The Impact of Inflation on Estate Planning
May 12, 2022Can Inflation Hurt my Estate Plan? Inflation instantly calls to mind higher prices and higher interest rates. This of course affects our day-to-day purchasing power, but it also affects our long-term financial planning. How will it impact our ability to save? Another question that everyone should be asking is — how will it affect my… Read more »
Financial Literacy Tips from Estate Planning Attorney
May 12, 2022Financial Literacy refers to having a thorough understanding about personal finances. Budgeting, saving, and planning for the future are an essential part of wealth planning You need financial literacy to effectively manage your money and strategically plan your financial future. You want to be prepared to make the best decisions possible about everything related to… Read more »
Billionaire Tax Impact on Wealth Management
May 11, 2022Billionaire Tax proposed in President Biden’s 2023 Budget Plan At the end of March 2022, President Biden proposed the “Billionaire Tax” a.k.a the Billionaire Minimum Income Tax (BMIT). This tax requires the wealthiest Americans to pay tax of at least 20% on all income. The White House states that currently “billionaires” pay an average of… Read more »
Irrevocable Living Trust-What is it?
April 29, 2022When it comes to estate planning in Chicago IL, as with other cities and states, there are tons of complex laws, paperwork, and other regulations to follow. This sentiment is true when it comes to creating irrevocable living trusts. Working with a reputable Chicago estate planning lawyer is the key to handling all paperwork and legalities… Read more »
A Recap of the Top Tax Developments of 2021
December 16, 2021The year 2021 has been a tumultuous one for tax professionals, with continuing pandemic-related developments as well as new legislation, regulations, court decisions and IRS pronouncements. While the major developments are familiar to most, there are some that might have been missed due to the busy nature of the profession during the past year. The… Read more »