What is a Death Tax?

We work hard to provide for our families. We sacrifice, we save, and we make financial decisions with the future in mind. Ultimately, it is all done to provide a good life for your family during your lifetime and beyond. That is why many people who have accumulated great wealth in their lifetime resent that  … Read more

Recovering Estate Assets

Recovering Estate Assets

Being named executor or administrator of an estate is an enormous responsibility. There are complex laws, highly specific pleadings and procedures, and crucial deadlines. Further, the executor has a fiduciary duty to the estate to carry out these responsibilities with reasonable care. Ultimately though, the role of executor is a hallowed promise to honor the  … Read more

How is Spousal Support Decided?

Spousal maintenance, also referred to as alimony, is money that one spouse must pay to a dependent spouse following a divorce. The purpose of this money is to help that spouse to maintain the standard of living that he or she enjoyed during the marriage. Traditionally, family courts in Illinois have had broad discretion in  … Read more

The Bitcoin Dilemma for Tax Reporting

If you have followed financial news over the past decade, then you have probably heard of Bitcoin. Introduced to the world in 2009, Bitcoin is an open-source, entirely digital currency. Since its inception, Bitcoin has been categorized by speculation, wild value swings, and the abrupt shuttering of a major currency exchange. More recently, Bitcoin values  … Read more

Accounting for Business Expenses

Starting a business can be truly exciting. You are pursuing your dreams and have become your own boss. Obviously, it is also incredibly hard work and an exercise in coming to expect the unexpected. One thing that you can count on is just how much time you are going to spend on record keeping. Efficiently  … Read more

Keeping Property Separate

When a couple divorces in Illinois, their marital property is subject to an equitable division. This means a “fair” division based on a number of factors within the court’s discretion. Marital property is generally all income and property earned and acquired during the course of the marriage. In contrast, anything that a spouse owned coming  … Read more

Reporting Foreign Assets

Many people own foreign assets. Whether it derived from your family’s country of origin, or whether it is part of a diverse investment portfolio, there may be important tax implications that come with owning this property. Since 2010, the IRS has required that specific taxpayers report information about “specified foreign financial assets” if those assets  … Read more

Tax Reporting and the “Gig Economy”

In the past several years, this country has seen a boom in companies that offer every day people the chance to make good money on the side. Examples of this are ride-sharing companies like Uber and Lyft, which created a mechanism for anyone who can pass a basic background check and has their own car  … Read more