax-myths-debunked/) - TikTok Tax Myths Prove This is Not the Place for Tax Advice According to a report commissioned in 2021, one in seven videos from TikTok finance influencers is misleading. TikTok tax myths are rampant. Remaining critical about the content found online is crucial especially when it concerns personal finances. Every tax season, nearly 60 million
- [More Seniors Equals More Need for Elder Law](https://madonia.com/more-seniors-equals-more-need-for-elder-law/) - More Seniors with Legal Needs Require Accessible Elder Law Attorneys The percentage of U.S. residents aged 65 or older continues to grow. Many seniors are realizing they have pressing legal needs. These legal issues can range from estate planning to guardianship issues. It can include dealing with financial exploitation and other forms of abuse. Sadly,
- [AJM&A Sponsors Safer Foundation's 50th Anniversary Met Gala](https://madonia.com/ajma-sponsors-safer-foundations-50th-anniversary-met-gala/) - Safer Foundation Celebrating 50 years of Providing Second Chances On Saturday, April 29, the Safer Foundation celebrates its 50th Anniversary with a Met Gala. AJM&A is proud to be a sponsor of this important celebration. This milestone event highlights the importance of reconnecting people with records and returning citizens to systems of upward mobility. It
- [2023 Filing Season was Better Than Expected](https://madonia.com/2023-filing-season-was-better-than-expected/) - Reports are in…2023 Filing Season was Better Than Expected More People Using Professional Tax Services! The word is in “A better tax season for just about everyone.” According to IRS managers, the 2023 filing season might go down in history as one of the best ever. A recent review by the Professional Managers Association notes
- [Practicing Financial Wellness](https://madonia.com/financial-wellness/) - 10 Steps on How to Practice Financial Wellness What financial wellness is? Wellness is a “hot topic”. When you hear about it you probably think of yoga, matcha tea, retreats by the ocean, etc. There’s another side of wellness that can go overlooked in the hustle and bustle of life, but it’s just as important
- [IRS Lags on Amended Returns from Last Tax Season](https://madonia.com/amended-returns-still-delayed/) - Overall Performance Improved but Only Slight Improvement for Amended Returns and Taxpayer Correspondence The report is in. The Internal Revenue Service improved its performance during this year's tax season. They caught up on much of its backlog. Yet, they still are behind on dealing with all the amended returns and correspondence it received this year,
- [How To Protect Your Business Assets From Future Lawsuits](https://madonia.com/how-to-protect-your-business-assets-from-future-lawsuits/) - With a proactive asset protection plan, you can prevent the loss of assets due to lawsuits. The Chicago estate planning attorneys at Anthony J. Madonia & Associates, Ltd. can help you implement strategies that minimize losses in case of future lawsuits. By meeting with our team of experienced attorneys, you can accomplish the following goals:
- [Time to Spring Clean Your Finances](https://madonia.com/2022-time-to-spring-clean-your-finances/) - Spring Clean Your Finances With Daylight Savings approaching, spring is just around the corner. While you plan to dust and declutter your home, take the same care with your finances. Here are some tips to get you started. Declutter your financial life. Consolidate old accounts-review your finances. More accounts don’t mean more diversification, just more
- [New IRS Scams involving Form W-2 Wages](https://madonia.com/new-irs-scams-involving-form-w-2-wages/) - IRS warns taxpayers of new filing season scams involving Form W-2 wages On March 3, 2023, the Internal Revenue Service issued a consumer alert warning taxpayers of new scams that urge people to use wage information on a tax return to claim false credits in hopes of getting a big refund. The most common scheme,
- [Ways to Protect Your Assets from Future Lawsuits](https://madonia.com/protect-your-assets-from-future-lawsuits/) - Techniques to Shield Your Assets from Future Problems It’s worth learning how to protect your assets. Learn how to implement effective asset protection techniques. The goal of asset protection is to guard against unanticipated future claims, not previously filed claims or ones that are reasonably predictable. So, what should you do? How to Protect Your
- [Asset Protection Tools- Estate Planning Tips to Keep Your Money in the Family](https://madonia.com/asset-protection-tools-estate-planning-tips/) - Utilize Asset Protection Tools Now to Keep Your Money in the Family The prospect of estate planning can seem overwhelming. You need asset protection tools to get your started in the planning process. Financial planners recommend having an estate plan. It can be crucial to ensuring your money and assets go to your intended heirs.
- [Set Goals to Protect Your Family Assets](https://madonia.com/set-goals-to-protect-your-family-assets/) - Protect Your Family Assets and Avoid Probate An easy way to avoid probate when you have substantial assets is to create a trust. A trust outlines what will be done in terms of asset distribution without the courts being involved. While a will distributes your family assets and property after your death, a trust allows
- [IRS Opens 1099 Business Filing Portal](https://madonia.com/irs-opens-1099-business-filing-portal/) - Free Portal for Businesses to File Their 1099 Forms Unveiled by IRS The Internal Revenue Service unveiled a long-awaited online portal Wednesday where businesses will be able to file their 1099 information returns for free. The Information Returns Intake System (IRIS) portal was originally expected to be available on Jan. 9, but after additional testing it
- [Everyone has to Answer Cryptocurrency Question on 2022 Taxes](https://madonia.com/cryptocurrency-question-on-2022-taxes/) - How to Declare Cryptocurrency on Your Tax Form The IRS decided to change the term from "virtual currency" to "digital asset" this year so it would include more than just cryptocurrencies like Bitcoin, but also non-fungible tokens and stablecoins. The change first showed up on the draft version of the Form 1040 that the IRS
- [Generational Asset Protection Planning](https://madonia.com/generational-asset-protection-planning/) - Generational assets are accumulated wealth that can be passed down to your family after you die. When you're ready to work with Chicago estate planning attorneys like Anthony J. Madonia & Associates Ltd., you can include generational assets in your asset protection estate planning. How Generational Asset Protection Works Asset protection works by making sure
- [2023 Gift and Estate Tax Exclusions Increased](https://madonia.com/2023-gift-and-estate-tax-exclusions-increased/) - 2023 Increase to Estate and Gift Tax Exclusions The IRS announced that the annual gift tax exclusion is increasing next year due to inflation. The exclusion will be $17,000 per recipient for 2023 (up from $16,0000. For married couples, the tax exclusions are a combined $34,000. The annual gift tax exclusion is the amount an
- [Changes to Form 1099-K Postponed](https://madonia.com/changes-to-form-1099-k-postponed/) - IRS delays $600 Threshold for Form 1099-K On December 23, 2022, the IRS announced it would delay the implementation of a $600 threshold for filing a Form 1099-K. The Form 1099-K reports transactions involving services such as eBay, PayPal, Venmo, Etsy and third-party settlement organizations (TPSOs). The $600 threshold was scheduled to take effect
- [Including Stepchildren in Your Estate Plan](https://madonia.com/including-stepchildren-in-your-estate-plan/) - Adding Stepchildren to Your Estate Plan Requires Specifics Getting specific is always important in estate planning, but it is especially crucial when it comes to blended families. A stepchild cannot automatically inherit from a stepparent, you must create or update your estate plan as soon as stepchildren enter your life. Neglecting to do so will
- [IRS Issues Reminder for Retirement Plan Withdrawals](https://madonia.com/retirement-plan-withdrawals/) - Retirement Plan Withdrawals for Seniors-Start Now to Avoid Penalties The Internal Revenue Service issued a reminder to those who were born in 1950 or earlier that funds in their retirement plans and individual retirement arrangements face important upcoming deadlines for required minimum distributions to avoid penalties. Required minimum distributions, or RMDs, are minimum amounts that many
- [Tax Concerns Due to Current Legislation](https://madonia.com/tax-concerns-due-to-legislation/) - Tax Concerns as a Result of the Infrastructure Investment and Jobs Act and the Build Back Better Act As we approach the end of the year, recent legislation can impact your tax and wealth management plans. We have reviewed the final Infrastructure and Jobs Act as well as the latest proposed Build Back Better Act.
- [Create Your Family Vision of Wealth](https://madonia.com/create-your-family-vision/) - Create Your Family Vision of Wealth and Make it Personal Having a formalized process allows you to reflect on what is most important to you and your family. It also affords the opportunity to break your vision into smaller goals and objectives so they can be prioritized and successfully completed. But how do you marry
- [2023 Tax Prep Notes: You May Get a 1099-K This Year](https://madonia.com/1099-k-this-year-you-might-get-one/) - Surprise! You May Be the Recipient of a 1099-K Tax Form This Year The IRS and your tax preparers are urging taxpayers to be aware that they may receive a 1099-K tax form this year. Due to a newly lowered threshold, anyone who received payments amounting to $600 and up will receive a 1099-K form
- [Warning Signs of Upcoming Estate Disputes](https://madonia.com/warning-signs-of-upcoming-estate-disputes/) - Identifying Warning Signs for Estate Disputes Estate disputes are becoming increasingly common. These disputes can create new conflicts, inflame old ones, and squander assets that were supposed to make people’s lives better. In 2022, Bloomberg News reported that Americans can expect to inherit $72.6 trillion over the next quarter century—more than twice as much as
- [Building Generational Wealth](https://madonia.com/building-generational-wealth/) - Create a Legacy with Generational Wealth Building generational wealth is about creating a legacy that serves your family for years to come. Generational wealth is the accumulation of assets and property that gets passed down from one generation to the next. Data shows that generational wealth is easy to lose, so much so that most
- [Would Coaching Help Me With My Philanthropic Planning?](https://madonia.com/would-coaching-help-me-with-my-philanthropic-planning-2/) - Yes. Coaching can help with philanthropic planning. Our observation in working with clients is that many people are reactive in their giving to charities not . They respond to solicitations received in the mail, the year-end appeal from charitable organizations to give for tax deductions, and the call from a friend to help with an
- [Do I Need Trademark Protection for My Business?](https://madonia.com/do-i-need-trademark-protection-for-my-business/) - Trademarks play an important role in the branding of products and services. Not only are trademarks crucial to brand recognition, but filing a trademark is a way to protect the value of your brand. Filing a trademark also provides you with legal protections, such as presumed trademark ownership. At Anthony J. Madonia & Associates Ltd.,
- [Professionals Help Families with Children with Special Needs Plan](https://madonia.com/professionals-help-families-with-children-with-special-needs-plan/) - CPAs and Tax Attorneys Help Families with Children with Special Needs Plan For the Future More than ever, it's important for CPAs and financial planners to ask their clients about the presence of a child with special needs in the family. This helps clients begin to create a special needs plan for their child's future.
- [1099-K New $600 Threshold to Hit Many Unsuspecting Taxpayers](https://madonia.com/1099-k-new-600-threshold-to-hit-many-unsuspecting-taxpayers/) - IRS Changes 1099-K Threshold - Will Catch Many Taxpayers by Surprise New to the 2022 tax season is a huge change on the 1099-K threshold from $20,000 in transactions from payment cards and third-party networks to $600. If you own an e-commerce business and use apps like Stripe or Paypal, you may receive a notice.
