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Blog Post
Avoiding Taxes with Estate Planning – A Lavelle Law Breakfast Briefs Webinar
Lavelle Law • July 30, 2020
No one wants to pay taxes when they can be avoided. That is especially true with estate, gift, and inheritance taxes. Illinois is (unfortunately, but not surprisingly) one of the states that has its own level of estate tax, in addition to the taxes assessed at the federal level. But rest assured, there are strategies (some very simple) that can be instituted to avoid tax. In this webinar, the estate planning attorneys at Lavelle Law explain various methods to mitigate these taxes, including gifting strategies, irrevocable trusts, insurance planning, and other options that will help ease the burden for your family. Our panelists, attorneys Walser, Warens, and Gardner, outline the steps to take now to ensure the assets you leave to your loved ones are protected from unnecessary taxes.
If you have any questions regarding estate tax or estate planning in general, reach out to us at info@lavellelaw.com
to schedule a consultation with one of our estate planning attorneys.
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Lavelle Law News and Events
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The Internal Revenue Service is issuing automatic payments to eligible people who did not claim a Recovery Rebate Credit on their 2021 tax returns. The payments are in follow up to an IRS announcement last month of the intent to take this special step. The IRS took this step after reviewing internal data showing many eligible taxpayers who filed a return but did not claim the credit. The Recovery Rebate Credit is a refundable credit for individuals who did not receive one or more Economic Impact Payments (“EIP”), also known as stimulus payments.
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Amendments to BIPA
SB 2929 became effective on August 2, 2024. Codified as 740 ILCS 14/10 and 14/20, this Act introduced two pivotal changes to BIPA that dealers should be aware of:
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