Blog

  • Do you have questions about guardianship? Do you think you have a loved one who may need a guardian? The Illinois Guard…
    by Facebook on June 6, 2020 at 2:53 am

    Do you have questions about guardianship? Do you think you have a loved one who may need a guardian? The Illinois Guardianship and Advocacy Commission has an online guardianship training. The training is accessible to the public and can be a great resource to learn the role and responsibilities of a guardian. When you’re ready, give us a call so we can discuss guardianship and the alternatives in detail with you. Note: you can view the training without registering. https://www2.illinois.gov/…/Pages/Guardianship-Training.aspx #specialneeds #guardianship #estateplanning

  • 2 short weeks until Darcy and Sara will be presenting at the Special Needs Institute.
    by Facebook on May 20, 2020 at 2:54 am

    2 short weeks until Darcy and Sara will be presenting at the Special Needs Institute.

  • 2 short weeks until Darcy and Sara will be presenting at the Special Needs Institute.
    by Chamberlin Law Group on May 20, 2020 at 2:54 am

    2 short weeks until Darcy and Sara will be presenting at the Special Needs Institute.

  • Stimulus checks are on their way from the federal government. Social Security recipients are eligible for stimulus money…
    by Facebook on April 14, 2020 at 11:32 pm

    Stimulus checks are on their way from the federal government. Social Security recipients are eligible for stimulus money and do not have to file a tax return to receive a payment. The IRS has set up a website to register to receive stimulus funds if the person does not normally file taxes (i.e. Supplemental Security Income recipients). Here is a link to the IRS website https://www.irs.gov/coro…/non-filers-enter-payment-info-here You can visit this page for a brief article on the subject. https://specialneedsanswers.com/out-of-limbo-irs-creates-me…

  • Scams related to COVID-19 are prevalent. Especially during social distancing, scammers are using fear and isolation to d…
    by Facebook on March 31, 2020 at 7:11 pm

    Scams related to COVID-19 are prevalent. Especially during social distancing, scammers are using fear and isolation to defraud victims. Be safe And stay healthy!Looking for more information about COVID-19 fraud? The United States Department of Justice set up a new website to consolidate information: Be aware that crimi…nals are attempting to exploit COVID-19 worldwide through a variety of scams. There have been reports of: • Individuals and businesses selling fake cures for COVID-19 online and engaging in other forms of fraud • Phishing emails from entities posing as the World Health Organization or the Centers for Disease Control and Prevention • Malicious websites and apps that appear to share virus-related information to gain and lock access to your devices until payment is received – Seeking donations fraudulently for illegitimate or non-existent charitable organizations Criminals will likely continue to use new methods to exploit COVID-19 worldwide. If you think you are a victim of a scam or attempted fraud involving COVID-19, you can report it without leaving your home though a number of platforms. Go to: • Contact the National Center for Disaster Fraud Hotline at 866-720-5721 or via email at disaster@leo.gov • Report it to the FBI at tips.fbi.gov • If it’s a cyber scam, submit your complaint through https://www.ic3.gov/default.aspx https://www.justice.gov/coronavirus

ESTATE PLANNING AFTER THE TAX CUTS ACT

On December 20, 2017, Congress passed a tax bill (herein “Tax Cuts Act”), with provisions that impact the Estate, Gift, and Generation Skipping Taxes (transfer taxes) effective January 1, 2018 through December 31, 2025. For people who have not reviewed their estate plan documents for some time, it may be prudent to take another look.…

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First Party Special Needs Trust

FIRST PARTY SPECIAL NEEDS TRUST The Amendment to the Omnibus Budget Reconciliation Act of 1993 allows the person with disability to create the First Party Special Needs Trust (OBRA Payback Trust) himself or herself. In 1993, Congress passed a law as part of the Omnibus Budget Reconciliation Act of 1993 (OBRA ’93) allowing a person…

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REAL PROPERTY TRANSFERS

STARTING JANUARY 1, 2017, REAL PROPERTY IS TRANSFERRED INTO TRUST BY WRITTEN AND RECORDED CONVEYANCE OF LEGAL TITLE.   Public Act 009-609 amends section 6.5 of the Illinois Trusts and Trustees Act. The amendment will become effective January 1, 2017. The amendment requires that all transfers of real property to a trust must include a…

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Donating IRAs to Charity

On December 18, 2015 Congress passed the Protecting Americans from Tax Hikes Act (the Path Act of 2015) which, among many changes, renews as well as makes permanent the Charitable IRA rollover provision. This provision enables an individual over age 70 ½ to gift up to $100,000 annually from IRAs directly to charities without such…

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Congress Passes ABLE Act

Congress Passes ABLE Act Congress has passed the ABLE Act of 2014 (Achieving a Better Life Experience.)  Beginning in 2015, states may choose to develop savings plans akin to the popular 529 college savings plans.  The ABLE account may provide an efficient way for family members or friends to provide small gifts to benefit a…

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Law Passed to Help Military Veterans Safeguard Survivor Benefits for their Children with Disabilities

Law Passed to Help Military Veterans Safeguard Survivor Benefits for their Children with Disabilities As part of the National Defense Authorization Act (NDAA) of 2015, Congress will allow a special needs trust (SNT) to be designated to receive military Survivor Benefit Pans on behalf of the Retiree’s child with a disability. Prior to this law,…

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2015 Estate Tax Update

2015 Estate Tax Update The amount that individuals may transfer by lifetime gift or at death free of federal estate tax will be increasing to $5,430,000 for 2015, up from the $5,340,000 exemption in effect for 2014.  Illinois continues to impose a separate state estate tax and its exemption remains at $4,000,000.  While the federal…

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