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).
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 ..
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.
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…
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 ..
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.
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 ..
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.