Understanding Testamentary Capacity

  Estate planning is meant to provide certainty and clarity to a person’s last wishes, so that they can rest assured that their loved ones are provided for. A will is the primary mechanism for most people to explicitly establish how their property will be divided upon their death. Unfortunately, there are times that people  … Read more

Tax Implications of Your Student Loans

  Going to college, or sending your children to college is a big part of the American dream. For many, it is an expectation. Sadly, college tuitions and expenses continue to rise beyond people’s income levels or beyond their savings. This compels many to take out expensive student loans, either for themselves or on their  … Read more

Letter of Office in Probate Proceedings

Letter of Office in Probate Proceedings

When a person creates a will, they put time and careful consideration into how they want their property divided and how their families will be taken care of. Significantly, they choose an executor, a person or entity that they trust to carry out the important tasks of distributing their property in accordance with their wishes  … Read more

Preparing for Illinois’ Income Tax Increase

Preparing for Illinois Income Tax Increase

No one likes when tax increases hit home and impact our personal finances. Unfortunately, in a controversial move, the Illinois state legislature has overridden a veto by Governor Bruce Rauner and increased the personal income tax from 3.75% to 4.95%. This is intended to increase tax revenues by $5 billion to address the state’s enormous  … Read more

How Does a Couple Legally Separate in Illinois?

  Legal separations have become relatively rare in Illinois. This may be, in part, because they are not the same thing as a divorce, nor are they necessary to seek a divorce. Despite this, there is statutory authority in Illinois that authorizes legal separations and there are several scenarios in which it may benefit one  … Read more

What Constitutes an “Abusive” Tax Shelter?

  Everybody wants to pay lower taxes, and there are many wise and legal ways to accomplish this goal. One of these methods is a tax shelter, which may include transactions or investment accounts that reduce a taxpayer’s taxable income. An example of a legal and popular tax shelter is a 401(k) plan, which reduces  … Read more

Things to Know About Private Tax Collectors

  In recent years, there has been a growing trend of scammers, who call innocent victims and pretend to be IRS representatives. They ask for personal information (such as their social security number) or make threats of collection actions or arrest in order to get money from their victims. The media, and even the IRS,  … Read more

Illinois Woman Attempts to Steal From IRS

  Fraud has become rampant in the digital era. With scammers using all sorts of tactics, including phishing schemes in which thieves fraudulently convince people to disclose their social security numbers and other key information. Or it can involve hacking employers, companies, and governmental agencies for massive data hauls. The IRS is not immune to  … Read more

Summertime Tax Considerations

  When you think of the summer time, or even the early fall, you probably think of the hot sun, the lake and water parks, family vacations, sending the kids back to school, and labor day. One subject that probably does not cross your mind is taxes. However, as a tax lawyer, I can tell  … Read more