- [How is My Personal Property Handled in a Trust?](https://madonia.com/how-is-my-personal-property-handled-in-a-trust/) - Learn How Personal Property is Handled in a Trust Personal property such as jewelry, antiques, artwork, family heirlooms, and household effects can be passed on to your beneficiaries through a specific bequest: “I leave my Ming Vase to my sister Betty.” But for most people, it would be overwhelming to try to inventory and choose
- [3 Keys to Managing Business Finances](https://madonia.com/3-keys-to-managing-business-finances/) - Three Steps to Managing Business Finances When it comes to running your business, finances are the most important aspect. They dictate how much you can invest regarding opportunities, who you can hire, and how much profit you have at the end of the day. However, you need to understand the three major keys of business
- [Closing Your Business in Chicago? What You Should Know](https://madonia.com/closing-your-business-in-chicago-what-you-should-know/) - Are you planning on closing your business in Chicago? We know it isn't an easy a decision-closing your business. It may be for retirement, starting a new business venture, financial problems, or only moving to another state away. But the real question is, do you wake up and close the business, or is there a
- [I Thought My Insurance Agent Told Me That Insurance Proceeds are Tax-Free. Did I Miss Something?](https://madonia.com/i-thought-my-insurance-agent-told-me-that-insurance-proceeds-are-tax-free-did-i-miss-something/) - Are My Insurance Proceeds Tax Free? Life insurance is NOT always tax-free. One of the most common misconceptions about life insurance has to do with its tax status. In virtually all circumstances, life insurance proceeds are income tax free. The premiums were paid with after-tax dollars and the death benefit is not subject to income
- [Why Do People Fail To Do Financial Planning?](https://madonia.com/why-do-people-fail-to-do-financial-planning/) - Don't Fail to Do Financial Planning When did you last do your financial planning ? The progress at which financial planning in India is growing is nothing to be proud about. It is no doubt slow and the reasons are many and varied. I have tried to jot down some reasons why people avoid financial
- [Why Should I Care About Planning?](https://madonia.com/why-should-i-care-about-planning/) - Many people consider estate planning to be an act of stewardship. They spend their life maximizing the use of their time, talents, treasure, and trust, not giving a care about planning. They want to ensure that the benefits of this stewardship will continue even after the ability to control has ended. The control and benefit
- [Who Needs Estate Planning?](https://madonia.com/who-needs-estate-planning/) - Beyond the Terms - Who Needs Estate Planning? There are a lot of misconceptions about estate planning. And part of the blame lies with professional advisors who speak a unique planning dialect. We talk about wills, so you may associate estate planning with death planning and distributing assets after you’re gone. And since death usually
- [What Are the 3 Types of Business Trademarks?](https://madonia.com/what-are-the-3-types-of-business-trademarks/) - Business Trademarks Explained by Chicago Business Lawyers A strong trademark will help you establish the uniqueness of your brand and separate you from the competition. A trademark is a word, phrase, symbol, design, or combination of these entities. A successful business cannot thrive without one. The lack of a unique trademark can ruin your chances
- [With So Many Advisors, Will I Maintain Control of My Finances?](https://madonia.com/with-so-many-advisors-will-i-maintain-control-of-my-finances/) - Do I Need a Team of Advisors? What if I lose Control? Thinking about your financial future doesn’t have to be frightening or stressful. When you’re backed by the right team of professionals, you can breathe easy and know that you are on your way to achieving your financial goals. Do you need a team
- [Do I Have to Fund All of My Assets into My Trust?](https://madonia.com/do-i-have-to-fund-all-of-my-assets-into-my-trust/) - Which of My Assets need to Be Included in My Trust? Most estate planning attorneys would encourage you to fund all of your assets into your trust, either by change of ownership, or by change of beneficiary as mentioned above with retirement plans. A revocable living trust can control only those assets which are titled
- [Being Prepared for a Pandemic: Why You Need to Have Your Will Ready](https://madonia.com/being-prepared-for-a-pandemic-why-you-need-to-have-your-will-ready/) - Take the Steps to Being Prepared with Your Will and Beyond The pandemic has shown to millions of people how fragile that daily life can be. People no longer take their health and safety for granted. They also realize now that they need to lay safeguards to protect their families. One of the best
- [Don't Be Fooled! How to Avoid IRS Scams](https://madonia.com/dont-be-fooled-how-to-avoid-irs-scams/) - Avoid IRS Scams By Understanding How They Would Actually Contact a Taxpayer With continuing phone and in-person scams taking place across the country, we want to share information about how the IRS would contact you, so you know it’s really them. Review these scenarios to avoid IRS scams. In most instances, the IRS sends a
- [New Ordinance Requires Written Contract for Domestic Workers](https://madonia.com/use-reliable-legal-help-to-create-a-working-contract-for-your-domestic-workers/) - New Chicago ordinance requires employers of domestic staff to provide a contract.
- [The Basics About Copyright Infringement](https://madonia.com/the-basics-about-copyright-infringement/) - What You Need to Know About Copyright Infringement The copyright law of the United States has a long and complicated history, dating back to colonial times. It was established as federal law with the Copyright Act of 1790. This act was updated many times, including a major revision in 1976. Over 150 years ago, Thomas
- [Who are Trustees, and What Do They Do?](https://madonia.com/who-are-trustees-and-what-do-they-do/) - Name a Trustee you Say? Trustees are those individuals or entities named in a trust agreement to administer the trust. Trustees are required to manage and invest trust property. They also distribute the trust property to certain individuals (the beneficiaries) based upon the instructions contained in the trust. Trusts often last for years or even
- [Corporate Counselors: How It Can Help](https://madonia.com/corporate-counsel-how-it-can-help/) - Corporate Counselors and Counsel Ways It Can Help In business, you need to have the right strategy. It is no different when it comes to your legal resources. If you do not have a strategy in place, you could end up missing out on opportunities and putting yourself at more risk than you need to.
- [How Can I Prepare For Estate Planning?](https://madonia.com/how-can-i-prepare-for-estate-planning/) - Prepare for Estate Planning 101 There's more to estate planning than simply writing a will. Accounting for all of your assets and wishes will ensure your plan is executed smoothly after your death. So, how do you prepare for estate planning? What is the process and how do I get started? Thorough planning means accounting
- [Should I Make My Will Online?](https://madonia.com/should-i-make-my-will-online/) - There are several websites that offer to make you a will quickly and at a low cost. Making a will online can be tempting, but before making the decision to use these services rather than hire a lawyer, there are a few things to consider. 1. Lack of Guidance When you complete an online will,
- [How Does the Planning Team Work Together?](https://madonia.com/how-does-the-planning-team-work-together-2/) - Learn How a Planning Team Works What is a planning team and why do I need one? Do I assemble this dream team or are there ones already in place that I can work with? Let us explain one of the new ways to do estate planning. Imagine that you are going to build your
- [Is Build Back Better Born Again?](https://madonia.com/is-build-back-better-born-again/) - Looking at Build Back Better - Part 2 In a surprise to most everyone, Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Joe Manchin, D-West Virginia, announced the Inflation Reduction Act of 2022 (or is it Build Back Better Redux), a proposed reconciliation bill. Manchin is known for blocking previous attempts to pass Build Back
- [IRS Announces Penalty Relief](https://madonia.com/irs-announces-penalty-relief/) - Penalty Relief Now Offered By IRS for Late Filers The Internal Revenue Service announced it is providing penalty relief to most individual and business taxpayers who filed their 2019 or 2020 returns late due to the COVID pandemic, while refunding $1.2 billion in penalties to nearly 1.6 million taxpayers who filed late. They issued Notice
- [What is a Donor-Advised Fund?](https://madonia.com/what-is-a-donor-advised-fund/) - An alternative to a family foundation is a donor-advised fund. Many brokerage firms and investment companies offer their own versions of donor-advised funds. These funds are established as public charities and contributions are tax deductible as charitable gifts. They can be established with a relatively small contribution (many require an initial gift of only $5000)
- [What's Involved in Estate Planning?](https://madonia.com/whats-involved-in-estate-planning/) - Get to Know the Particulars of Estate Planning and What is Involved Estate planning begins when you clarify and define your goals. But what is involved in estate planning. Typically, your estate planning attorney and other advisors will need to gain a deep understanding of your core values and beliefs, and the dynamics of your
- [What is the Role of an Insurance Specialist?](https://madonia.com/what-is-the-role-of-an-insurance-specialist/) - Get to Know Your Insurance Specialist Many advisors use life and long term care insurance as tools in an estate plan. Life insurance may be used for income replacement at the death or disability of a breadwinner, as a way to create an inheritance, to replace assets that are given to charity, or to pay
- [What is the Gift Tax and Why do We Have One?](https://madonia.com/what-is-the-gift-tax-and-why-do-we-have-one/) - The Gift Tax - What it is and Why We Have One The gift tax is a tax the federal government imposes on an individual for gifts made during lifetime. The tax will apply to an outright gift or a gift to a trust. The reason we have such a tax is to prevent individuals
- [What is the Generation Skipping Transfer Tax?](https://madonia.com/what-is-the-generation-skipping-transfer-tax/) - What Is the Generation Skipping Transfer Tax (GSTT)? Estate planning can help you pass on assets to your heirs while potentially minimizing taxes. When gifting assets, it’s important to consider when and how the generation-skipping tax transfer (GSTT) may apply. Also called the generation-skipping tax, this federal tax can apply when a grandparent leaves assets
- [Equity Do's and Don'ts](https://madonia.com/equity-dos-and-donts/) - The Do's and Don'ts of Equity Property values and equity can be overwhelming for a person who is unfamiliar with how they work. These are two concepts that are important to know for estate planning. So, a property owner should understand what they mean and how they apply to them. Equity is an asset that
- [Who Should I Select as Trustee of My Trust?](https://madonia.com/who-should-i-select-as-trustee-of-my-trust/) - How To Selecting Someone as Trustee of Your Trust What is a Trustee and How do you Choose One? Select as trustee anyone you feel can do the job. But how do you figure that out. Having someone to manage your estate when you are gone is an important decision, and one that should not
