Health Savings Accounts

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Beginning 2012, the ceilings on Health Savings Accounts will increase to $6,250 for an individual with family coverage (currently $11,900) and to $3,100 for self-only coverage (currently $2,400).

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Are Gifts to Caregivers Presumptively Void in Illinois

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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 ..

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

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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.

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

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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…

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

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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 ..

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Annual 401(k) Non-Discrimination ADP and ACP Testing

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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.

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

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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 ..

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2012 Illinois Estate Tax Exemption

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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.

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Family Medical Leave Act

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he 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.

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Letter of Intent for Commercial Real Estate Sales

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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.

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