Is the IRS Auditing More Wealthy Taxpayers?

June 24, 2022

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… 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 Minimum Income Tax’s Impacts Wealth Management

May 11, 2022

Billionaire Minimum Income Tax proposed in President Biden’s 2023 Budget Plan At the end of March 2022, President Biden proposed the Billionaire Minimum Income Tax (BMIT) requiring the wealthiest Americans to pay tax of at least 20% on all income. The White House states that currently “billionaires” pay an average of only 8.2% of their… 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 »

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

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 is created within a person’s… Read more »

What you need to know about SLATs

March 23, 2022

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 benefit for high-net-worth couples: Offering the ability to take assets… Read more »

Family Trust -An Easy Guide to Understanding Them

March 07, 2022

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… Read more »

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