- [Why You Need Representation in Tax Court](https://madonia.com/why-you-need-representation-in-tax-court/) - A Brief Explanation of Why You Should Have Representation in Tax Court Do you have a dispute with the IRS that's headed to tax court? Don't try to take on the IRS on your own. You need to work with tax lawyers in Chicago like Anthony J. Madonia & Associates.If your tax dispute is headed
- [We Welcome Gregory P. Turza for Expanded Estate Planning Resources](https://madonia.com/new-estate-planning-lawyer-turza/) - Welcome to Greg Turza, Esq. As we continues to expand our estate planning services, AJM&A, Ltd. welcomes friend and colleague Gregory P. Turza, formerly of Legacy Laws. Turza has been a lawyer for nearly 50 years with a focus on estate planning and estate administration. Turza will bring his client base over to AJM&A as
- [What is the “Unlimited Marital Deduction?”](https://madonia.com/what-is-the-unlimited-marital-deduction/) - Explain Unlimited Marital Deduction for Me The definition of unlimited marital deduction is a provision in the U.S. Federal Estate and Gift Tax Law that allows an individual to transfer an unrestricted amount of assets to their spouse at any time, including at the death of the transferor, free from tax. The unlimited marital deduction
- [Should the Same Person Who is Raising My Children Also be in Charge of the Financial Assets?](https://madonia.com/who-should-be-in-charge-of-the-financial-assets/) - Financial Assets-Who Should Be in Charge? Sometimes the people who are the most nurturing are not necessarily the best at handling money. Although the person you name as Guardian of your minor children can also serve as Trustee of your trust that may not be the best solution. It’s easy to see that filling the
- [Will Drafting Requirements in the State of Illinois](https://madonia.com/will-drafting-requirements-in-the-state-of-illinois/) - What Are the Will Drafting Requirements in Illinois? When preparing a will, it is important that it complies with all of the legal requirements. Failure to comply with the legal requirements could nullify the will in part or eve its entirety. To ensure that your will is valid and addresses all of the issues that
- [Understanding Elder Law](https://madonia.com/understanding-elder-law/) - As thousands of baby boomers become senior citizens on a daily basis, the concepts of skilled nursing, assisted living, DNR, living will, healthcare proxy are not just ideas, but a reality many will face. Thousands will need help with some degree of care. How the future pans out depend upon one's preparation in the present.Advanced
- [Misconceptions About Estate Planning -What You Thought You Knew but Really Didn’t](https://madonia.com/misconceptions-about-estate-planning/) - Misconceptions about Estate Planning -What to avoid? Common estate planning misconceptions come when people know the concept but aren’t very clear on the specifics involved. These myths can result in people to believing that an estate plan is unnecessary. By debunking common estate planning myths, individuals can then embrace the need to protect their vulnerable
- [Family Trust -An Easy Guide to Understanding Them](https://madonia.com/easy-guide-for-family-trust/) - Understanding a Family Trust A Family Trust is a good idea to ensure your legacy and benefits for your loved ones. It is a legally binding Estate Planning tool that’s set up to financially protect and benefit you and your family. The purpose is to establish a way for your family to reap direct financial
- [What Happens if My Trustee Fails to Follow the Terms of My Trust?](https://madonia.com/what-happens-if-my-trustee-fails-to-follow-the-terms-of-my-trust/) - What Would Happen if My Trustee Doesn't Carry Out Their Duties? If the trustee still will not comply, the court could hold him in contempt. If they continues to refuse to comply, the court may also remove them from his position. During an estate administration, a trustee’s failure to comply with the trust terms is
- [What is the Federal Estate Tax?](https://madonia.com/what-is-the-federal-estate-tax/) - Learn the Facts: Federal Estate Tax At the end of 2010, Congress passed the ‘‘Tax Relief, Unemployment Insurance Preauthorization, and Job Creation Act of 2010.” Special provisions apply to those who died in 2010. In 2011 and 2012, there was an exemption amount from federal estate tax of $5 million and $5.12 million per person
- [You Mean There are State Death Taxes Too?](https://madonia.com/you-mean-there-are-state-death-taxes-too/) - Are There State Death Taxes? That depends. Some states have a separate death tax and some do not. Historically, for those states that have a state death tax, the tax is either independent of the federal estate tax system or tied to the federal estate tax system. In those states that have an independent death
- [What is the Difference Between an Insurance Agent and an Insurance Broker?](https://madonia.com/what-is-the-difference-between-an-insurance-agent-and-an-insurance-broker/) - Insurance Agent vs. Broker: What's the Difference? Insurance agents and brokers are professionals who sell insurance. They may choose to specialize in a certain area, such as property and casualty insurance (P&C), which protects businesses against lawsuits and property losses. Both agents and brokers are licensed in the state where they operate and must comply
- [What Role Does the Attorney Have in Planning?](https://madonia.com/what-role-does-the-attorney-have-in-planning/) - What Role Does an Attorney Have in Estate and Financial Planning? The attorney will participate with your financial advisor and CPA in the discovery of information and clarification of those objectives you wish to accomplish. Once plan design is agreed upon, the attorney will draft the proper documents to make them legal and binding. How
- [Would Coaching Help the Estate Planning Process?](https://madonia.com/would-coaching-help-the-estate-planning-process-2/) - Estate Planning Process Has Coaching? Absolutely! Many people procrastinate in going to their estate planner. Many who start the estate planning process never complete it. Many who complete the process do not keep it current by revisiting it periodically, leaving wishes and people in their documents that are no longer relevant in their lives. Why?
- [What Are the Steps to Contesting a Will?](https://madonia.com/contesting-a-will/) - Contesting 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
- [What Happens if One of My Team Members Retires, or Closes Their Business?](https://madonia.com/what-if-one-of-my-team-members-retires-or-closes-their-business/) - I have a Financial Team but What is One Retires Let's review my team first and then ponder what if one retires. Here is my Team. The answer depends a bit on who you are, what your life situation is and what your goals are. Here are some guidelines. Financial Advisor-Similar to a primary care
- [What is the Best Way to Communicate With My Advisory Team?](https://madonia.com/what-is-the-best-way-to-communicate-with-my-advisory-team-2/) - What is the Best Way to Communicate With My Advisory Team? It's Your Financial Advisory Team-You need to find the best way to communicate with them. Who Should Be on Your Team? The answer depends a bit on who you are, what your life situation is and what your goals are. Here are some guidelines:Financial
- [Emergency Coronavirus Stimulus Packages I and II](https://madonia.com/emergency-coronavirus-stimulus-packages-i-and-ii/) - Overview of the Emergency Coronavirus Stimulus Packages I and II On March 6, 2020, President Trump signed an emergency spending bill to aid in the United State’s response to COVID-19. This law is known as H.R.6074 - Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020. This spending bill allocates approximately $8.3 billion dollars to assist
- [Will the Debt Ceiling Crisis Impact Your Finances?](https://madonia.com/will-the-debt-ceiling-crisis-impact-your-finances/) - Will 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
- [What are Some Common Approaches of Coaching to Financial Planning?](https://madonia.com/what-are-some-common-applications-of-coaching-to-financial-planning/) - Learn the Common Approaches of Coaching to Financial Planning The following are a few of the potential coaching applications that can be addressed in a financial planning setting: Money vs. Meaning The trade-off between money and meaning is one that has been going on for centuries. A few issues include: If you don’t have money,
- [What are the Costs of Failing to Plan Financially?](https://madonia.com/what-are-the-costs-of-failing-to-plan-financially-2/) - Failing to plan can result in both emotional and fiscal costs. "If you fail to plan, you are planning to fail" Benjamin Franklin’s quote applies to many choices we make – including personal finances. If we don’t take his message to heart, then a lack of planning can be costly. There are traditionally two paths one will
- [What is Financial Planning?](https://madonia.com/what-is-financial-planning/) - What is Financial Planning? Financial planning is probably one of the most future-oriented activities in which you will participate during your lifetime. Because it looks ahead to the unknown, it can also be an intimidating task. It requires you to determine where you want to be financially at different points in time in the years
- [Offering Benefits](https://madonia.com/offering-benefits/) - I have a small company. we want to start offering benefits. What are my options? Any benefit provided will enhance employee retention. There are companies across the United States that specialize in benefits planning for small businesses. In addition to the usual insurance plans for life, health, dental, vision, and disability, there are a wide
- [What is an Irrevocable Life Insurance Trust?](https://madonia.com/irrevocable-life-insurance-trust/) - The Irrevocable Life Insurance Trust What You Need to Know An Irrevocable Life Insurance Trust (ILIT) is probably the most frequently used type of irrevocable trust. It’s an irrevocable trust that you can establish to own a life insurance policy on your life. If you personally own a life insurance policy, the policy proceeds will
- [IRS Simplifies Extend Time for Tax Exclusion](https://madonia.com/tax-exclusion-updated/) - Extend Time for Tax Exclusion Updated The Internal Revenue Service has posted a revenue procedure to give widows and widowers the ability to file for an extension of time on a tax exclusion beyond the fifth anniversary of their spouse’s death. Revenue Procedure 2022-32, released Friday by the IRS, provides a simplified method for certain
- [ILIT Useful for Anything Else Besides Keeping Insurance Proceeds Out of the Estate?](https://madonia.com/is-the-ilit-useful/) - ILIT Useful in Many Ways An Irrevocable Life Insurance Trust or ILIT is created to own and control a term or permanent life insurance policy or policies while the insured is alive. ILIT is useful to manage and distribute the proceeds that are paid out upon the insured’s death. The parties in an ILIT are
- [What is a Disclaimer?](https://madonia.com/what-is-a-disclaimer/) - Learn About Legal Disclaimers A disclaimer is an irrevocable refusal to accept an interest in property. In other words, it is the legal way of saying “no thank you.” The effect of a disclaimer is that the disclaimed property will be treated as if it had never been transferred to the person making the disclaimer.
