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The Time to Update Your Will is Now

June 22, 2022

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… Read more »

The Impact of Inflation on Estate Planning

May 12, 2022

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… Read more »

Financial Literacy Tips from Estate Planning Attorney

May 12, 2022

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

Billionaire Tax Impact on Wealth Management

May 11, 2022

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

Time to Spring Clean Your Finances Says Chicagoland Law Firm

May 06, 2022

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… Read more »

HSA limits for 2023 Rise as Part of Tax Code Changes

May 03, 2022

Tax Code Changes Due to Inflation The Internal Revenue Service issued its annual inflation-adjusted amounts for next year’s health savings accounts. Due to surging inflation, the highest level in decades, they are raising the HSA limit. As part of 2023 tax code changes, Revenue Procedure 2022-24, states for calendar year 2023, the annual limitation on… Read more »

Irrevocable Living Trust-What is it?

April 29, 2022

When it comes to estate planning in Chicago IL, as with other cities and states, there are tons of complex laws, paperwork, and other regulations to follow. This sentiment is true when it comes to creating irrevocable living trusts. Working with a reputable Chicago estate planning lawyer is the key to handling all paperwork and legalities… Read more »

Five Errors in Estate Planning that are Executor Mistakes

April 19, 2022

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… Read more »

What Is a Lifetime Trust?

April 15, 2022

What Is a Lifetime Trust? Des Plaines estate planning attorneys Anthony J. Madonia & Associates, Ltd. share the basics of a lifetime trust and what it does.  Learn the benefits of having a lifetime trust and why you should always have a lawyer present during the creation. What Is a Lifetime Trust? A trust that… Read more »

What you need to know about SLATs

March 23, 2022

Spousal Lifetime Access Trusts or SLATs Might Be For You Being happily married, healthy and wealthy is one of life’s great trifectas. It is hard to imagine improving on that but there’s a tax perk that can make it even sweeter. Known as a Spousal Lifetime Access Trust, or SLAT, this trust has a major… Read more »

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It would be our pleasure to discuss your business, tax and/or estate planning needs.
For more information or to schedule an appointment, please complete the following, call or email us today.
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2700 S River Rd UNIT 115
Des Plaines, IL 60018
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Phone: (312) 578-9300

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