PH: (847) 549-0600 FX: (847) 589-2263 Info@LawJTLG.com
PH: (847) 549-0600 FX: 847.589.2263 Info@LawJTLG.com
In the United States, upon your death the federal government assesses a tax on the sum of your estate when you pass away. When your intended beneficiaries or executor/trustee take possession of your assets, they must pay a tax from the balance of the estate. This tax, with a rate up to 40%, primarily exists... Read more »
If you have a child turning 18, it is important for that child to create some basic estate planning documents. Many parents do not realize that once their children turn 18, the parents can no longer access protected health information or make decisions for their child. Parents usually discover this when their child’s doctor’s office... Read more »
Having a pet is a big responsibility, and one of the most important things you can do to ensure your pet is cared for in the event of your death is to create a pet trust. A pet trust allows you to provide for the lifetime care of your beloved pet while providing legal... Read more »
Many people often wonder how to transfer car ownership after the death of a loved one. While the family may have certain plans or expectations of distributing the car, it is best to follow the right process to transfer the vehicle to another person. There could be challenges and difficulties in handling the situation among... Read more »
The moment when a loved one passes away feels, inevitably, insurmountable. Aside from the overwhelming feelings of trying to sort out funeral arrangements, the legal aspect of managing someone’s finances after they pass away can seem perplexing to a grieving family. Which brings up the question: What types of taxes are due when a person... Read more »
INTERNAL REVENUE SERVICE 2022 ESTATE AND GIFT TAX EXEMPTION UPDATES The Internal Revenue Service (IRS) releases updated estate tax exemptions and gift tax exemptions every year. For the calendar year of 2022, estate tax exemptions have increased to the amount of $12.06 million compared to the 2021 amount of $11.7 million. Gift tax exemptions for... Read more »
If you are a family member who cares for someone with a disability, whether a child or an adult, a Special Needs Trust is an estate planning tool that can be used when a client or client’s family member may be entitled to government benefits. A properly drafted Special Needs Trust, funded with an adequate... Read more »
Do I Need an Irrevocable Trust? We are often asked by potential clients whether it makes sense to create an irrevocable trust. An irrevocable trust is a trust that is set up for a specific purpose and cannot be undone under most circumstances. Therefore, it is a permanent trust until the trust purpose has been... Read more »
Domestic asset protection trusts (DAPTs) are powerful tools for shielding your assets from potential creditors. Understanding how DAPTs work can help you create a formidable, secure estate plan. However, they can be misused as well. This article aims to provide a brief overview of domestic asset protection trust basics and how to set one up... Read more »
Effect of SECURE Act on Estate Planning In December 2019, the federal government passed the Setting Every Community Up for Retirement Enhancement Act of 2019, also known as the SECURE Act. This was an attempt by the federal government to ensure that older Americans would not outlive their savings, and is essentially an end-of-year appropriations... Read more »
Phone Number: (847) 549-0600
Fax Number: (847) 589-2263
Libertyville Office
350 N. Milwaukee Ave., Ste. 202
Libertyville, IL 60048
Manchester Office
2100 Manchester Road, Suite 920
Wheaton, IL 60187