- [Are My Assets Are At Risk if My Beneficiaries Die?](https://madonia.com/what-happens-to-my-assets/) - What Happens to My Assets if None of the Beneficiaries Named in My Living Trust Survive Me? Your living trust should include an “ultimate distribution” provision that addresses the unlikely scenario that all of your beneficiaries—typically your spouse, children or grandchildren—do not survive you. What is sometimes referred to as a the “family disaster” provision
- [My Husband Did Not Have a Revocable Living Trust.](https://madonia.com/revocable-living-trusts/) - A Scenario about Revocable Living Trusts My Husband Did Not Have a Revocable Living Trust. Why do I need revocable living trusts? If my husband only had a will and there were no big problems when he passed away isn't that enough? This specific situation would need to be reviewed by your professional advisors-they might
- [How Do I Plan for My Adult Children?](https://madonia.com/plan-for-my-adult-children/) - Important Parts of Estate Planning What Things Should I Consider as I Plan for My Adult Children? Like every other part of your plan, you should start by determining your children’s needs and your specific goals for their future.” Fair is not always equal and equal is not always fair,” is a common estate planning
- [One of My Professional Advisor Says I don’t Need a Revocable Living Trust](https://madonia.com/professional-advisor-says-i-dont-need-a-revocable-living-trust/) - My Professional Advisor Says I don’t Need a Revocable Living Trust It’s not uncommon for a professional advisor such as attorney, financial and insurance advisor or CPA to think of estate planning as pertaining only to finances, avoiding probate, or reducing taxes. That is the focus of the training most have experienced. Therefore if you
- [I’ve Been Told That Even if I Plan with a Revocable Living Trust, I’ll Still Need Something Called a Pour-Over Will. What is That?](https://madonia.com/plan-a-revocable-living-trust/) - Questions about Revocable Living Trust I’ve Been Told That Even if I Plan with a Revocable Living Trust, I’ll Still Need a Pour-Over Will. The Pour-Over Will serves as a safeguard in case an asset gets left outside of your trust. It’s not uncommon to find that in the process of funding a trust (changing
- [I’ve Created and Funded My Living Trust - What do I Need to do to Maintain It?](https://madonia.com/maintain-my-living-trust/) - How to Maintain My Living Trust It is simply not enough to create a living trust, no matter how well designed and drafted. You need to maintain the living trust as well. Changes in your personal and financial circumstances, changes in the law, and changes in your attorney’s knowledge and experience, affect the long-term viability
- [Can My Spouse be a Trustee of the Family or Marital Trusts?](https://madonia.com/can-my-spouse-be-a-trustee-of-the-family-or-marital-trusts/) - Yes, but naming the surviving spouse, as a Trustee should be done only after reviewing all the facts and counseling with your advisors. In a “first time” marriage where both spouses have great confidence in each other, it is common for the surviving spouse to be designated as a Trustee of the Family and Marital
- [Is the IRS Auditing More Wealthy Taxpayers?](https://madonia.com/irs-auditing-more-wealthy-taxpayers/) - The Internal Revenue Service issued a statement that it is auditing tax returns for the highest-earning taxpayers much more aggressively than it has in the past decade. Reports on IRS auditing comes amid sharp criticism from Congress over lagging audit numbers. There seems to be a disconnect between the IRS reports and the Government Accountability
- [The Time to Update Your Will is Now](https://madonia.com/time-to-update-your-will-is-now/) - Can'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
- [Getting Ready for College with the Right Legal Documents](https://madonia.com/legal-documents-help-you-get-ready-for-college/) - Legal Documents - Are you Ready to Send Your Child to College? If you have a student going off to college for the first time or already living away at school, be sure you have certain important documents in place. Specifically, a medical power of attorney and a HIPAA release for college students. These key
- [IRS Backlog Update for 2022-Returns are being processed!](https://madonia.com/irs-backlog-update-for-2022/) - IRS Backlog Update for 2022-Returns are being processed! The IRS is still digging through millions of unprocessed tax returns. The IRS backlog, created by years of budget cuts, understaffing, pandemic-related office closures and added duties, should be resolved before December according to IRS Commissioner Charles Rettig. In a statement issued June 2022, the IRS said
- [What is Philanthropic Planning? Why Do I Need a Lawyer?](https://madonia.com/what-is-philanthropic-planning-why-do-i-need-a-lawyer/) - Philanthropic Planning - Where to start? Why Do I Need a Lawyer? Philanthropic planning goes further than an estate plan. It’s a representation of who you are and what you believe in, so take the time to think it through with specific goals to create a lasting legacy. Individuals who have vast wealth often want
- [I Have a Child Who Has Led a Lifestyle With Which I Disagree.](https://madonia.com/i-have-a-child-who-has-led-a-lifestyle-with-which-i-disagree/) - I don’t want to provide for that child upon my death-I don't like their lifestyle. Can I disinherit that child by providing that he is only to receive $1.00? Your children do not have a legal right to your estate. You can leave it to anyone you desire, and disinherit anyone you want to. You
- [What Happens to the an Irrevocable Life Insurance Trust or ILIT When I Die?](https://madonia.com/ilit-when-i-die/) - What about my ILIT when I die? At your death, the death benefits are payable to the ILIT, because the ILIT is not only the owner of the policy, it is also the beneficiary. The death benefits are then held and administered by the Trustee according to the ILIT’s specific terms. The trustee can use
- [Can the Irrevocable Life Insurance Trust Last Forever](https://madonia.com/can-the-irrevocable-life-insurance-trust-last-forever/) - Depending upon state law, a life insurance trust can last as long as any other trust, including dynasty trusts. If the ILIT is a dynasty-type ILIT, it will be subject to generation-skipping transfer taxes as discussed in Chapter 4. However, your generation skipping transfer tax exemption can be applied against the amount contributed to the
- [Gifting Annual Exclusion Amounts](https://madonia.com/gifting-annual-exclusion-amounts/) - I’ve Created an Irrevocable Trust and am Interested in Gifting Annual Exclusion Amounts to Decrease my Taxable Estate, but I am Gifting in Disproportional Amounts for Each of the Children’s Families. Isn’t This Giving Unequal Amount to My Children? When considering the nuances of gifting annual exclusion amounts, many questions like this arise. According to
- [What is “Living Probate?”](https://madonia.com/what-is-living-probate/) - Explaining living probate: Living Probate is a term used to describe what happens to those who become mentally incapacitated without proper planning in place. Living probate is the legal proceeding required to put a guardianship in place for a person who can no longer manage his own affairs or make decisions about his care. If a
- [Financial life Planning...How Do You Integrate Life Planning and Financial Planning?](https://madonia.com/financial-life-planning/) - Do you know about financial life planning? Integrating a life coach into a comprehensive financial plan can transform your retirement planning experience. Once you are financially and emotionally prepared, making the decision to retire is empowering. The end result is something we all aspire to…a more fulfilling and enjoyable life. Financial life planning is a
- [Why Integrate Life Coaching and Financial Planning?](https://madonia.com/why-integrate-life-coaching-and-financial-planning/) - Integrate Life Coaching Into Retirement Planning While financial planning and life coaching have traditionally been independent of each other, integrating the two can be extremely beneficial. It is time to integrate life coaching into your financial planning. By working through your plan more comprehensively, you will feel more comfortable and confident in making the transition.
- [I Often Hear the Term “Wealth Management" the Same as Financial Planning?](https://madonia.com/i-often-hear-the-term-wealth-management-is-that-the-same-as-financial-planning/) - Is wealth management the same as financial planning? The term “wealth management” means different things to different advisors. However, in most cases it encompasses a broad approach to assisting individuals and families to accomplish their financial goals. Specific disciplines within the wealth management process may include financial planning, investments, risk management, and estate and legacy
- [How Do I Prepare for Financial Planning?](https://madonia.com/how-do-i-prepare-for-financial-planning/) - Time to prepare for financial planning The most important part of a financial plan is deciding what matters most to you-this is step one as you prepare for financial planning. Your financial planner should provide you with a comprehensive set of questions on a wide range of topics to help you shape your answers. Take
- [What Are the Costs of Financial Planning?](https://madonia.com/what-are-the-costs-of-financial-planning/) - Costs of Financial Planning Financial planners can get paid in a variety of ways. None of these compensation methods are necessarily better than another but it is important to understand the costs of financial planning. The important thing is to have a clear explanation and understanding about how your particular advisor is paid, including full
- [How Can I Find A Qualified Financial Planner?](https://madonia.com/how-can-i-find-a-qualified-financial-planner/) - Finding a Financial Planner Qualified to Handle Your Estate The birth of the financial planning industry started with salesmen of financial products including specific investments, life insurance, and annuities. Sales professionals performed some planning on behalf of their customers in order to determine their needs and select suitable products. This planning was usually performed at
- [How Do I Find a Qualified Financial Planner or Investment Advisor?](https://madonia.com/how-do-i-find-a-qualified-financial-planner-or-investment-advisor-2/) - I need to find a financial planner qualified to handle my estate. Ideally, you would be referred to someone that a trusted advisor recommends - a qualified financial planner. A trusted advisor could be a member of your family, your CPA or attorney, or a friend or colleague. You may not have a trusted advisor
- [When a Disclaimer Might be Used?](https://madonia.com/when-a-disclaimer-might-be-used/) - I Don’t Need the Money From My Father, and I’d Like to Pass it to My Children Instead, Without Any Adverse Tax Consequences. Is that when to a disclaimer might be used? Yes. A qualified disclaimer could be the perfect tool to accomplish this goal. If you disclaim your interest in the inheritance after your
- [A Business from Your Passion or Talent is a Possibility](https://madonia.com/a-business-from-your-passion/) - Can 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
- [Why Do People Fail To Do Estate Planning?](https://madonia.com/why-do-people-fail-to-do-estate-planning/) - Have You Failed to Do Estate Planning? People invariably fail to plan due to misconceptions about the process. As mentioned above, some people view estate planning as “death planning;” an event about which few people want to think. It’s hard for most of us to face our mortality and the brevity of life. Others believe
- [What Are The Goals Of Estate Planning?](https://madonia.com/what-are-the-goals-of-estate-planning/) - How to Define the Goals of Your Estate Planning Estate planning goals will, of course, vary from family to family, and depend on the things you find important. Generally speaking, estate planning is designed to allow you to give what you own to whom you want, when you want, and the way you want. In
- [Should I Do My Own Estate Planning?](https://madonia.com/should-i-do-my-own-estate-planning/) - DIY or Do My Own Estate Planning-Is it a Good Idea Today there are limitless software programs and books that promote doing your own estate plan. Websites and self-help companies will sell forms claiming to help you create your own estate plan almost for free! Although it may be tempting to do so, you should
- [Dissolving Business Partnerships](https://madonia.com/dissolving-business-partnerships/) - 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
- [Covid-19 Update](https://madonia.com/covid-19-update/) - The latest Covid-19 Update We hope that you and your family are safe and healthy as we all embrace the changes that COVID-19 has brought. There is a variety of Covid-19 Updates that we wanted to share with you. As of today, our office is closed, there are no staff members there that is our
- [Time to Spring Clean Your Finances Says Chicagoland Law Firm](https://madonia.com/chicagoland-law-firm-spring-cleaningfinancial-spring-cleaning/) - Suggested 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
- [Five Errors in Estate Planning that are Executor Mistakes](https://madonia.com/executor-mistakes/) - So 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
- [HSA limits for 2023 Rise as Part of Tax Code Changes](https://madonia.com/irs-2023-hsa-limits-new-tax-code/) - 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
- [Tax-related identity theft is a concern during holiday season warn the IRS](https://madonia.com/tax-related-identity-theft-is-a-concern-during-holiday-season/) - Tax-related identity theft is a concern during holiday season warn the IRS The Internal Revenue Service, state tax authorities and the tax preparation industry are working to highlight the dangers of tax scams and identity theft at this time of year calling it National Tax Security Week. Taxpayers and tax professionals need to beware of
- [The Impact of Inflation on Estate Planning](https://madonia.com/inflation-estate-plan/) - Can 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
- [Proposed Tax Code Changes Will Impact Estate Planning](https://madonia.com/tax-code-changes-impact-estate-planning/) - As 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
- [The $600 Question-Will the IRS Be Tracking Your Expenses?](https://madonia.com/will-the-irs-be-tracking-your-expenses/) - What is the happening with the IRS tracking Expenses? Part of the Build Better Back Plan, proposed by the Biden administration, has people scratching their heads in confusion. Mostly due to a component of the plan to beef up IRS auditing. The administration wants to expand the agency’s funding and power. The proposal would require
- [Financial Literacy Tips from Estate Planning Attorney](https://madonia.com/financial-literacy-tips-on-wealth-planning-from-estate-attorney/) - 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
- [IRS Having Difficulty Processing Power of Attorney Forms](https://madonia.com/irs-having-difficulty-processing-power-of-attorney-forms/) - The 2021 tax season is open! It is promising to bring a host of challenges. Tax professionals are largely ready to forge ahead to help their clients get through it, but now they may have trouble getting power of attorney forms processed. The IRS is still dealing with a backlog of millions of tax returns,
- [The State of The Estate Tax](https://madonia.com/the-state-of-the-estate-tax/) - The State of The Estate Tax 2021 was aflutter with drama about the future of the estate and gift tax. Yet despite all the proposals that floated through both chambers of Congress, the estate tax is ending the year right where we started -the only change is to account for inflation. Why was there such
- [Time to Start Investing](https://madonia.com/time-to-start-investing/) - The Time to Start Investing is Now Does the thought of funds and portfolios make you start to sweat? Do you think investing is only for the rich? Don’t let excuses or fear cause you to skip out…investing is a great way to grow your wealth. We can all get behind that concept. These days
- [New Income Tax Law Changes - What You Need To Know](https://madonia.com/new-income-tax-law-changes-what-you-need-to-know-2/) - The new income tax law changes will affect your financial plans whether you are an unmarried, married individual, trust, or estate with taxable income. It is important to understand the new tax rate and how it will affect your long-term and short-term financial goals. Here is what you need to know about the new income
- [What is Legacy Planning?](https://madonia.com/what-is-legacy-planning/) - Legacy planning encompasses the financial, legal, and emotional aspects of preparing for death. It's important to take care of your family's well-being after you've passed away by making sure their needs are met. One common way to do this is through a will or trust because it outlines who gets what assets when someone passes
- [A step by step guide to closing your business](https://madonia.com/a-step-by-step-guide-to-closing-your-business/) - Starting 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.
