Monday, October 25, 2021

Decanting a Trust: What Is it? When is it a Good...

An irrevocable trust is usually created to take assets out of the estate of the grantor mostly to: Save on federal or state taxes Remove...

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Could Your Beneficiaries Make the Cut? The SECURE Act’s Eligible Designated Beneficiary

Ushering in the new 10 Year Rule, the SECURE Act has changed the way inherited retirement accounts are now distributed. That is, to everyone...

The New Legal Rights of Your Beneficiaries: Should These Be Drafted Out of Your...

In keeping with uniform trust law, Illinois has joined 34 other states in adopting its own version of the Uniform Trust Code known as...

Your Quick Guide: What to Do About the SECURE Act and Your Estate Plan

On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), effective January 1, 2020. This law...

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IRS Clarification: Home Equity Loan Interest May Still Be Deductible

The IRS recently announced that in many cases, taxpayers can continue to deduct interest paid on home equity loans. The tax agency issued the clarification...