Blogs

Governor Pat Quinn recently signed a number of bills that are intended to protect senior citizens from financial or physical harm. The new laws are designed to protect seniors in a variety of ways, from financial exploitation to ensuring that certain financial agreements are consistent with the person’s power of attorney. NEW LAWS TO SAFEGUARD THE ELDERLY Governor Pat Quinn…Read More

What does the Supreme Court’s 5-4 decision declaring DOMA unconstitutional mean to Illinois same-sex couples? Well, while a great moral victory and as portents for the future, a great deal; in the immediate material sense – not much. Why? Because it affects only same-sex couples who are legally married and/or reside in a state that permits same-sex couples to be…Read More

Many businesses, whether operating as a limited liability company (LLC), a corporation or a partnership will have more than one owner. These businesses are often started or experience appreciation in their value during the marriage of their owners. Therefore, if one or more of such owners should be divorced, the owner’s interest in the business will be subject to division…Read More

Over the past several years, particularly under the Obama administration, the subject of eliminating discounts for gifts of limited liability company and limited partnership interests to family members has been widely discussed. While these discounts are well-justified by reason of the limited marketability and lack of control inherent in such fractional interests, the IRS has viewed such discounts as tax…Read More

Over the past three decades, legislative enactments have had the cumulative effect of eliminating what had been the long-standing public policy of Illinois which treated unmarried relationships, whether of the same sex or between members of the opposite sex, as illicit relationships. In 1979, while that policy remained in force and effect, the Illinois Supreme Court in Hewitt vs. Hewitt,…Read More

As most of us know, married couples may hold title to their homestead property as tenants by the entirety. This classification of ownership allows a married couple to hold title to such property in a protected state from their individual creditors where the debt is not the joint debt of the couple. Oftentimes, married couples who have created a revocable…Read More

Most people who are concerned about the payment of estate taxes concentrate their thoughts on the federal estate tax. Recently with the federal estate tax exemption having been increased to $5.34 million per person and the possibility for married persons of “porting” the unused portion of the exemption of the first spouse to die, that they no longer need be…Read More

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 reason given, is that it can achieve the result of avoiding probate. Many people have a “fear” of probate because of…Read More

A living trust, unlike a will standing alone, allows individuals to maintain confidentiality as to their assets as well as the provisions concerning the disposition thereof, during their lifetime and after their death. In addition, if a person becomes mentally incapacitated, a living trust will provide for a smooth transition to a successor trustee of one’s choice, and will not…Read More

A Durable power of attorney for property (POAFP) is a very useful and essential financial and estate planning device. Such powers allow a trusted individual to handle a myriad of financial transactions for the creator of the POAFP. A POAFP can be effective from the moment of its execution, or from the time the creator becomes incapacitated. Whether to use…Read More