- [What is Life Coaching?](https://madonia.com/what-is-life-coaching/) - Coaching started in an organizational environment as a way of helping people advance in their careers. Business leaders saw the benefit of drawing out a person’s gifts and strengths to be used to advance the needs and goals of the business. Coaching has evolved over time, and is now used outside the business setting as
- [What is the Difference Between Financial Advice and Financial Coaching?](https://madonia.com/what-is-the-difference-between-financial-advice-and-financial-coaching/) - Most professionals that work on your financial and legal affairs are providing you with advice. The Webster Dictionary defines advice as: “recommendation regarding a decision or course of conduct.” In this arrangement, most of the time you have already determined the problem or issues to which you would like a solution and you are coming
- [Employee Rights: What You Need to Know](https://madonia.com/employee-rights-what-you-need-to-know/) - Many employees underestimate their legal rights in the workplace. Though it's true that employers enjoy tremendous leverage over employees in terms of career advancement, pay, and job security, state and federal law recognize that employees must enjoy certain rights. These rights arise from statutes as well as contracts. For more information on employee rights in
- [Why You Should Have an Attorney for Venture Capital Issues](https://madonia.com/why-you-should-have-an-attorney-for-venture-capital-issues/) - When it comes to the business world, venture capital is in a category all its own. You need to approach it with the right strategy; if not, you could have huge issues on your hands. That is why you want to have Chicago Illinois business lawyers on your side at Anthony J. Madonia & Associates.
- [Why is it Better to Pay Gift Taxes Rather Than Estate Taxes?](https://madonia.com/why-is-it-better-to-pay-gift-taxes-rather-than-estate-taxes-2/) - You may hear an advisor refer to gift and estate taxes as being “tax exclusive” or “tax inclusive,” respectively. This terminology is sometimes confusing, and may be better understood by saying that a gift is tax exclusive, because the taxes due are not subtracted from the gifted amount going to the heirs, but are paid
- [How Does Your Level of Wealth Impact Your Planning?](https://madonia.com/how-does-your-level-of-wealth-impact-your-planning/) - The greater your level of wealth, the less concern you have about meeting basic needs such as food and shelter, and the more freedom you have to pursue personal growth, achievement, and a personal legacy. Abraham Maslow developed a hierarchy of human needs that provides a corollary to a person’s financial planning needs (see chart
- [What Does the Financial Life Planning Process Look Like?](https://madonia.com/what-does-the-financial-life-planning-process-look-like-2/) - You should create your life plan before you create your financial plan. Where life plans are created to help clients achieve their dreams, financial plans are developed to help clients achieve their life plans. One approach to integrating financial planning and life planning might follow this 4-step process: Purpose—Clarify where you want to go Vision—Paint
- [How Can I Use a Living Trust to Plan for my Possible Disability?](https://madonia.com/how-can-i-use-a-living-trust-to-plan-for-my-possible-disability/) - One of the most important reasons for having a revocable living trust is to plan for a possible incapacity. With improvements in health care and lifestyle, more people are living longer. With this increase in lifespan, the likelihood of becoming incapacitated some time before death is greater than ever. The most important part of estate
- [Who Will Raise My Children if I Die While They are Still Minors?](https://madonia.com/who-will-raise-my-children-if-i-die-while-they-are-still-minors/) - Some people think that estate planning is for millionaires. In fact, if you have any assets at all, or if you have minor children, estate planning is just as important for you. Not only does the process deal with how assets are distributed at your death, but perhaps more importantly who will raise your children

## Pages

- [Home New](https://madonia.com/) - Welcome to the website for Anthony J. Madonia & Associates. When you work with Anthony J. Madonia & Associates, you work with the best.
- [Anthony J. Madonia & Associates, Ltd. - About Us](https://madonia.com/about-us/) - Meet AJM&A’s expert attorneys, paralegals and other firm personnel. Learn more about our team’s experience and expertise today, you will see how we can help you
- [In the Community](https://madonia.com/in-the-community/) - Review this round up of the many local entities we support. Anthony J. Madonia & Associates believe in giving back to the communities in which we live and work.
- [Michaela Allen, Esq](https://madonia.com/about-us/michaela-allen-esq/) - Michaela Allen Esq - Experienced Legal Professional-we are thrilled to add a new attorney to the firm to add to the level of service to our clients
- [Jeffrey Paprocki, CPA](https://madonia.com/about-us/jeffrey-paprocki-cpa/) - Meet Jeffrey Paprocki, CPA, a tax and underwriting expert with years of experience. Trust him for reliable tax strategies and expert advice at AJM&A!
- [Taxation and Tax Attorneys](https://madonia.com/practice-areas/taxation/) - Our Chicago area attorneys offer experienced counsel in practice areas including business law, tax and estate planning, business startup services, and taxation.
- [Business & Corporate Law](https://madonia.com/practice-areas/business-corporate-law/) - Our business lawyers help clients form companies, negotiate contracts, and handle transactions with long-term legal and tax strategies. Contact us
- [Practice Areas](https://madonia.com/practice-areas/) - Our attorneys offer counsel in practice areas including business law, estate planning, litigation, business startup services, and taxation.
- [Anthony J. Madonia, Esq.](https://madonia.com/about-us/anthony-j-madonia-estate-planning-lawyer/) - Anthony J. Madonia is an Attorney and Certified Public Accountant. Expert Chicago estate planning services by Anthony Madonia.
- [Patricia Wagner](https://madonia.com/about-us/patricia-wagner/) - Patty Wagner is a paralegal at Anthony J. Madonia & Associates, Ltd. She has a varied legal background that includes Estate Planning and other practice areas.
- [Erica Tasso](https://madonia.com/about-us/erica-tasso/) - Paralegal Erica Tasso is part of the AJM&A legal team. She has years of paralegal experience and is very competent. Tasso handle all aspects of Estate Planning.
- [Real Estate Law](https://madonia.com/practice-areas/real-estate-law/) - We combine legal skill with tax and business insight to help clients in Schaumburg, Illinois, and across the Chicago area handle real estate challenges.
- [Dee Rush, Accountant](https://madonia.com/about-us/dee-rush/) - Dee Rush, Accountant and key figure serving the AJM&A client base in Kansas, is our resident expert in Quickbooks inspiring competence and innovation.
- [Patrick O'Brien, CPA](https://madonia.com/about-us/patrick-obrien-cpa/) - Meet Patrick O’Brien, CPA—AJM&A’s tax expert with 20+ years of experience. Let him guide you through tax planning & compliance today!
- [Payment](https://madonia.com/payment/) - This is our Payment page to pay your bill online. 3% Credit card processing fee applied but debit card, e-check, apple or Google pay have no fee.
- [Valentine Poem Contest](https://madonia.com/valentine-poem-contest/)
- [Home - Anthony J. Madonia & Associates, Ltd.](https://madonia.com/home/) - Welcome to the website for Anthony J. Madonia & Associates. When you work with Anthony J. Madonia & Associates, you work with the best.
- [Videos](https://madonia.com/videos/) - Links to valuable videos that will help you better understand the various legal practice areas we provide to our clients.
- [Contact Us](https://madonia.com/contact-us/) - This is the contact page for Anthony J. Madonia & Associates, Ltd. We have been focused on legal and tax matters to businesses and individuals since 1995.
- [Katie Milne](https://madonia.com/about-us/katie-milne/) - Meet Katie Milne, Paralegal & Office Manager at AJM&A. She ensures smooth operations, client care, and efficient office management. Contact us today!
- [Read What People Are Saying For Our Anniversary](https://madonia.com/reviews/) - In honor of our 30th Anniversary we made a page for all the well wishes we received. Thanks for all the kind words. Go ahead and add a message if you like.
- [Trust Documents](https://madonia.com/practice-areas/trusts/) - Trusts are often the backbone of a well-structured estate plan. They give you control over how assets are passed on and address a variety of legal concerns.
- [Estate Planning](https://madonia.com/practice-areas/trust-estate-planning-attorneys/) - Secure your future with expert Estate Planning services. Trust our attorneys to protect your legacy. Contact us today for a consultation!
- [Calling Your Business Lawyer](https://madonia.com/calling-on-your-business-lawyer/) - Running a business is complicated and often messy. Having the services of professional legal counsel can provide peace of mind to business owners.
- [DO YOU HAVE THE RIGHT TAX PREPARER?](https://madonia.com/a-few-friendly-tips-to-ensure-that-you-have-the-right-tax-preparer/) - Annually, companies and taxpayers file income tax forms and each year changes to the tax laws mean new requirements and forms. Do you have the right preparer?
- [Colleen Fischvogt](https://madonia.com/about-us/colleen-fischvogt/) - Meet Colleen Fischvogt, Marketing Specialist at AJM&A. With 15+ years of experience, she handles marketing, events, and community outreach with passion.
- [Baseball Nickname](https://madonia.com/baseball-nickname/) - Try our fun Baseball Name Generator to create a unique and memorable nickname for yourself or a friend or your whole baseball team. Try it today!
- [Business Startup Services](https://madonia.com/practice-areas/business-startup-services/) - Get strategic legal & tax support for startups in Schaumburg, Chicago, Kansas & Arkansas. Build on a solid legal foundation.
