Estate Planning

Many times our clients will add a name to their bank accounts, making the account a joint account. Sometimes that client wishes to have the person who was added to the account handle the account for the convenience of the client. It may be that the client is an elder person and wishes to have an adult child help to pay bills, reinvest the amounts in the account from time to time. This account would be considered a convenience account. It may also be that the client intended that the […]

Many people are not aware that your IRA and any other employee benefit plan that was tax deferred is taxable in a number of ways at your death. It may be taxed by the federal government as part of the federal estate tax. It may also be taxed by the State of Illinois for the Illinois estate tax. In addition, there are specific rules on when the money in these accounts needs to be pulled out by the recipients, which are complicated depending on the circumstances, the beneficiary and if […]