Filing taxes is everyone’s least-favorite task, and it’s even more onerous for small businesses which struggle to find time for all of the work involved. It’s no surprise that many individual and business tax returns are rejected or sent back to correct errors of all sizes. Read on to understand the most common tax filing…
Probate is the legal process of settling the estate of a person who has died. It’s a distinct division of Illinois circuit court that deals only with estates and guardianships. Avoiding probate can save your loved ones time, stress, and expense. Read on to learn about the role of estate planning professionals, the tools they…
An estate plan is a careful accounting and forward-looking plan for your assets. Estate plans can include trusts, a will, power of attorney, and long-term tax planning considerations. Keeping these documents updated is crucial to their proper synchronization when a triggering event occurs. An estate law specialist is the best person to consult regarding current…
The tax landscape in Illinois is changing, and it’s up to business owners and individuals to stay on top of new requirements. Navigating these shifting sands can be challenging, and failure to properly file the necessary paperwork carries legal and financial implications. A qualified business or estate attorney can help you understand how your holdings…
Everyone makes mistakes now and then, but some are more costly than others. Often, the biggest mistake is continuing to do things the way you’ve always done them, rather than examining the assumption that your information is accurate. There are almost 35 million small businesses in the country, each with taxes to file. Getting professional…
Illinois is in the top third of states with high business taxes at 9.25 percent, but the tax environment is offset by the economic strength of the state, which features major corporations in agribusiness, healthcare, and farm machinery. Related businesses like suppliers, service providers, transportation and logistics services, and human resources assets stay in Illinois…
Probate courts oversee settling estates when people die, as well as naming guardians for those unable to care for themselves. Most people experience probate when a loved one dies and their estate is settled through the probate process. An uncomplicated probate case takes about a year to conclude, but those settling modest estates can petition…
Probate is the legal process to settle an estate after the owner dies. All estates worth $100,000 or more are probated unless accounts meet certain standards or everything belonging to the owner is covered by a trust. Through the probate process, a person’s property is accounted for and distributed to their heirs. It is a…
Trusts are estate planning tools that are used in place of or in addition to wills, for legal and financial reasons. Trusts preserve a person’s (the grantor’s) assets for their heirs or beneficiaries. These accounts are classified as revocable or irrevocable. Revocable trusts can also be converted to irrevocable. It’s not unusual for people to…
Wills and living trusts are not mutually exclusive, nor does one override the other – if they are created to work together. If you’ve spent your life working hard, you want assurance that your family members will enjoy that legacy by inheriting your estate. Making that happen is the job of an estate planning attorney. …
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