- [Thank you page](https://madonia.com/football-nickname/thank-you-page/) - Thank you for participating in What's Your Nickname? Here is your printable Nickname
- [Credit Card Fraud: Who's Responsible And Who Pays?](https://madonia.com/credit-card-fraud-whos-responsible-and-who-pays/) - Learn about credit card fraud. Recent statistics disclose that two-thirds of all non-cash payments are being made by credit cards and debit cards.
- [Buyer Beware - Especially When Leasing Commercial Office Space](https://madonia.com/buyer-beware-especially-when-leasing-commercial-office-space/) - Avoid Buyer Beware Scenarios be sure to work with Illinois Business Attorney like AJM&A for Leasing Commercial Space
- [Happy Worksgiving](https://madonia.com/happy-worksgiving/) - Celebrate Worksgiving and Barry’s birthday! Enjoy cake and good times with the team. Happy Birthday, Barry!
- [Dispute Resolution](https://madonia.com/practice-areas/chicago-lawyers-dispute-resolution/) - Resolve business, contract, and real estate disputes efficiently with our expert dispute resolution attorneys.
- [How to Handle Benefits in Small Businesses](https://madonia.com/benefits-for-small-businesses/) - Boost employee retention with customized benefits like healthcare & retirement plans. Get expert advice today!
- [Legal Privacy Policy](https://madonia.com/privacy-policy/) - Protecting your privacy is our priority. Learn about our data protection practices and how we safeguard your personal information. Read more today!
- [Jennifer Madonia](https://madonia.com/about-us/jennifer-madonia/) - Meet Jennifer Madonia, Director of Client Services at AJM&A. She ensures smooth operations and client care with unmatched attention to detail.
- [Ben Hurwitz CPA](https://madonia.com/about-us/ben-hurwitz-cpa-joins-ajma/) - Meet Ben Hurwitz, CPA with 30+ years of experience in tax, business, and IRS representation. Trust him to guide you with expert advice and personalized service.
- [David E. Shoub, Esq. Ret.](https://madonia.com/about-us/david-e-shoub-ret/) - David Shoub, Retired Of Counsel, is an Attorney and Certified Public Accountant. He practiced focused advanced estate planning, taxation, and planned giving.
- [Our Approach](https://madonia.com/our-approach-right-direction/) - At Anthony J. Madonia & Associates, Ltd., we are dedicated to providing the right direction and best possible service to our clients and their families.
- [Greg Turza](https://madonia.com/about-us/greg-turza/) - Gregory P. Turza is an attorney who practices exclusively in the areas of estate planning, post-mortem estate administration and elder law.
- [Residential Real Estate](https://madonia.com/practice-areas/real-estate-law/residential-real-estate/) - An experienced real estate lawyer can help you navigate the complex process of buying or selling a property. In Chicagoland, we can be your legal partner.
- [Commercial Real Estate](https://madonia.com/practice-areas/real-estate-law/commercial-real-estate/) - The Basics on Commercial Real Estate Law-Commercial Real Estate Law is the legal framework of real estate ownership, use, and sale for business purposes.
- [Commercial Leases](https://madonia.com/practice-areas/real-estate-law/commercial-leases/) - Renting commercial space is a big responsibility—the success or failure of your business rides on certain terms of the lease. What You Should Know?
- [1031 Tax Free Exchanges](https://madonia.com/practice-areas/real-estate-law/1031-tax-free-exchanges/) - 1031 tax free exchanges are a swap of one real estate investment property for another that allows capital gains taxes to be deferred. Learn the rules.
- [Sitemap](https://madonia.com/sitemap/)
- [INTRODUCING 365 ESTATE PLAN REVIEW ™](https://madonia.com/introducing-365-estate-plan-review/) - We all know that life is a journey. That is why we consider estate planning to be a process, with our 365 Estate Plan Review it can be an easy process.
- [Stephen N. Engberg, Esq. Ret.](https://madonia.com/about-us/stephen-n-engberg-esq/) - Stephen Engberg is an attorney and CPA with a background in Corporate Law, Estate Planning & Administration, Estate Litigation and Asset Protection & Taxation
- [Bruce B. Jackson, Esq.](https://madonia.com/about-us/bruce-b-jackson/) - Mr. Jackson is a Commercial Transactions and Litigation Attorney. He has extensive experience representing corporations, financial institutions and individuals.
- [Christine A. Bednarek](https://madonia.com/about-us/christine-bednarek-legal-assistant/) - Christine Bednarek joined our team in February 2018 with more than 10 years in the legal administration field. he provides vital aid to our legal team.
- [Ewelina Skutnik Esq.](https://madonia.com/about-us/ewelina-skutnik-esq/) - Ewelina Skutnik brings years of experience from prominent Chicago law firm, where she focused on private equity mergers and acquisition.
- [Candy Contest Winner Announcement](https://madonia.com/candy-contest-announcement/) - We have a Winner! Sabina Moore guessed 167 and the correct count was 168. We had guesses from 52 to 650. Congrats to Sabina
- [Trick or Treat Candy Contest](https://madonia.com/trick-or-treat-candy-contest/) - Make an entry to guess the amount of candy in our Trick or Treat Bucket. AJM&A we like candy!
- [Football Nickname](https://madonia.com/football-nickname/) - Great news on the Gridiron... it's Football Season! Do you have a favorite team, favorite player or just like stadium food and fun? You need a nickname or "football name". Use our football name generator to create football names for yourself, your family and friends. No more plain-Jane hellos-now you can welcome Jane as "The
- [WE MOVED! Our new address is 1900 East Golf Road, Suite 650, Schaumburg, IL 60173](https://madonia.com/moving-to-new-office-at-1900-east-golf-road-schaumburg/) - WE MOVED! Our new address is 1900 East Golf Road, Suite 650, Schaumburg, IL 60173 We are packing up and moving down the road. Just 11 miles and about 15 minutes from our current space, we are excited to get settled in 1900 East Golf Road. Suite 650, Schaumburg, IL. The new space is light,
- [Top 10 Legal Terms you should know with a skeleton to help out](https://madonia.com/top-10-legal-terms-you-should-know-with-a-skeleton-to-help-out/) - Legalese Can Be Scary! Let our friendly skeletons teach you legal terms you should know from business lawyers in Chicagoland area. We don't want anyone scared to get legal help or turn Ghost-ly pale with anxiety. Review these key legal terms explained with skeletal visuals.
- [CandyCount Thank You Page](https://madonia.com/trick-or-treat-candy-contest/candycount-thank-you-page/)
- [Who's Counting these Peeps?](https://madonia.com/whos-counting-peeps/) - The contest is Over!
- [Happy Employee Appreciation Day 2023](https://madonia.com/happy-employee-appreciation-day-2023/)
- [Thank you](https://madonia.com/contact-us/thank-you/) - Thank you for reaching out. It would be our pleasure to discuss your unique legal and/or taxation needs. Someone from our office will respond to you as soon as possible. In the meantime, learn more about us and our practice areas.
- [Candy Knowledge](https://madonia.com/candy-knowledge/) - We have a winner! Robert Hirsch was the closest guess to our actual answer of 139 pieces (I think the whole inside mass is Hershey kisses). Thanks to all who took a chance and flexed their candy knowledge. Happy Fall to All!
- [Stepping Off the Business Merry-Go-Round-Starting to Transition](https://madonia.com/transition-plan-stepping-off-the-business-merry-go-round/) - Starting a Transition Plan Every business owner will one day exit their business, voluntarily or involuntarily. This typically happens when certain business and personal objectives are achieved: the first (and usually prerequisite to all others) is financial security. When the time comes to get off the ride, business owners will need to create a transition
- [David Shoub Retirement](https://madonia.com/david-shoub-retirement/) - David Shoub retired in late October after a distinguished career providing estate planning and tax counsel for over 40 years. His clients are working with Mr. Madonia and other attorneys with the firm, while Mr. Shoub and his wife, Suzie, spend more time at their retreat in Michigan, getting reacquainted with their favorite hobbies and
- [My Trip to China and Takeaways](https://madonia.com/my-trip-to-china-and-takeaways/) - My Trip to China by Tony Madonia In July of this year, I was fortunate to accompany a client and friend to China, where he has business interests that he is looking to expand. I had never been to China so my trip to China was an exciting opportunity. Before my travels I only knew
- [Schaumburg Boomers Event](https://madonia.com/schaumburg-boomers/) - Summer Nights & Stadium Lights Let Anthony J. Madonia & Associates take you (and a guest) out to the ballgame. On Friday, August 26, 2022 the Schaumburg Boomers take on the Gateway Grizzlies. We have reserved the Schaumburg Stadium Club for a night of fun-there will be snacks, buffet, beverages, seating indoors or out
- [Wedding Photo Contest - AJM&A, Ltd. Asks "Married How Long?"](https://madonia.com/wedding-photo-contest/) - Wedding Photo Contest AJM&A Ask "Married How Long?" Happy Valentine's Day! We hosted a wedding photo contest matching game as part of the celebration of love. We featured the original wedding photos of married AJM&A staff and asked you to guess how long they had been married. Thank you to all who took our contest
- [COVID-19 Information](https://madonia.com/in-the-community/covid-19-information/) - Covid-19 Information We hope that you and your family are safe and healthy as we all embrace the changes that COVID-19 has brought. As of today, our office is open. All our staff members are here and following the appropriate safety precautions to create a healthy and productive workplace. Effective August 30, 2021, Governor Pritzker
- [MADONIA NEWS](https://madonia.com/madonia-news/) - Madonia News Wheeling/Prospect Heights Chamber of Commerce Appoints Anthony J. Madonia New Board Member Anthony Madonia was recently appointed to the Board of Directors of the WPH Chamber. An active, membership-based organization, the Chamber serves the interests of the business community and fosters economic opportunity and growth in the Wheeling and Prospect Heights, Illinois area.
- [November 2016 Newsletter](https://madonia.com/in-the-community/2016-newsletters/november-2016-newsletter/) - November 2016 Newsletter FROM ANTHONY J. MADONIA Tony Madonia Yeah, Cubs! After 108 years, lots of nail biting and the best World Series games, ever, the Cubs are on top! The energy in the Chicagoland area is electric. If anything could give the business community another jolt, it sure can be our Cubs fever! Speaking
- [2016 Newsletters](https://madonia.com/in-the-community/2016-newsletters/) - 2016 Newsletters November 2016 Newsletter Fall 2016 Newsletter Summer 2016 Newsletter March 2016 Newsletter February 2016 Newsletter
- [2015 Newsletters](https://madonia.com/in-the-community/2015-newsletters/) - 2015 Newsletters December 2015 Newsletter October 2015 Newsletter August 2015 Newsletter July 2015 Newsletter June 2015 Newsletter
- [2014 Newsletters](https://madonia.com/in-the-community/2014-newsletters/) - 2014 Newsletters December 2014 Newsletter October 2014 Newsletter September 2014 Newsletter July 2014 Newsletter June 2014 Newsletter May 2014 Newsletter January 2014 Newsletter
- [December 2014 Newsletter](https://madonia.com/in-the-community/2014-newsletters/december-2014-newsletter/) - Happy Holidays! As 2014 comes to a close, it's important to take one last look for year-end tax savings opportunities. Whether it is a planned purchase or lease or simply making year-end distributions, every transaction has implications. Make sure you contact your Tax Attorney or CPA to get the maximum benefit within the appropriate guidelines.
