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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 because there were questions and concerns that such expenses were no longer deductible under the...
The ability to deduct state and local taxes (SALT) has historically been a valuable tax break for taxpayers who itemize deductions on their federal income tax returns. Unfortunately, the Tax Cuts and Jobs Act (TCJA) limits SALT deductions for 2018...
In keeping with uniform trust law, Illinois has joined 34 other states in adopting its own version of the Uniform Trust Code known as the Illinois Trust Code (ITC), effective January 1, 2020.
Provisions in this new law will affect...
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Hot Stuff Coming
When to Turn Down an Inheritance
It's not enough to put together an estate plan for your immediate family. You should also consider any inheritances you might receive from other family...
Making the Right Senior Housing Choice
It's never an easy task to find senior housing for a relative, close friend or yourself. The decision is often the result of failing health...
Maintaining Some Independence through Assisted Living
Most elderly people don't need nursing homes, but many require help with daily activities. If providing that support isn't practical for family and friends, assisted...
Estate Planning with 529 College Savings Accounts
Saving for college is one of the most daunting financial tasks a family can face, taking as much commitment and careful planning as arranging your...
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LATEST ARTICLES
The New Legal Rights of Your Beneficiaries: Should These Be Drafted...
In keeping with uniform trust law, Illinois has joined 34 other states in adopting its own version of the Uniform Trust Code known as...
Could Your Beneficiaries Make the Cut? The SECURE Act’s Eligible Designated...
Ushering in the new 10 Year Rule, the SECURE Act has changed the way inherited retirement accounts are now distributed. That is, to everyone...
Your Quick Guide: What to Do About the SECURE Act and...
On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), effective January 1, 2020. This law...
How the SECURE Act Will Affect You and the Beneficiaries of...
On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). The SECURE Act, which is effective...
WHAT YOU SHOULD KNOW ABOUT MEDICAID PLANNING
You’re active and in relatively good health. You’re finally enjoying the things you now have time to do as a retiree – or looking...
Don’t Send Your Student to College Without These 3 Things
Accidental injury is the leading cause of death for adults between ages 18 to 24 with over a quarter million being hospitalized yearly for...
The Conversations You Must Have Now About Your Health Care Decisions
Selecting a trust-worthy agent who will ultimately be the decision-making authority for your medical care if something happens to you is an important decision....
Understand the Basics of Estate Planning
For many people, mapping out an estate plan is something they intend to think about later. But too often, later never comes.
The reasons for not dealing with...
How Will You Handle Your Digital Estate? (And, yes, you do...
Some assets don’t necessarily fit into our traditional approach to estate planning. We know how to account for bank accounts and real property. But...
Do You Know What the “Other Hand” is Doing in Handling...
You manage most of the bill payments and banking. Your spouse covers the insurance and investment accounts.
It’s a common practice in many married households...
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