Estate Planning attorneys balance competing interests when creating estate plans. Uncertainty about the future concerning taxes and each beneficiary’s situation requires flexibility in an Estate Plan. Powers of appointment offer Estate Planning … [Read more...] about The Power in Powers of Appointment
It’s Better to Give Than to Receive
Most taxpayers understand that to receive the benefit of charitable deductions, they need to itemize their income tax deductions. However, in the wake of the pandemic, Congress passed legislation allowing even those who take the standard income tax … [Read more...] about It’s Better to Give Than to Receive
The Foundation of an Estate Plan
When you think about estate planning, if you do not know much about it, you may equate it to the execution of a last will. This may seem like a very simple and straightforward thing that you can do at some point in the future. Indeed, the majority … [Read more...] about The Foundation of an Estate Plan
What Everyone Should Know about the New FDIC Regulations
Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit … [Read more...] about What Everyone Should Know about the New FDIC Regulations
Are Living Trust Distributions Taxable?
Before we look at the question that serves as the title of this post, we should explain some things about living trusts. First, you should understand the fact that you do not lose direct personal control of assets that you convey into a living … [Read more...] about Are Living Trust Distributions Taxable?
Naperville In-Home Care Costs Rose By 13 Percent in 2021
We anticipate the release of the annual Genworth Financial cost of long-term care study, and they have just published the 2021 figures. In this post, we will share the updated numbers and put them in context for you. Naperville, IL Long-Term Care … [Read more...] about Naperville In-Home Care Costs Rose By 13 Percent in 2021