- [December 2015 Newsletter](https://madonia.com/in-the-community/2015-newsletters/december-2015-newsletter/) - If you are like us, business is busy and the rush of the holidays has added excitement and a little frenzy to an already hectic pace. As you prepare to end the year on a good note, take a few minutes to review your achievements and consider any loose ends that may need your attention.
- [June 2015 Newsletter](https://madonia.com/in-the-community/2015-newsletters/june-2015-newsletter/) - Happy Summer! From graduations and weddings to outdoor events and vacation, summer is a busy time. We are finally out of hibernation and making up for lost time outdoors. While business events during the summer months seem to go on hiatus, this can be a good time to take a short pause and revisit your
- [July 2015 Newsletter](https://madonia.com/in-the-community/2015-newsletters/july-2015-newsletter/) - While summer is the time for vacations and enjoying our great outdoors, it's also the time for conferences, seminars and, in our case, revisiting connections with our clients and colleagues. We have enjoyed circling back and catching up with many of you. And, we have forged some new relationships from some of the conferences we
- [August 2015 Newsletter](https://madonia.com/in-the-community/2015-newsletters/august-2015-newsletter/) - It is August and summer is winding down. Vacation time is almost over. Kids are back to school. Clients are kicking back into high gear and our calendars are filling with meetings, events and conferences. Now may be a good time to revisit any changes recently made or planned for your firm and for you
- [TEAM MEMBER SPOTLIGHT: EMILY ROOT, ESTATE PLANNING ATTORNEY](https://madonia.com/team-member-spotlight-emily-root-estate-planning-attorney/) - Emily Root joined the Anthony J. Madonia & Associates, Ltd. team in 2013. Her professional focus is Estate Planning. She works with clients to identify their needs so that she can take a comprehensive look at the big picture and provide the best approach to preserve wealth, protect assets and accommodate directives. While technically efficient,
- [Video Series Addresses "The Legal Basics"](https://madonia.com/video-series-addresses-the-legal-basics/) - Understanding the basics of the law can help when addressing a situation for the first time. Whether starting a business, creating an Estate Plan or changing from one law firm to another, having background on how a law firm works or how a situation is addressed can assist when preparing to meet for the first
- [TEAM MEMBER SPOTLIGHT: BRUCE B. JACKSON, ESQ.](https://madonia.com/team-member-spotlight-bruce-b-jackson-esq/) - Bruce Jackson, Of Counsel, to Anthony J. Madonia & Associates, Ltd. is a seasoned litigator and commercial transactions attorney. With extensive experience representing corporations, financial institutions and individuals in complex commercial transactions, Mr. Jackson has represented clients in domestic and international markets. At the forefront of his focus is his simple, straight-forward mantra: Do the
- [Putting A Price Tag On The Family Business](https://madonia.com/putting-a-price-tag-on-the-family-business/) - Putting A Price Tag On The Family Business By Mary Warmus, CPA, MBA, ASA Valuation Services Partner - Fort Dearborn Partners Closely held family businesses represent a significant portion of all business enterprises operating in the United States today. These businesses do not have the marketability benefit of publicly traded competitors like IBM or Ford,
- [TAXES](https://madonia.com/taxes/) - The IRS has just announced annual inflation adjustments for 50 tax provisions and cost of living adjustments that affect dollar limitations for pension plans and other retirement-related items for the 2017 Tax Year. Individual Tax Change Highlights Standard Deduction rises to $12,700 for married; $6,350 for single or married taxpayers filing separately; $9,350 for heads
- [February 2016 Newsletter](https://madonia.com/in-the-community/2016-newsletters/february-2016-newsletter/) - FROM ANTHONY J. MADONIA Tony Madonia January is already behind us with the transition into the New Year in full swing. It seems like we no sooner wind down from holiday activities and settle into our regular frenzied pace, then we begin to prepare for tax season. With new forms, new worksheets and new regulations,
- [Summer 2016 Newsletter](https://madonia.com/in-the-community/2016-newsletters/summer-2016-newsletter/) - FROM ANTHONY J. MADONIA Tony Madonia Summer is finally here. The sun is shining, the Cubs and Sox are back in play and we are starting to get into summer mode. In summer, it usually seems like business is in auto-pilot. It's a really good time to re-assess. Address the goals that were set in
- [Tax Savings for Commercial Property Owners through Cost Segregation](https://madonia.com/tax-savings-for-commercial-property-owners-through-cost-segregation/) - Investing in commercial property can provide significant returns. What most commercial property owners don't realize are the significant tax benefits associated with owning commercial property. For years, large commercial property owners have used Cost Segregation to increase cash flow and grow their businesses. This same method of deduction is now available to owners of buildings
- [September 2017 Newsletter](https://madonia.com/in-the-community/september-2017-newsletter/) - FROM ANTHONY J. MADONIA Tony Madonia Last month we celebrated 22 years of providing legal counsel to privately-held businesses and the families they support. This month we celebrate another milestone - We're moving! While moving means change, not to mention a lot of work, we are excited about being closer to our clients and the
- [What's My Tally?](https://madonia.com/whats-my-tally/) - While there seems to be an app for everything these days, Kevin Bolger II and Ryan Glosniak found a void in the $24B bar and nightclub scene. They plan on capitalizing on the crowded floor space by offering Tally, an app that allows users to order and pay for their drinks with a couple of
- [November 2017 Newsletter](https://madonia.com/in-the-community/2017-november-newsletter/) - FROM ANTHONY J. MADONIA Last month we celebrated 22 years of providing legal counsel to privately-held businesses and the families they support. This month we celebrate another milestone - We're moving! While moving means change, not to mention a lot of work, we are excited about being closer to our clients and the hub of
- [August 2017 Newsletter](https://madonia.com/in-the-community/august-2017-newsletter/) - FROM ANTHONY J. MADONIA Tony Madonia Life can change in a minute. And, life's changes can significantly impact our businesses. Having a plan that allows for a planned transition, as well as sudden changes can protect your assets. Here are a few staggering statistics: Baby Boomers own 12 Million privately held businesses in the U.S. These
- [June 2017 Newsletter](https://madonia.com/in-the-community/june-2017-newsletter/) - FROM ANTHONY J. MADONIA Tony Madonia One of the few constants these days is change. While time seems at time to stand still, things can change in a nanosecond. We recently had a situation with a client that reminded all of us that we need to be prepared for and respond to change, especially ensuring
- [The Amazon Effect: Why We Must Pay Attention to Our Customers](https://madonia.com/the-amazon-effect-why-we-must-pay-attention-to-our-customers/) - Setting the Bar Two thirds of manufacturers and distributors have customer service gaps when compared to Amazon and mega-distributors like Amazon, according to a research study performed by LMA Consulting Group, Inc. Amazon has created not only a buzz with their innovative service options but they have also raised the bar for service, permanently. If
- [In Case of Emergency (ICOE)](https://madonia.com/in-case-of-emergency-icoe/) - Illinois Attorneys A small non-profit recently experienced the death of the Executive Director. She was young, in reasonably good health and juggling many priorities. Over the course of a month, being tired turned into fatigue. Fatigue was diagnosed as a compromised immune system. Pneumonia set in. Her immune system shut down. And, this vibrant woman
- [April 2017 Newsletter](https://madonia.com/in-the-community/april-2017-newsletter/) - FROM ANTHONY J. MADONIA Tony Madonia Tax Reform and Clarity Taxes. One of the few constants and questions these days. Now that Washington is taking a hiatus from focusing on the Affordable Healthcare Act, the line of sight is being placed on the budget and taxes. This is a big topic and there is a
- [February 2017 Newsletter](https://madonia.com/in-the-community/february-2017-newsletter/) - FROM ANTHONY J. MADONIA Tony Madonia As we usher in a new year, we also close the past year. Accounting departments and CPAs are hard at work finalizing records, issuing statements and gathering information for tax returns. The laws regarding allowances and deductions become more complicated each year. While there may be changes made to
- [Fall 2016 Newsletter](https://madonia.com/in-the-community/2016-newsletters/fall-2016-newsletter/) - FROM ANTHONY J. MADONIA Tony Madonia Whoever said summer was a slow season for business? While individuals and their families may step back and take some time off to relax, business and politics, both national and local, continue to pick up steam. Our firm has had a very busy summer. We have expanded our services
- [March 2016 Newsletter](https://madonia.com/in-the-community/2016-newsletters/march-2016-newsletter/) - FROM ANTHONY J. MADONIA Tony Madonia Spring is in the air! And, yes, tax season is looming over all of us, regardless of profession. Whether start-up or mature, every organization should be vigilant about planning and structuring transactions to protect assets. That especially applies to individuals. We have an interesting article about "...The Rich?" We
- [LOOKING AHEAD: OPPORTUNITIES AND CHALLENGES FOR BUSINESS OWNERS IN 2016](https://madonia.com/looking-ahead-opportunities-and-challenges-for-business-owners-in-2016/) - With another year comes another set of laws and regulatory issues that businesses need to be aware of. In 2016, many issues affecting the regulatory landscape revolve around employee pay. Changes to overtime rules and paid sick leave, as well as increased minimum wages are all issues businesses need to stay on top of this
- [ESTATE PLANNING FOR "THE CLOUD" aka DIGITAL ASSETS](https://madonia.com/estate-planning-for-the-cloud-aka-digital-assets/) - Digital assets have become part of our "wealth". While monetary value can be debated, there is no doubt that they are valuable and a part of our legacy. As we accumulate digital assets, it becomes more important to provide for them in our estate planning. What Are Digital Assets Digital assets include computers, smartphones, online
- [The Value Of A Peer Networking](https://madonia.com/the-value-of-a-peer-networking/) - As business methods, communication technology and industry standards continually change, develop, and improve at the speed of light, it's essential to stay on top of best practices. It's easy to stay in an established routine of conducting business. Yet, routine isn't always the best. Participating in a peer or colleague network of professionals from supporting
- [GIVING BACK: FINDING THE WAY](https://madonia.com/giving-back-finding-the-way/) - Illinois Attorneys If there is anything that I have learned over the last few decades, it's that I can't seem to stretch time. There are only 24 hours in every day and no matter how hard I try, it's impossible to make more. So, I have given up trying to stretch the time and have
- [TEAM MEMBER SPOTLIGHT: RAYMOND JACOBI, III, ESQ.](https://madonia.com/team-member-spotlight-raymond-jacobi-iii-esq/) - Raymond Jacobi joined Anthony J. Madonia & Associates, Ltd., in 2013 to support our Business and Corporate Law practice area. Ray serves as corporate counsel to business clients providing advice and counsel on various issues, especially in the areas of contracts and agreements, as well as employment law. A graduate of Notre Dame University, Ray
- [FACEBOOK: WHAT IF SOMETHING HAPPENS?](https://madonia.com/facebook-what-if-something-happens/) - Are you one of the 144 Billion Monthly Users of Facebook? The statistics on the people who use Facebook are staggering. Did you know that over 45% of Facebook users are age 65+? Whether you use Facebook personally, professionally or both, you are in good company. But what happens, if something happens to you? While
- [PROFESSIONAL COLLEAGUE COLLABORATION ENSURES CLIENT VALUE](https://madonia.com/professional-colleague-collaboration-ensures-client-value/) - Successful business owners and affluent families work with expert advisors to protect their assets and plan for their legacy. Often times, however, they fail to make connections between their advisors. This results in many professionals looking just at their portion of a business or estate plan, rather than collaborating about the bigger picture. As with
- [January 2014 Newsletter](https://madonia.com/in-the-community/2014-newsletters/january-2014-newsletter/) - Happy New Year! As we turn the page to a New Year, there is optimism that the business climate in 2014 will continue to improve. For the privately held business, that means caution and planning as the Affordable Care Act and changes in the Tax Law impact the bottom line and hard-earned assets. Anthony J.
