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Estate Planning Emerges As a Critical Need, Timely Opportunity Amidst Pandemic

As the Coronavirus pandemic continues to sweep through the United States, schools are shuttering for the Fall session, employers are extending remote work plans, and the nation’s healthcare system is preparing for an upward trend in positive COVID-19 cases, hospitalizations and, sadly, deaths. With the rates at which people have suddenly fallen ill and become incapacitated from…

The SECURE Act of 2019 and Its Impact on Estate Planning

In December 2019, Congress enacted the Setting Every Community Up for Retirement Enhancement Act of 2019, or as it’s more commonly known, the “SECURE Act.” The SECURE Act took effect January 1, 2020 and changed many rules that govern your retirement plans and other tax deferred plans. As a result, changes may need to be made to…

Illinois Trust Code Changes in 2020

As of January 1, 2020, numerous changes to the law regarding trusts took effect in Illinois. Herein, we are focusing on the one change we think clients should be most concerned about: A trustee’s duty to inform trust beneficiaries of the existence of the trust and providing them with financial records regarding the trust.

Smart Asset Protection Strategies for Business Owners

Chances are, you know someone who has been sued. Maybe that someone is you. The fact is, your enviable position as a successful business owner comes with a major downside: You are a potential target for lawsuits (some of which may be frivolous and unfounded) and other attacks that can wreak havoc on your…

Supreme Court Finds State Tax on Trust Income Unconstitutional

The United States Supreme Court recently decided in the case North Carolina Dept. of Revenue v. Kimberley Rice Kaestner 1992 Family Trust (588 U.S. (2019)) that a State cannot tax income of a trust based solely on a beneficiary’s in-state residency, especially if no distributions are made.

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