PH: (847) 549-0600 FX: (847) 589-2263 Info@LawJTLG.com
PH: (847) 549-0600 FX: 847.589.2263 Info@LawJTLG.com
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 »
The only constant in life is change, and usually after a significant change, an individual may face the strenuous task of adjusting their estate plan. An estate plan may consist of a revocable trust, a will, or powers of attorneys. Below are the following ways in which an individual may revoke each of the following... 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 »
The IRS Announces the 2020 Estate Tax Exemption and the 2020 Gift Tax Exemption Every year the Internal Revenue Service (IRS) releases the annual estate tax exemption for those passing away during the calendar year as well as the annual gift tax exemption for those gifting assets within the calendar year. For the calendar year... Read more »
Illinois Estate Tax Exemption and Calculation Planning your estate is a necessary step in making sure your heirs get the property they are entitled to. In Illinois, like the federal government, there is a tax placed on the estates of individuals that must be paid before any money can be dispersed to their heirs. This... Read more »
Is Gift Tax Due Immediately Upon Making or Receiving a Gift? For 2019, the annual gift tax exclusion set by the I.R.S. is $15,000 per person making the gift, and per recipient. Married couples can gift double that amount per recipient, up to $30,000 annually. Gifts can be made to an unlimited number of people... Read more »
Phone Number: (847) 549-0600
Fax Number: (847) 589-2263
Libertyville Office
350 N. Milwaukee Ave., Ste. 202
Libertyville, IL 60048
Gurnee Office
223 N. IL. Rt. 21, Ste. 14
Gurnee, Illinois 60031
Manchester Office
2100 Manchester Road, Suite 920
Wheaton, IL 60187