- [October 2014 Newsletter](https://madonia.com/in-the-community/2014-newsletters/october-2014-newsletter/) - I recently spoke at the ACA (American Club Assn) Breakfast. The Topic was: Getting the Business Prepared for Transition: Estate and Preparing Your Business for Sale. We talked about the value of Buy-Sell Agreements and some of the options available to Business Owners when they plan for transition. Rules, Regulations and Requirements like those noted
- [Work Opportunity Tax Credit](https://madonia.com/work-opportunity-tax-credit/) - The Work Opportunity Tax Credit ("WOTC") is a federal tax credit available to employers for hiring individuals from certain target groups. Unemployed Veterans Long-Term Temporary Assistance for Needy Families (TANF) Recipient Short-Term TANF Recipient Supplemental Nutrition Assistance Program (SNAP) Recipient Designated Community Resident Vocational Rehabilitation Referred Individual Ex-Felon Supplemental Security Income (SSI) Recipient Summer Youth
- [PART TWO OF BENEFITS OF ESTATE PLANNING FOR THE BUSINESS OWNER](https://madonia.com/part-two-of-benefits-of-estate-planning-for-the-business-owner/) - INTEGRATING THE BUSINESS IN THE ESTATE PLAN After establishing your six basic estate planning documents (Living Trust, Pour-over Will, Health Care Power of Attorney, Living Will, Durable Power of Attorney, Asset Transfer), the next step is to incorporate them into a plan that will work to the advantage of your business. There are four areas
- [PART THREE OF BENEFITS OF ESTATE PLANNING FOR THE BUSINESS OWNER](https://madonia.com/part-three-of-benefits-of-estate-planning-for-the-business-owner/) - GIFTING BUSINESS INTERESTS Making small gifts of your business interests is an excellent way to benefit your estate. Through several simple methods, it is possible to reduce the amount of your estate tax while also supporting a cause and protecting your assets for the benefit of your heirs. Can Reduce the Value of Your Estate
- [PART FOUR OF BENEFITS OF ESTATE PLANNING FOR THE BUSINESS OWNER](https://madonia.com/part-four-of-benefits-of-estate-planning-for-the-business-owner/) - ADVANCE PLANNING HELPS A NEW BUSINESS PROTECT ASSETS FOR SEVERAL GENERATIONS Starting a new business is always an exciting landmark. The planning process is a good time to address a few key areas that can impact a successful business down the road. Careful consideration and well-informed decisions of these options can ensure that an investment
- [OPTIONS FOR PROTECTING INHERITED IRAs](https://madonia.com/options-for-protecting-inherited-iras/) - A recent United States Supreme Court decision will change how Inherited IRAs are treated for bankruptcy and asset protection purposes: Upon the death of the original IRA participant, the IRA benefits the named beneficiary. The United State Supreme Court decision on June 12, 2014 determined that Inherited IRAs are not "retirement funds" and are not
- [OFFHSORE VOLUNTARY DISCLOSURE PROGRAM (OVDP) CHANGES](https://madonia.com/offhsore-voluntary-disclosure-program-ovdp-changes/) - The Bank Secrecy Act requires U.S. persons to file disclosure form TD F 90-22.1 by June 30 of every year for those having a financial interest in an account or accounts in a foreign country that exceed $10,000 at any time during the year. The $10,000 threshold applies to the aggregate of all foreign accounts,
- [NON-COMPETE AGREEMENTS REDEFINED](https://madonia.com/non-compete-agreements-redefined/) - Non-Compete Contracts Most contracts must be supported by an exchange of value (legal term: consideration) to be enforceable. Under the prior law, the value that supported a non-compete agreement depended on when the agreement was executed. Usually, the employee's employment was used as the basis to support the non-compete agreement. Current Law For an employee
- [New Illinois Law Banning Hand-Held Phones While Driving](https://madonia.com/new-illinois-law-banning-hand-held-phones-while-driving/) - On August 16, 2013, Illinois Governor Pat Quinn signed a new law banning the use of hand-held cell phone devices while driving a motor vehicle in Illinois. Cell phone use while driving in the state became illegal on January 1, 2014 when the law when into effect. Illinois is the first state in the Midwest
- [NAVIGATING THE COMPASSIONATE USE OF MEDICAL CANNABIS ACT](https://madonia.com/navigating-the-compassionate-use-of-medical-cannabis-act/) - The Compassionate Use of Medical Cannabis Pilot Program Act legalizing medical marijuana was signed by Governor Quinn on August 1, 2013, and went into effect on January 1, 2014. The passage of the Act legalizes the prescription, sale and use of medical marijuana for at least the next four years, starting in 2015. Given the
- [Is Estate Planning and Wealth Management Really Just for "The Rich"?](https://madonia.com/is-estate-planning-and-wealth-management-really-just-for-the-rich/) - Illinois Estate Planning Attorneys A recent report from the New York Times reveals the impact of lobbying in economic inequality and a how a private tax system built by the richest Americans saves them billions of dollars each year. The article suggested that these techniques are only available to the wealthiest of US taxpayers. But,
- [September 2014 Newsletter](https://madonia.com/in-the-community/2014-newsletters/september-2014-newsletter/) - Planning is a process, isn't it? Business can be affected in a minute by clients, competitors, changes in rules and regulations and our fragile economy. Life can change in a second with marriage, birth, health, finances and other considerations. This constant motion can impact even the well-thought plans. In this issue… June 12, 2014 Supreme
- [May 2014 Newsletter](https://madonia.com/in-the-community/2014-newsletters/may-2014-newsletter/) - Now that tax filings are behind us and summer vacations are still ahead of us, May is a good time to take a step back and ensure that your business and personal goals are aligned. Do you have your corporate entity correctly in place? Have you established processes to maximize re- investment and minimize tax?
- [June 2014 Newsletter](https://madonia.com/in-the-community/2014-newsletters/june-2014-newsletter/) - Happy Summer! As our business climate gets stronger, pre-planning for transactions and events is critical. We suggest that our clients conduct a business analysis at least twice each year to maximize their investments and minimize their tax exposure. Planning ahead is far easier than scrambling behind. In this issue… Avoid the Emotional Deal Breaker. Emotions
- [July 2014 Newsletter](https://madonia.com/in-the-community/2014-newsletters/july-2014-newsletter/) - FROM OUR PARTNERS Tax Savings and Risk Reduction is our mantra. As regulations, however well-intentioned, continue to challenge small to mid-size businesses, we try to proactively protect our clients' interests and find those silver linings that can minimize the ever-growing tax obligations. In this issue… Companies that provide goods for export can realize substantial tax
- [FMLA REGULATIONS MIGHT BE YOUR BUSINESS](https://madonia.com/fmla-regulations-might-be-your-business/) - Illinois Business Lawyer The early days of the Clinton administration saw the passage of the Family and Medical Leave Act (FMLA) of 1993. With this mandate, the federal government aimed "to balance the demands of the workplace with the needs of families." The Act requires covered employers to provide unpaid leave and job protection to
- [EXPORTERS GAIN TAX SAVINGS THROUGH IC-DISC](https://madonia.com/exporters-gain-tax-savings-through-ic-disc/) - Illinois Tax Attorneys First introduced by Congress in 1971 to help U.S. businesses battle a growing U.S. trade deficit, an Interest Charged Domestic International Sales Corporation ("IC-DISC") can help business owners realize permanent tax savings and other benefits for their export business operations. An IC-DISC achieves these tax rate savings by converting ordinary business income,
- [Determining When to Litigate](https://madonia.com/determining-when-to-litigate/) - Litigation is the most expensive option to resolve a legal conflict. The American Rule When viewed through the lens of the so-called "American Rule" -which requires each party in civil litigation to pay their own attorney fees and costs regardless whether they win or lose - the litigation option is often impractical or unaffordable. Exceptions
- [DEBIT CARDS: CARD TRANSACTIONS AND CYBER SECURITY](https://madonia.com/debit-cards-card-transactions-and-cyber-security/) - As noted in our article on Credit Card Fraud, the majority of non-cash payments are made by a combination of credit cards and debit cards. Debit cards are by far the dominant form of card-present transactions when compared with credit cards. The most recent Federal Reserve statistical data reveals that general-purpose debit cards were used
- [Death, Taxes and Preserving Wealth](https://madonia.com/death-taxes-and-preserving-wealth/) - Illinois Tax Attorneys Full disclosure: Preserving wealth planning can't help any of us cheat death, but it can help business owners minimize taxes and achieve financial security. The ideal Business Exit Plan includes a strategy to help you preserve your hard-earned wealth from unnecessary taxation when it is transferred to your family. However, for preserving wealth,
- [Tax Deadline Calendar 2018](https://madonia.com/tax-deadline-calendar-2018/)
- [October 2015 Newsletter](https://madonia.com/in-the-community/2015-newsletters/october-2015-newsletter/) - With the transition of seasons, change is in the air! Business is taking on a new urgency before end of year deadlines become priorities. Speaking of priorities, we want to take time to thank our clients, colleagues and business associates for your continued support. We will be celebrating our 20th Anniversary at the end of
- [CROWDFUNDING: THE RIGHT TOOL FOR THE RIGHT INVESTMENT](https://madonia.com/crowdfunding-the-right-tool-for-the-right-investment/) - On May 16, 2016, the SEC implemented REGULATION CROWDFUNDING (SEC Rules) under Title III of The Jumpstart Our Business Startups Act (Title III) passed by Congress in 2012. Title III established a structure for U.S. startups and small businesses to raise money through Internet crowdfunding. The SEC Rules implemented the provisions of Title III. What

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