The Law Offices of Alan E. Sohn Chartered

Call Now for a Personalized Case Evaluation

(312) 236-7005

The Law Offices of Alan E. Sohn Chartered

Blogs

  • By: Alan Sohn
  • Published: February 26, 2024

Q. What are some of the benefits of a living trust? A. Whether you are a member of Generation X, a baby boomer, approaching retirement or have already retired, it is never too soon to set aside a little of one’s valuable time to get one’s personal affairs in order. If you have not already established a living trust or…Read More

  • By: Alan Sohn
  • Published: February 26, 2024

This is the second in a series of articles on why one should set up a living trust. A living trust, unlike a will standing alone, allows one to maintain confidentiality as to one’s assets as well as an individual’s choices concerning the beneficiaries of those assets, while living and after one’s death. In addition, if a person becomes mentally incapacitated, a living…Read More

  • By: Alan Sohn
  • Published: February 26, 2024

I have been asked many times-“Why do I need a trust?” There are many reasons to set up a trust during your lifetime. Answer Number 1, which is probably the most common, but not necessarily the most important, is that it can achieve the avoidance of probate. Many people have a “fear of probate because of all the apocryphal stories…Read More

  • By: Alan Sohn
  • Published: February 26, 2024

While Christmas has passed, it is still a good time to consider the gift of transferring a primary or secondary residence from the senior generation to the next generation. Why is that? Because the higher interest rates which are now in place, will result in the calculation of a higher value of a retained right to possession and a reduced…Read More

  • By: Alan Sohn
  • Published: February 26, 2024

The current Lifetime Exclusion for federal estate taxes is scheduled to expire on December 31, 2025 and will return to its pre- 2017 level of $5.5 million from the current $12.92 million as of January 1, 2026. It is not soon plan for this eventuality. Some ideas to include in this plan are:  Creation of intentionally defective grantor trust…Read More

  • By: Alan Sohn
  • Published:

With the advent of the pandemic, many businesses have found themselves financially strapped and having great difficulty paying their ongoing expenses. These include office space rent, leases on vehicles used in their businesses, contracts with independent service providers and the like. With reductions in revenue as a consequence of businesses and individuals not seeking products or services to extent that…Read More

  • By: Alan Sohn
  • Published:

Most people don’t give enough thought to what will happen after they die. This may just be because it’s a topic most people would rather not think about, but the fact remains that failing to plan ahead can result in an outcome you would rather avoid. Your assets may not be distributed in a way that you would prefer or…Read More

  • By: Alan Sohn
  • Published:

Most traditional estate plans are designed to benefit and provide security to a surviving spouse for his or her lifetime and for the division of the decedent’s assets between and among the children and grandchildren.  As life expectancies. As life expectancies have increased, we have found that at the time such divisions and distributions occur, the “children” are often in…Read More

  • By: Alan Sohn
  • Published:

As an estate planning practitioner, I have advocated the practice of periodically reviewing one’s estate plan in order to give due and current consideration to possible changes in a client’s family relationships and business circumstances. These changes occur much more frequently than most people believe, and it is imperative that such a periodic review become a part of an individual’s routine. One…Read More

  • By: Alan Sohn
  • Published:

As a matter of public policy a party who suffers damages by reason of the breach of a contract to perform an illegal act may not recover damages. For example, if two parties enter into a contract to engage in a transaction the essence of which is in the essence of which is in violation of existing law, and one of…Read More

Page 1 of 5:12345»