Health Savings Accounts

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).

Are Gifts to Caregivers Presumptively Void in Illinois

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 ..

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

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.

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…

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 ..

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.

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 ..

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.