ESTATE PLANNING LEGAL NEWS

Chicago Charitable Deduction There is allowed as a deduction from the taxable estate any gift to a qualified group organized and operated exclusively for religious, charitable, scientific, literary or educational purposes. A gift to a trustee for the benefit of any such organization... Marital Deductions Tax Free All property passing to a spouse is deductible - whether by lifetime gift or at death. This means that while the value of these transfers is in the estate, it is also deductible. Whatever is given to a spouse is... Illinois Joint Trusts When spouses (or anyone else) together create one trust it is called a joint trust. These trusts are common in community property states, but are not widely used in Illinois because of the adverse estate and gift tax consequences that... Remember the Small Estate Affidavit What if you forget minor items of property or it is not convenient to transfer all your property such as your checking account or car? $100,000 or less of personal property can be transferred to your heirs or the beneficiaries... Income Splitting With a Member of Your Family in a Lower Tax Bracket Sometimes it is possible to shift income within a family from someone in a higher tax bracket to someone in a lower bracket. This is difficult with children under 14 since their unearned income (except for the first $1600) is...