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

General Blog

  • By: Alan Sohn
  • Published: March 21, 2024

For the past 7 years, people in the higher echelons of accumulated wealth have enjoyed an unprecedented federal estate tax exemption which is now almost $14 million per person, which for married couples could translate into almost $28 million. However, this level of exemption will not last forever, as it is scheduled to sunset and be reduced to approximately $7…Read More

  • 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:

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

  • By: Alan Sohn
  • Published:

Because property values and interest rates are at historic lows and the federal gift and estate tax exemption is at a historically high level, there are currently unprecedented opportunities to leverage gifts and save on estate taxes. These opportunities are very likely to evaporate after the close of 2012 for the following reasons. First, there is virtually no real dialogue…Read More

  • By: Alan Sohn
  • Published:

Under a new Illinois law, certain service providers will no longer be able to charge women more for the same services that men receive. The legislation is intended to increase transparency in pricing and expose gender – based price discrimination. The law requires hair salons, barbers, dry cleaners and tailors to provide customers with a price list for services upon…Read More

  • By: Alan Sohn
  • Published:

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

Page 1 of 5:12345»