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Are Gifts to Caregivers Presumptively Void in Illinois?

Are Gifts to Caregivers Presumptively Void in Illinois? January 2016 By: Nicholas P. Hoeft Yes, but not universally as transfers to caregivers will only be void when said transfer is made to a non-family member caregiver and only if the transfer is made on or after the transferor’s death and if the fair market value […]

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Tax Implications of Converting from a C-Corporation to a S-Corporation

Tax Implications of Converting from a C-Corporation to a S-Corporation July 2015 By: Nicholas P. Hoeft When converting a C-Corporation to an S-Corporation there are many issues that must be accounted for and taken into consideration prior to making the election. One particularly important area to pay attention to which has an immediate and direct […]

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The Importance of Life Insurance to Small and Family Owned Business Succession Planning

For many small and family owned businesses, the death of an owner, CEO, president, member, managing partner or other key employee (hereinafter “key person”) can be devastating to the life and sustainability of the business. Often times, the loss of that person is not only a problem for the day-to-day operation of the business immediately […]

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Decedent’s Decision to Change Beneficiary may be Effective even if Change of Beneficiary Form not Signed

In Illinois, a decedent’s decision to change the beneficiary designation on a life insurance policy, individual retirement account, transfer on death account or other similar instrument may be effective even if the decedent did not sign the change of beneficiary form or comply with all of the institution’s technical requirements for making changes to the […]

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Annual 401(k) non-discrimination ADP and ACP Testing

Annual non-discrimination tests for 401(k) plans are mandated by the IRS to ensure that a plan does not unduly benefit owners and highly compensated employees at the expense of other employees. The Actual Deferral Percentage (ADP) and Actual Contribution Percentage (ACP) tests must be passed in order to satisfy the non-discrimination requirements of the IRS […]

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Property of a Family Limited Partnership Should Not be Included in a Decedent’s Estate

In Estate of Kelly v. Commissioner, T.C. Memo 2012-73, the Tax Court held that property of a family limited partnership should not be included in a decedent’s estate even when the decedent owned all of the ownership interest in the corporate general partner and even when a management fee was paid to the corporation which […]

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2012 Illinois Estate Tax Exemption

Illinois Senate Bill 397, which was signed into law in December of 2011 amended the Illinois estate tax exemption and increased the amount for 2012 going forward. Public Act 097-0636 increased the Illinois estate tax exemption amount to $3.5 million in 2012. It also increased the Illinois estate tax exemption amount to $4.0 million for […]

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Family Medical Leave Act

The federal Family and Medical Leave Act of 1993 (hereinafter “FMLA”)(29 U.S.C. §2601, et seq.) applies to employers that employ fifty (50) or more employees for twenty (20) or more calendar workweeks in the current or preceding calendar year. The FMLA allows eligible qualified employees to take an unpaid leave of up to twelve (12) […]

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Letter of Intent for Commercial Real Estate Sales

Letter of Intent for Commercial Real Estate Sales A letter of intent for the purchase/sale of a commercial real estate parcel (“LOI”) is a very important part of the contract negotiation process and must be handled properly. The primary objective and reason for utilizing a LOI is to memorialize the essential business terms of the […]

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Illinois Supreme Court Extends Factors to Consider when Determining Enforceability of Restrictive Covenants

Illinois Supreme Court Extends Factors to Consider when Determining Enforceability of Restrictive Covenants On December 2, 2011, the Illinois Supreme Court ruled in an unanimous decision in Reliable Fire Equipment Company v. Arnold Arredono (2011 IL 111871) that there are additional factors that courts should consider when determining the protectability of a legitimate business interest […]

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